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.
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.
11 05-15 Third Quarter 2015 Financial Review FinalAES_BigSky
The document provides an overview of AES Corporation's third quarter 2015 financial results and outlook. Key points include:
- Q3 2015 adjusted EPS increased slightly to $0.39 per share due to higher contributions from strategic business units, partly offset by foreign currency impacts.
- Proportional free cash flow increased to $621 million in Q3 2015, driven by gains in the Andes and Brazil regions.
- For 2016, AES expects proportional free cash flow of $1.125-1.475 billion and adjusted EPS of $1.05-1.15 per share, with average annual growth of at least 10% through 2018.
Bruker Corporation reported financial results for Q3 2015. Revenues declined 6% year-over-year to $396.1 million due to currency headwinds, but grew 8% organically. Non-GAAP operating margins expanded significantly to 13.3% compared to 8.6% in Q3 2014. Non-GAAP earnings per share grew 36% despite a higher tax rate. The CALID and BioSpin groups drove organic revenue growth, while currency impacts and divestitures reduced reported revenues. Bruker is on track to meet its full-year guidance targets through margin expansion and earnings growth.
YRC Worldwide reported its highest ever quarterly earnings per share of $1.62 for Q2 2006, up 16% from $1.40 in Q2 2005. Revenue increased 23% to a record $2.57 billion due to strong execution and cost initiatives. Adjusted operating income rose 28% to $177 million from $138 million. The company expects full year 2006 EPS between $5.65-$5.85 and third quarter EPS between $1.70-$1.80.
1) UGI reported third quarter 2016 adjusted earnings per share of $0.23, up from $0.07 in the prior year period. Weather was colder than the prior year across UGI's service territories.
2) AmeriGas achieved strong results due to solid margin management, expense control, and colder weather. Adjusted EBITDA increased 30% year-over-year.
3) UGI International benefited from the acquisition of Finagaz and strong unit margin management, partially offset by integration expenses. Weather was significantly colder than the prior year.
Fannie Mae's financial results for Q1-Q3 2007 reflected a tough market environment and significant remediation efforts. Relative to 2006 Q1-Q3, net income available to common stockholders decreased 63% to $1.1 billion due to higher credit expenses, losses on guaranty contracts, and lower net interest income. Administrative expenses decreased slightly while the mortgage credit book of business grew 10%. Credit-related expenses increased significantly to $2.0 billion from $0.5 billion in 2006 Q1-Q3. Overall, Fannie Mae's results were negatively impacted by a weaker housing market and credit environment.
Phillips 66 reported adjusted earnings of $569 million for the second quarter of 2017. Operating cash flow was $1.865 billion for the quarter. Midstream earnings decreased due to planned maintenance and the startup of the Bakken Pipeline. Refining earnings fell as realized margins declined compared to markets. Marketing and Specialties earnings rose on stronger global margins and higher volumes.
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.
11 05-15 Third Quarter 2015 Financial Review FinalAES_BigSky
The document provides an overview of AES Corporation's third quarter 2015 financial results and outlook. Key points include:
- Q3 2015 adjusted EPS increased slightly to $0.39 per share due to higher contributions from strategic business units, partly offset by foreign currency impacts.
- Proportional free cash flow increased to $621 million in Q3 2015, driven by gains in the Andes and Brazil regions.
- For 2016, AES expects proportional free cash flow of $1.125-1.475 billion and adjusted EPS of $1.05-1.15 per share, with average annual growth of at least 10% through 2018.
Bruker Corporation reported financial results for Q3 2015. Revenues declined 6% year-over-year to $396.1 million due to currency headwinds, but grew 8% organically. Non-GAAP operating margins expanded significantly to 13.3% compared to 8.6% in Q3 2014. Non-GAAP earnings per share grew 36% despite a higher tax rate. The CALID and BioSpin groups drove organic revenue growth, while currency impacts and divestitures reduced reported revenues. Bruker is on track to meet its full-year guidance targets through margin expansion and earnings growth.
YRC Worldwide reported its highest ever quarterly earnings per share of $1.62 for Q2 2006, up 16% from $1.40 in Q2 2005. Revenue increased 23% to a record $2.57 billion due to strong execution and cost initiatives. Adjusted operating income rose 28% to $177 million from $138 million. The company expects full year 2006 EPS between $5.65-$5.85 and third quarter EPS between $1.70-$1.80.
1) UGI reported third quarter 2016 adjusted earnings per share of $0.23, up from $0.07 in the prior year period. Weather was colder than the prior year across UGI's service territories.
2) AmeriGas achieved strong results due to solid margin management, expense control, and colder weather. Adjusted EBITDA increased 30% year-over-year.
3) UGI International benefited from the acquisition of Finagaz and strong unit margin management, partially offset by integration expenses. Weather was significantly colder than the prior year.
