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 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 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 second quarter of 2007. They reported a loss from continuing operations of $29 million compared to a loss of $447 million in the second quarter of 2006. Revenues increased 1.5% to $2.228 billion. Admissions declined 2.2% to 139,832 due primarily to declines in Florida and at two hospitals whose leases are expiring. Uninsured admissions increased 7.3% while charity care admissions declined 10.1%. Net patient revenue per admission and per day increased by 3.0% and 3.2% respectively due to pricing increases offsetting volume declines.
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.
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.
Tenet Healthcare Corporation reported financial results for the third quarter of 2006 with a net loss of $89 million compared to a net loss of $401 million in the third quarter of 2005. Admissions declined 3.3% year-over-year due to actions under Tenet's Targeted Growth Initiative and new Medicare admission criteria. Revenues decreased 1.5% to $2.117 billion due to increases in discounts provided to uninsured patients. However, pricing increases partially offset the impact of declining volumes, with net inpatient revenue per admission increasing 4.5% after adjusting for discounts provided to uninsured patients.
Tenet Healthcare Corporation reported financial results for the second quarter of 2006 with a net loss of $398 million compared to a net loss of $33 million in the second quarter of 2005. Revenues increased 2.5% to $2.195 billion due to a 6.8% increase in net patient revenue per day. However, admissions and outpatient visits declined slightly. The company exceeded expectations for the quarter due to strong pricing increases and cost controls, but continues to face challenges from declining volumes and increasing uncompensated care costs.
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 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 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 second quarter of 2007. They reported a loss from continuing operations of $29 million compared to a loss of $447 million in the second quarter of 2006. Revenues increased 1.5% to $2.228 billion. Admissions declined 2.2% to 139,832 due primarily to declines in Florida and at two hospitals whose leases are expiring. Uninsured admissions increased 7.3% while charity care admissions declined 10.1%. Net patient revenue per admission and per day increased by 3.0% and 3.2% respectively due to pricing increases offsetting volume declines.
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.
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.
Tenet Healthcare Corporation reported financial results for the third quarter of 2006 with a net loss of $89 million compared to a net loss of $401 million in the third quarter of 2005. Admissions declined 3.3% year-over-year due to actions under Tenet's Targeted Growth Initiative and new Medicare admission criteria. Revenues decreased 1.5% to $2.117 billion due to increases in discounts provided to uninsured patients. However, pricing increases partially offset the impact of declining volumes, with net inpatient revenue per admission increasing 4.5% after adjusting for discounts provided to uninsured patients.
Tenet Healthcare Corporation reported financial results for the second quarter of 2006 with a net loss of $398 million compared to a net loss of $33 million in the second quarter of 2005. Revenues increased 2.5% to $2.195 billion due to a 6.8% increase in net patient revenue per day. However, admissions and outpatient visits declined slightly. The company exceeded expectations for the quarter due to strong pricing increases and cost controls, but continues to face challenges from declining volumes and increasing uncompensated care costs.
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.
- $380M of inventory and land-related impairment charges were incurred in 4Q 2008, with backlog falling to 2
The document is a transcript of a conference call by Tenet Healthcare Corporation executives Trevor Fetter, Stephen Newman, and Biggs Porter on May 6, 2008 to discuss the company's financial results for the first quarter. Some key points:
1) Tenet saw positive same-hospital admissions growth for the second consecutive quarter and improved EBITDA margins, signs that the company's strategies are taking effect.
2) Physician recruitment efforts increased medical staff numbers and admissions from targeted physicians. Commercial pricing also improved due to contract negotiations.
3) Cost control measures helped boost profits. April volumes showed continued growth in admissions and outpatient visits.
4) Financial results met or exceeded expectations, putting Ten
This document provides financial information for SLM Corporation for quarters ending December 31, 2006, September 30, 2006, and December 31, 2005 and years ending December 31, 2006 and December 31, 2005. It includes selected financial information such as net income, earnings per share, and return on assets calculated on a GAAP and "Core Earnings" basis. It also provides details on average and ending loan balances, interest income and expense, net interest income, and provisions for losses.
This document outlines amended and restated bylaws for Terex Corporation. Key points include:
- Procedures for annual and special stockholder meetings, including requirements for submitting nominations of directors and proposals.
- Requirements for providing notice of stockholder meetings and fixing the record date.
- Quorum requirements and voting procedures for stockholder actions.
- Conduct of stockholder meetings and allowance for voting by proxy.
The document discusses Tenet Supply Chain Management's efforts to reduce costs. It describes the Medication Use Management program which uses strategies like evaluation, standardization, and utilization review to address high pharmacy spending therapeutic categories like antimicrobials and cardiovascular drugs. It also details initiatives to reduce costs for anticoagulants and hematopoietics. The MUM program has helped decrease Tenet's annual pharmacy spend over the last 4 years. Additionally, the document outlines Tenet's approach to rising orthopedic implant costs which includes custom pricing and educating surgeons, resulting in anticipated cost reductions of over $4 million in 2008.
dana holdings CADF2722-6DAB-4150-AF59-82832D202677_Barclays021009finance42
Dana Holding Corporation presented at the Barclays Capital Industrial Select Conference on February 10, 2009. The presentation focused on Dana's key priorities in 2008, which included rebuilding its team with new leadership, jump-starting operations through cost reduction initiatives, addressing strategic issues, and improving financial performance. Dana outlined actions taken in each area, including leadership changes, plant closures and workforce reductions, and aggressive pricing negotiations. The presentation also provided an overview of Dana's diverse markets, geographic revenues, customers, and debt maturity profile as context.
- Tenet Healthcare Corporation filed an amended quarterly report on Form 10-Q/A with the SEC to restate its financial statements for the quarter ended June 30, 2005.
- The restatements were based on an independent investigation that found issues with the company's accounting for contractual allowances.
- In addition to restating financial results, the report provides explanatory notes about the restatements and updates the status of the SEC's investigation into the company's contractual allowances accounting.
Tenet Healthcare reported financial results for the first quarter of 2006 with net income of $15 million. While pricing increases helped offset revenue declines from falling volumes, particularly in commercial managed care, weak volumes continued to be a major challenge affecting profits. The company reported improvements in quality metrics and cost controls but significant cash outflows in the quarter due to unusual payments for litigation, restructuring, and 401k matching contributions. Tenet aims to boost volumes through quality initiatives to gain designations as Centers of Excellence from major health plans and consumer incentives for policyholders.
This document is SLM Corporation's annual report (Form 10-K) filed with the SEC for the fiscal year ending December 31, 2004. It provides an overview of SLM Corporation's business operations, financial results, risks, and other disclosures required by the SEC. Key details include that SLM Corporation operates in the student loan industry, primarily originating and servicing Federal Family Education Loan Program loans. It also discusses various loan types, income sources such as floor income, and risk factors that could impact financial performance.
The document is a supplemental earnings disclosure from SLM Corporation (Sallie Mae) for the quarter ending June 30, 2008. Some key details:
- For the quarter, Sallie Mae reported a GAAP net income of $266 million compared to a net loss of $104 million last quarter and net income of $966 million the same quarter last year.
- On a non-GAAP "Core Earnings" basis, Sallie Mae reported net income of $156 million for the quarter compared to $188 million last quarter and $189 million the same quarter last year.
- Average managed student loans for the quarter were $171.9 billion, up slightly from the previous quarter but
The document outlines the Compensation Committee Charter for Terex Corporation. It establishes the purpose, membership, responsibilities and authority of the Compensation Committee. The Committee is responsible for approving and evaluating executive compensation plans, reviewing and determining CEO compensation, overseeing regulatory compliance regarding compensation, and reporting on executive compensation in the company's proxy statement. It must meet at least quarterly and work with other Board committees on compensation and management evaluation matters.
This annual report summarizes the financial performance in 2000 of USA Education, Inc., a company that provides student loans and related financial services. Some key highlights include operating income increasing 21% to $492 million compared to 1999, managed student loans growing 27% to $67.5 billion, and student loan origination through their own systems growing 42%. The report discusses their strategic focus on direct origination through school partnerships and improving the customer experience to continue strong financial results and better achieve their mission of making education affordable.
Sallie Mae achieved record results in 2005, its first year as a fully private company. It originated over $21 billion in preferred-channel loans and over $6 billion in private education loans. Its portfolio of managed federal loans exceeded $100 billion. It also grew its fee-based businesses such as debt management, which served federal, state, and education clients. The company aims to continue fulfilling its mission of increasing access to higher education as demand for college rises.
dana holdings AuditCommitteeAccountingComplaintsPolicy_013108finance42
The Dana Holding Corporation Audit Committee Policy establishes procedures for receiving, reviewing, and addressing complaints regarding accounting and auditing matters. Employees can submit complaints confidentially and anonymously to the Audit Committee or an ethics helpline. The Office of Business Conduct will review complaints and determine if further investigation is warranted. Investigations will be conducted and results reported to the Audit Committee. No retaliation will occur against employees who report issues in good faith. Records of complaints will be retained for three years.
