Tenet Healthcare Corporation reported financial results for the fourth quarter of 2007 with improvements over the prior year. Net loss narrowed to $75 million compared to $386 million in the prior year. Same-hospital adjusted EBITDA increased 9.8% to $168 million. Admissions increased 0.1% with growth in managed care admissions, while outpatient visits declined 1.4%. Tenet provided guidance for 2008 of adjusted EBITDA between $775-850 million and earnings per share between negative 3 cents to positive 6 cents.
Tenet reported third quarter net income of $104 million, including gains of $140 million from investment sales. Same-hospital adjusted EBITDA declined 2.4% to $160 million due to higher bad debt and an unfavorable revenue mix. Tenet achieved its fourth consecutive quarter of admissions growth at 1.7% and first quarter of outpatient visit growth in five years at 1.1%, but commercial admissions declined 3.4% and the outlook for the year was revised to a net income range of breakeven to $75 million.
Bruker Corporation reported financial results for Q3 2015. Revenues declined 6% year-over-year to $396.1 million due to currency headwinds, but grew 8% organically. Non-GAAP operating margins expanded significantly to 13.3% compared to 8.6% in Q3 2014. Non-GAAP earnings per share grew 36% despite a higher tax rate. The CALID and BioSpin groups drove organic revenue growth, while currency impacts and divestitures reduced reported revenues. Bruker is on track to meet its full-year guidance targets through margin expansion and earnings growth.
This document summarizes Trinseo's performance in the first quarter of 2016. It notes that Adjusted EBITDA excluding inventory revaluation reached a record $153 million. Full year 2016 guidance for Adjusted EBITDA excluding inventory revaluation is provided as $570-590 million. Additionally, free cash flow for Q1 2016 was $63 million and full year 2016 free cash flow guidance is $290 million excluding changes in working capital. The document also provides an overview of Trinseo's financial performance and guidance for the second quarter of 2016.
Phillips 66 reported adjusted earnings of $569 million for the second quarter of 2017. Operating cash flow was $1.865 billion for the quarter. Midstream earnings decreased due to planned maintenance and the startup of the Bakken Pipeline. Refining earnings fell as realized margins declined compared to markets. Marketing and Specialties earnings rose on stronger global margins and higher volumes.
YRC Worldwide reported its highest ever quarterly earnings per share of $1.62 for Q2 2006, up 16% from $1.40 in Q2 2005. Revenue increased 23% to a record $2.57 billion due to strong execution and cost initiatives. Adjusted operating income rose 28% to $177 million from $138 million. The company expects full year 2006 EPS between $5.65-$5.85 and third quarter EPS between $1.70-$1.80.
11 05-15 Third Quarter 2015 Financial Review FinalAES_BigSky
The document provides an overview of AES Corporation's third quarter 2015 financial results and outlook. Key points include:
- Q3 2015 adjusted EPS increased slightly to $0.39 per share due to higher contributions from strategic business units, partly offset by foreign currency impacts.
- Proportional free cash flow increased to $621 million in Q3 2015, driven by gains in the Andes and Brazil regions.
- For 2016, AES expects proportional free cash flow of $1.125-1.475 billion and adjusted EPS of $1.05-1.15 per share, with average annual growth of at least 10% through 2018.
Merck reported third quarter 2008 non-GAAP EPS of $0.80 excluding restructuring charges, and GAAP EPS of $0.51. Merck announced a global restructuring plan to eliminate approximately 7,200 positions by the end of 2011 and expects $3.8-4.2 billion in cumulative pretax savings from 2008-2013. Merck anticipates full-year 2008 non-GAAP EPS of $3.28-$3.32 excluding items, and GAAP EPS of $3.45-$3.55.
The AES Corporation met its 2008 guidance for consolidated operating cash flow of $2.2 billion and free cash flow of $1.4 billion. For 2009, it provides guidance of $2.1-2.3 billion in operating cash flow, $1.4-1.6 billion in free cash flow, and $0.87-0.97 diluted EPS from continuing operations. It also achieved solid financial results in 2008 with a 19% revenue increase and 9% gross margin growth due to improved Latin America and Europe operations and cost reductions.
Tenet reported third quarter net income of $104 million, including gains of $140 million from investment sales. Same-hospital adjusted EBITDA declined 2.4% to $160 million due to higher bad debt and an unfavorable revenue mix. Tenet achieved its fourth consecutive quarter of admissions growth at 1.7% and first quarter of outpatient visit growth in five years at 1.1%, but commercial admissions declined 3.4% and the outlook for the year was revised to a net income range of breakeven to $75 million.
Bruker Corporation reported financial results for Q3 2015. Revenues declined 6% year-over-year to $396.1 million due to currency headwinds, but grew 8% organically. Non-GAAP operating margins expanded significantly to 13.3% compared to 8.6% in Q3 2014. Non-GAAP earnings per share grew 36% despite a higher tax rate. The CALID and BioSpin groups drove organic revenue growth, while currency impacts and divestitures reduced reported revenues. Bruker is on track to meet its full-year guidance targets through margin expansion and earnings growth.
This document summarizes Trinseo's performance in the first quarter of 2016. It notes that Adjusted EBITDA excluding inventory revaluation reached a record $153 million. Full year 2016 guidance for Adjusted EBITDA excluding inventory revaluation is provided as $570-590 million. Additionally, free cash flow for Q1 2016 was $63 million and full year 2016 free cash flow guidance is $290 million excluding changes in working capital. The document also provides an overview of Trinseo's financial performance and guidance for the second quarter of 2016.
Phillips 66 reported adjusted earnings of $569 million for the second quarter of 2017. Operating cash flow was $1.865 billion for the quarter. Midstream earnings decreased due to planned maintenance and the startup of the Bakken Pipeline. Refining earnings fell as realized margins declined compared to markets. Marketing and Specialties earnings rose on stronger global margins and higher volumes.
YRC Worldwide reported its highest ever quarterly earnings per share of $1.62 for Q2 2006, up 16% from $1.40 in Q2 2005. Revenue increased 23% to a record $2.57 billion due to strong execution and cost initiatives. Adjusted operating income rose 28% to $177 million from $138 million. The company expects full year 2006 EPS between $5.65-$5.85 and third quarter EPS between $1.70-$1.80.
11 05-15 Third Quarter 2015 Financial Review FinalAES_BigSky
The document provides an overview of AES Corporation's third quarter 2015 financial results and outlook. Key points include:
- Q3 2015 adjusted EPS increased slightly to $0.39 per share due to higher contributions from strategic business units, partly offset by foreign currency impacts.
- Proportional free cash flow increased to $621 million in Q3 2015, driven by gains in the Andes and Brazil regions.
- For 2016, AES expects proportional free cash flow of $1.125-1.475 billion and adjusted EPS of $1.05-1.15 per share, with average annual growth of at least 10% through 2018.
Merck reported third quarter 2008 non-GAAP EPS of $0.80 excluding restructuring charges, and GAAP EPS of $0.51. Merck announced a global restructuring plan to eliminate approximately 7,200 positions by the end of 2011 and expects $3.8-4.2 billion in cumulative pretax savings from 2008-2013. Merck anticipates full-year 2008 non-GAAP EPS of $3.28-$3.32 excluding items, and GAAP EPS of $3.45-$3.55.
The AES Corporation met its 2008 guidance for consolidated operating cash flow of $2.2 billion and free cash flow of $1.4 billion. For 2009, it provides guidance of $2.1-2.3 billion in operating cash flow, $1.4-1.6 billion in free cash flow, and $0.87-0.97 diluted EPS from continuing operations. It also achieved solid financial results in 2008 with a 19% revenue increase and 9% gross margin growth due to improved Latin America and Europe operations and cost reductions.
The document summarizes Pepsi Bottling Group's (PBG) fourth quarter 2007 earnings conference call. It provides non-GAAP financial measures to allow for meaningful year-over-year comparisons. Items affecting comparability in 2007 include a tax contingency reversal, tax law changes, and restructuring charges. The document also reconciles 2007 and Q4 2007 reported results to comparable results. Guidance for 2008 reported and comparable operating income growth and EPS is also provided.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses the assumptions, risks, and uncertainties inherent in forward-looking projections, including commodity price volatility and changes to development plans. The ability to make future distributions depends substantially on Antero Resources' development plan, which depends on annual budget approval.
This document provides an overview of Antero Midstream Partners LP and highlights key information about the company's forward-looking statements, recent changes since the prior presentation, benefits of Antero Resources' recent acreage acquisition for Antero Midstream, Antero Resources' continuous operating improvements, advanced completion designs driving increased water volumes, Marcellus well economics assumptions and upside potential, Antero Midstream's exercise of an option to acquire a stake in the Stonewall gathering pipeline, and reasons to own Antero Midstream including strong distribution growth and coverage, sponsor strength, investment opportunities, and financial flexibility.
Phillips 66 reported adjusted earnings of $294 million for the first quarter of 2017. Operating cash flow excluding working capital was $748 million. Capital expenditures and investments totaled $470 million. The company's net debt to capital ratio was 27% and annualized adjusted return on capital employed was 5%. Refining realized $8.55 per barrel in margins, capturing 70% of market margins. Chemicals earnings increased due to higher olefin and polyethylene margins. Midstream earnings rose with the first full quarter of operations at the Freeport LPG export terminal.
EnLink Midstream reported strong third quarter 2016 results, with adjusted EBITDA of approximately $201 million. Operations in the core growth areas of the STACK, SCOOP, and Cana Woodford in Oklahoma performed well, with volumes on recently acquired assets up 85% compared to the first quarter. Louisiana gas volumes were near record levels at 1.75 billion cubic feet per day. EnLink remains focused on executing its $6 billion growth program through expanding existing assets and strategic acquisitions.
The document summarizes Celanese's 2Q 2008 earnings conference call. It includes an agenda with the Chairman and CEO and SVP and CFO scheduled to speak. It also provides forward-looking statements, non-GAAP financial measure definitions, and notes the results are unaudited. Key highlights are record net sales for the quarter driven by higher pricing and volumes in Asia, but lower operating profit and EPS due to higher raw material costs, and a plan to achieve growth objectives by 2010 through volume growth in advanced materials and consumer/industrial specialties.
- Occidental Petroleum reported lower net income and core earnings for Q4 2008 compared to Q4 2007, due to lower oil and gas prices and higher operating expenses. However, full year 2008 was highly profitable, with record annual earnings.
- For Q4 2008, daily oil and gas sales volumes were up slightly from the previous year, but earnings from oil and gas operations declined significantly due to lower commodity prices.
- While Q4 results suffered from market conditions, Occidental emphasized that 2008 was still a very strong year overall and that they will invest $3.5 billion in 2009 to continue growth, despite volatile prices.
The document summarizes Celanese Corporation's 3Q 2008 earnings conference call and webcast scheduled for October 21, 2008. It includes an agenda with the Chairman and CEO and SVP and CFO slated to speak. The document also provides forward-looking statements, non-GAAP reconciliations, and highlights of Celanese's 3Q 2008 financial results including net sales, operating profit, adjusted EPS, and operating EBITDA by business segment. Celanese's affiliates continued to deliver value through dividends in 3Q 2008.
This document provides an overview of RioCan's third quarter 2016 results and financial position:
- Funds from operations increased year-over-year driven by growth in net operating income. Occupancy rates also improved across the portfolio.
- RioCan acquired over $1.2 billion in properties in Canada since last year and completed a debenture offering at a historically low interest rate.
- Financial metrics like interest coverage and leverage remain conservative and RioCan maintains a staggered debt maturity schedule with low floating rate exposure.
Celanese will hold a conference call on February 6, 2007 at 10:00 am CT to discuss its 4th quarter 2006 earnings. The call will feature presentations from Dave Weidman, President and CEO, and John J. Gallagher III, Executive Vice President and CFO. The document provides an overview of Celanese's 4th quarter and full year 2006 financial highlights including net sales, operating profit, adjusted EPS, operating EBITDA, and free cash flow. It also outlines Celanese's objectives to grow operating EBITDA to $300-350 million by 2010 through business revitalization, innovation, organic growth in Asia, and a focus on operational excellence.