Fannie Mae's financial results for Q1-Q3 2007 reflected a tough market environment and significant remediation efforts. Relative to 2006 Q1-Q3, net income available to common stockholders decreased 63% to $1.1 billion due to higher credit expenses, losses on guaranty contracts, and lower net interest income. Administrative expenses decreased slightly while the mortgage credit book of business grew 10%. Credit-related expenses increased significantly to $2.0 billion from $0.5 billion in 2006 Q1-Q3. Overall, Fannie Mae's results were negatively impacted by a weaker housing market and credit environment.
Phillips 66 reported adjusted earnings of $569 million for the second quarter of 2017. Operating cash flow was $1.865 billion for the quarter. Midstream earnings decreased due to planned maintenance and the startup of the Bakken Pipeline. Refining earnings fell as realized margins declined compared to markets. Marketing and Specialties earnings rose on stronger global margins and higher volumes.
The document provides an overview of Sallie Mae's business fundamentals and financial outlook. It discusses that Sallie Mae has:
1) Strong fundamentals in student lending, competitive scale, and assured FFELP profits through 2010.
2) Adequate liquidity to meet debt obligations and unlimited funding for new FFELP loans through 2009/2010.
3) Expanding deposit funding and $20 billion in expected FFELP originations for 2008/2009.
4) Private loan originations increased despite economic challenges, with improving credit quality in recent vintages.
The document provides an overview of Terex Corporation and its business. It discusses Terex's vision, mission, and growth strategy. Key points include:
- Terex is the 3rd largest manufacturer of construction equipment globally based on sales.
- Sales have grown at a compounded annual rate of 27% over the past 12 years to over $10 billion currently.
- Terex has a geographically diverse customer base with 70% of sales outside the US.
- Terex aims to be the most customer responsive, profitable, and best place to work in the industry.
The document provides an overview of Terex's 2008 European Non-deal Road Show. It includes:
1) Introductions of the Terex NDRS team members including Ron DeFeo, Tom Riordan, and Phil Widman.
2) Forward-looking statements about Terex's business outlook and non-GAAP financial measures.
3) A discussion of Terex's strategy to continue building a better company positioned for attractive growth opportunities by leveraging its diverse portfolio and executing on its initiatives.
- 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.
This document provides supplemental financial information for SLM Corporation for Q3 2006. It includes their statement of income for Q3 2006, Q2 2006, Q3 2005, and the first nine months of 2006 and 2005. It shows interest income increased from $1.2 billion to $1.7 billion from Q3 2005 to Q3 2006. Net income was $263 million for Q3 2006. The document also provides adjustments to net income figures to exclude special one-time items.
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.
This document is a presentation by Sallie Mae to investors at the Lehman Brothers Global Financial Services Conference on September 10, 2008. The summary provides an overview of Sallie Mae's business, recent funding achievements, asset quality, growth strategy, and earnings outlook. Sallie Mae is the number one originator, servicer, and collector of student loans, with over 10 million student and parent customers. It has demonstrated access to funding markets in 2008 and reduced reliance on short-term funding. Both its federal and private student loan portfolios have strong asset quality and performance. The company plans to continue growing responsibly through various federal and private lending programs.
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 2008, with a net loss of $15 million compared to a net loss of $30 million in the second quarter of 2007. Same-hospital admissions increased 1.9% year-over-year, the strongest growth in four years, driven by growth in commercial managed care admissions. Adjusted EBITDA increased 4.5% to $163 million. Tenet maintained its outlook for 2008 and $1 billion adjusted EBITDA target for 2009.
Tenet Healthcare Corporation reported financial results for the fourth quarter and full year of 2008. For Q4 2008, revenue increased 27.6% to $199 million compared to Q4 2007. Same-hospital revenue grew 27.2% over the prior year. For the full year 2008, revenue grew 11.4% to $732 million over 2007. Volume metrics like admissions were flat to up slightly for Q4 2008 compared to prior year. Tenet provided an outlook for 2009 adjusted EBITDA in the range of $735-$800 million.
Tenet Healthcare Corporation reported financial results for the fourth quarter and full year of 2008. For the quarter, revenue increased 4.9% to $2.17 billion due to pricing increases, while expenses were well controlled. Adjusted EBITDA rose 27.6% to $199 million. For the full year, net income was $25 million compared to a prior year loss, and adjusted EBITDA increased 11.4% to $732 million. Tenet provided guidance for 2009 adjusted EBITDA in the range of $735-800 million.
Tenet Healthcare Corporation reported financial results for the fourth quarter of 2008 with some improvements but also challenges. Same-hospital adjusted EBITDA grew 27.2% year-over-year to $201 million. Paying admissions grew 0.1% while total admissions declined 0.2%. Surgeries grew 2.1% led by a 3.7% increase in outpatient surgeries. For 2009, Tenet expects adjusted EBITDA in the range of $735-800 million but anticipates pressure on bad debt and commercial volumes.