The document summarizes KBR's acquisition of BE&K, Inc. for $550 million in cash. BE&K is an engineering, construction, and facilities services company with $2 billion in annual revenue and backlog. The acquisition expands KBR's construction, industrial services, and engineering capabilities. It doubles the size of KBR's industrial services and provides a commercial construction presence. The transaction is expected to be earnings neutral in 2008 and accretive thereafter, while achieving revenue and cost synergies.
Tenet Healthcare Corporation operates 80 general hospitals across 13 states in the United States. In 2004, Tenet announced plans to divest 27 hospitals to focus resources on remaining core operations. By the end of 2004, Tenet had completed the divestiture of 18 hospitals and entered agreements to divest 4 more. Going forward, Tenet will focus on its remaining 69 general hospitals and related operations. Tenet aims to provide quality healthcare and adapt its strategies to changes in the regulatory and economic environment.
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.
- SLM Corporation will hold its Annual Shareholders' Meeting on May 15, 2003 at 11:00 am at its offices in Reston, Virginia.
- Shareholders are being asked to vote on electing the Board of Directors, amending the corporation's certificate of incorporation to increase authorized shares, and ratifying the appointment of PricewaterhouseCoopers LLP as independent auditors.
- Shareholders who owned stock as of March 17, 2003 are eligible to vote, and the meeting details and voting procedures are provided.
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.
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.
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.
- $380M of inventory and land-related impairment charges were incurred in 4Q 2008, with backlog falling to 2
The document is a transcript of a conference call by Tenet Healthcare Corporation executives Trevor Fetter, Stephen Newman, and Biggs Porter on May 6, 2008 to discuss the company's financial results for the first quarter. Some key points:
1) Tenet saw positive same-hospital admissions growth for the second consecutive quarter and improved EBITDA margins, signs that the company's strategies are taking effect.
2) Physician recruitment efforts increased medical staff numbers and admissions from targeted physicians. Commercial pricing also improved due to contract negotiations.
3) Cost control measures helped boost profits. April volumes showed continued growth in admissions and outpatient visits.
4) Financial results met or exceeded expectations, putting Ten
This document provides financial information for SLM Corporation for quarters ending December 31, 2006, September 30, 2006, and December 31, 2005 and years ending December 31, 2006 and December 31, 2005. It includes selected financial information such as net income, earnings per share, and return on assets calculated on a GAAP and "Core Earnings" basis. It also provides details on average and ending loan balances, interest income and expense, net interest income, and provisions for losses.
This document outlines amended and restated bylaws for Terex Corporation. Key points include:
- Procedures for annual and special stockholder meetings, including requirements for submitting nominations of directors and proposals.
- Requirements for providing notice of stockholder meetings and fixing the record date.
- Quorum requirements and voting procedures for stockholder actions.
- Conduct of stockholder meetings and allowance for voting by proxy.
The document discusses Tenet Supply Chain Management's efforts to reduce costs. It describes the Medication Use Management program which uses strategies like evaluation, standardization, and utilization review to address high pharmacy spending therapeutic categories like antimicrobials and cardiovascular drugs. It also details initiatives to reduce costs for anticoagulants and hematopoietics. The MUM program has helped decrease Tenet's annual pharmacy spend over the last 4 years. Additionally, the document outlines Tenet's approach to rising orthopedic implant costs which includes custom pricing and educating surgeons, resulting in anticipated cost reductions of over $4 million in 2008.
dana holdings CADF2722-6DAB-4150-AF59-82832D202677_Barclays021009finance42
Dana Holding Corporation presented at the Barclays Capital Industrial Select Conference on February 10, 2009. The presentation focused on Dana's key priorities in 2008, which included rebuilding its team with new leadership, jump-starting operations through cost reduction initiatives, addressing strategic issues, and improving financial performance. Dana outlined actions taken in each area, including leadership changes, plant closures and workforce reductions, and aggressive pricing negotiations. The presentation also provided an overview of Dana's diverse markets, geographic revenues, customers, and debt maturity profile as context.
- Tenet Healthcare Corporation filed an amended quarterly report on Form 10-Q/A with the SEC to restate its financial statements for the quarter ended June 30, 2005.
- The restatements were based on an independent investigation that found issues with the company's accounting for contractual allowances.
- In addition to restating financial results, the report provides explanatory notes about the restatements and updates the status of the SEC's investigation into the company's contractual allowances accounting.
Tenet Healthcare reported financial results for the first quarter of 2006 with net income of $15 million. While pricing increases helped offset revenue declines from falling volumes, particularly in commercial managed care, weak volumes continued to be a major challenge affecting profits. The company reported improvements in quality metrics and cost controls but significant cash outflows in the quarter due to unusual payments for litigation, restructuring, and 401k matching contributions. Tenet aims to boost volumes through quality initiatives to gain designations as Centers of Excellence from major health plans and consumer incentives for policyholders.
This document is SLM Corporation's annual report (Form 10-K) filed with the SEC for the fiscal year ending December 31, 2004. It provides an overview of SLM Corporation's business operations, financial results, risks, and other disclosures required by the SEC. Key details include that SLM Corporation operates in the student loan industry, primarily originating and servicing Federal Family Education Loan Program loans. It also discusses various loan types, income sources such as floor income, and risk factors that could impact financial performance.
The document is a supplemental earnings disclosure from SLM Corporation (Sallie Mae) for the quarter ending June 30, 2008. Some key details:
- For the quarter, Sallie Mae reported a GAAP net income of $266 million compared to a net loss of $104 million last quarter and net income of $966 million the same quarter last year.
- On a non-GAAP "Core Earnings" basis, Sallie Mae reported net income of $156 million for the quarter compared to $188 million last quarter and $189 million the same quarter last year.
- Average managed student loans for the quarter were $171.9 billion, up slightly from the previous quarter but
The document outlines the Compensation Committee Charter for Terex Corporation. It establishes the purpose, membership, responsibilities and authority of the Compensation Committee. The Committee is responsible for approving and evaluating executive compensation plans, reviewing and determining CEO compensation, overseeing regulatory compliance regarding compensation, and reporting on executive compensation in the company's proxy statement. It must meet at least quarterly and work with other Board committees on compensation and management evaluation matters.
This annual report summarizes the financial performance in 2000 of USA Education, Inc., a company that provides student loans and related financial services. Some key highlights include operating income increasing 21% to $492 million compared to 1999, managed student loans growing 27% to $67.5 billion, and student loan origination through their own systems growing 42%. The report discusses their strategic focus on direct origination through school partnerships and improving the customer experience to continue strong financial results and better achieve their mission of making education affordable.
Sallie Mae achieved record results in 2005, its first year as a fully private company. It originated over $21 billion in preferred-channel loans and over $6 billion in private education loans. Its portfolio of managed federal loans exceeded $100 billion. It also grew its fee-based businesses such as debt management, which served federal, state, and education clients. The company aims to continue fulfilling its mission of increasing access to higher education as demand for college rises.
dana holdings AuditCommitteeAccountingComplaintsPolicy_013108finance42
The Dana Holding Corporation Audit Committee Policy establishes procedures for receiving, reviewing, and addressing complaints regarding accounting and auditing matters. Employees can submit complaints confidentially and anonymously to the Audit Committee or an ethics helpline. The Office of Business Conduct will review complaints and determine if further investigation is warranted. Investigations will be conducted and results reported to the Audit Committee. No retaliation will occur against employees who report issues in good faith. Records of complaints will be retained for three years.
The document summarizes KBR's acquisition of BE&K, Inc. for $550 million in cash. BE&K is an engineering, construction, and facilities services company with $2 billion in annual revenue and backlog. The acquisition expands KBR's construction, industrial services, and engineering capabilities. It doubles the size of KBR's industrial services and provides a commercial construction presence. The transaction is expected to be earnings neutral in 2008 and accretive thereafter, while achieving revenue and cost synergies.
Tenet Healthcare Corporation operates 80 general hospitals across 13 states in the United States. In 2004, Tenet announced plans to divest 27 hospitals to focus resources on remaining core operations. By the end of 2004, Tenet had completed the divestiture of 18 hospitals and entered agreements to divest 4 more. Going forward, Tenet will focus on its remaining 69 general hospitals and related operations. Tenet aims to provide quality healthcare and adapt its strategies to changes in the regulatory and economic environment.
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.
- SLM Corporation will hold its Annual Shareholders' Meeting on May 15, 2003 at 11:00 am at its offices in Reston, Virginia.
- Shareholders are being asked to vote on electing the Board of Directors, amending the corporation's certificate of incorporation to increase authorized shares, and ratifying the appointment of PricewaterhouseCoopers LLP as independent auditors.
- Shareholders who owned stock as of March 17, 2003 are eligible to vote, and the meeting details and voting procedures are provided.
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.
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.
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.
aetna Download Documentation Earnings Release and Tables 2007 2ndfinance9
This document summarizes Aetna's financial results for the second quarter of 2007. Some key points:
- Operating earnings per share were $0.83, up 28% from the prior year, beating analyst estimates. Net income was $0.85 per share, up 27% year-over-year.
- Total revenue increased 9% to $6.8 billion driven by higher premiums and membership. The commercial medical benefit ratio was 80.5%.