First Quarter 2016 Results
- SemGroup reported adjusted EBITDA of $77.7 million for the first quarter of 2016, down slightly from $79.3 million in the fourth quarter of 2015.
- Rose Rock Midstream reported adjusted EBITDA of $49.0 million for the first quarter of 2016, up from $46.6 million in the fourth quarter of 2015.
- SemGroup maintained its 2016 adjusted EBITDA guidance of $270-320 million and Rose Rock Midstream maintained its 2016 adjusted EBITDA guidance of $165-185 million.
- YRC Worldwide delivered strong financial results for 2006 with consolidated revenue and operating income at their highest levels in company history. However, results were below expectations due to weaker economic conditions impacting the fourth quarter and outlook for 2007.
- For 2006, revenue increased 13.5% to $9.9 billion and adjusted operating income rose 3.4% to $563 million. The fourth quarter saw revenue decline 3% to $2.4 billion and adjusted operating income fall 25.7% to $113 million.
- Looking ahead to 2007, the company expects EPS between $4.70-$4.90, revenue of $10.2 billion, interest expense of $90 million, and a tax rate
This document provides information about Phillips 66's 2016 Annual Meeting of Shareholders held on May 4, 2016 in Houston, TX. It includes highlights from 2015 such as donating over $22 million to education and charities and hiring 25% of new refining employees as veterans. The presentation discusses Phillips 66's strategy of operational excellence, growth, returns, and having a high-performing organization. Financial details are provided on adjusted EBITDA, capital expenditures, returns on capital employed, and shareholder distributions through dividends and share repurchases.
The IT department at Tenet Healthcare remains focused on supporting key business objectives such as improving clinical outcomes, growing patient volumes, recruiting and retaining staff, and improving cost metrics through initiatives like expanding clinical systems, developing consumer tools, and streamlining registration processes to enhance the patient experience. IT also aims to deliver effective technologies at a lower cost than peers through standardization, outsourcing, and leveraging centralized expertise.
Terex Corporation is one of the largest manufacturers of construction equipment in the world. It has a diverse portfolio balanced across different construction product categories and geographies. Terex Construction is currently undergoing process improvements and restructuring to optimize costs and margins as North American and Western European markets have softened. However, emerging markets continue to see strong growth and present opportunities. Terex Construction's goals are to achieve $12 billion in sales and 12% operating margins by 2010 through initiatives in supply chain efficiency, pricing discipline, and acquisitions integration.
- The document is the transcript from a Q2 2008 earnings call for a healthcare company.
- Key highlights included 2.2% same-hospital admission growth and improving trends in volumes, pricing, and expenses.
- Management discussed strategies around physician relationships and service lines that are helping to increase commercial and total admissions.
This document is KBR's 2007 Annual Report. It discusses KBR's positioning for growth after separating from Halliburton. Key points include:
- KBR restructured into six business units to better serve customers and capture market opportunities. The business units are seeing success with new contract awards.
- KBR delivered record financial performance in 2007 while also transitioning to an independent company and positioning itself for future growth. Income increased 177% and net income set an all-time record.
- Moving forward, KBR aims to leverage its expertise and capabilities to strengthen customer relationships, continue improving risk management, and create shareholder value through stable, predictable growth across its business units.
Tenet Healthcare reported strong operating results for Q4 2008 despite challenges from the weak economy. Same hospital metrics like admissions, outpatient visits, and revenues improved. However, the stock price declined sharply in Q4. Tenet has taken actions to improve physician recruitment and quality of care. For 2009, Tenet expects adjusted EBITDA in the range of $735 million to $800 million, flat to 9% growth over 2008. Tenet will focus on managing volumes, costs, and capital expenditures prudently given economic uncertainties. Physician recruitment exceeded targets and new physicians are contributing to volume growth. Cost control was strong in Q4 and pay-for-performance programs will provide $7 million in new revenues. Ten
pulte homes BCF65EEF-0BFE-4C58-8C84-345ECA968DBA_phm_Q42008WebcastSlidesfinance42
- Pulte maintained its strategic focus on strengthening its balance sheet in 4Q 2008 as market conditions deteriorated, increasing cash by $500M to $1.655B despite a $42M reduction in overhead costs and lowering lots under control by 23% to 121,000 units.
- 4Q 2008 revenue fell 43% to $1.7B and pre-tax loss was $479.7M compared to a $453.8M loss in 4Q 2007, with a net loss per share of $1.33 versus $3.46 in the prior year.
- Inventory and land-related impairment charges were $380M in 4Q 2008, with backlog falling to 2,174
dana holdings NominatingCommitteeCharter_013108finance42
The Nominating and Corporate Governance Committee Charter establishes the purpose, composition, duties, and responsibilities of Dana Holding Corporation's Nominating and Corporate Governance Committee. The Committee is responsible for identifying and recommending new board members, evaluating current directors, overseeing corporate governance policies and board evaluations, and ensuring compliance with regulatory governance requirements. The Committee is composed of at least three independent directors and meets as frequently as needed to fulfill its responsibilities of identifying qualified board candidates, developing governance policies, and advising the board on succession planning and compensation matters.
Tenet Healthcare Corporation reported financial results for the third quarter of 2007, with improvements over the same period in 2006. Net loss was $59 million, an improvement from a $89 million net loss in 2006. Adjusted EBITDA grew 55% to $177 million. Same-hospital adjusted EBITDA was $176 million, up 54% from 2006. Commercial managed care admissions declined less than 1% while net revenue per admission increased 7.8%. The results provide evidence that Tenet's turnaround strategies are working to improve profitability through revenue growth and cost management.
Tenet Healthcare Corporation reported financial results for the first quarter of 2008 with the following highlights:
- Admissions increased 1.0% while same-hospital adjusted EBITDA rose 23% to $239 million.
- Net operating revenues increased 6.7% to $2.367 billion, driven by growth in commercial managed care contracts and admissions.
- Net loss was $31 million compared to net income of $75 million in the prior year period, impacted by a $30 million litigation charge.
The document summarizes Pepsi Bottling Group's (PBG) fourth quarter 2007 earnings conference call. It provides non-GAAP financial measures to allow for meaningful year-over-year comparisons. Items affecting comparability in 2007 include a tax contingency reversal, tax law changes, and restructuring charges. The document also reconciles 2007 and Q4 2007 reported results to comparable results. Guidance for 2008 reported and comparable operating income growth and EPS is also provided.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses the assumptions, risks, and uncertainties inherent in forward-looking projections, including commodity price volatility and changes to development plans. The ability to make future distributions depends substantially on Antero Resources' development plan, which depends on annual budget approval.
This document provides an overview of Antero Midstream Partners LP and highlights key information about the company's forward-looking statements, recent changes since the prior presentation, benefits of Antero Resources' recent acreage acquisition for Antero Midstream, Antero Resources' continuous operating improvements, advanced completion designs driving increased water volumes, Marcellus well economics assumptions and upside potential, Antero Midstream's exercise of an option to acquire a stake in the Stonewall gathering pipeline, and reasons to own Antero Midstream including strong distribution growth and coverage, sponsor strength, investment opportunities, and financial flexibility.
Phillips 66 reported adjusted earnings of $294 million for the first quarter of 2017. Operating cash flow excluding working capital was $748 million. Capital expenditures and investments totaled $470 million. The company's net debt to capital ratio was 27% and annualized adjusted return on capital employed was 5%. Refining realized $8.55 per barrel in margins, capturing 70% of market margins. Chemicals earnings increased due to higher olefin and polyethylene margins. Midstream earnings rose with the first full quarter of operations at the Freeport LPG export terminal.
EnLink Midstream reported strong third quarter 2016 results, with adjusted EBITDA of approximately $201 million. Operations in the core growth areas of the STACK, SCOOP, and Cana Woodford in Oklahoma performed well, with volumes on recently acquired assets up 85% compared to the first quarter. Louisiana gas volumes were near record levels at 1.75 billion cubic feet per day. EnLink remains focused on executing its $6 billion growth program through expanding existing assets and strategic acquisitions.
The document summarizes Celanese's 2Q 2008 earnings conference call. It includes an agenda with the Chairman and CEO and SVP and CFO scheduled to speak. It also provides forward-looking statements, non-GAAP financial measure definitions, and notes the results are unaudited. Key highlights are record net sales for the quarter driven by higher pricing and volumes in Asia, but lower operating profit and EPS due to higher raw material costs, and a plan to achieve growth objectives by 2010 through volume growth in advanced materials and consumer/industrial specialties.
- Occidental Petroleum reported lower net income and core earnings for Q4 2008 compared to Q4 2007, due to lower oil and gas prices and higher operating expenses. However, full year 2008 was highly profitable, with record annual earnings.
- For Q4 2008, daily oil and gas sales volumes were up slightly from the previous year, but earnings from oil and gas operations declined significantly due to lower commodity prices.
- While Q4 results suffered from market conditions, Occidental emphasized that 2008 was still a very strong year overall and that they will invest $3.5 billion in 2009 to continue growth, despite volatile prices.
The document summarizes Celanese Corporation's 3Q 2008 earnings conference call and webcast scheduled for October 21, 2008. It includes an agenda with the Chairman and CEO and SVP and CFO slated to speak. The document also provides forward-looking statements, non-GAAP reconciliations, and highlights of Celanese's 3Q 2008 financial results including net sales, operating profit, adjusted EPS, and operating EBITDA by business segment. Celanese's affiliates continued to deliver value through dividends in 3Q 2008.
This document provides an overview of RioCan's third quarter 2016 results and financial position:
- Funds from operations increased year-over-year driven by growth in net operating income. Occupancy rates also improved across the portfolio.
- RioCan acquired over $1.2 billion in properties in Canada since last year and completed a debenture offering at a historically low interest rate.
- Financial metrics like interest coverage and leverage remain conservative and RioCan maintains a staggered debt maturity schedule with low floating rate exposure.
Celanese will hold a conference call on February 6, 2007 at 10:00 am CT to discuss its 4th quarter 2006 earnings. The call will feature presentations from Dave Weidman, President and CEO, and John J. Gallagher III, Executive Vice President and CFO. The document provides an overview of Celanese's 4th quarter and full year 2006 financial highlights including net sales, operating profit, adjusted EPS, operating EBITDA, and free cash flow. It also outlines Celanese's objectives to grow operating EBITDA to $300-350 million by 2010 through business revitalization, innovation, organic growth in Asia, and a focus on operational excellence.
First Quarter 2016 Results
- SemGroup reported adjusted EBITDA of $77.7 million for the first quarter of 2016, down slightly from $79.3 million in the fourth quarter of 2015.
- Rose Rock Midstream reported adjusted EBITDA of $49.0 million for the first quarter of 2016, up from $46.6 million in the fourth quarter of 2015.
- SemGroup maintained its 2016 adjusted EBITDA guidance of $270-320 million and Rose Rock Midstream maintained its 2016 adjusted EBITDA guidance of $165-185 million.
- YRC Worldwide delivered strong financial results for 2006 with consolidated revenue and operating income at their highest levels in company history. However, results were below expectations due to weaker economic conditions impacting the fourth quarter and outlook for 2007.
- For 2006, revenue increased 13.5% to $9.9 billion and adjusted operating income rose 3.4% to $563 million. The fourth quarter saw revenue decline 3% to $2.4 billion and adjusted operating income fall 25.7% to $113 million.
- Looking ahead to 2007, the company expects EPS between $4.70-$4.90, revenue of $10.2 billion, interest expense of $90 million, and a tax rate
This document provides information about Phillips 66's 2016 Annual Meeting of Shareholders held on May 4, 2016 in Houston, TX. It includes highlights from 2015 such as donating over $22 million to education and charities and hiring 25% of new refining employees as veterans. The presentation discusses Phillips 66's strategy of operational excellence, growth, returns, and having a high-performing organization. Financial details are provided on adjusted EBITDA, capital expenditures, returns on capital employed, and shareholder distributions through dividends and share repurchases.
The IT department at Tenet Healthcare remains focused on supporting key business objectives such as improving clinical outcomes, growing patient volumes, recruiting and retaining staff, and improving cost metrics through initiatives like expanding clinical systems, developing consumer tools, and streamlining registration processes to enhance the patient experience. IT also aims to deliver effective technologies at a lower cost than peers through standardization, outsourcing, and leveraging centralized expertise.