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.
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.
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.
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
- AES reported strong third quarter results in 2008, with earnings per share up 57% and adjusted earnings per share up 47% compared to third quarter 2007. Cash flow also increased, with consolidated free cash flow up 9%.
- For full year 2008, AES reaffirmed its operating cash flow and free cash flow guidance but lowered adjusted earnings per share guidance to reflect foreign currency losses. Guidance for 2009 was also lowered primarily due to changes in foreign exchange rate assumptions.
- AES continues to strengthen its financial position and expects that debt maturities in 2009-2010 will be met by existing cash flows. The company is well positioned to weather current market conditions.
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 summarizes a conference call by Quest Diagnostics about their third quarter 2005 financial results. Key points include:
- Revenues grew 6.4%, earnings per share were $0.66, and cash flow was $178 million.
- Clinical testing revenues grew 7.1% due to increased volume and revenue per test. Hurricanes Katrina and Rita reduced revenues by 0.5%.
- Operating income was 17.7% of revenues compared to 18% last year. Margins increased in clinical testing but were reduced by hurricanes and a $6.2 million charge.
- Their test kit manufacturing subsidiary NID performed below last year, reducing revenue growth by 0.5% and margin expansion
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.
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
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.
The document provides an overview of Sallie Mae's business fundamentals and financial outlook. It discusses that Sallie Mae has:
1) Strong fundamentals in student lending, competitive scale, and assured FFELP profits through 2010.
2) Adequate liquidity to meet debt obligations and unlimited funding for new FFELP loans through 2009/2010.
3) Expanding deposit funding and $20 billion in expected FFELP originations for 2008/2009.
4) Private loan originations increased despite economic challenges, with improving credit quality in recent vintages.
The document provides an overview of Terex Corporation and its business. It discusses Terex's vision, mission, and growth strategy. Key points include:
- Terex is the 3rd largest manufacturer of construction equipment globally based on sales.
- Sales have grown at a compounded annual rate of 27% over the past 12 years to over $10 billion currently.
- Terex has a geographically diverse customer base with 70% of sales outside the US.
- Terex aims to be the most customer responsive, profitable, and best place to work in the industry.
The document provides an overview of Terex's 2008 European Non-deal Road Show. It includes:
1) Introductions of the Terex NDRS team members including Ron DeFeo, Tom Riordan, and Phil Widman.
2) Forward-looking statements about Terex's business outlook and non-GAAP financial measures.
3) A discussion of Terex's strategy to continue building a better company positioned for attractive growth opportunities by leveraging its diverse portfolio and executing on its initiatives.
- 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.
This document provides supplemental financial information for SLM Corporation for Q3 2006. It includes their statement of income for Q3 2006, Q2 2006, Q3 2005, and the first nine months of 2006 and 2005. It shows interest income increased from $1.2 billion to $1.7 billion from Q3 2005 to Q3 2006. Net income was $263 million for Q3 2006. The document also provides adjustments to net income figures to exclude special one-time items.
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.
This document is a presentation by Sallie Mae to investors at the Lehman Brothers Global Financial Services Conference on September 10, 2008. The summary provides an overview of Sallie Mae's business, recent funding achievements, asset quality, growth strategy, and earnings outlook. Sallie Mae is the number one originator, servicer, and collector of student loans, with over 10 million student and parent customers. It has demonstrated access to funding markets in 2008 and reduced reliance on short-term funding. Both its federal and private student loan portfolios have strong asset quality and performance. The company plans to continue growing responsibly through various federal and private lending programs.
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 2008, with a net loss of $15 million compared to a net loss of $30 million in the second quarter of 2007. Same-hospital admissions increased 1.9% year-over-year, the strongest growth in four years, driven by growth in commercial managed care admissions. Adjusted EBITDA increased 4.5% to $163 million. Tenet maintained its outlook for 2008 and $1 billion adjusted EBITDA target for 2009.
Tenet Healthcare Corporation reported financial results for the fourth quarter and full year of 2008. For Q4 2008, revenue increased 27.6% to $199 million compared to Q4 2007. Same-hospital revenue grew 27.2% over the prior year. For the full year 2008, revenue grew 11.4% to $732 million over 2007. Volume metrics like admissions were flat to up slightly for Q4 2008 compared to prior year. Tenet provided an outlook for 2009 adjusted EBITDA in the range of $735-$800 million.
Tenet Healthcare Corporation reported financial results for the fourth quarter and full year of 2008. For the quarter, revenue increased 4.9% to $2.17 billion due to pricing increases, while expenses were well controlled. Adjusted EBITDA rose 27.6% to $199 million. For the full year, net income was $25 million compared to a prior year loss, and adjusted EBITDA increased 11.4% to $732 million. Tenet provided guidance for 2009 adjusted EBITDA in the range of $735-800 million.