- Full-year 2007 operating earnings guidance was increased to $3.40-$3.42 per share based on second quarter results and confidence in sustained performance. Third quarter operating earnings guidance is $0.90-$0.92 per
- 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.
- 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.
United Health Group[PDF Document] Earnings Releasefinance3
UnitedHealth Group reported first quarter 2008 results, with revenues increasing 7% to $20.3 billion and people served growing by 2 million to 73 million. Operating margin was 8.4% and net earnings per share grew 5% to $0.78. However, the company reduced its full-year 2008 outlook by 10% to a range of $3.55-$3.60 per share due to higher than expected medical costs and lower investment income. The company remains committed to $4 billion in share repurchases for 2008.
UnitedHealth Group reported third quarter 2008 results, with revenues of $20.2 billion, up 8% year-over-year. Net earnings were $0.75 per share. The medical care ratio increased 220 basis points to 81.7% due to premium rates rising more slowly than medical costs. Adjusted cash flows from operations were $2.4 billion, up from $2.1 billion in the prior year.
United Health Group Earnings Release - Preliminaryfinance3
UnitedHealth Group reported strong second quarter 2007 results, with revenues approaching $19 billion, a 6% increase year-over-year. Operating earnings were $2.03 billion, up 21% year-over-year. Net earnings were $1.197 billion, a 22% increase over the second quarter of 2006. UnitedHealth Group increased its full-year 2007 earnings guidance to a range of $3.43 to $3.48 per share.
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.
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.
This document is a press release from Cardinal Health announcing their fiscal 2008 results and fiscal 2009 outlook. Some key points:
- Fiscal 2008 revenue increased 5% to $91 billion and GAAP EPS increased 76% to $3.64. Non-GAAP EPS grew 11% to $3.80.
- The company is exploring a potential spin-off of their clinical and medical products businesses into a separate publicly traded company.
- For fiscal 2009, revenue is expected to grow 6-7% while non-GAAP EPS is expected to be between $3.80-$3.95, though investments in R&D and IT may impact near-term growth.
- Challenges in the
Aetna reported its second-quarter 2006 results, with the following key highlights:
- Operating earnings per share of $0.65, up 23% from the prior year, and in line with estimates. Total revenues increased 14% to $6.3 billion.
- Full-year 2006 operating earnings per share guidance increased to a range of $2.77 to $2.79 per share, up from prior guidance.
- Certain areas like a large government case and stop-loss product underperformed due to higher than expected large claims. The commercial risk medical cost ratio was 81.4%, excluding development.
- Membership increased year-over-year but declined slightly sequentially, to
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.
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.
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
UnitedHealth Group reported financial results for Q4 2008 and full year 2008. Revenues for 2008 exceeded $81 billion, up 8% from 2007. Adjusted net earnings per share were $2.95 for 2008 and $0.78 for Q4 2008. Cash flows from operations were $1.6 billion for Q4 2008 and $4.8 billion for 2008. The company expects 2009 net earnings in the range of $2.90 to $3.15 per share.
This document is a notice of the annual meeting of shareholders for Tenet Healthcare Corporation to be held on May 6, 2009. The purposes of the meeting are to elect ten directors, ratify the selection of Deloitte & Touche LLP as the independent registered public accountants, consider any shareholder proposals properly presented, and conduct any other business that may come before the meeting. Shareholders of record as of March 16, 2009 may vote, and voting instructions are provided in the notice and proxy statement.
Similar to tenet healthcare Earn_Rel_2008_Q2_FINAL (20)
SAIC's employees are dedicated to delivering innovative solutions to support clients worldwide, particularly those on the front lines of homeland security and the war in Iraq. The document discusses several ways SAIC supports homeland security, including through emergency preparedness and response training, securing borders and transportation, and responding to nuclear, biological, and chemical threats. SAIC has extensive experience supporting government agencies and was chosen to integrate the new Department of Homeland Security's data network.
SAIC delivered strong financial and technical performance in fiscal year 2005. Revenues increased 23% to $7.2 billion and operating income rose 24%. SAIC won many new contracts and saw record contract awards and backlog. Going forward, SAIC aims to capture larger systems integration contracts while maintaining an entrepreneurial culture and pursuing new opportunities in areas like digital oilfield technology. SAIC also seeks to strengthen workforce diversity and development.
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.
3) Project Alignment is a major multi-year initiative to improve performance by integrating HR, finance, IT and other functions into a shared services model across the company.
The document provides an overview of Terex Corporation for a May 2008 investor conference. It discusses Terex's purpose, mission, and vision. It summarizes Terex's sales, operating profit, and geographic diversity for 2007. It also outlines goals to achieve $12 billion in sales and 12% operating margin by 2010. Finally, it discusses opportunities to improve margins through pricing actions, supply management, productivity initiatives, and The Terex Way values.
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.
The document provides an overview of Terex Corporation for a Merrill Lynch conference. It discusses Terex's purpose, mission, and vision. It also summarizes Terex's diversified business segments and product lines, with aerial work platforms, construction equipment, cranes, material processing and mining equipment being the largest segments. The document outlines Terex's goals for 2010 of achieving $12 billion in sales and 12% operating margins.
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.
The annual shareholder meeting presentation covered the following key points in 3 sentences:
Terex aims to achieve $12 billion in sales and 12% operating margin by 2010 through executing on supply chain management, pricing discipline, and lean initiatives to improve margins. The company has a diverse portfolio of products and geographic presence to balance performance across economic cycles. Opportunities for margin improvement include coordinating supply efforts, optimizing manufacturing footprint, and pricing actions to offset rising costs.
1) The annual shareholder meeting presentation discusses Terex Corporation's financial goals for 2010, including achieving $12 billion in sales with a 12% operating margin and 15% working capital to sales ratio.
2) It provides an overview of Terex's business segments and their market positions, with approximately 75% of sales generated in markets where Terex has a leading position.
3) The presentation highlights Terex's sales and backlog figures by business segment for the last twelve months through March 2008, with aerial work platforms sales up 9% and cranes sales up 26% compared to the prior year.
This document contains the presentation from Tim Ford, President of Terex Aerial Work Platforms, at the JPMorgan Basics & Industrials Conference on June 4, 2008. Ford discusses the strong sales growth and global expansion of Terex AWP over the past decade. He outlines the secular growth drivers of the aerial work platform industry and Terex AWP's strategy to further strengthen and globalize its business, maximize revenue and profit from its large installed base, and extend its product offerings beyond aerials. Ford also highlights opportunities to apply lean principles more broadly across the value chain through partnerships with customers and suppliers.
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 substantially in recent years. They are the third largest construction equipment manufacturer in the world, with over 75% of sales where they have a strong market presence.
This document contains the presentation from Tim Ford, President of Terex Aerial Work Platforms, at the JPMorgan Basics & Industrials Conference on June 4, 2008. Ford discusses the strong sales growth and global expansion of Terex AWP over the past decade. He outlines the secular growth drivers for the aerial work platform industry and Terex AWP's strategies to further strengthen and globalize its business, maximize revenue and profit from its large installed base, and extend its product offerings beyond aerials. Ford also highlights opportunities to apply lean principles more broadly across the value chain and customer relationships.
Terex is a leading manufacturer of construction and mining equipment with strong market positions. It aims to grow sales to $12 billion by 2010 through executing on initiatives to improve supply chain management, pricing discipline, and productivity. Terex has a diversified business across products and geographies to balance performance through different economic cycles.
Terex is a leading manufacturer of construction and mining equipment with sales of $9.1 billion in 2007. It aims to grow sales to $12 billion by 2010 through organic growth and acquisitions while improving operating margins to 12% and reducing working capital to sales ratio to 15%. Terex has a diversified business across products and geographies that provides balance throughout the economic cycle.
Terex is the 3rd largest manufacturer of construction equipment in the world based on last twelve months of available Construction Equipment Sales. Terex has a strong and diversified revenue base with almost 70% of 2007 sales generated outside of the USA. Approximately 75% of 2007 sales were generated in markets where Terex has a larger market presence than competitors and/or a significant market share.
Sales and backlog for Terex's business segments through March 31, 2008:
- Aerial Work Platform sales increased 9% with backlog up 4% from the previous period.
- Crane segment sales rose 26% and backlog grew 70% over the same period.
- Material Processing & Mining sales were flat while backlog declined slightly.
Overall, Terex is experiencing growth across most segments though some backlogs decreased slightly from the prior period.
1) Terex is the 3rd largest manufacturer of construction equipment in the world, with sales of $10.1 billion over the last 12 months.
2) Terex aims to achieve $12 billion in sales and 12% operating margin by 2010, describing this goal as "12 by 12 in '10".