Terex Corporation is one of the largest manufacturers of construction equipment in the world. It has a diverse portfolio balanced across different construction product categories and geographies. Terex Construction is currently undergoing process improvements and restructuring to optimize costs and margins as North American and Western European markets have softened. However, emerging markets continue to see strong growth and present opportunities. Terex Construction's goals are to achieve $12 billion in sales and 12% operating margins by 2010 through initiatives in supply chain efficiency, pricing discipline, and acquisitions integration.
- The document is the transcript from a Q2 2008 earnings call for a healthcare company.
- Key highlights included 2.2% same-hospital admission growth and improving trends in volumes, pricing, and expenses.
- Management discussed strategies around physician relationships and service lines that are helping to increase commercial and total admissions.
This document is KBR's 2007 Annual Report. It discusses KBR's positioning for growth after separating from Halliburton. Key points include:
- KBR restructured into six business units to better serve customers and capture market opportunities. The business units are seeing success with new contract awards.
- KBR delivered record financial performance in 2007 while also transitioning to an independent company and positioning itself for future growth. Income increased 177% and net income set an all-time record.
- Moving forward, KBR aims to leverage its expertise and capabilities to strengthen customer relationships, continue improving risk management, and create shareholder value through stable, predictable growth across its business units.
Tenet Healthcare reported strong operating results for Q4 2008 despite challenges from the weak economy. Same hospital metrics like admissions, outpatient visits, and revenues improved. However, the stock price declined sharply in Q4. Tenet has taken actions to improve physician recruitment and quality of care. For 2009, Tenet expects adjusted EBITDA in the range of $735 million to $800 million, flat to 9% growth over 2008. Tenet will focus on managing volumes, costs, and capital expenditures prudently given economic uncertainties. Physician recruitment exceeded targets and new physicians are contributing to volume growth. Cost control was strong in Q4 and pay-for-performance programs will provide $7 million in new revenues. Ten
pulte homes BCF65EEF-0BFE-4C58-8C84-345ECA968DBA_phm_Q42008WebcastSlidesfinance42
- Pulte maintained its strategic focus on strengthening its balance sheet in 4Q 2008 as market conditions deteriorated, increasing cash by $500M to $1.655B despite a $42M reduction in overhead costs and lowering lots under control by 23% to 121,000 units.
- 4Q 2008 revenue fell 43% to $1.7B and pre-tax loss was $479.7M compared to a $453.8M loss in 4Q 2007, with a net loss per share of $1.33 versus $3.46 in the prior year.
- Inventory and land-related impairment charges were $380M in 4Q 2008, with backlog falling to 2,174
dana holdings NominatingCommitteeCharter_013108finance42
The Nominating and Corporate Governance Committee Charter establishes the purpose, composition, duties, and responsibilities of Dana Holding Corporation's Nominating and Corporate Governance Committee. The Committee is responsible for identifying and recommending new board members, evaluating current directors, overseeing corporate governance policies and board evaluations, and ensuring compliance with regulatory governance requirements. The Committee is composed of at least three independent directors and meets as frequently as needed to fulfill its responsibilities of identifying qualified board candidates, developing governance policies, and advising the board on succession planning and compensation matters.
Tenet Healthcare Corporation reported financial results for the third quarter of 2007, with improvements over the same period in 2006. Net loss was $59 million, an improvement from a $89 million net loss in 2006. Adjusted EBITDA grew 55% to $177 million. Same-hospital adjusted EBITDA was $176 million, up 54% from 2006. Commercial managed care admissions declined less than 1% while net revenue per admission increased 7.8%. The results provide evidence that Tenet's turnaround strategies are working to improve profitability through revenue growth and cost management.
Tenet Healthcare Corporation reported financial results for the first quarter of 2008 with the following highlights:
- Admissions increased 1.0% while same-hospital adjusted EBITDA rose 23% to $239 million.
- Net operating revenues increased 6.7% to $2.367 billion, driven by growth in commercial managed care contracts and admissions.
- Net loss was $31 million compared to net income of $75 million in the prior year period, impacted by a $30 million litigation charge.
Tenet Healthcare Corporation reported financial results for the second quarter of 2008, with a net loss of $15 million compared to a net loss of $30 million in the second quarter of 2007. Same-hospital admissions increased 1.9% year-over-year, the strongest growth in four years, driven by growth in commercial managed care admissions. Adjusted EBITDA increased 4.5% to $163 million. Tenet maintained its outlook for 2008 and $1 billion adjusted EBITDA target for 2009.
Tenet Healthcare Corporation reported financial results for the fourth quarter and full year of 2008. For Q4 2008, revenue increased 27.6% to $199 million compared to Q4 2007. Same-hospital revenue grew 27.2% over the prior year. For the full year 2008, revenue grew 11.4% to $732 million over 2007. Volume metrics like admissions were flat to up slightly for Q4 2008 compared to prior year. Tenet provided an outlook for 2009 adjusted EBITDA in the range of $735-$800 million.
Tenet Healthcare Corporation reported financial results for the fourth quarter and full year of 2008. For the quarter, revenue increased 4.9% to $2.17 billion due to pricing increases, while expenses were well controlled. Adjusted EBITDA rose 27.6% to $199 million. For the full year, net income was $25 million compared to a prior year loss, and adjusted EBITDA increased 11.4% to $732 million. Tenet provided guidance for 2009 adjusted EBITDA in the range of $735-800 million.
Tenet Healthcare Corporation reported financial results for the fourth quarter of 2008 with some improvements but also challenges. Same-hospital adjusted EBITDA grew 27.2% year-over-year to $201 million. Paying admissions grew 0.1% while total admissions declined 0.2%. Surgeries grew 2.1% led by a 3.7% increase in outpatient surgeries. For 2009, Tenet expects adjusted EBITDA in the range of $735-800 million but anticipates pressure on bad debt and commercial volumes.
- AES reported strong third quarter results in 2008, with earnings per share up 57% and adjusted earnings per share up 47% compared to third quarter 2007. Cash flow also increased, with consolidated free cash flow up 9%.
- For full year 2008, AES reaffirmed its operating cash flow and free cash flow guidance but lowered adjusted earnings per share guidance to reflect foreign currency losses. Guidance for 2009 was also lowered primarily due to changes in foreign exchange rate assumptions.
- AES continues to strengthen its financial position and expects that debt maturities in 2009-2010 will be met by existing cash flows. The company is well positioned to weather current market conditions.
aetna Download Documentation Earnings Release and Tables2007 3rdfinance9
Aetna reported its third quarter 2007 results. Operating earnings per share increased 15% year-over-year to $0.97, above analyst estimates. Total revenue grew 11% to $6.961 billion driven by membership growth and rate increases. Medical membership increased organically by 228,000 in the quarter. Aetna raised its full-year 2007 operating earnings guidance to $3.48 per share and issued preliminary 2008 guidance of $4.00 per share, representing 15% growth.
aetna Download Documentation Earnings Release and Tables2007 1stfinance9
Aetna reported first quarter 2007 results, with operating earnings of $0.81 per share, up 27% from the prior year quarter. Total revenue increased 7% to $6.7 billion. Medical membership increased 270,000 to 15.7 million. Guidance for full-year 2007 operating earnings was raised to $3.35 per share.
- Tenet Healthcare reported positive results for Q4'07, with 0.1% admissions growth compared to Q4'06. Volumes in Florida stabilized with a 0.3% decline.
- Commercial managed care revenue grew 8.9% despite a 1.8% decline in admissions, due to increases in net revenue per admission.
- Adjusted EBITDA was $168 million in Q4'07, benefiting from $12 million in lower year-end compensation accruals and a $19 million favorable bad debt adjustment.
- Momentum is building in volumes, pricing from new contracts, and physician staff expansion through recruitment.
aetna Download Documentation Earnings Release and Tables2008 1stfinance9
Aetna reported first quarter 2008 results, with operating earnings of $0.92 per share, a 14% increase over the prior year quarter. Total revenue increased 16% to $7.7 billion due to membership growth and premium rate increases. Medical membership increased by 614,000 to 17.5 million. Aetna affirmed its full-year 2008 operating earnings guidance of $4.00 per share and projected medical membership growth of 850,000-900,000 members.
1. Tenet Healthcare Corporation reported breakeven pre-tax income from continuing operations for the quarter ended March 31, 2007. After-tax income from continuing operations was $93 million, or $0.20 per share.
2. Volume was soft in the quarter, with admissions down 1.7% year-over-year, but pricing increased with a 4.7% rise in net revenue per patient day.
3. Performance varied by region, with growth in California and Texas but weakness continuing in South Florida markets impacted by prior hurricanes.
Tenet Healthcare Corporation reported net income of $70 million for the first quarter of 2006, compared to a net loss of $4 million in the first quarter of 2005. Revenues increased 0.2% to $2.357 billion for same-hospital operations due to a 3.1% increase in compact-adjusted net operating revenues, which excludes discounts provided to uninsured patients. Same-hospital admissions declined 3.3% to 161,756 due to factors such as competition and challenges retaining physicians.
YRC Worldwide reported its highest ever quarterly earnings per share of $1.62 for Q2 2006, up 16% from $1.40 in Q2 2005. Revenue increased 23% to a record $2.57 billion due to strong execution and cost initiatives. Adjusted operating income rose 28% to $177 million from $138 million. The company expects full year 2006 EPS between $5.65-$5.85 and third quarter EPS between $1.70-$1.80.
The AES Corporation met its 2008 guidance for consolidated operating cash flow of $2.2 billion and free cash flow of $1.4 billion. For 2009, it provides guidance of $2.1-2.3 billion in operating cash flow, $1.4-1.6 billion in free cash flow, and $0.87-0.97 diluted EPS from continuing operations. It also achieved solid financial results in 2008 with a 19% revenue increase and 9% gross margin growth due to improved Latin America and Europe operations and cost reductions.
The document provides financial results for AES Corporation for the fourth quarter and full year of 2008. Some key points:
- AES met its full year 2008 guidance for consolidated operating cash flow of $2.2 billion and free cash flow of $1.4 billion.
- For the fourth quarter, consolidated revenues decreased 3% to $3.5 billion due to unfavorable foreign currency translation, while consolidated gross margin decreased 17% to $674 million.
- For the full year, consolidated revenues increased 19% to $16.1 billion and consolidated gross margin increased 9% to $3.7 billion, driven by improved performance in Latin America and Europe.
- AES issued 2009 guidance forecasts
bristol myerd squibb Bristol-Myers Squibb Company Reports Third Quarter 2008 ...finance13
Bristol-Myers Squibb reported strong financial results for Q3 2008, with 14% growth in net sales and a 39% increase in non-GAAP EPS compared to Q3 2007. The company strengthened its cash position to $7.2 billion and reduced its net debt by $4.6 billion. Bristol-Myers Squibb raised its 2008 GAAP EPS guidance to $1.61-$1.66 and refined its non-GAAP EPS guidance to $1.65-$1.70, representing the upper range of previous guidance. The company also reaffirmed 15% minimum annual non-GAAP EPS growth through 2010.
Tenet Healthcare Corporation reported financial results for the 4th quarter of 2006 with a loss of $386 million compared to a loss of $286 million in the 4th quarter of 2005. Net operating revenues increased 2.6% to $2.179 billion. Adjusted EBITDA was $153 million, up 24.4% from $123 million in 2005. Admissions declined 0.9% to 143,110. While pricing increased, admissions declines and unfavorable mix shifts toward government programs continued to affect financial performance.
United Health GroupForm 8-K Related to Earnings Releasefinance3
UnitedHealth Group reported record revenues and earnings for full-year 2007, with revenues surpassing $75 billion. Earnings from operations grew 15% to $8.03 billion. Adjusted earnings per share increased 18% to $3.50. Cash flows from operations were $5.88 billion, or 126% of net earnings. The medical care ratio improved to 80.6% from 81.2% in 2006. UnitedHealth Group expects earnings per share growth of 13-14% in 2008 to $3.95-$4.00 per share, with cash flows approaching $7 billion.