Tenet Healthcare Corporation reported financial results for the fourth quarter of 2008 with some improvements but also challenges. Same-hospital adjusted EBITDA grew 27.2% year-over-year to $201 million. Paying admissions grew 0.1% while total admissions declined 0.2%. Surgeries grew 2.1% led by a 3.7% increase in outpatient surgeries. For 2009, Tenet expects adjusted EBITDA in the range of $735-800 million but anticipates pressure on bad debt and commercial volumes.
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.
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.
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.
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
- AES reported strong third quarter results in 2008, with earnings per share up 57% and adjusted earnings per share up 47% compared to third quarter 2007. Cash flow also increased, with consolidated free cash flow up 9%.
- For full year 2008, AES reaffirmed its operating cash flow and free cash flow guidance but lowered adjusted earnings per share guidance to reflect foreign currency losses. Guidance for 2009 was also lowered primarily due to changes in foreign exchange rate assumptions.
- AES continues to strengthen its financial position and expects that debt maturities in 2009-2010 will be met by existing cash flows. The company is well positioned to weather current market conditions.
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 summarizes a conference call by Quest Diagnostics about their third quarter 2005 financial results. Key points include:
- Revenues grew 6.4%, earnings per share were $0.66, and cash flow was $178 million.
- Clinical testing revenues grew 7.1% due to increased volume and revenue per test. Hurricanes Katrina and Rita reduced revenues by 0.5%.
- Operating income was 17.7% of revenues compared to 18% last year. Margins increased in clinical testing but were reduced by hurricanes and a $6.2 million charge.
- Their test kit manufacturing subsidiary NID performed below last year, reducing revenue growth by 0.5% and margin expansion
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.
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
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.
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
Quest Diagnostics held a conference call to discuss financial results for the third quarter of 2008. Key points included:
- Revenues grew 3.4% to $1.8 billion, adjusted earnings per share increased 12%, and cash flow improved to $329 million.
- Guidance for full year 2008 was raised for adjusted earnings per share to between $3.17-$3.22.
- The company reached an agreement in principle with the federal government regarding an investigation, increasing related reserves by $73 million.
- Growth was driven by increases in esoteric, gene-based, and routine testing. Progress was also made on cost reduction initiatives.
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.
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.
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.
Similar to tenet healthcare Earn_Rel_2008_Q3_2008_Final_Clean (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.
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.
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.
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In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
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Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
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Contacts: S even 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 Third Quarter Net Income of $104 Million, Including
First Quarter of Outpatient Visit Growth in Five Years,
Fourth Consecutive Quarter of Admissions Growth, and
Pre-Tax Gains on Investment Sales of $140 Million
Highlights:
♦ Net income of $104 million in Q3’08, an increase of $163 million as compared to a net loss of $59
million in Q3’07; income from continuing operations of $114 million in Q3’08, an increase of $155
million as compared to a loss from continuing operations of $41 million in Q3’07
♦ Investment sale gains of $140 million, pre-tax
♦ 1.7 percent growth in same-hospital total admissions; 2.0 percent growth in same-hospital paying
admissions
♦ 1.1 percent growth in same-hospital total outpatient visits; 2.3 percent growth in same-hospital
paying outpatient visits
♦ 1.1 percent growth in same-hospital surgeries; 2.6 percent growth in same-hospital inpatient
surgeries
♦ 3.4 percent decline in same-hospital commercial managed care admissions
♦ 0.6 percent decline in same-hospital commercial managed care outpatient visits
♦ 5.6 percent increase in same-hospital commercial managed care revenues
♦ $160 million in same-hospital adjusted EBITDA, a decline of $4 million, or 2.4 percent, including an
$11 million decline in revenues from prior year cost report adjustments
♦ $151 million in cash from operations in Q3’08, an increase of $68 million from $83 million in Q3’07
♦ $30 million in Adjusted Free Cash Flow from continuing operations in Q3’08, an increase of $117
million compared to Q3’07
♦ $512 million in cash and equivalents at September 30, 2008
♦ Bad debt ratio of 7.6 percent of same-hospital net revenues, unchanged from Q3’07
♦ Outlook for 2008 net income revised to breakeven to $75 million, and outlook for adjusted EBITDA
revised to $700-750 million
DALLAS – November 4, 2008 – Tenet Healthcare Corporation (NYSE:THC) today reported net income
of $104 million, or $0.22 per share, for its third quarter of 2008, compared to a net loss of $59 million, or $0.12
per share, for its third quarter of 2007. Net income in the third quarter of 2008 included pre-tax gains on sales of
investments of $140 million. Adjusted EBITDA, a non-GAAP term defined below, was $156 million for the third
quarter of 2008 as compared to $164 million for the third quarter of 2007. Excluding $10 million of favorable
2. prior year cost report adjustments from the third quarter of 2008 and $21 million of favorable prior year cost
report adjustments from the third quarter of 2007, adjusted EBITDA increased by $3 million, or 2.1 percent. On a
same-hospital basis, adjusted EBITDA was $160 million, a decline of $4 million, or 2.4 percent, as compared to
$164 million in the third quarter of 2007. Excluding prior year cost report adjustments from both quarters, same-
hospital adjusted EBITDA increased by $7 million, or 4.9 percent. Two hospitals, Irvine Regional Hospital and
Medical Center and Community Hospital of Los Gatos, were moved to discontinued operations in the third
quarter of 2008.