3) Terex has opportunities to improve margins through better pricing, supply chain management, and productivity initiatives. Reducing working capital, especially inventory, could free up hundreds of millions of dollars.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
Enhancing Asset Quality: Strategies for Financial Institutions
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Contacts: Steven Campanini (469) 893-631
Media: David Matthews (469) 893-2640
David.Matthews@tenethealth.com
Investors: Thomas Rice (469) 893-2522
Thomas.Rice@tenethealth.com
Tenet Reports Strongest Volume Growth in Four Years
for Quarter Ended June 30, 2008
Highlights:
♦ 1.9 percent increase in same-hospital admissions
♦ 0.4 percent growth in same-hospital paying outpatient visits
♦ 2.3 percent growth in same-hospital surgeries
♦ 7.5 percent increase in same-hospital commercial managed care revenues
♦ $171 million in same-hospital adjusted EBITDA, an increase of 9.6 percent
♦ $42 million in adjusted free cash flow from continuing operations
♦ $102 million in capital expenditures in continuing operations
♦ $352 million in cash and equivalents at June 30, 2008, up $74 million from March 31, 2008
DALLAS – August 5, 2008 – Tenet Healthcare Corporation (NYSE:THC) today reported a net loss of
$15 million, or $0.03 per share, for its second quarter of 2008, compared to a net loss of $30 million, or $0.06 per
share, for its second quarter of 2007. Adjusted EBITDA, defined below, for the second quarter of 2008 was $163
million, an increase of 4.5 percent, as compared to $156 million for the second quarter of 2007. Adjusted
EBITDA for the second quarter of 2008 excluded $12 million of EBITDA from USC University Hospital, which
was moved to discontinued operations, and two other hospitals that were divested during the quarter. The
exclusion of USC University Hospital from continuing operations and the impact of a $16 million adverse prior
year cost report adjustment related to a pending CMS decision in connection with GME FTE limits and related
reimbursement at one of our hospitals reduced continuing operations earnings per share by $0.03 per share.
“I am very pleased with our core, same-hospital growth in admissions as well as the increase in outpatient
visits by paying patients,” said Trevor Fetter, president and chief executive officer. “Not only is this the best
performance we’ve had in the last four years, it continues an improving trend and demonstrates the increasing
effectiveness of our strategies around quality, targeted service lines, and physician relationships.”
“Same-hospital commercial managed care admissions were up 1.3 percent in the eight service lines
representing the primary focus of our Targeted Growth Initiative,” said Stephen L. Newman, M.D., chief
operating officer. “This growth was aided by net expansion of our active medical staff, which grew by 354
physicians in the second quarter, including 119 physicians at our new hospital in El Paso. We expect the
increasing number of physicians on the medical staffs of our hospitals will prove to be a robust leading indicator
-1-
2. of our ability to sustain our positive trend in volumes. Pricing increases were also strong in the quarter, with
same-hospital net operating revenues from commercial payers growing by 7.5 percent.”
“We produced $42 million in adjusted free cash flow from continuing operations in the quarter,” said
Biggs C. Porter, chief financial officer. “We are substantively unchanged in our outlook for 2008, adjusting it
only for the reclassification of USC to discontinued operations. We are also maintaining our $1 billion 2009
objective for adjusted EBITDA despite the sales of USC, our interest in Broadlane, and other assets. These asset
dispositions have an offsetting positive impact on shareholder value resulting from the reduction in net debt.”
Adjusted EBITDA
Adjusted EBITDA, defined below, was $163 million, or a margin of 7.6 percent of net operating
revenues, in the second quarter of 2008. This represents an increase of $7 million, or 4.5 percent, from $156
million in the second quarter of 2007, and a margin decline of 20 basis points as compared to an adjusted
EBITDA margin of 7.8 percent in the second quarter of 2007. Adjusted EBITDA was $379 million for the first
six months of 2008 as compared to $337 million for the first six months of 2007, an increase of $42 million, or
12.5 percent.
Same-hospital adjusted EBITDA, defined below, was $171 million in the second quarter of 2008, an
increase of $15 million, or 9.6 percent, from the $156 million in the second quarter of 2007. Same-hospital
adjusted EBITDA margin increased by 30 basis points to 8.1 percent in the second quarter of 2008 as compared to
a same-hospital adjusted EBITDA margin of 7.8 percent in the second quarter of 2007.
The two leased hospitals that remain in continuing operations but whose leases will not be renewed
reported breakeven adjusted EBITDA in both the second quarters of 2008 and 2007. The results from these two
hospitals have been excluded from the calculation of adjusted EBITDA as well as same-hospital adjusted
EBITDA. These two hospitals are our Irvine Regional Hospital and Medical Center and Community Hospital of
Los Gatos. The leases on these hospitals expire in February and May 2009, respectively. The results from these
two hospitals will be excluded from the calculation of adjusted EBITDA in future quarters as well.
Adjusted EBITDA is a non-GAAP term defined by the Company as net income (loss) before: (1) the
cumulative effect of changes in accounting principle, net of tax; (2) income (loss) from discontinued operations,
net of tax; (3) income (loss) from leased hospitals whose leases will not be renewed; (4) income tax (expense)
benefit; (5) net gains (losses) on sales of investments; (6) minority interests; (7) investment earnings; (8) interest
expense; (9) litigation and investigation (costs) benefit; (10) hurricane insurance recoveries, net of costs; (11)
impairment of long-lived assets and goodwill and restructuring charges, net of insurance recoveries; (12)
amortization; and (13) 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 excludes the impact of two hospitals: (1) Coastal Carolina Medical Center, which we
acquired on June 30, 2007; and (2) Sierra Providence East Medical Center, in El Paso, which opened on May 21,
2008. Same-hospital data is the primary form of tabular data presentation in the narrative sections of this
document.
Total-hospital data, including the contribution of Coastal Carolina Medical Center and Sierra Providence
East Medical Center, is provided in the tabular presentation of data at the end of this document. As a result of this
approach, certain amounts in the narrative section of this document will not tie to amounts in the condensed
consolidated statement of operations.
-2-
3. At June 30, 2008, there were 52 hospitals in total-hospital continuing operations, a net decline of two
hospitals from the 54 hospitals reported in total-hospital continuing operations at March 31, 2008. This change
reflects the addition of Sierra Providence East Medical Center in El Paso, the sale of two hospitals, Garden Grove
Hospital and Medical Center and San Dimas Community Hospital, both in California, and their reclassification
into discontinued operations, and the reclassification of USC University Hospital into discontinued operations as a
result of the anticipated divestiture of this hospital.
Continuing operations, both total-hospital and same-hospital, include the results from Irvine Regional
Hospital and Medical Center and Community Hospital of Los Gatos. We previously announced our intent not to
renew those leases. These two hospitals will remain in continuing operations until their respective leases expire.
Admissions, Patient Days and Surgeries
Same-Hospital
Admissions, Patient Days and
Continuing Operations
Surgeries
Q2’08 Q2’07 Change (%)
Commercial Managed Care Admissions 37,381 38,229 (2.2)
Governmental Managed Care Admissions 27,685 23,864 16.0
Medicare Admissions 40,600 40,991 (1.0)
Medicaid Admissions 15,867 16,252 (2.4)
Uninsured Admissions 5,979 5,724 4.5
Charity Care Admissions 2,497 2,479 0.7
Other Admissions 3,439 3,389 1.5
Total Admissions 133,448 130,928 1.9
Admissions excluding Charity + Uninsured 124,972 122,725 1.8
Charity Admissions + Uninsured Admissions 8,476 8,203 3.3
Admissions through Emergency Department 74,025 72,143 2.6
Commercial Managed Care Admits / Total Admits (%) 28.0 29.2 (1.2) (a)
Emergency Department Admissions / Total Admits (%) 55.5 55.1 0.4 (a)
Uninsured Admissions / Total Admissions (%) 4.5 4.4 0.1 (a)
Charity Admissions / Total Admissions (%) 1.9 1.9 - (a)
Surgeries – Inpatient 40,267 39,901 0.9
Surgeries – Outpatient 53,386 51,613 3.4
Surgeries – Total 93,653 91,514 2.3
Patient Days – Total 657,451 649,207 1.3
Adjusted Patient Days (b) 949,829 930,147 2.1
Patient Days – Commercial Managed Care 148,419 153,096 (3.1)
Average Length of Stay (days) 4.9 5.0 (0.1) (a)
(b)
Adjusted Patient Admissions 194,104 188,775 2.8
(a) This change is the difference between the Q2’08 and Q2’07 amounts shown
(b) “Adjusted Patient Days / Admissions” represents actual patient days / admissions adjusted to include outpatient
services by multiplying actual patient days / admissions by the sum of gross inpatient revenues and outpatient
revenues and dividing the results by gross inpatient revenues.
All regions achieved admissions growth of 2.5 percent, or better, with the exception of our Southern
States Region, which experienced an admissions decline of 1.4 percent in the second quarter of 2008. Florida’s
admissions growth was particularly strong with admissions increasing by 3.0 percent. Growth was also strong in
Philadelphia with admissions increasing by 5.1 percent in the second quarter.
-3-
4. Outpatient Visits
Same-Hospital
Outpatient Visits Continuing Operations
Q2’08 Q2’07 Change (%)
Total OP Visits 959,839 962,420 (0.3)
Uninsured OP Visits 100,733 104,486 (3.6)
Uninsured OP Visits / Total OP Visits (%) 10.5 10.9 (0.4) (a)
Charity Care OP Visits 4,857 6,886 (29.5)
Charity Care OP Visits / Total OP Visits (%) 0.5 0.7 (0.2) (a)
OP Visits excluding Charity and Uninsured 854,249 851,048 0.4
OP Surgery Visits 53,386 51,613 3.4
Commercial Managed Care OP Visits 359,823 366,512 (1.8)
Commercial OP Visits / Total Visits (%) 37.5 38.1 (0.6) (a)
(a) This change is the difference between the Q2’08 and Q2’07 amounts shown
Excluding uninsured and charity outpatient visits, outpatient visits increased by 0.4 percent in the second
quarter of 2008 as compared to the second quarter of 2007. Our growth in outpatient visits continues to be
adversely impacted by increasing competition from physician-owned entities providing outpatient services.