Trevor Fetter, CEO of Tenet Healthcare, discussed the company's strong Q2 2008 results. Same-hospital admissions grew 2.2%, the best result in over 4 years. Excluding recently divested hospitals, core same-hospital admissions grew 2.2% and paying admissions grew 2.2%. Commercial managed care admissions declined 1.7% but grew 1.9% in targeted service lines. Fetter also outlined several hospital divestitures and asset sales that would generate $750-950 million in cash, most of which would be used to retire debt. This would reduce EBITDA but increase pre-tax income and free cash flow.
Stephen Newman, also of Tenet Healthcare, provided
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This document provides a 3-page annual report for SAIC, a technology and engineering company, for their 35th anniversary in 2004. It summarizes SAIC's history and accomplishments over 35 years, including helping analyze nuclear weapons, undertaking projects in nuclear energy and healthcare, and solving difficult problems for customers in many fields. It discusses SAIC's continued commitment to employee ownership and customer focus. The message to stockholders outlines SAIC's strategies under new CEO Ken Dahlberg to better serve customers, recommit to traditional values, and drive continued growth, including reorganizing into fewer customer-focused units and setting a goal to double the company's value in 5 years.
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The document is SAIC's annual report for fiscal year 2006. It summarizes SAIC's financial performance for the year, highlighting increased revenues of $7.8 billion, net income of $927 million, and diluted earnings per share of $5.15. It also outlines SAIC's strategic business areas of homeland security, intelligence solutions, defense transformation, logistics and transportation, systems engineering and integration, and research and development. The report discusses SAIC's response to hurricanes Katrina and Rita and its commitment to customers, employees, and shareholders.
SAIC provides technical solutions and operational support to government agencies and commercial customers in key areas such as homeland security, intelligence, defense, logistics, and IT. In fiscal year 2007, SAIC achieved revenue growth of 7% and operating income growth of 19% while making strategic acquisitions to expand capabilities. SAIC is committed to executing strategies to accelerate organic growth, expand operating margins, and make additional strategic acquisitions.
1) SAIC achieved strong financial results in FY2008, with revenues of $8.94 billion, up 11% from FY2007, and operating income of $666 million, up 16% from the previous year.
2) SAIC completed strategic acquisitions to expand in energy, infrastructure, and environment areas and appointed a new COO, Larry Prior, to lead organizational transition efforts.
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The document provides an overview of Terex Corporation and its business segments for an investor conference. It summarizes that Terex has a diversified portfolio across industries and geographies that provides balance through economic cycles. It also outlines opportunities to improve margins through pricing actions, supply management initiatives, and productivity improvements. The goal is to achieve $12 billion in sales and a 12% operating margin by 2010.
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The document provides an overview of Terex Corporation from its Basics Industrials Conference presentation on May 8, 2008. It discusses Terex's purpose, mission, and vision. It highlights Terex's strong and diversified revenue base, with income from operations increasing 36% in 2007 and 28% in Q1 2008. It outlines Terex's goals for 2010 of $12 billion in sales and 12% operating margin. The document also provides an overview of each of Terex's business segments.
Terex Corporation provides forward-looking statements and non-GAAP measures in their presentation. Their purpose is to improve people's lives around the world through their construction equipment. Their mission is to delight customers with high-quality products and services that exceed expectations. Their vision is to be the most customer-responsive, profitable, and desirable place for employees to work in the industry. Terex has a strong and diversified revenue base globally, with income and sales growing significantly in recent years. They are the 3rd largest construction equipment manufacturer in the world, with over 75% of sales where they have a strong market presence.
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Sales and backlog for Terex's business segments through March 31, 2008:
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financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
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tenet healthcare Earn_Rel_2007_Q4_FINAL2
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Contacts: Steven Campanini (469) 893-631
Media: Steven Campanini (469) 893-6321
Investors: Thomas Rice (469) 893-2522
Tenet Announces Results for Fourth Quarter
Ended December 31, 2007 and 2008 Outlook
Highlights:
♦ Same-hospital admissions increased by 0.1 percent in Q4’07 compared to Q4’06.
♦ Nine percent increase in number of staff physicians with admitting privileges in 2007.
♦ Net loss narrowed to $75 million in Q4’07 versus net loss of $386 million in Q4’06, a
reduction of 81 percent. For calendar year 2007 the net loss narrowed to $89 million
versus a 2006 net loss of $803 million, a reduction of 89 percent.
♦ Same-hospital adjusted EBITDA (a non-GAAP term defined below), increased by 9.8
percent to $168 million in Q4’07, compared to $153 million in Q4’06. For calendar year
2007 same-hospital adjusted EBITDA was $703 million, up 1.2 percent from $695 million
in calendar year 2006.
♦ Same-hospital total commercial managed care revenues grew by 8.9 percent compared to
Q4’06 despite a decline in same-hospital commercial managed care admissions and
outpatient visits of 1.8 percent and 2.3 percent, respectively.
♦ Adjusted net cash provided by continuing operating activities (a non-GAAP term, defined
and reconciled to GAAP below) was $127 million in Q4’07; $572 million in cash and cash
equivalents at December 31, 2007.
♦ Outlook for 2008 earnings per share in range of negative 3 cents to positive 6 cents; and,
outlook for 2008 adjusted EBITDA from continuing operations in range of $775 million
to $850 million. Continue to target $1 billion or more of adjusted EBITDA in 2009.
DALLAS – February 26, 2008 – Tenet Healthcare Corporation (NYSE:THC) today reported a
net loss of $75 million, or $0.16 per share, for its fourth quarter of 2007 compared to a net loss of $386
million, or $0.82 per share, in the fourth quarter of 2006. Adjusted EBITDA for the fourth quarter of
2007 was $166 million, an increase of 8.5 percent as compared to $153 million in the fourth quarter of
2006. Same-hospital adjusted EBITDA was $168 million in the fourth quarter of 2007, an increase of
$15 million, or 9.8 percent, from $153 million reported in the fourth quarter of 2006. Adjusted EBITDA
-1-
2. is a non-GAAP term defined and reconciled below to net loss as determined by generally accepted
accounting principles (GAAP). The Company reported a loss from continuing operations of $86 million
or $0.18 per share in the fourth quarter of 2007, compared to a loss from continuing operations of $384
million, or $0.81 per share, in the fourth quarter of 2006.
“We are delighted to report positive admissions growth in the fourth quarter. This continues the
improving volume trends which have been evident since mid-2007. January 2008 admissions increased
by 2.3 percent, and February is showing positive admissions growth. This marks a major milestone in
executing our turnaround,” said Trevor Fetter, Tenet’s president and chief executive officer. “As
volumes stabilize, we expect the progress made in improving pricing with our major commercial
managed care payers and our continued success in cost control to drive a strengthening earnings
performance.”
Stephen L. Newman, M.D., chief operating officer, said, “We continue to achieve critical interim
targets in our strategy to build volumes. Within our Physician Relationship Program we called on 369
new, strategically targeted physicians, in the fourth quarter, who have no existing relationship with a
local Tenet hospital. Over time, we expect these efforts will contribute to a steady stream of new
physicians joining the admitting staffs at our hospitals. In the fourth quarter, our efforts resulted in a net
increase of 241 physicians on our hospitals’ admitting staffs, a net increase of more than two percent.
This brings the total net increase in physicians with active staff privileges to well over a thousand in
2007, or a net increase of roughly nine percent for the year. While it takes time for these relationships to
mature and contribute more meaningfully to volume growth, we are very excited about this progress.
We believe this growth represents an important milestone on the road towards achieving our
intermediate and longer term performance objectives.”
“We continue to expect considerable earnings growth in 2008 and 2009,” said Biggs Porter, chief
financial officer. “This is based on our expectations for improved volumes and sustained value from our
cost and pricing initiatives, including continued progress in managed care pricing. We are establishing
an outlook of $775 million to $850 million of adjusted EBITDA for 2008 and continue to target $1
billion or more in adjusted EBITDA for 2009.” A reconciliation of net income (loss) to “adjusted
EBITDA” for the year ending 2008 is provided in Table #3 at the end of this release.
-2-
3. Continuing Operations
The loss from continuing operations for the fourth quarter of 2007 was $86 million, or $0.18 per
share, including the following six items:
1. Net cost report and related valuation allowance adjustments recorded in the fourth quarter of
2007 were approximately zero. In the fourth quarter of 2006 we recorded favorable cost report
and related valuation allowance adjustments of $18 million pre-tax, $11 million after-tax
before the deferred tax valuation allowance, or $0.02 per share;
2. Net impairment and restructuring charges primarily related to the impairment of long-lived
assets primarily associated with three hospitals of $36 million pre-tax, $22 million after-tax,
before the impact of the deferred tax valuation allowance, or $0.05 per share;
3. Favorable adjustment related to hurricane cost estimates of $3 million, pre-tax, $2 million after-
tax, or zero cents per share;
4. Litigation costs of $12 million pre-tax, $8 million after-tax, or $0.02 per share;
5. Net unfavorable income tax adjustments of $41 million, or $0.09 per share to increase the
Company’s valuation allowance for deferred tax assets, and other tax adjustments; and,
6. Stock-based compensation expense, included in salaries, wages and benefits of $9 million pre-
tax, $6 million after-tax before the deferred tax allowance, or $0.01 per share, in the fourth
quarter of 2007 compared to $16 million pre-tax, $10 million after-tax, or $0.02 per share, in
the fourth quarter of 2006.
Adjusted EBITDA
Adjusted EBITDA in the fourth quarter of 2007 was $166 million producing a margin (as a
percentage of net operating revenues) of 7.4 percent, an increase of $13 million, or 8.5 percent, from
adjusted EBITDA of $153 million in the fourth quarter of 2006. The adjusted EBITDA margin was 7.2
percent in the fourth quarter of 2006. Same-hospital adjusted EBITDA was $168 million in the fourth
quarter of 2007, an increase of 9.8 percent from $153 million in the fourth quarter of 2006.
Adjusted EBITDA is a non-GAAP term defined by the Company as net income (loss) before (1)
the cumulative effect of change in accounting principle, net of tax, (2) income (loss) from discontinued
operations, net of tax, (3) income tax (expense) benefit, (4) net gains on sale of investments, (5) minority
interests, (6) investment earnings, (7) interest expense, (8) litigation and investigation costs, (9)
hurricane insurance recoveries, net of costs, (10) impairment of long-lived assets and goodwill and
-3-
4. restructuring charges, net of insurance recoveries, (11) amortization, and (12) depreciation. A
reconciliation of net income (loss) to “Adjusted EBITDA” is provided in Table #1 at the end of this
release.
.
Same-Hospital Data
Same-hospital data for the fourth quarter of 2007 excludes the impact of two hospitals: (1)
Coastal Carolina Hospital which was acquired by Tenet on June 30, 2007, and (2) pre-opening expenses
associated with our new hospital in east El Paso scheduled to open in May, 2008.
Same-hospital data is used as the primary form of data presentation in the narrative sections of
this press release.
Total-hospital data, including the contribution from Coastal Carolina Hospital, is provided in the
tabular presentation of data at the end of this press release.
As a result of this approach, certain amounts in the tables in the narrative section of this release
will not tie to amounts in the consolidated statement of operations as the amounts in the narrative section
represent “same-hospital” data, not consolidated data.
In the fourth quarter, Coastal Carolina Hospital generated $7 million in net operating revenues,
breakeven net income and breakeven adjusted EBITDA. Our new hospital in east El Paso generated no
revenues, but recorded $2 million in pre-opening expenses, resulting in negative adjusted EBITDA of $2
million.