“We are very pleased to report another quarter of strong volume growth. We achieved growth in paying
admissions of 2.0 percent and an even stronger 2.3 percent growth in paying outpatient visits,” said Trevor Fetter,
president and chief executive officer. “This is our fourth consecutive quarter of positive admissions growth and
the first quarter in five years in which we have achieved growth in total outpatient visits. These are both gratifying
results and represent an important measure of our progress. However, growth in commercial admissions lagged,
and we absorbed an increase in bad debt expense. While a softening economy may have constrained the robust
momentum evident earlier in the year, we are confident we are on the right track, and we remain committed to our
growth strategies.”
“Our volume picture continues to benefit from the accelerating net growth in our active medical staffs
which grew by 426 physicians, or 3.3 percent, in the third quarter,” said Stephen L. Newman, M.D., chief
operating officer. “By the end of September we had already added 900 physicians net of attrition putting us well
within reach of our goal of achieving net expansion of our active medical staff by 1,000 physicians in 2008. We
are very excited about the longer term potential these new physicians can be expected to have on our ability to
drive targeted growth in government and commercial volumes.”
“Our operating results softened due to pressures from higher than expected bad debt and an adverse mix
shift,” said Biggs C. Porter, chief financial officer. “Pricing continues to be a source of strength. Commercial
revenues grew by 5.6 percent despite a 3.4 percent decline in commercial admissions. Our earnings were
restrained by the need to absorb an incremental $4 million in expenses related to Hurricane Ike and an adverse
swing of $11 million in cost report adjustments as compared to last year’s third quarter. We also experienced a
significant $32 million increase in same-hospital supply costs although this increase was partially offset by
incremental revenues directly linked to the rising cost of supplies. Reflecting the impact of these items which
constrained adjusted EBITDA through September 30 to $533 million and the recent weakness in the
macroeconomic environment, we are revising our outlook for 2008 net income to breakeven to $75 million and
our outlook for adjusted EBITDA to a range of $700 to 750 million.”
Continuing Operations
Income from continuing operations for the third quarter of 2008 was $114 million, or $0.24 per share,
including the following items with an aggregate, net favorable impact of $160 million pre-tax, $146 million after-
tax or $0.30 per share:
1. Net gains on sales of investments of $140 million pre-tax, $88 million after-tax before the deferred tax
valuation allowance, or $0.18 per share,
2. Hurricane-related costs of $4 million pre-tax, $3 million after-tax before the deferred tax valuation
allowance, or $0.01 per share,
3. Favorable net cost report and related valuation allowance adjustments of $10 million pre-tax, $6 million
after-tax before the deferred tax valuation allowance, or $0.01 per share,
4. Impairment of long-lived assets and restructuring charges of $1 million pre-tax, $1 million after-tax
before the deferred tax valuation allowance, or zero cents per share,
5. Litigation and investigation benefit of $5 million pre-tax, $3 million after-tax before the deferred tax
valuation allowance, or $0.01 per share,
6. Insurance recoveries included in investment earnings of $10 million pre-tax, $6 million after-tax before
the deferred tax valuation allowance, or $0.01 per share, related to the December 2004 litigation
settlement involving our former Redding Medical Center, and
-2-
3. 7. Favorable income tax adjustments of $47 million, or $0.10 per share, primarily related to a decrease in
the Company’s valuation allowance for deferred tax assets and a reduction of estimated liabilities for
uncertain tax positions.
Stock-based compensation expense, included in salaries, wages and benefits, was $7 million pre-tax, $4
million after-tax before deferred tax valuation allowance, or $0.01 per share, in the third quarter of 2008
compared to $9 million pre-tax, $6 million after-tax, or $0.01 per share in the third quarter of 2007.
Adjusted EBITDA
Adjusted EBITDA, a non-GAAP term defined below, was $156 million, or a margin of 7.2 percent of net
operating revenues, in the third quarter of 2008. This represents a decrease of $8 million, or 4.9 percent, from
adjusted EBITDA of $164 million in the third quarter of 2007, and a margin decline of 80 basis points as
compared to an adjusted EBITDA margin of 8.0 percent in the third quarter of 2007. Adjusted EBITDA was $533
million for the first nine months of 2008 as compared to $501 million for the first nine months of 2007, an
increase of $32 million, or 6.4 percent.