Approximately half the large 29.5 percent decline in charity visits is attributable to the recent expansion of a
county government clinic near one of our hospitals.
Imaging visits declined by 7,361, or 3.1 percent, more than fully accounting for the total decline of 2,581
outpatient visits. This was largely the result of volume losses to a growing number of competing retail imaging
centers.
The 3.4 percent increase in outpatient surgery volume included a 28 percent increase in volumes at our
freestanding ambulatory surgery centers.
Revenues
Same-Hospital
Revenues Continuing Operations
($ in millions)
Q2’08 Q2’07 Change (%)
Net Operating Revenues 2,175 2,054 5.9
Net Patient Revenue from Commercial Managed Care 886 824 7.5
Revenues from the Uninsured 159 156 1.9
Charity Care Gross Charges (a) 145 150 (3.3)
Provision for Doubtful Accounts (“Bad Debt”) 153 142 7.7
Uncompensated Care (b) 298 292 2.1
Uncompensated Care / (Net Operating Revenues plus Charity 12.8 13.2 (0.4) (c)
Care Gross Charges) (b) (%)
(a) Charity Care Gross Charges are not included in Net Operating Revenues
(b) “Uncompensated Care” is a non-GAAP measure defined as Charity Care Gross Charges plus Provision
for Doubtful Accounts
(c) This change is the difference between the Q2’08 and Q2’07 amounts shown
Net operating revenues for the second quarter of 2008 were adversely impacted by a $22 million change
in prior year cost report and valuation allowance adjustments resulting from the net impact of unfavorable cost
report adjustments of $9 million in the second quarter of 2008 compared to favorable cost report adjustments of
$13 million in the second quarter of 2007. The principal reason for the net negative cost report adjustments in the
second quarter of 2008 was a $16 million adverse adjustment related to a pending CMS decision in connection
-4-
5. with GME FTE limits and related reimbursement at one of our hospitals. We are pursuing a reversal of CMS’s
position on this matter. Excluding these cost report adjustments from both quarters, same-hospital net operating
revenues would have increased by $143 million, or 7.0 percent, from the second quarter of 2007 to the second
quarter of 2008.
Pricing
Pricing Same-Hospital
Continuing Operations
($)
Q2’08 Q2’07 Change (%)
Net Inpatient Revenue per Admission 10,753 10,502 2.4
Net Inpatient Revenue per Patient Day 2,183 2,118 3.1
Net Outpatient Revenue per Visit 694 635 9.3
Net Patient Revenue per Adjusted Patient Admission 10,824 10,520 2.9
Net Patient Revenue per Adjusted Patient Day 2,212 2,135 3.6
Managed Care: Net Inpatient Revenue per Admission 11,414 10,805 5.6
Managed Care: Net Outpatient Revenue per Visit 810 742 9.2
Pricing improvement was evident across all key metrics, primarily reflecting the improved terms of our
commercial managed care contracts. Inpatient pricing in the second quarter of 2008 was adversely affected by the
$16 million adverse adjustment that, as described above, is related to a pending CMS decision in connection with
GME FTE limits and related reimbursement at one of our hospitals.
Outpatient pricing outpaced the growth in inpatient pricing due to an improving mix of procedures
performed in our outpatient facilities.
Controllable Operating Expenses
Same-Hospital
Controllable Operating Expenses Continuing Operations
Q2’08 Q2’07 Change (%)
Salaries, Wages & Benefits ($mm) 959 913 5.0
Supplies ($mm) 390 359 8.6
Other Operating Expenses ($mm) 502 484 3.7
Total Controllable Operating Expenses ($mm) 1,851 1,756 5.4
Rent / Lease Expense (a) ($mm) 38 38 -
Unit Cost Statistics
Salaries, Wages & Benefits per Adjusted Patient Day ($) 1,010 982 2.9
Supplies per Adjusted Patient Day ($) 411 386 6.5
Other Operating Expenses per Adjusted Patient Day ($) 528 520 1.5
Total Controllable Operating Expenses per Adjusted Patient Day ($) 1,949 1,888 3.2
(a)
Included in Other Operating Expenses
On a per adjusted patient day basis, the 3.2 percent increase in controllable operating expenses is within
our outlook of 3.0 to 3.5 percent for 2008.
On a per adjusted patient day basis, salaries, wages and benefits increased 2.9 percent in the second
quarter of 2008 as compared to the second quarter of 2007. This increase is primarily due to merit increases for
our employees, increased annual incentive compensation costs and increased health benefits costs, partially offset
by a decline in full-time employee headcount and contract labor expense, and improved workers’ compensation
loss experience.
-5-
6. Supplies expense per adjusted patient day increased by 6.5 percent in the second quarter of 2008 as
compared to the second quarter of 2007. The increase in supplies expense is primarily due to the increased
number of surgeries as well as higher costs for implants and pacemakers, reflecting both technology
improvements and inflationary price increases. The increase in supplies expense was partially offset by lower
cardiovascular and pharmaceutical supply costs, resulting from a decline in cardiovascular procedures and our
initiatives to use more cost-effective pharmaceuticals. The increase in supplies expense is offset by revenue
growth, including pass-through payments we receive from certain payers.
“Other Operating Expenses” per adjusted patient day increased by 1.5 percent in the second quarter of
2008 as compared to the second quarter of 2007. The increase is primarily due to the higher physician fees and
contracted services, partially offset by lower information systems implementation costs, lower malpractice
expense, and increased volume levels. Growth in our patient volumes reduces other operating expenses on a per
adjusted patient day basis as a result of fixed costs in this expense category that do not fluctuate with changes in
our patient volumes such as utilities, property taxes, rent, certain information technology costs and certain
contracted services.
The “Other Operating Expenses” line item includes malpractice expense which was $39 million in the
second quarter of 2008 compared to $45 million in the second quarter of 2007. This decrease is primarily
attributable to improved claims experience partially offset by $3 million of incremental expenses related to a
lower interest rate environment that increased the discounted present value of projected future liabilities.
Provision for Doubtful Accounts
Same-Hospital
Bad Debt Continuing Operations
Q2’08 Q2’07 Change (%)
Provision for Doubtful Accounts (“Bad Debt”) ($mm) 153 142 7.7
Bad Debt / Net Operating Revenues (%) 7.0 6.9 0.1 (a)
Collection Rate from Self-Pay (%) 36 35 1.0 (a)
Collection Rate from Managed Care Payers (%) 98 98 - (a)
(a) This change is the difference between the Q2’08 and Q2’07 amounts shown
Our provision for doubtful accounts increased primarily due to higher uninsured revenues, pricing
increases and improved charge capture in our emergency departments. The adverse impact from these pressures
on our bad debt expense were partially mitigated by higher collections at point-of-service and improved collection
trends primarily related to self-pay accounts.
Accounts Receivable
Consolidated accounts receivable were $1.450 billion at June 30, 2008, and $1.468 billion at March 31,
2008. Accounts receivable days outstanding from continuing operations were 53 days at June 30, 2008, flat
compared to March 31, 2008 and December 31, 2007.
Cash Flow
Cash and cash equivalents were $352 million at June 30, 2008, an increase of $74 million from $278
million at March 31, 2008. Adjusted Free Cash Flow, defined below, was positive $39 million in the second
quarter of 2008 compared to negative $6 million in the second quarter of 2007.
Adjusted Free Cash Flow, a non-GAAP term, is defined by the Company as cash flows provided by (used
in) operating activities less capital expenditures in continuing operations, new and replacement hospital
-6-
7. construction expenditures, income tax refunds (payments), net cash provided by operating activities from
discontinued operations, cash flows from hospitals whose leases will not be renewed, and payments against
reserves for restructuring charges and litigation costs and settlements. The reconciliation of net cash provided by
(used in) operating activities, the most comparable GAAP term, to Adjusted Free Cash Flow is provided in Table
#2 at the end of this release.
Significant cash receipts and disbursements in the second quarter of 2008 included:
(1) $60 million in proceeds from the sale of facilities and other assets related to discontinued operations;
(2) Capital expenditures of $110 million, consisting of $102 million in continuing operations and $8
million in discontinued operations;
(3) $70 million in interest payments;
(4) $22 million in principal payments (excluding interest of $2 million) related to the Company’s 2006
civil settlement with the federal government;
(5) Net income tax payments of $4 million; and,
(6) $3 million payment to acquire a surgery center now affiliated with the Company’s John F. Kennedy
Memorial Hospital in California.