-4-
5. Admissions, Patient Days and Surgeries
Same-Hospital
Continuing Operations
Admissions, Patient Days, and Surgeries
Change (%)
Q4’07 Q4’06
Commercial Managed Care Admissions 39,285 40,012 (1.8)
27,635 25,807 7.1
Governmental Managed Care Admissions
42,456 43,631 (2.7)
Medicare Admissions
17,320 17,172 0.9
Medicaid Admissions
6,547 5,952 10.0
Uninsured Admissions
2,325 2,577 (9.8)
Charity Care Admissions
3,568 3,872 (7.9)
Other Admissions
139,136 139,023 0.1
Total Admissions
130,264 130,494 (0.2)
Admissions excluding Charity and Uninsured
74,878 74,323 0.7
Admissions through Emergency Department
0.3 (a)
53.8 53.5
ED Admissions /Total admissions (%)
0.4 (a)
4.7 4.3
Uninsured admissions / Total admissions (%)
(0.6) (a)
28.2 28.8
Commercial managed care admits /Total admits (%)
(0.2) (a)
1.7 1.9
Charity Admissions / Total Admissions (%)
42,314 42,492 (0.4)
Surgeries - Inpatient
54,516 54,064 0.8
Surgeries - Outpatient
96,830 96,556 0.3
Surgeries - Total
681,427 688,332 (1.0)
Patient Days - Total
974,043 971,366 0.3
Adjusted Patient Days
156,248 158,979 (1.7)
Patient Days - Commercial Managed Care
(0.1) (a)
4.9 5.0
Average Length of Stay
Adjusted Patient Admissions (b) - Total 200,287 197,521 1.4
(a) This change is the difference between the 2007 and 2006 amounts shown.
(b) “Adjusted Patient Admissions” represents actual patient admissions adjusted to include outpatient
services by multiplying actual patient admissions by the sum of gross inpatient revenues and outpatient
revenues and dividing the result by gross inpatient revenues.
-5-
6. Same-hospital admissions for the fourth quarter of 2007 were 139,136, an increase of 113
admissions, or 0.1 percent, compared to admissions of 139,023 in the fourth quarter of 2006. Excluding
the impact of our Florida and USC hospitals, Tenet would have reported a same-hospital admissions
increase of 0.3 percent.
Same-hospital commercial managed care admissions declined from 40,012 to 39,285, a decline
of 727 admissions, or 1.8 percent, in the fourth quarter of 2007 as compared to the fourth quarter of
2006. Three hospitals, two in Texas and one in Alabama, were responsible for 96 percent of this decline.
Same-hospital total managed care admissions, including both commercial and government
programs, increased to 66,920, an increase of 1,101, or 1.7 percent. This increase reflects the continuing
shift from traditional government programs towards managed government programs.
Tenet’s recently established affiliation with a local healthcare provider in Philadelphia and an
acquisition in Modesto, California, which became effective during the fourth quarter of 2007 added 653
admissions to fourth quarter 2007 results. Since these programs were not in effect for the entire fourth
quarter, Tenet expects the favorable impact on volume growth to be more significant in the first quarter
of 2008.
Outpatient Visits
Same-Hospital
Continuing Operations
Outpatient Visits Change
Q4’07 Q4’06
(%)
Total OP Visits 992,573 1,007,147 (1.4)
Uninsured OP Visits 107,542 104,160 3.2
0.5 (a)
Uninsured OP Visits/ Total OP Visits (%) 10.8 10.3
Charity Care OP Visits 5,240 5,670 (7.6)
(0.1) (a)
Charity Care OP Visits / Total OP Visits (%) 0.5 0.6
OP Visits excluding Charity and Uninsured 879,791 897,317 (2.0)
Commercial Managed Care OP Visits 384,603 393,730 (2.3)
(0.4) (a)
Commercial OP Visits / Total Visits (%) 38.7 39.1
(a) This change is the difference between the 2007 and 2006 amounts shown.
Same-hospital outpatient visits in the fourth quarter of 2007 were 992,573, a decline of 14,574,
or 1.4 percent, as compared to 1,007,147 visits in the fourth quarter of 2006. A number of factors
-6-
7. contributed to this decline including the increasing competition the Company is experiencing from
physician-owned entities providing outpatient services. Excluding the Company’s Florida and USC
hospitals, the decline in outpatient visits was 0.2 percent. The Florida visit declines were primarily in
lower revenue diagnostic imaging services.
Tenet’s recently established affiliations with a local provider in Philadelphia which became
effective in the fourth quarter of 2007 added 300 outpatient visits to our fourth quarter totals.
Revenues
Same-Hospital
Revenues
Continuing Operations
($ in Millions)
Q4’06 Change (%)
Q4’07
Net operating revenues 2,244 2,116 6.0
Net patient revenue from commercial managed care 907 833 8.9
Revenues from the uninsured 161 137 17.5
Charity care gross charges 144 165 (12.7)
Provision for doubtful accounts (“Bad Debt”) 132 117 12.8
Uncompensated care (a) (b) 276 282 (2.1)
Uncompensated care/ (Net operating revenues plus
Charity care) (a) (c) (%) 11.6 12.4 (0.8)
(a) Non-GAAP measure
(b) Defined as charity care plus provision for doubtful accounts
(c) This percentage change is the difference between the 2007 and 2006 amounts shown
Same-hospital net operating revenues from continuing operations were $2.244 billion in the
fourth quarter of 2007, an increase of $128 million, or 6.0 percent, as compared to $2.116 billion in the
fourth quarter of 2006. This revenue growth, in the context of a soft volume environment, is primarily a
reflection of new, attractively priced commercial managed care contracts.
Same-hospital net patient revenue from commercial managed care payers increased by $74
million, or 8.9 percent, in the fourth quarter of 2007 compared to the fourth quarter of 2006. This
increase reflects continued pricing increases sufficient to offset a decline in commercial managed care
admissions of 1.8 percent and a decline in commercial managed care outpatient visits of 2.3 percent.
Same-hospital disproportionate-share revenue under various state Medicaid programs and other
state-funded subsidies provided revenues of approximately $38 million and $35 million in the fourth
quarters of 2007 and 2006, respectively. Disproportionate-share payments are dependent on government
programs, which are subject to periodic review and policy changes.
-7-
8. Pricing
Same-Hospital
Continuing Operations
Pricing
Q4’07 Q4’06 Change (%)
Net inpatient revenue per admission ($) 10,889 10,480 3.9
Net inpatient revenue per patient day ($) 2,223 2,117 5.0
Net outpatient revenue per visit ($) 660 597 10.6
Net patient revenue per adjusted patient admission ($) 10,834 10,419 4.0
Net patient revenue per adjusted patient day ($) 2,228 2,119 5.1
Managed care: Net inpatient revenue per admission ($) 11,483 10,499 9.4
Managed care: Net outpatient revenue per visit ($) 775 711 9.0
Pricing improvement was evident across all key metrics. Same-hospital net inpatient revenue per
admission for the fourth quarter of 2007 was $10,889 compared to $10,480 in the fourth quarter of 2006,
an increase of $409, or 3.9 percent. Same-hospital net outpatient revenue per visit was $660 in the
fourth quarter of 2007 compared to $597 in the fourth quarter of 2006, an increase of $63, or 10.6
percent. Adjusting net patient revenues in the fourth quarter of 2006 to exclude the favorable impact of
$18 million from prior year cost report adjustments, the increase in net patient revenues per adjusted
admission in the fourth quarter of 2007 would have been 4.9 percent and the increase in net patient
revenues per adjusted patient day would have been 6.1 percent.
The Company disaggregates its managed care business into two categories: (1) commercial
managed care and (2) managed Medicare and managed Medicaid. In the fourth quarter of 2007,
approximately 77 percent of same-hospital managed care revenues were recognized from our
commercial managed care business and 23 percent were recognized from managed Medicare and
managed Medicaid. The Company recognized 78 percent of same-hospital managed care revenues from
our commercial managed care business and 22 percent were recognized from managed Medicare and
managed Medicaid in the fourth quarter of 2006. In recent quarters the Company has seen revenues from
managed government programs grow more rapidly than the commercial portion of our managed care
business. This mix shift reflects the rapid migration to managed Medicare and Medicaid from traditional
Medicare and Medicaid which has characterized the healthcare sector nationwide. In the fourth quarter
of 2007 same-hospital managed care admissions were approximately 59 percent commercial managed
care and 41 percent managed Medicare and managed Medicaid compared to 61 percent and 39 percent,
respectively, in the fourth quarter of 2006. Same-hospital managed care outpatient visits in the fourth
-8-
9. quarter of 2007 were 72 percent commercial managed care and 28 percent managed Medicare and
managed Medicaid compared to 74 percent and 26 percent, respectively, in the fourth quarter of 2006.
For our aggregate managed care portfolio, including managed government programs, same-
hospital net inpatient revenue per admission increased by 9.4 percent in the fourth quarter of 2007 as
compared to the fourth quarter of 2006. Same-hospital net outpatient revenue per visit increased by 9.0
percent for our aggregate managed care portfolio in the fourth quarter of 2007 as compared to the fourth
quarter of 2006.
Controllable Operating Expenses
Same-Hospital
Controllable Operating Expenses
Continuing Operations
Q4’07 Q4’06 Change (%)
Salaries, Wages & Benefits ($mm) 1,020 958 6.5
Supplies ($mm) 405 378 7.1
Rent/ lease expense ($mm) 40 39 2.6
Other Operating Expenses ($mm) 479 471 1.7
Total Controllable Operating Expenses ($mm) 1,944 1,846 5.3
Controllable operating expenses per adjusted
patient day ($) 1,996 1,900 5.1
The Company continues to capture incremental efficiencies within its cost structure both in
flexing its costs in response to fluctuating patient volumes at the hospital level and shrinking its
overhead infrastructure to align its costs with the smaller number of hospitals being managed. Same-
hospital controllable operating expenses (consisting of salaries, wages and benefits, supplies, and other
operating expenses) were $1.944 billion and $1.846 billion in the fourth quarters of 2007 and 2006,
respectively, an increase of $98 million, or 5.3 percent. Same-hospital controllable operating expenses
per adjusted patient day were $1,996 in the fourth quarter of 2007 compared to $1,900 in the fourth
quarter of 2006, an increase of $96 per adjusted patient day, or 5.1 percent.
Same-hospital salaries, wages and benefits expense increased by $62 million, or 6.5 percent.
This increase is primarily the result of merit increases provided to maintain competitive wage rates in
our markets. For the bulk of our employees merit increases were effective October 1, 2007. Certain
compensation and benefit adjustments were made at year-end which added a net $12 million to salaries,
wages and benefits expense in the fourth quarter of 2007. These net increases were partially offset by a
-9-
10. decline in FTEs (full time equivalent employee headcount) of 209, or 0.4 percent, from the fourth
quarter of 2006 to the fourth quarter of 2007. Contract labor expense, which is included in salaries,
wages and benefits, declined by $8 million, or 15.4 percent, to $44 million in the fourth quarter of 2007
from $52 million in the fourth quarter of 2006.
Same-hospital supplies expense increased by $27 million, or 7.1 percent, compared to the fourth
quarter of 2006. This increase in supplies expense was driven by a significant increase in surgeries
involving implant devices which contributed to an increase in implant expense of $17 million, or 18
percent. Excluding the costs of implants in both periods, the costs of supplies increased by only 3.5
percent in total, or 3.4 percent per adjusted patient day.
Same-hospital “Other Operating Expenses” increased by $8 million, or 1.7 percent, to $479
million in the fourth quarter of 2007 as compared to $471 million in the fourth quarter of 2006. Other
operating expenses includes medical malpractice expense of $39 million for the fourth quarter of 2007, a
decline of $13 million, or 25 percent, from $52 million in the fourth quarter of 2006.
Provision for Doubtful Accounts
Same-Hospital
Continuing Operations
Bad Debt
Change (%)
Q4’07 Q4’06
Provision for Doubtful Accounts (“Bad Debt”) 132 117 12.8
($mm)
0.4 (a)
Bad Debt / Net Operating Revenues 5.9 5.5
(%)
1 (a)
Collection rate from uninsured (%) 13 12
4 (a)
Collection rate from balance-after (%) 64 60
4 (a)
Collection rate from self-pay 36 32
(%)
1 (a)
Collection rate from managed care payers 98 97
(%)
(a) This percentage change is the difference between the Q4’07 and Q4’06 amounts shown
Same-hospital provision for doubtful accounts, or bad debt expense, was $132 million in the
fourth quarter of 2007, an increase of $15 million, or 12.8 percent, from the provision for doubtful
accounts of $117 million in the fourth quarter of 2006. Bad debt expense in the fourth quarter of 2007
was reduced by $19 million due to a favorable adjustment primarily related to the Company’s improved
experience in collecting from self-pay accounts over an 18-month look-back period and by a $4 million
settlement of a dispute with a managed care payer.