Same-hospital adjusted EBITDA was $160 million in the third quarter of 2008, a decrease of $4 million,
or 2.4 percent, from $164 million in the third quarter of 2007. Same-hospital adjusted EBITDA margin decreased
by 60 basis points to 7.5 percent in the third quarter of 2008 as compared to the same-hospital adjusted EBITDA
margin of 8.1 percent in the third quarter of 2007. For the first nine months of 2008, same-hospital adjusted
EBITDA was $551 million, an increase of $50 million, or 10.0 percent, as compared to $501 million for the first
nine months of 2007.
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 tax (expense) benefit; (4) net gain (loss) on sales of investments; (5) minority interests; (6)
investment earnings; (7) interest expense; (8) litigation and investigation (costs) benefit; (9) hurricane insurance
recoveries, net of costs; (10) impairment of long-lived assets and goodwill and restructuring charges, net of
insurance recoveries; (11) amortization; and (12) depreciation. A reconciliation of net income (loss) to adjusted
EBITDA is provided in Table #1 at the end of this release.
Same-Hospital Data
At September 30, 2008, there were 50 hospitals in total-hospital continuing operations, a net decline of
two hospitals from the 52 hospitals reported in total-hospital continuing operations at June 30, 2008. This
reduction reflects the reclassification of Irvine Regional Hospital and Medical Center and Community Hospital of
Los Gatos into discontinued operations.
Same-hospital continuing operations data excludes two hospitals: (1) Coastal Carolina Medical Center,
which we acquired on June 30, 2007; and (2) Sierra Providence East Medical Center, which opened on May 21,
2008. Same-hospital continuing operations data is the primary form of tabular data presentation in the narrative
sections of this document. There are currently 48 hospitals in same-hospital continuing operations. The Company
intends to add Coastal Carolina Medical Center to same-hospital continuing operations beginning on January 1,
2009.
Total-hospital data, including 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.
-3-
4. Admissions, Patient Days and Surgeries
Same-Hospital
Admissions, Patient Days and
Continuing Operations
Surgeries
Q3’08 Q3’07 Change (%)
Commercial Managed Care Admissions 34,984 36,222 (3.4)
Governmental Managed Care Admissions 27,485 24,218 13.5
Medicare Admissions 38,254 38,729 (1.2)
Medicaid Admissions 16,785 16,203 3.6
Uninsured Admissions 6,297 6,005 4.9
Charity Care Admissions 2,164 2,660 (18.6)
Other Admissions 3,607 3,336 8.1
Total Admissions 129,576 127,373 1.7
Admissions excluding Charity + Uninsured 121,115 118,708 2.0
Charity Admissions + Uninsured Admissions 8,461 8,665 (2.4)
Admissions through Emergency Department 71,218 68,890 3.4
(1.4) (a)
Commercial Managed Care Admits / Total Admits (%) 27.0 28.4
0.9 (a)
Emergency Department Admissions / Total Admits (%) 55.0 54.1
0.2 (a)
Uninsured Admissions / Total Admissions (%) 4.9 4.7
Charity Admissions / Total Admissions (%) 1.7 2.1 (0.4) (a)
Surgeries – Inpatient 39,507 38,505 2.6
Surgeries – Outpatient 51,364 51,344 -
Surgeries – Total 90,871 89,849 1.1
Patient Days – Total 631,142 631,343 -
Adjusted Patient Days (b) 921,684 905,645 1.8
Patient Days – Commercial Managed Care 137,723 147,724 (6.8)
(0.1) (a)
Average Length of Stay (days) 4.9 5.0
Adjusted Patient Admissions (b) 190,569 184,108 3.5
(a) This change is the difference between the Q3’08 and Q3’07 amounts shown.
(b) “Adjusted Patient Days / Admissions” represent 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.
Our California, Florida and Central Regions all achieved admissions growth of 2.3 percent or better. This
strong growth was partially offset by an admissions decline of 2.4 percent in our Southern States Region.
A reduced number of commercial managed care obstetrics admissions accounted for approximately half
of the third quarter admissions decline in commercial managed care. Obstetrics is not typically a service line the
Company emphasizes within its Targeted Growth Initiative (“TGI”).
-4-
5. Outpatient Visits
Same-Hospital
Continuing Operations
Outpatient Visits
Q3’08 Q3’07 Change (%)
Total OP Visits 943,410 933,313 1.1
Uninsured OP Visits 98,157 104,784 (6.3)
(0.8) (a)
Uninsured OP Visits / Total OP Visits (%) 10.4 11.2
Charity Care OP Visits 5,333 7,345 (27.4)
(0.2) (a)
Charity Care OP Visits / Total OP Visits (%) 0.6 0.8
Uninsured + Charity OP visits 103,490 112,129 (7.7)
OP Visits excluding Charity and Uninsured 839,920 821,184 2.3
OP Surgery Visits 51,364 51,344 -
Commercial Managed Care OP Visits 353,039 355,210 (0.6)
(0.7) (a)
Commercial OP Visits / Total Visits (%) 37.4 38.1
(a) This change is the difference between the Q3’08 and Q3’07 amounts shown.