Net cash provided by operating activities was $123 million in the second quarter of 2008 as compared to
$285 million in the second quarter of 2007, a decline of $162 million. Factors contributing to the decline in cash
provided by operating activities in the second quarter of 2008 compared to the second quarter of 2007 include the
following:
(1) Net income tax refunds of $169 million were received in the second quarter of 2007 compared to
payments of $4 million in the second quarter of 2008;
(2) Payments of $24 million ($22 million in principal and $2 million in interest) in the second quarter of
2008 related to our 2006 civil settlement with the federal government. No payments related to this
settlement were required in the second quarter of 2007; and,
(3) $31 million of additional cash flows related to enhanced management of our accounts payable.
Outlook for 2008 and 2009
Tenet’s outlook for 2008 is substantively unchanged. However, we are updating the range of our 2008
adjusted EBITDA outlook for continuing operations only for the reclassification of the earnings of USC
University Hospital to discontinued operations. Accordingly, the underlying performance of the hospitals in
continuing operations is expected to remain the same as was reflected in the prior expressed outlook for 2008
adjusted EBITDA of $775 million to $850 million. After reflecting the reclassification of USC, the revised 2008
outlook for adjusted EBITDA for continuing operations is $750 million to $825 million, and the range for net loss
is $120 million to $20 million. There is a parallel change in the 2008 outlook for adjusted cash flow from
operations from the prior range of $400 million to $500 million to the revised 2008 outlook range of $375 million
to $475 million. Tenet is maintaining its 2009 objective of $1 billion in adjusted EBITDA and approximately
breakeven adjusted free cash flow.
A reconciliation of outlook adjusted EBITDA to net loss for the 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 document.
-7-
8. Management’s Webcast Discussion of Second Quarter Results
Tenet management will discuss second quarter 2008 results on a webcast scheduled to begin at 9:30 AM
(ET) on August 5, 2008. This webcast may be accessed through Tenet website at www.tenethealth.com. A set of
slides which may be referred to during management’s remarks will be posted to the Company’s website at
approximately 7:30 AM (ET).
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 forward-
looking 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 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.
-8-
9. TENET HEALTHCARE CORPORATION
CONSOLIDATED OPERATIONS DATA
(Unaudited)
(Dollars in millions except per share amounts) Three Months Ended June 30,
2008 % 2007 % Change
Net operating revenues $ 2,184 100.0% $ 2,054 100.0% 6.3%
Operating expenses:
Salaries, wages and benefits (967) (44.3%) (913) (44.4%) 5.9%
Supplies (392) (17.9%) (359) (17.5%) 9.2%
Provision for doubtful accounts (154) (7.1%) (142) (6.9%) 8.5%
Other operating expenses, net (508) (23.3%) (484) (23.6%) 5.0%
Depreciation (85) (3.9%) (77) (3.7%) 10.4%
Amortization (10) (0.4%) (8) (0.4%) 25.0%
Impairment of long-lived assets and goodwill, and restructuring
charges (2) (0.1%) (8) (0.4%)
Litigation and investigation (costs) benefit (3) (0.1%) 1 —%
Operating income 63 2.9% 64 3.1 %
Interest expense (102) (105)
Investment earnings 4 15
Minority interests — (1)
Loss from continuing operations, before income taxes (35) (27)
Income tax benefit 16 3
Loss from continuing operations, before discontinued operations (19) (24)
Discontinued operations:
Income (loss) from operations 6 (4)
Impairment of long-lived assets and goodwill, and restructuring
charges (7) (3)
Net gain on sales of facilities 8 2
Income tax expense (3) (1)
Income (loss) from discontinued operations, net of tax 4 (6)
Net loss $ (15) $ (30)
Earnings (loss) per share
Basic and diluted:
Continuing operations $ (0.04) $ (0.05)
Discontinued operations 0.01 (0.01)
$ (0.03) $ (0.06)
Weighted average shares and dilutive securities
outstanding (in thousands): 476,308 473,212
-9-
10. TENET HEALTHCARE CORPORATION
CONSOLIDATED OPERATIONS DATA
(Unaudited)
(Dollars in millions except per share amounts) Six Months Ended June 30,
2008 % 2007 % Change
Net operating revenues $ 4,419 100.0% $ 4,155 100.0% 6.4%
Operating expenses:
Salaries, wages and benefits (1,947) (44.1%) (1,853) (44.6%) 5.1%
Supplies (780) (17.7%) (726) (17.5%) 7.4%
Provision for doubtful accounts (302) (6.8%) (276) (6.6%) 9.4%
Other operating expenses, net (1,005) (22.7%) (959) (23.1%) 4.8%
Depreciation (168) (3.8%) (154) (3.7%) 9.1%
Amortization (19) (0.4%) (16) (0.4%) 18.8%
Impairment of long-lived assets and goodwill, and restructuring
charges (3) (0.1%) (11) (0.2%)
Litigation and investigation (costs) benefit (50) (1.1%) 2 —
Operating income 145 3.3% 162 3.9%
Interest expense (206) (210)
Investment earnings 9 26
Minority interests (1) (3)
Loss from continuing operations, before income taxes (53) (25)
Income tax benefit 14 94
Income (loss) from continuing operations, before discontinued
operations (39) 69
Discontinued operations:
Income (loss) from operations 6 (26)
Impairment of long-lived assets and goodwill, and restructuring
charges (17) (12)
Net gain on sales of facilities 8 1
Income tax (expense) benefit (4) 13
Loss from discontinued operations, net of tax (7) (24)
Net income (loss) $ (46) $ 45
Earnings (loss) per share
Basic and diluted:
Continuing operations $ (0.09) $ 0.14
Discontinued operations (0.01) (0.05)
$ (0.10) $ 0.09
Weighted average shares and dilutive securities
outstanding (in thousands): 475,687 474,514
- 10 -
11. TENET HEALTHCARE CORPORATION
BALANCE SHEET DATA
(Unaudited)
June 30, December 31,
(Dollars in millions) 2008 2007
ASSETS
Current assets:
Cash and cash equivalents $ 352 $ 572
Investments in marketable debt securities 8 20
Accounts receivable, less allowance for doubtful accounts 1,450 1,385
Inventories of supplies, at cost 170 183
Income tax receivable 29 7
Deferred income taxes 118 87
Assets held for sale 385 51
Other current assets 266 255
Total current assets 2,778 2,560
Investments and other assets 271 288
Property and equipment, at cost, less accumulated depreciation and
amortization 4,274 4,645
Goodwill 610 607
Other intangible assets, at cost, less accumulated amortization 310 293
Total assets $ 8,243 $ 8,393
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt $ 2 $ 1
Accounts payable 643 780
Accrued compensation and benefits 338 393
Professional and general liability reserves 150 161
Accrued interest payable 125 126
Accrued legal settlement costs 167 119
Other current liabilities 548 468
Total current liabilities 1,973 2,048
Long-term debt, net of current portion 4,775 4,771
Professional and general liability reserves 547 555
Accrued legal settlement costs 118 163
Other long-term liabilities and minority interests 654 683
Deferred income taxes 147 119
Total liabilities 8,214 8,339
Commitments and contingencies
Shareholders’ equity:
Common stock 26 26
Additional paid-in capital 4,431 4,412
Accumulated other comprehensive loss (26) (28)
Accumulated deficit (2,923) (2,877)
Less common stock in treasury, at cost (1,479) (1,479)
Total shareholders’ equity 29 54
Total liabilities and shareholders’ equity $ 8,243 $ 8,393
- 11 -
12. TENET HEALTHCARE CORPORATION
CASH FLOW DATA
(Unaudited)
Six Months Ended
(Dollars in millions) June 30,
2008 2007
Net income (loss) $ (46) $ 45
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization 187 170
Provision for doubtful accounts 302 276
Deferred income tax expense 16 1
Stock-based compensation expense 20 21
Impairment of long-lived assets and goodwill, and restructuring charges 3 11
Litigation and investigation costs (benefit) 50 (2)
Pre-tax loss from discontinued operations 3 37
Other items, net (3) (12)
Changes in cash from changes in operating assets and liabilities:
Accounts receivable (360) (299)
Inventories and other current assets 15 5
Income taxes (29) 60
Accounts payable, accrued expenses and other current liabilities (89) (200)