Bad debt expense in the fourth quarter of 2006 was also reduced by a total of $17 million due to
the impact of two favorable items:
- 10 -
11. (1) an $8 million favorable adjustment related to a change in the estimated necessary bad debt
reserve levels for self-pay based on updated collection rates; and,
(2) A $9 million reduction in bad debt expense related to the settlement of disputes with certain
managed care payers.
Same hospital bad debt expense was 5.9 percent of net operating revenues in the fourth quarter
of 2007, an increase of 40 basis points as compared to 5.5 percent in the fourth quarter of 2006.
The increase in bad debt expense was largely the result of the increase in the uninsured volumes
with uninsured admissions increasing 10.0 percent and uninsured outpatient visits increasing 3.2 percent
from the fourth quarter of 2006 to the fourth quarter of 2007.
Accounts Receivable
Accounts receivable were $1.385 billion at December 31, 2007, and $1.354 billion at September
30, 2007. Accounts receivable days outstanding for continuing operations were 54 days at December 31,
2007, an increase of one day from 53 days at both September 30, 2007 and December 31, 2006. The
increase in accounts receivable days from September 30, 2007, is principally due to the reduction in the
allowance for doubtful accounts which resulted from improved collection experience as discussed
above. This favorable impact on bad debt expense added 0.8 days to accounts receivable days
outstanding.
The settlement of older managed care accounts in the fourth quarter of 2007 did not significantly
impact our accounts receivable balance as these accounts were significantly reserved.
Cash Flow
Cash and cash equivalents were $572 million at December 31, 2007, a decrease of $83 million
from $655 million at September 30, 2007.
Net cash provided by operating activities was $112 million in the fourth quarter of 2007. In
accordance with GAAP, this cash flow figure excludes capital expenditures, proceeds of asset sales, as
well as certain other items. “Adjusted net cash provided by operating activities – continuing operations”
is a non-GAAP term defined by the Company as “net cash provided by operating activities” of $112
million excluding (1) cash provided by discontinued operations of $22 million, (2) payments against
reserves for restructuring charges of $31 million, and (3) income tax payments of $6 million. Using this
definition, adjusted net cash provided by operating activities from continuing operations was $127
- 11 -
12. million for the fourth quarter of 2007. This reconciliation is provided in Table #2 at the end of this
release. Adjusted net cash provided by operating activities from continuing operations in the fourth
quarter of 2007 declined by $53 million, or 29 percent, from $180 million in the fourth quarter of 2006.
This decline is principally attributable to $15 million of interest payments in the fourth quarter of 2007
related to the Company’s global settlement with the federal government, and the timing of cash
collections on patients’ accounts receivables which have been impacted by increases in uninsured
revenues, and the timing of cash disbursements at year end 2007, which resulted in a reduction of the
Company’s book overdraft at December 31, 2007 as compared to December 31, 2006. A reconciliation
of “Net cash provided by (used in) operating activities” to “Adjusted net cash provided by operating
activities - continuing operations” is provided in Table #2 at the end of this release.
Total company capital expenditures in the fourth quarter of 2007 were $303 million, $300
million of which related to continuing operations. These capital expenditures included $22 million for
the construction for our new hospital in east El Paso and $2 million for the construction of a replacement
hospital for our East Cooper Regional Medical Center in South Carolina. Capital expenditures related to
continuing operations in the fourth quarter of 2006 were $291 million.
Significant cash flow items classified as investing cash flows in the fourth quarter of 2007
excluded from the above definition of adjusted free cash flow included:
(1) $48 million of cash surrender proceeds from certain life insurance policies;
(2) Net proceeds of $45 million from the sale of marketable securities of our insurance
subsidiary;
(3) $6 million of insurance recoveries related to hurricane-related property damage; and,
(4) $5 million of proceeds related to the collection on a note receivable issued by the Company
associated with the previously announced sale of our former Roxborough and Warminster
hospitals in the Philadelphia area.
Liquidity
Total debt was $4.772 billion at December 31, 2007, an increase of $5 million from total debt on
September 30, 2007, of $4.767 billion. Net debt, a non-GAAP measure defined as total debt, less cash
and cash equivalents of $572 million at December 31, 2007, and $655 million at September 30, 2007,
was $4.200 billion at December 31, 2007, and $4.112 billion at September 30, 2007.
- 12 -
13. Income Taxes
The income tax expense of $20 million in the fourth quarter of 2007 related to continuing
operations includes a $21 million tax benefit before the valuation allowance for deferred tax assets and
$41 million of tax expense primarily related to changes in the valuation allowance for deferred tax assets
and other tax adjustments. Federal net operating loss carryforwards were approximately $2.0 billion at
December 31, 2007.
Discontinued Operations
Net income from discontinued operations for the fourth quarter of 2007 was $11 million,
or $0.02 per share. In the fourth quarter of 2007, the Company recognized a gain of $15 million related
to the sale of accounts receivable in the fourth quarter of 2006. As previously disclosed, this gain was
not recognized in 2006 due to the potential for additional proceeds from the buyer under the sales
agreement, which resulted in the gain being deferred for accounting purposes. Based on the buyer’s
collection experience, it is unlikely additional proceeds will be received by the Company and the sales
agreement was amended accordingly in the fourth quarter of 2007.
Outlook for 2008
The Company’s outlook for 2008 is materially dependent on patient volumes. Although
Tenet experienced aggregate net declines in both admissions and outpatient visits in 2007, there were
encouraging signs that aggregate volume trends were stabilizing in the second half of 2007.
For 2008, the Company has assumed same-hospital admission growth of approximately
1.0-2.0 percent, and same-hospital outpatient visit growth of 2.0-3.0 percent. This volume outlook for
2008 represents a material improvement relative to the 1.0 percent decline in same-hospital admissions,
and a 2.0 percent decline in same-hospital outpatient visits in 2007.
Based on these volume assumptions, the 2008 outlook for growth in net operating
revenues is in the range of 5.0 to 6.0 percent. This is consistent with an outlook for net operating
revenues in the range $9.3 billion to $9.4 billion. Same-hospital net operating revenues grew by 4.5
percent in 2007.
The outlook for growth in controllable operating expenses per adjusted patient day is in
the range of 3.0 to 3.5 percent for 2008. This outlook reflects the Company’s expectations for continued
- 13 -
14. cost efficiencies as well as the favorable impact of enhanced operating leverage which is expected to
result from higher volume. This compares to 5.1 percent same-hospital growth in 2007.
The 2008 outlook for bad debt expense is in the range of 6.5 to 7.0 percent of net
operating revenues, or bad debt expense in the range of $600 million to $650 million. In 2007, bad debt
expense was $567 million, or 6.4 percent of net operating revenues.
Adjusted EBITDA (a non-GAAP term reconciled to net loss as defined by GAAP in the
notes at the end of this section) is expected to be in the range of $775 million to $850 million in 2008.
Based on the outlook for net operating revenue cited above, this corresponds to an adjusted EBITDA
margin range of 8.3 to 9.0 percent. In 2007, Tenet’s adjusted EBITDA was $701 million, corresponding
to an adjusted EBITDA margin of 7.9 percent.
The outlook for depreciation and amortization expense in 2008 is approximately $400
million, and the 2008 outlook for interest expense is approximately $400 million, net of investment
earnings and minority interest.
Tenet’s 2008 outlook for income (loss) from continuing operations before income taxes,
including $5 million of expected 2008 litigation and investigation costs, ranges from a loss of $30
million to income of $45 million. Based on projected 2008 taxes of $20 million, the 2008 outlook for
earnings per share from continuing operations is in the range of a negative $0.10 per share to positive
$0.05 per share.
The Company’s outlook includes an expectation of adjusted net cash provided by
operating activities to be in the range of $400 million to $500 million in 2008, which the Company
defines to exclude income tax payments/refunds, litigation and restructuring payments, and discontinued
operations. Capital expenditures are expected to be in the range of $600 million to $650 million in 2008.
Adjusted free cash flow from continuing operations for 2008 is expected to be in the range of negative
$200 million to negative $150 million. The Company’s outlook for cash and cash equivalents at
December 31, 2008, includes: (1) $103 million of litigation payments and certain payments related to
restructuring reserves, including $88 million in payments to the Department of Justice relating to the
2006 settlement; (2) $55 million to $80 million of cash used in discontinued operations; (3) $33 million
to $58 million provided by other investment activities; (4) $17 million in net income tax payments; and
(5) $5 million of cash usage for financing activities. Including these additional five items and the range
for outlook capital expenditures, the outlook range for cash and cash equivalents at December 31, 2008
is $200 million to $300 million. However, the Company also expects that various initiatives currently
- 14 -
15. being implemented have the potential to materially improve the outlook for cash at December 31, 2008.
These initiatives include the potential sale of the Company’s medical office buildings and the sale or
collection of other non-core, non-hospital assets. These initiatives have the potential of generating cash
of between $400 million and $600 million over the next two years. This potential incremental cash is in
addition to the $129 million generated as the result of initiatives completed by December 31, 2007.
A reconciliation of outlook adjusted EBITDA to outlook net loss for year ending
December 31, 2008 is provided in Table #3; and a reconciliation of outlook adjusted net cash provided
by operating activities, and outlook adjusted free cash flow from continuing operations to outlook net
cash provided by operating activities for the year ending December 31, 2008 is provided in Table #4 at
the end of this release.
Management’s Webcast Discussion of Fourth Quarter Results and 2008 Outlook
Tenet management will discuss fourth quarter 2007 results and its Outlook for 2008 on a webcast
scheduled to begin at 11:00 AM (ET) on February 26, 2008. This webcast may be accessed through
Tenet’s website at www.tenethealth.com. A set of slides has been posted to the Company’s website
which may be referred to during management’s remarks.
Tenet Healthcare Corporation, through its subsidiaries, owns and operates acute care hospitals
and related ancillary health care businesses, which include ambulatory surgery centers and diagnostic
imaging centers. Tenet is committed to providing high quality care to patients in the communities we
serve. Tenet can be found on the World Wide Web at www.tenethealth.com.
###
Some of the statements in this release may constitute forward-looking statements. Such statements are based
on our current expectations and could be affected by numerous factors and are subject to various risks and
uncertainties discussed in our filings with the Securities and Exchange Commission, including our annual
report on Form 10-K for the fiscal year ended Dec. 31, 2007, our quarterly reports on Form 10-Q and periodic
reports on Form 8-K. Do not rely on any forward-looking statement, as we cannot predict or control many of
the factors that ultimately may affect our ability to achieve the results estimated. We make no promise to
update any forward-looking statement, whether as a result of changes in underlying factors, new information,
future events or otherwise.