Paying outpatient visits (excludes uninsured and charity outpatient visits) increased by 2.3 percent in the
third quarter of 2008 as compared to the third quarter of 2007. Our growth in outpatient visits continues to be
adversely impacted by increasing competition from physician-owned entities providing outpatient services.
Outpatient visits at our freestanding ambulatory surgery centers were unchanged from the third quarter of
2007. A key factor contributing to the decline in charity visits is the recent expansion of a county government
clinic near one of our hospitals.
Revenues
Same-Hospital
Revenues Continuing Operations
($ in millions)
Q3’08 Q3’07 Change (%)
Net Operating Revenues 2,138 2,032 5.2
Net Patient Revenues from Commercial Managed Care 853 808 5.6
Uninsured Revenues 152 159 (4.4)
Charity Care Gross Charges (a) 146 161 (9.3)
Provision for Doubtful Accounts (“Bad Debt”) 163 154 5.8
Uncompensated Care (b) 309 315 (1.9)
(0.9) (c)
Uncompensated Care / (Net Operating Revenues plus Charity 13.5 14.4
(b)
Care Gross Charges) (%)
(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 Q3’08 and Q3’07 amounts shown.
Net operating revenues increased by $106 million, or 5.2 percent, from the third quarter of 2007 to the
third quarter of 2008. Excluding $10 million of favorable prior year cost report and valuation allowance
adjustments from net operating revenues for the third quarter of 2008 and $21 million of favorable prior year cost
report adjustments in the third quarter of 2007, net operating revenues increased by $117 million, or 5.8 percent.
Uninsured revenues declined by 4.4 percent despite the growth in uninsured admissions of 4.9 percent.
This was partially due to the 6.3 percent decline in uninsured outpatient visits as well as a decline in certain types
of uninsured surgery procedures, which contributed to a decline in the average revenue per uninsured admission.
-5-
6. Pricing
Same-Hospital
Pricing
Continuing Operations
($)
Q3’08 Q3’07 Change (%)
Net Inpatient Revenue per Admission 10,851 10,685 1.6
Net Inpatient Revenue per Patient Day 2,228 2,156 3.3
Net Outpatient Revenue per Visit 692 643 7.6
Net Patient Revenue per Adjusted Patient Admission 10,804 10,651 1.4
Net Patient Revenue per Adjusted Patient Day 2,234 2,165 3.2
Managed Care: Net Inpatient Revenue per Admission 11,422 10,849 5.3
Managed Care: Net Outpatient Revenue per Visit 811 761 6.6
While pricing improvement was evident across all key metrics, primarily reflecting the improved terms of
our commercial managed care contracts, the increases were restrained by an adverse mix shift reflecting the loss
of commercial volumes and an $11 million decline in the amount of favorable cost report and valuation allowance
adjustments in the third quarter of 2008 compared to the third quarter of 2007. Outpatient pricing outpaced the
growth in inpatient pricing due to an improving mix of procedures performed in our outpatient facilities. Recent
acquisitions of free-standing outpatient facilities have enhanced our outpatient mix by contributing to the growth
in the number of outpatient surgeries and the clinical intensity of these procedures.
Controllable Operating Expenses
Same-Hospital
Continuing Operations
Controllable Operating Expenses
Q3’08 Q3’07 Change (%)
Salaries, Wages & Benefits ($mm) 942 903 4.3
Supplies ($mm) 378 346 9.2
Other Operating Expenses ($mm) 495 465 6.5
Total Controllable Operating Expenses ($mm) 1,815 1,714 5.9
Rent / Lease Expense (a) ($mm) 35 33 6.1
Unit Cost Statistics
Salaries, Wages & Benefits per Adjusted Patient Day ($) 1,022 997 2.5
Supplies per Adjusted Patient Day ($) 410 382 7.3
Other Operating Expenses per Adjusted Patient Day ($) 537 513 4.7
Total Controllable Operating Expenses per Adjusted Patient Day ($) 1,969 1,892 4.1
(a)
Included in Other Operating Expenses
On a per adjusted patient day basis, salaries, wages and benefits increased 2.5 percent in the third quarter
of 2008 as compared to the third quarter of 2007. This increase is primarily due to merit increases for our
employees and increased annual incentive compensation costs, health benefits and retirement plans costs, partially
offset by declines in full-time employee headcount, contract labor expense, stock compensation expense, and
improved workers’ compensation loss experience. Contract labor expense, which is included in salaries, wages
and benefits, was $34 million in the third quarter of 2008, a decrease of $5 million, or 12.8 percent, as compared
to $39 million in the third quarter of 2007.