Other long-term liabilities (25) 15
Payments against reserves for restructuring charges and litigation costs and settlements (56) (28)
Net cash provided by operating activities from discontinued operations, excluding income taxes 2 31
Net cash provided by (used in) operating activities (10) 131
Cash flows from investing activities:
Purchases of property and equipment:
Continuing operations (233) (217)
Discontinued operations (10) (18)
Construction of new and replacement hospitals (56) (27)
Purchase of business (3) (36)
Proceeds from sales of facilities and other assets – discontinued operations 83 53
Proceeds from sales of marketable securities, long-term investments and other assets 14 442
Purchases of marketable securities (8) (434)
Other items, net 2 (4)
Net cash used in investing activities (211) (241)
Cash flows from financing activities:
Repayments of borrowings (1) —
Other items, net 2 1
Net cash provided by financing activities 1 1
Net decrease in cash and cash equivalents (220) (109)
Cash and cash equivalents at beginning of period 572 784
Cash and cash equivalents at end of period $ 352 $ 675
Supplemental disclosures:
Interest paid, net of capitalized interest $ (195) $ (191)
Income tax (payments) refunds, net $ (3) $ 168
- 12 -
13. TENET HEALTHCARE CORPORATION
SELECTED STATISTICS – CONTINUING SAME HOSPITALS
(Unaudited)
(Dollars in millions except per patient day, per
admission and per visit amounts) Three Months Ended June 30, Six Months Ended June 30,
2008 2007 Change 2008 2007 Change
Net inpatient revenues $ 1,435 $ 1,375 4.4% $ 2,949 $ 2,801 5.3%
Net outpatient revenues $ 666 $ 611 9.0% $ 1,309 $ 1,209 8.3%
Number of general hospitals (at end of period) 50 50 — * 50 50 — *
Licensed beds (at end of period) 13,713 13,736 (0.2%) 13,713 13,736 (0.2%)
Average licensed beds 13,715 13,746 (0.2%) 13,725 13,742 (0.1%)
Utilization of licensed beds 52.7% 51.9% 0.8% * 54.7% 54.3% 0.4% *
Patient days 657,451 649,207 1.3% 1,366,298 1,349,698 1.2%
Adjusted patient days 949,829 930,147 2.1% 1,947,225 1,908,454 2.0%
Net inpatient revenue per patient day $ 2,183 $ 2,118 3.1% $ 2,158 $ 2,075 4.0%
Admissions 133,448 130,928 1.9% 273,703 270,001 1.4%
Adjusted patient admissions 194,104 188,775 2.8% 392,589 384,030 2.2%
Net inpatient revenue per admission $ 10,753 $ 10,502 2.4% $ 10,774 $ 10,374 3.9%
Average length of stay (days) 4.9 5.0 (0.1%) * 5.0 5.0 — *
Surgeries 93,653 91,514 2.3% 183,925 183,299 0.3%
Net outpatient revenue per visit $ 694 $ 635 9.3% $ 678 $ 622 9.0%
Outpatient visits 959,839 962,420 (0.3%) 1,931,709 1,943,714 (0.6%)
Sources of net patient revenue
Medicare 24.8% 25.0% (0.2%) * 25.4% 26.2% (0.8%) *
Medicaid 8.2% 9.3% (1.1%) * 8.3% 8.2% 0.1% *
Managed care governmental 13.2% 11.3% 1.9% * 13.4% 12.0% 1.4% *
Managed care commercial 42.2% 41.5% 0.7% * 41.3% 41.4% (0.1%) *
Indemnity, self-pay and other 11.6% 12.9% (1.3%) * 11.6% 12.2% (0.6%) *
* This change is the difference between the 2008 and 2007 amounts shown
- 13 -
14. TENET HEALTHCARE CORPORATION
SELECTED STATISTICS – CONTINUING TOTAL HOSPITALS
(Unaudited)
(Dollars in millions except per patient day, per
admission and per visit amounts) Three Months Ended June 30, Six Months Ended June 30,
2008 2007 Change 2008 2007 Change
Net inpatient revenues $ 1,439 $ 1,375 4.7% $ 2,955 $ 2,801 5.5%
Net outpatient revenues $ 670 $ 611 9.7% $ 1,316 $ 1,209 8.9%
Number of general hospitals (at end of period) 52 51 1 * 52 51 1 *
Licensed beds (at end of period) 13,864 13,777 0.6% 13,864 13,777 0.6%
Average licensed beds 13,829 13,760 0.5% 13,803 13,749 0.4%
Utilization of licensed beds 52.4% 51.8% 0.6% * 54.5% 54.2% 0.3% *
Patient days 659,534 649,207 1.6% 1,369,843 1,349,698 1.5%
Adjusted patient days 955,538 930,147 2.7% 1,957,182 1,908,454 2.6%
Net inpatient revenue per patient day $ 2,182 $ 2,118 3.0% $ 2,157 $ 2,075 4.0%
Admissions 133,983 130,928 2.3% 274,580 270,001 1.7%
Adjusted patient admissions 195,522 188,775 3.6% 395,000 384,030 2.9%
Net inpatient revenue per admission $ 10,740 $ 10,502 2.3% $ 10,762 $ 10,374 3.7%
Average length of stay (days) 4.9 5.0 (0.1) * 5.0 5.0 — *
Surgeries 93,970 91,514 2.7% 184,483 183,299 0.6%
Net outpatient revenue per visit $ 689 $ 635 8.5% $ 674 $ 622 8.4%
Outpatient visits 972,261 962,420 1.0% 1,953,945 1,943,714 0.5%
Sources of net patient revenue
Medicare 24.8% 25.0% (0.2%) * 25.4% 26.2% (0.8%) *
Medicaid 8.2% 9.3% (1.1%) * 8.3% 8.2% 0.1% *
Managed care governmental 13.2% 11.3% 1.9% * 13.3% 12.0% 1.3% *
Managed care commercial 42.1% 41.5% 0.6% * 41.3% 41.4% (0.1%) *
Indemnity, self-pay and other 11.7% 12.9% (1.2%) * 11.7% 12.2% (0.5%) *
* This change is the difference between the 2008 and 2007 amounts shown
- 14 -
15. TENET HEALTHCARE CORPORATION
CONSOLIDATED OPERATIONS DATA
Calendar Year 2008 by Quarter
(Unaudited)
Six Months
(Dollars in millions except per share amounts) Three Months Ended Ended
3/31/08 6/30/08 9/30/08 12/31/08 6/30/08
Net operating revenues $ 2,235 $ 2,184 $ 2,212 $ 2,251 $ 4,419
Operating expenses:
Salaries, wages and benefits (980) (967) (983) (1,023) (1,947)
Supplies (388) (392) (383) (406) (780)
Provision for doubtful accounts (148) (154) (159) (134) (302)
Other operating expenses, net (497) (508) (510) (522) (1,005)
Depreciation (83) (85) (83) (85) (168)
Amortization (9) (10) (8) (8) (19)
Impairment of long-lived assets and goodwill, and restructuring
charges (1) (2) (13) (36) (3)
Litigation and investigation (costs) benefit (47) (3) (3) (12) (50)
Operating income 82 63 70 28 145
Interest expense (104) (102) (105) (104) (206)
Investment earnings 5 4 10 11 9
Minority interests (1) — — (1) (1)
Loss from continuing operations, before income taxes (18) (35) (25) (66) (53)
Income tax (expense) benefit (2) 16 (10) (20) 14
Loss from continuing operations, before discontinued
operations (20) (19) (35) (86) (39)
Discontinued operations:
Income from operations — 6 (11) 23 6
Impairment of long-lived assets and goodwill, and
restructuring charges (10) (7) (6) (11) (17)
Net gain on sales of facilities — 8 (5) (4) 8
Income tax expense (1) (3) (2) 3 (4)
Income (loss) from discontinued operations, net of tax (11) 4 (24) 11 (7)
Net loss $ (31) $ (15) $ (59) $ (75) $ (46)
Earnings (loss) per share
Basic and diluted:
Continuing operations $ (0.04) $ (0.04) $ (0.07) $ (0.18) $ (0.09)
Discontinued operations (0.02) 0.01 (0.05) 0.02 (0.01)
$ (0.06) $ (0.03) $ (0.12) $ (0.16) $ (0.10)
Weighted average shares and dilutive securities
outstanding (in thousands): 475,066 476,308 473,984 474,286 475,687
- 15 -
16. TENET HEALTHCARE CORPORATION
SELECTED STATISTICS – CONTINUING SAME HOSPITALS
Calendar Year 2008 by Quarter
(Unaudited)
Six
(Dollars in millions except per patient day, per admission Months
and per visit amounts) Three Months Ended Ended
3/31/08 6/30/08 6/30/08
Net inpatient revenues $ 1,514 $ 1,435 $ 2,949
Net outpatient revenues $ 643 $ 666 $ 1,309
Number of general hospitals (at end of period) 50 50 50
Licensed beds (at end of period) 13,716 13,713 13,713
Average licensed beds 13,735 13,715 13,725
Utilization of licensed beds 56.7% 52.7% 54.7%
Patient days 708,847 657,451 1,366,298
Adjusted patient days 997,396 949,829 1,947,225
Net inpatient revenue per patient day $ 2,136 $ 2,183 $ 2,158
Admissions 140,255 133,448 273,703
Adjusted patient admissions 198,485 194,104 392,589
Net inpatient revenue per admission $ 10,795 $ 10,753 $ 10,774
Average length of stay (days) 5.1 4.9 5.0
Surgeries 90,272 93,653 183,925
Net outpatient revenue per visit $ 662 $ 694 $ 678
Outpatient visits 971,870 959,839 1,931,709
Sources of net patient revenue
Medicare 26.0% 24.8% 25.4%
Medicaid 8.3% 8.2% 8.3%
Managed care governmental 13.5% 13.2% 13.4%
Managed care commercial 40.5% 42.2% 41.3%
Indemnity, self-pay and other 11.7% 11.6% 11.6%
- 16 -
17. TENET HEALTHCARE CORPORATION
CONSOLIDATED OPERATIONS DATA
Calendar Year 2007 by Quarter
(Unaudited)
(Dollars in millions except per share amounts) Three Months Ended Year Ended
3/31/07 6/30/07 9/30/07 12/31/07 12/31/07
Net operating revenues $ 2,101 $ 2,054 $ 2,093 $ 2,127 $ 8,375
Operating expenses:
Salaries, wages and benefits (940) (913) (930) (971) (3,754)