- 15 -
16. TENET HEALTHCARE CORPORATION
CONSOLIDATED OPERATIONS DATA
(Unaudited)
Three Months Ended December 31,
(Dollars in millions except per share amounts)
2007 % 2006 % Change
Net operating revenues $ 2,251 100.0% $ 2,116 100.0% 6.4%
Operating expenses:
Salaries, wages and benefits (1,023) (45.4%) (958) (45.3%) 6.8%
Supplies (406) (18.0%) (378) (17.9%) 7.4%
Provision for doubtful accounts (134) (6.0%) (117) (5.5%) 14.5%
Other operating expenses, net (522) (23.2%) (510) (24.1%) 2.4%
Depreciation (85) (3.8%) (83) (3.9%) 2.4%
Amortization (8) (0.4%) (10) (0.5%) (20.0%)
Impairment of long-lived assets and goodwill, and restructuring
(36) (1.6%) (312) (14.7%)
charges, net of insurance recoveries
Hurricane insurance recoveries, net of costs 3 0.1% — (0.0%)
(12) (0.5%) (15) (0.7%)
Litigation and investigation costs
Operating income (loss) 28 1.2% (267) (12.6%)
Interest expense (104) (102)
Investment earnings 11 13
Minority interests (1) (2)
— 3
Net gains on sales of investments
Loss from continuing operations, before income taxes (66) (355)
(20) (29)
Income tax expense
Loss from continuing operations, before discontinued operations (86) (384)
Discontinued operations:
Income (loss) from operations 23 (26)
Impairment of long-lived assets and goodwill, and restructuring
charges, net of insurance recoveries (11) (33)
Hurricane insurance recoveries, net of costs — (1)
Litigation settlements, net of insurance recoveries — 11
Net gains (losses) on sales of facilities (4) 13
3 34
Income tax benefit
11 (2)
Income (loss) from discontinued operations, net of tax
$ (75) $ (386)
Net loss
Diluted earnings (loss) per common share and
common equivalent share:
Continuing operations $ (0.18) $ (0.81)
0.02 (0.01)
Discontinued operations
$ (0.16) $ (0.82)
Weighted average shares and dilutive securities
(if applicable) outstanding (in thousands): 474,286 471,484
- 16 -
17. TENET HEALTHCARE CORPORATION
CONSOLIDATED OPERATIONS DATA
(Unaudited)
Year Ended December 31,
(Dollars in millions except per share amounts)
2007 % 2006 % Change
Net operating revenues $ 8,852 100.0% $ 8,453 100.0% 4.7%
Operating expenses:
Salaries, wages and benefits (3,964) (44.8%) (3,775) (44.7%) 5.0%
Supplies (1,573) (17.8%) (1,532) (18.1%) 2.7%
Provision for doubtful accounts (567) (6.4%) (502) (5.9%) 12.9%
Other operating expenses, net (2,047) (23.1%) (1,949) (23.1%) 5.0%
Depreciation (330) (3.7%) (309) (3.7%) 6.8%
Amortization (32) (0.4%) (28) (0.3%) 14.3%
Impairment of long-lived assets and goodwill, and restructuring
charges, net of insurance recoveries (60) (0.7%) (338) (4.0%)
Hurricane insurance recoveries, net of costs 3 — 14 0.2%
(13) (0.1%) (766) (9.1%)
Litigation and investigation costs
Operating income (loss) 269 3.0% (732) (8.7%)
Interest expense (419) (408)
Investment earnings 47 62
Minority interests (4) (4)
— 5
Net gains on sales of investments
Loss from continuing operations, before income taxes (107) (1,077)
58 262
Income tax benefit
Loss from continuing operations, before discontinued operations
and cumulative effect of change in accounting principle (49) (815)
Discontinued operations:
Loss from operations (23) (73)
Impairment of long-lived assets and goodwill, and restructuring
charges, net of insurance recoveries (29) (140)
Hurricane insurance recoveries, net of costs — 186
Litigation settlements, net of insurance recoveries — 35
Net gains (losses) on sales of facilities (8) 15
20 (13)
Income tax (expense) benefit
(40) 10
Income (loss) from discontinued operations, net of tax
Loss before cumulative effect of changes in accounting principle (89) (805)
— 2
Cumulative effect of change in accounting principle, net of tax
$ (89) $ (803)
Net loss
Diluted earnings (loss) per common share and
common equivalent share:
Continuing operations $ (0.10) $ (1.73)
Discontinued operations (0.09) 0.02
— —
Cumulative effect of changes in accounting principle, net of tax
$ (1.71)
$ (0.19)
Weighted average shares and dilutive securities (if applicable)
470,847
outstanding (in thousands): 473,405
- 17 -
18. TENET HEALTHCARE CORPORATION
BALANCE SHEET DATA
(Unaudited)
December 31,
2007 2006
(Dollars in Millions)
ASSETS
Current assets:
Cash and cash equivalents $ 572 $ 784
Investments in marketable debt securities 20 39
Accounts receivable, less allowance for doubtful accounts 1,385 1,413
Inventories of supplies, at cost 183 184
Income tax receivable 7 171
Deferred income taxes 87 69
Assets held for sale 51 119
255 246
Other current assets
Total current assets 2,560 3,025
Investments and other assets 288 383
Property and equipment, at cost, less accumulated depreciation and
amortization 4,645 4,299
Goodwill 607 601
293 231
Other intangible assets, at cost, less accumulated amortization
$ 8,393 $ 8,539
Total assets
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt $ 1 $ 22
Accounts payable 780 775
Accrued compensation and benefits 393 390
Professional and general liability reserves 161 145
Accrued interest payable 126 130
Accrued legal settlement costs 119 71
468 392
Other current liabilities
Total current liabilities 2,048 1,925
Long-term debt, net of current portion 4,771 4,760
Professional and general liability reserves 555 586
Accrued legal settlement costs 163 251
Other long-term liabilities and minority interests 683 646
119 107
Deferred income taxes
Total liabilities 8,339 8,275
Commitments and contingencies
Shareholders’ equity:
Common stock 26 26
Additional paid-in capital 4,412 4,372
Accumulated other comprehensive loss (28) (45)
Accumulated deficit (2,877) (2,610)
(1,479) (1,479)
Less common stock in treasury, at cost
54 264
Total shareholders’ equity
$ 8,393 $ 8,539
Total liabilities and shareholders’ equity
- 18 -
19. TENET HEALTHCARE CORPORATION
CASH FLOW DATA
(Unaudited)
Year Ended
December 31,
(Dollars in Millions)
2007 2006
Net loss $ (89) $ (803)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization 362 337
Provision for doubtful accounts 567 502
Deferred income tax benefit 2 (68)
Stock-based compensation expense 40 50
Impairment of long-lived assets and goodwill, and restructuring charges, net of insurance recoveries 60 338
Litigation and investigation costs 13 766
Pre-tax (income) loss from discontinued operations 60 (23)
Cumulative effect of changes in accounting principle — (2)
Other items, net (12) (22)
Changes in cash from changes in operating assets and liabilities:
Accounts receivable (647) (453)
Inventories and other current assets (26) (46)
Income taxes 83 (396)
Accounts payable, accrued expenses and other current liabilities (81) (109)
Other long-term liabilities 39 29
Insurance recoveries for business interruption and other costs — 161
Payments against reserves for restructuring charges and litigation costs and settlements (70) (698)
Net cash provided by (used in) operating activities from discontinued operations, excluding
25 (25)
income taxes and insurance recoveries for business interruption and other costs
Net cash provided by (used in) operating activities 326 (462)
Cash flows from investing activities:
Purchases of property and equipment:
Continuing operations (662) (622)
Discontinued operations (14) (59)
Purchase of business or joint venture interest (36) (28)
Construction of new and replacement hospitals (67) (12)
Proceeds from sales of facilities and other assets – discontinued operations 91 226
Proceeds from sales of marketable securities, long-term investments and other assets 706 33
Purchases of marketable securities (652) (43)
Proceeds from hospital authority bonds 31 4
Proceeds from cash surrender value of insurance policies 82 —
Insurance recoveries for property damage 6 115
(5) 7
Other items, net
Net cash used in investing activities (520) (379)
Cash flows from financing activities:
Repayments of borrowings (22) (20)
Release of restricted cash related to letter of credit facility — 263
4 9
Other items, net
(18) 252
Net cash provided by (used in) financing activities
Net decrease in cash and cash equivalents (212) (589)
784 1,373
Cash and cash equivalents at beginning of period
$ 572 $ 784
Cash and cash equivalents at end of period
Supplemental disclosures:
Interest paid, net of capitalized interest $ (395) $ (376)
Income tax (payments) refunds, net $ 162 $ (215)
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20. TENET HEALTHCARE CORPORATION
SELECTED STATISTICS – CONTINUING SAME HOSPITALS
(Unaudited)
Three Months Ended December 31, Year Ended December 31,
2007 2006 Change 2007 2006 Change
$ 1,515 $ 5,961
Net inpatient revenues $ 1,457 3.9% $ 5,789 3.0%
$ 655 $ 2,581
Net outpatient revenues $ 601 9.0% $ 2,393 7.9%
* *
53 53
Number of general hospitals (at end of period) 53 — 53 —
14,475 14,475
Licensed beds (at end of period) 14,283 1.3% 14,283 1.3%
14,475 14,355
Average licensed beds 14,283 1.3% 14,366 (0.1%)
* *
51.2% 52.5%
Utilization of licensed beds 52.4% (1.2%) 53.6% (1.1%)
681,427 2,754,533
Patient days 688,332 (1.0%) 2,812,740 (2.1%)
974,043 3,927,936
Adjusted patient days 971,366 0.3% 3,958,689 (0.8%)
$ 2,223 $ 2,164
Net inpatient revenue per patient day $ 2,117 5.0% $ 2,058 5.2%
139,136 555,318
Admissions 139,023 0.1% 561,198 (1.0%)
200,287 797,069
Adjusted patient admissions 197,521 1.4% 795,850 0.2%
$ 10,889 $ 10,734
Net inpatient revenue per admission $ 10,480 3.9% $ 10,315 4.1%
* *
4.9 5.0
Average length of stay (days) 5.0 (0.1) 5.0 —
96,830 388,487
Surgeries 96,556 0.3% 399,351 (2.7%)
$ 660 $ 642
Net outpatient revenue per visit $ 597 10.6% $ 583 10.1%
992,573 4,021,945
Outpatient visits 1,007,147 (1.4)% 4,102,587 (2.0%)
Sources of net patient revenue
* *
25.5% 25.8%
Medicare 26.4% (0.9%) 26.6% (0.8%)
* *
8.5% 8.4%
Medicaid 9.1% (0.6%) 8.9% (0.5%)
*
12.7% 12.0%
Managed care governmental 11.7% 1.0% 11.1% 0.9%
* *
41.8% 41.9%
Managed care commercial 40.3% 1.5% 41.3% 0.6%
* *
11.5% 11.9%
Indemnity, self-pay and other 12.5% (1.0%) 12.1% (0.2%)
* This change is the difference between the 2007 and 2006 amounts shown
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21. TENET HEALTHCARE CORPORATION
SELECTED STATISTICS – CONTINUING TOTAL HOSPITALS
(Unaudited)
Three Months Ended December 31, Year Ended December 31,
2007 2006 Change 2007 2006 Change
Net inpatient revenues $ 1,517 $ 1,457 3.7% $ 5,967 $ 5,789 3.1%
Net outpatient revenues $ 660 $ 601 9.8% $ 2,590 $ 2,393 8.2%
Number of general hospitals (at end of period) 54 53 1 * 54 53 1 *
Licensed beds (at end of period) 14,516 14,283 1.6% 14,516 14,283 1.6%
Average licensed beds 14,516 14,283 1.6% 14,379 14,366 0.1%
Utilization of licensed beds 51.1% 52.4% (1.3%) * 52.5% 53.6% (1.1%) *
Patient days 682,853 688,332 (0.8%) 2,757,848 2,812,740 (2.0%)
Adjusted patient days 978,344 971,366 0.7% 3,937,329 3,958,689 (0.5%)
Net inpatient revenue per patient day $ 2,222 $ 2,117 5.0% $ 2,164 $ 2,058 5.2%
Admissions 139,449 139,023 0.3% 556,025 561,198 (0.9%)
Adjusted patient admissions 201,228 197,521 1.9% 799,072 795,850 0.4%
Net inpatient revenue per admission $ 10,879 $ 10,480 3.8% $ 10,732 $ 10,315 4.0%
Average length of stay (days) 4.9 5.0 (0.1%) * 5.0 5.0 — *
Surgeries 96,891 96,556 0.3% 388,996 399,351 (2.6%)
Net outpatient revenue per visit $ 658 $ 597 10.2% $ 641 $ 583 9.9%
Outpatient visits 1,002,585 1,007,147 (0.5%) 4,042,350 4,102,587 (1.5%)
Sources of net patient revenue
Medicare 25.6% 26.4% (0.8%) * 25.8% 26.6% (0.8%) *
Medicaid 8.5% 9.1% (0.6%) * 8.4% 8.9% (0.5%) *
Managed care governmental 12.5% 11.7% 0.8% * 12.0% 11.1% 0.9%
Managed care commercial 41.9% 40.3% 1.6% * 41.8% 41.3% 0.5% *
Indemnity, self-pay and other 11.5% 12.5% (1.0%) * 12.0% 12.1% (0.1%) *
* This change is the difference between the 2007 and 2006 amounts shown