Supplies (367) (359) (356) (375) (1,457)
Provision for doubtful accounts (134) (142) (158) (133) (567)
Other operating expenses, net (475) (484) (483) (492) (1,934)
Depreciation (77) (77) (78) (80) (312)
Amortization (8) (8) (7) (8) (31)
Impairment of long-lived assets and goodwill, and restructuring
charges (3) (8) (13) (35) (59)
Hurricane insurance recoveries, net of costs — — — 3 3
Litigation and investigation (costs) benefit 1 1 (3) (12) (13)
Operating income 98 64 65 24 251
Interest expense (105) (105) (105) (104) (419)
Investment earnings 11 15 10 11 47
Minority interests (2) (1) (1) — (4)
Income (loss) from continuing operations, before income
taxes 2 (27) (31) (69) (125)
Income tax (expense) benefit 91 3 (10) (20) 64
Income (loss) from continuing operations, before
discontinued operations 93 (24) (41) (89) (61)
Discontinued operations:
Income (loss) from operations (22) (4) (5) 28 (3)
Impairment of long-lived assets and goodwill, and
restructuring charges (9) (3) (6) (13) (31)
Net gain (loss) on sales of facilities (1) 2 (5) (4) (8)
Income tax (expense) benefit 14 (1) (2) 3 14
Income (loss) from discontinued operations, net of tax (18) (6) (18) 14 (28)
Net income (loss) $ 75 $ (30) $ (59) $ (75) $ (89)
Earnings (loss) per share
Basic and diluted:
Continuing operations $ 0.20 $ (0.05) $ (0.08) $ (0.19) $ (0.13)
Discontinued operations (0.04) (0.01) (0.04) 0.03 (0.06)
$ 0.16 $ (0.06) $ (0.12) $ (0.16) $ (0.19)
Weighted average shares and dilutive securities
outstanding (in thousands): 474,326 473,212 473,984 474,286 473,405
- 17 -
18. TENET HEALTHCARE CORPORATION
SELECTED STATISTICS – CONTINUING SAME HOSPITALS
Calendar Year 2007 by Quarter
(Unaudited)
(Dollars in millions except per patient day, per
admission and per visit amounts) Three Months Ended Year Ended
3/31/07 6/30/07 9/30/07 12/31/07 12/31/07
Net inpatient revenues $ 1,426 $ 1,375 $ 1,395 $ 1,427 $ 5,623
Net outpatient revenues $ 598 $ 611 $ 617 $ 619 $ 2,445
Number of general hospitals (at end of period) 50 50 50 50 50
Licensed beds (at end of period) 13,743 13,736 13,743 13,773 13,773
Average licensed beds 13,736 13,746 13,743 13,773 13,750
Utilization of licensed beds 56.7% 51.9% 50.9% 51.8% 52.8%
Patient days 700,491 649,207 643,501 655,790 2,648,989
Adjusted patient days 978,307 930,147 922,970 934,607 3,766,031
Net inpatient revenue per patient day $ 2,036 $ 2,118 $ 2,168 $ 2,176 $ 2,123
Admissions 139,073 130,928 130,909 134,088 534,998
Adjusted patient admissions 195,255 188,775 189,094 192,463 765,587
Net inpatient revenue per admission $ 10,254 $ 10,502 $ 10,656 $ 10,642 $ 10,510
Average length of stay (days) 5.0 5.0 4.9 4.9 5.0
Surgeries 91,785 91,514 92,489 91,567 367,355
Net outpatient revenue per visit $ 609 $ 635 $ 650 $ 652 $ 636
Outpatient visits 981,294 962,420 949,485 948,865 3,842,064
Sources of net patient revenue
Medicare 27.3% 25.0% 25.1% 25.4% 25.7%
Medicaid 7.1% 9.3% 9.3% 8.7% 8.6%
Managed care governmental 12.7% 11.3% 11.5% 12.9% 12.1%
Managed care commercial 41.3% 41.5% 41.8% 41.3% 41.5%
Indemnity, self-pay and other 11.6% 12.9% 12.3% 11.7% 12.1%
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19. 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 (loss) from leased hospitals whose leases will not be renewed, (4) income tax (expense)
benefit, (5) net gains (losses) on sales of investments (6) minority interests, (7) investment earnings, (8) interest
expense, (9) litigation and investigation (costs) benefit, (10) hurricane insurance recoveries, net of costs, (11)
impairment of long-lived assets and goodwill and restructuring charges, (12) amortization, and (13)
depreciation. The Company’s 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 first table below for the three and six months ended June 30, 2008 and 2007.
(2) Adjusted Free Cash Flow
Adjusted Free Cash Flow, a non-GAAP term, is defined by the Company as cash flows provided by (used
in) operating activities less capital expenditures in continuing operations; new and replacement hospital
construction expenditures; income tax refunds (payments), net; net cash provided by operating activities from
discontinued operations; adjusted free cash flow from leased hospitals whose leases will not be renewed; 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 going forward. 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 and six months ended June 30, 2008
and 2007.
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20. TENET HEALTHCARE CORPORATION
Additional Supplemental Non-GAAP Disclosures
Table #1 - Reconciliation of Adjusted EBITDA
(Unaudited)
Three Months Six Months
Ended Ended
June 30, June 30,
(Dollars in millions) 2008 2007 2008 2007
Net income (loss) $ (15) $ (30) $ (46) $ 45
Less: Income (loss) from discontinued operations, net of tax 4 (6) (7) (24)
Income (loss) from continuing operations (19) (24) (39) 69
Income tax benefit 16 3 14 94
Minority interests — (1) (1) (3)
Investment earnings 4 15 9 26
Interest expense (102) (105) (206) (210)
Operating income 63 64 145 162
Litigation and investigation (costs) benefit (3) 1 (50) 2
Impairment of long-lived assets and goodwill and restructuring charges (2) (8) (3) (11)
Amortization (10) (8) (19) (16)
Depreciation (85) (77) (168) (154)
Adjusted EBITDA – continuing operations 163 156 385 341
Less: Income from hospitals whose leases will not be renewed — — 6 4
Adjusted EBITDA $ 163 $ 156 $ 379 $ 337
Net operating revenues $2,184 $ 2,054 $4,419 $4,155
Less: Net operating revenues from hospitals whose leases will not be renewed 51 52 109 105
Adjusted net operating revenues $2,133 $ 2,002 $4,310 $4,050
Adjusted EBITDA as % of adjusted net operating revenues
(Adjusted EBITDA margin) 7.6% 7.8% 8.8% 8.3%
Additional Supplemental Non-GAAP Disclosures
Table #2 - Reconciliation of Adjusted Free Cash Flow
(Unaudited)
(Dollars in millions) Three Months Six Months
Ended Ended
June 30, June 30,
2008 2007 2008 2007
Net cash provided by (used in) operating activities $ 123 $ 285 $ (10) $ 131
Less:
Income tax (payments) refunds, net (4) 169 (3) 168
Payments against reserves for restructuring charges and litigation costs and
settlements (28) (20) (56) (28)
Net cash provided by operating activities from discontinued operations 11 5 2 31
Adjusted net cash provided by (used in) operating activities – continuing operations 144 131 47 (40)
Purchases of property and equipment – continuing operations (75) (122) (233) (217)
Construction of new and replacement hospitals (27) (16) (56) (27)
Adjusted free cash flow – continuing operations 42 (7) (242) (284)
Less free cash flow from hospitals whose leases will not be renewed 3 (1) 3 —
Adjusted free cash flow $ 39 $ (6) $ (245) $ (284)
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21. TENET HEALTHCARE CORPORATION
Additional Supplemental Non-GAAP Disclosures
Table #3 - Reconciliation of Outlook Adjusted EBITDA to
Outlook Net Loss for Year Ending December 31, 2008
(Unaudited)
(Dollars in millions) Low High
Net loss $ (120) $ (20)
Less: Loss from discontinued operations, net of tax (25) -
Loss from continuing operations (95) (20)
Income tax benefit 5 5
Income (loss) from continuing operations, before income taxes (100) (25)
Interest expense, net (400) (400)
Operating income 300 375
Litigation and investigation costs (50) (50)
Depreciation and amortization (400) (400)
Adjusted EBITDA $ 750 $ 825
Table #4 - Reconciliation of Outlook Adjusted Free Cash Flow
for the Year Ending December 31, 2008
(Unaudited)
(Dollars in millions)
Low High
Net cash provided by operating activities $ 175 $ 300
Less:
Income tax payments, net (45) (45)
Payments against reserves for restructuring charges and litigation costs and settlements (100) (100)
Net cash used in operating activities from discontinued operations (55) (30)
Adjusted net cash provided by operating activities – continuing operations 375 475
Purchases of property and equipment – continuing operations (508) (558)
Construction of new and replacement hospitals (82) (82)
Adjusted free cash flow – continuing operations $ (215) $ (165)
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