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22. TENET HEALTHCARE CORPORATION
CONSOLIDATED OPERATIONS DATA
Fiscal 2007 by Calendar Quarter
(Unaudited)
Three Months Ended
(Dollars in millions except per share amounts) Year Ended
3/31/07 6/30/07 9/30/07 12/31/07 12/31/07
Net operating revenues $ 2,218 $ 2,171 $ 2,212 $ 2,251 $ 8,852
Operating expenses:
Salaries, wages and benefits (992) (966) (983) (1,023) (3,964)
Supplies (395) (389) (383) (406) (1,573)
Provision for doubtful accounts (133) (141) (159) (134) (567)
Other operating expenses, net (504) (511) (510) (522) (2,047)
Depreciation (81) (81) (83) (85) (330)
Amortization (8) (8) (8) (8) (32)
Impairment of long-lived assets and goodwill, and restructuring
charges, net of insurance recoveries (3) (8) (13) (36) (60)
Hurricane insurance recoveries, net of costs — — — 3 3
1 1 (3) (12) (13)
Litigation and investigation (costs) benefit
Operating income 103 68 70 28 269
Interest expense (105) (105) (105) (104) (419)
Investment earnings 11 15 10 11 47
(2) (1) — (1) (4)
Minority interests
Income (loss) from continuing operations, before income
7 (23) (25) (66) (107)
taxes
84 4 (10) (20) 58
Income tax (expense) benefit
Income (loss) from continuing operations, before
91 (19) (35) (86) (49)
discontinued operations
Discontinued operations:
Income (loss) from operations (27) (8) (11) 23 (23)
Impairment of long-lived assets and goodwill, and
(9) (3) (6) (11) (29)
restructuring charges, net of insurance recoveries
Net gains (losses) on sales of facilities (1) 2 (5) (4) (8)
21 (2) (2) 3 20
Income tax (expense) benefit
(16) (11) (24) 11 (40)
Income (loss) from discontinued operations, net of tax
$ 75 $ (30) $ (59) $ (75) $ (89)
Net income (loss)
Diluted earnings (loss) per common share and
common equivalent share:
Continuing operations $ 0.19 $ (0.04) $ (0.07) $ (0.18) $ (0.10)
Discontinued operations (0.03) (0.02) (0.05) 0.02 (0.09)
$ 0.16 $ (0.06) $ (0.12) $ (0.16) $ (0.19)
Weighted average shares and dilutive securities
(if applicable) outstanding (in thousands): 474,326 473,212 473,984 474,286 473,405
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23. TENET HEALTHCARE CORPORATION
SELECTED STATISTICS – CONTINUING SAME HOSPITALS
Fiscal 2007 by Calendar Quarter
(Unaudited)
(Dollars in millions except per patient day, per admission Year
Three Months Ended
and per visit amounts) Ended
3/31/07 6/30/07 9/30/07 12/31/07 12/31/07
Net inpatient revenues $ 1,505 $ 1,460 $ 1,481 $ 1,515 $ 5,961
Net outpatient revenues $ 634 $ 643 $ 649 $ 655 $ 2,581
Number of general hospitals (at end of period) 53 53 53 53 53
Licensed beds (at end of period) 14,299 14,292 14,445 14,475 14,475
Average licensed beds 14,295 14,302 14,348 14,475 14,355
Utilization of licensed beds 56.5% 51.9% 50.7% 51.2% 52.5%
Patient days 727,399 676,094 669,613 681,427 2,754,533
Adjusted patient days 1,019,543 971,024 963,326 974,043 3,927,936
Net inpatient revenue per patient day $ 2,069 $ 2,159 $ 2,212 $ 2,223 $ 2,164
Admissions 144,264 135,939 135,979 139,136 555,318
196,984 200,287
Adjusted patient admissions 203,224 196,574 797,069
Net inpatient revenue per admission $ 10,432 $ 10,740 $ 10,891 $ 10,889 $ 10,734
Average length of stay (days) 5.0 5.0 4.9 4.9 5.0
Surgeries 97,019 96,876 97,762 96,830 388,487
Net outpatient revenue per visit $ 617 $ 638 $ 653 $ 660 $ 642
Outpatient visits 1,027,997 1,007,191 994,184 992,573 4,021,945
Sources of net patient revenue
Medicare 27.3% 25.1% 25.1% 25.5% 25.8%
Medicaid 7.0% 9.0% 9.1% 8.5% 8.4%
11.5% 12.7%
Managed care governmental 12.7% 11.5% 12.0%
42.0% 41.8%
Managed care commercial 41.5% 41.7% 41.9%
Indemnity, self-pay and other 11.5% 12.7% 12.3% 11.5% 11.9%
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24. TENET HEALTHCARE CORPORATION
CONSOLIDATED OPERATIONS DATA
Fiscal 2006 by Calendar Quarter
(Unaudited)
Three Months Ended Year Ended
(Dollars in millions except per share amounts)
3/31/06 6/30/06 9/30/06 12/31/06 12/31/06
Net operating revenues $ 2,145 $ 2,134 $ 2,058 $ 2,116 $ 8,453
Operating expenses:
Salaries, wages and benefits (953) (937) (927) (958) (3,775)
Supplies (396) (385) (373) (378) (1,532)
Provision for doubtful accounts (116) (120) (149) (117) (502)
Other operating expenses, net (464) (480) (495) (510) (1,949)
Depreciation (75) (75) (76) (83) (309)
Amortization (6) (6) (6) (10) (28)
Impairment of long-lived assets and goodwill, and restructuring
charges, net of insurance recoveries 2 (27) (1) (312) (338)
Hurricane insurance recoveries, net of costs (3) 13 4 — 14
(16) (728) (7) (15) (766)
Litigation and investigation costs
Operating income (loss) 118 (611) 28 (267) (732)
Interest expense (101) (101) (104) (102) (408)
Investment earnings 17 17 15 13 62
Minority interests (1) — (1) (2) (4)
2 — — 3 5
Net gains on sales of investments
Income (loss) from continuing operations, before income
taxes 35 (695) (62) (355) (1,077)
(4) 252 43 (29) 262
Income tax (expense) benefit
Income (loss) from continuing operations, before
discontinued operations and cumulative effect of change in
accounting principle 31 (443) (19) (384) (815)
Discontinued operations:
Income (loss) from operations 2 (25) (24) (26) (73)
Hurricane insurance recoveries, net of costs (1) 194 (6) (1) 186
Impairment of long-lived assets and goodwill, and restructuring
charges, net of insurance recoveries (6) (101) — (33) (140)
Litigation settlements, net of insurance recoveries 45 (21) — 11 35
Net gains (losses) on sales of facilities — (1) 3 13 15
(3) (1) (43) 34 (13)
Income tax (expense) benefit
37 45 (70) (2) 10
Income (loss) from discontinued operations, net of tax
Income (loss) before cumulative effect of
change in accounting principle 68 (398) (89) (386) (805)
Cumulative effect of change in accounting principle,
2 — — — 2
net of tax
$ 70 $ (398) $ (89) $ (386) $ (803)
Net income (loss)
Diluted earnings (loss) per common share and
common equivalent share:
Continuing operations $ 0.07 $ (0.94) $ (0.04) $ (0.81) $ (1.73)
Discontinued operations 0.08 0.09 (0.15) (0.01) 0.02
Cumulative effect of change in accounting principle, net of tax — — — — —
$ 0.15 $ (0.85) $ (0.19) $ (0.82) $ (1.71)
Weighted average shares and dilutive securities
(if applicable) outstanding (in thousands): 470,745 470,608 471,227 471,484 470,847
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25. TENET HEALTHCARE CORPORATION
SELECTED STATISTICS – CONTINUING SAME HOSPITALS
Fiscal 2006 by Calendar Quarter
(Unaudited)
(Dollars in millions except per patient day, per admission and
Three Months Ended Year Ended
per visit amounts)
3/31/06 6/30/06 9/30/06 12/31/06 12/31/06
Net inpatient revenues $ 1,500 $ 1,447 $ 1,385 $ 1,457 $ 5,789
Net outpatient revenues $ 582 $ 610 $ 600 $ 601 $ 2,393
Number of general hospitals (at end of period) 53 53 53 53 53
Licensed beds (at end of period) 14,456 14,389 14,283 14,283 14,283
Average licensed beds 14,456 14,412 14,308 14,283 14,366
Utilization of licensed beds 57.7% 53.0% 51.6% 52.4% 53.6%
Patient days 750,685 694,705 679,018 688,332 2,812,740
Adjusted patient days 1,039,726 983,162 964,434 971,366 3,958,689
Net inpatient revenue per patient day $ 1,998 $ 2,083 $ 2,040 $ 2,117 $ 2,058
Admissions 146,188 138,947 137,040 139,023 561,198
Adjusted patient admissions 204,000 198,251 196,078 197,521 795,850
Net inpatient revenue per admission $ 10,261 $ 10,414 $ 10,107 $ 10,480 $ 10,315
Average length of stay (days) 5.1 5.0 5.0 5.0 5.0
Surgeries 102,649 102,013 98,133 96,556 399,351
Net outpatient revenue per visit $ 555 $ 588 $ 595 $ 597 $ 583
Outpatient visits 1,048,933 1,038,231 1,008,276 1,007,147 4,102,587
Sources of net patient revenue
Medicare 28.4% 26.9% 24.8% 26.4% 26.6%
Medicaid 8.3% 9.4% 8.6% 9.1% 8.9%
Managed care governmental 10.4% 10.8% 11.6% 11.7% 11.1%
Managed care commercial 41.0% 41.4% 42.5% 40.3% 41.3%
Indemnity, self-pay and other 11.9% 11.5% 12.4% 12.5% 12.1%
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26. TENET HEALTHCARE CORPORATION
Additional Supplemental Non-GAAP Disclosures
(1) Reconciliation of Adjusted EBITDA
Adjusted EBITDA, a non-GAAP term, is defined by the Company as net income (loss) before
(1) cumulative effect of change in accounting principle, net of tax, (2) income (loss) from discontinued
operations, net of tax , (3) income tax (expense) benefit, (4) net gains (losses) on sales of investments
(5) minority interests, (6) investment earnings, (7) interest expense, (8) litigation and investigation
costs, (9) hurricane insurance recoveries, net of costs, (10) impairment of long-lived assets and
goodwill and restructuring charges, net of insurance recoveries, (11) amortization, and (12)
depreciation. Adjusted EBITDA may not be comparable to EBITDA reported by other companies.
The Company provides this information as a supplement to GAAP information to assist itself
and investors in understanding the impact of various items on its financial statements, some of which
are recurring or involve cash payments. The Company uses this information in its analysis of the
performance of its business excluding items that it does not consider as relevant in the performance of
its hospitals in continuing operations. Adjusted EBITDA is not a measure of liquidity, but is a measure
of operating performance that management uses in its business as an alternative to net income (loss).
Because adjusted EBITDA excludes many items that are included in our financial statements, it does
not provide a complete measure of our operating performance. Accordingly, investors are encouraged
to use GAAP measures when evaluating the Company’s financial performance.
The reconciliation of net income (loss), the most comparable GAAP term, to adjusted EBITDA,
is set forth in the following table for the three-months and years ended December 31, 2007 and 2006.
(2) Adjusted Free Cash Flow
Adjusted free cash flow, a non-GAAP term, is defined by the Company as cash flow provided by
(used in) operating activities less capital expenditures in continuing operations, new hospital
construction expenditures, income tax refunds (payments), cash flows from discontinued operations,
and payments against reserves for restructuring charges and litigation costs and settlements. The
Company believes the use of adjusted free cash flow is meaningful as the use of this financial measure
provides the Company and the users of its financial statements with supplemental information about
the impact on the Company’s cash flows from the items specified above. The Company provides this
information as a supplement to GAAP information to assist itself and investors in understanding the
impact of various items on its cash flows, some of which are recurring. The Company uses this
information in its analysis of its cash flows excluding items that it does not consider relevant to the
liquidity of its hospitals in continuing operations or that relate to capital expenditures for construction.
Adjusted free cash flow is a measure of liquidity that management uses in its business as an alternative
to net cash provided by (used in) operating activities. Because adjusted free cash flow excludes many
items that are included in our financial statements, it does not provide a complete measure of our
liquidity. Accordingly, investors are encouraged to use GAAP measures when evaluating the
Company’s financial performance or liquidity. The reconciliation of net cash provided by (used in)
operating activities, the most comparable GAAP term, to adjusted free cash flow is set forth in the
second table below for the three months and years ended December 31, 2007 and 2006.
- 26 -