Supplies expense per adjusted patient day increased by 7.3 percent in the third quarter of 2008 as
compared to the third quarter of 2007. The increase in supplies expense is primarily due to the increased number
of surgeries as well as the higher costs for implants and pacemakers reflecting increased volumes, technology
improvements and inflationary price increases, and higher pharmaceutical costs due to a shift in the mix of
services at some of our hospitals. These increases were partially offset by lower cardiovascular costs, resulting
-6-
7. from a decline in cardiovascular procedures. A portion of the increase in supplies expanse is offset by revenue
growth related to pass-through payments we receive from certain payers.
“Other Operating Expenses” per adjusted patient day increased by 4.7 percent in the third quarter of 2008
as compared to the third quarter of 2007. The net increase is due to a number of items including:
♦ Higher physician fees, including emergency department on-call payments,
♦ Increases in utility and other energy costs,
♦ Higher repair costs, including expenses related to recent hurricanes, and
♦ Higher contracted services costs, partially offset by
♦ Lower consulting costs and malpractice expense.
The “Other Operating Expenses” line item includes malpractice expense, which was $31 million in the
third quarter of 2008, a decline of $7 million, or 18.4 percent, compared to $38 million in the third quarter of
2007. This decrease is primarily attributable to improved claims experience, partially offset by $4 million of
incremental expense related to the lower interest rate environment, which increased the discounted present value
of projected future liabilities.
Provision for Doubtful Accounts
Same-Hospital
Continuing Operations
Bad Debt
Q3’08 Q3’07 Change (%)
Provision for Doubtful Accounts (“Bad Debt”) ($mm) 163 154 5.8
- (a)
Bad Debt / Net Operating Revenues (%) 7.6 7.6
(0.4) (a)
Collection Rate from Self-Pay (%) 35.4 35.8
0.2 (a)
Collection Rate from Managed Care Payers (%) 97.9 97.7
(a) This change is the difference between the Q3’08 and Q3’07 amounts shown.
The bad debt ratio was flat at 7.6 percent relative to the third quarter of 2007. Improved point of service
collections and improved insurance balances by aging category are partially mitigating the negative impact on bad
debt resulting from the growth in self-pay accounts assigned to collection agencies, a slight decline in self-pay
collection trends since the first half of 2008, pricing increases and improved charge capture in our emergency
departments.
Accounts Receivable
Consolidated accounts receivable were $1.356 billion at September 30, 2008 and $1.450 billion at
June 30, 2008. Accounts receivable days outstanding from continuing operations were 51 days at
September 30, 2008, compared to 53 days at June 30, 2008.
Cash Flow
Cash and cash equivalents were $512 million at September 30, 2008, an increase of $160 million from
$352 million at June 30, 2008. Adjusted Free Cash Flow, defined below, was positive $30 million in the third
quarter of 2008 compared to negative $87 million in the third quarter of 2007.
“Adjusted Free Cash Flow”, a non-GAAP term, is defined by the Company as cash flow provided by
(used in) operating activities less (1) capital expenditures in continuing operations, (2) new and replacement
hospital construction expenditures, (3) income tax refunds (payments), net (4) net cash provided by operating
activities from discontinued operations, and (5) payments against reserves for restructuring charges, litigation
-7-
8. costs and settlements. The reconciliation of net cash provided by 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 third quarter of 2008 included:
1. $144 million in proceeds classified as investing activities from the sale of the Company’s investment in
Broadlane,
2. $46 million of insurance recoveries related to our December 2004 Redding Medical Center litigation
settlement; based on the components of the recovery, $30 million was classified as discontinued
operations cash flows from operations, and $16 million was classified as continuing operations cash flows
from operations,
3. $25 million of proceeds classified as investing activities from the sale of our interest in a joint venture
with a real estate investment trust,
4. $71 million of proceeds classified as investing activities from the sale of facilities and other assets related
to discontinued operations, excluding the simultaneous purchase and sale of the Tarzana campus of
Encino-Tarzana Regional Medical Center,
5. $8 million of proceeds classified as investing activities from the Company’s investment in hospital
authority bonds related to previously divested hospitals in the Dallas, Texas area,
6. $114 million in capital expenditures, consisting of $109 million in continuing operations and $5 million
in discontinued operations,
7. $126 million in interest payments,
8. $22 million in principal payments (excluding interest of $3 million) classified as operating cash outflows
related to the Company’s 2006 civil settlement with the federal government, and
9. $9 million of lease termination payments classified as a discontinued operations cash outflow from
operations associated with the divestiture of the Tarzana campus.
Net cash provided by operating activities was $151 million in the third quarter of 2008 as compared to
$83 million in the third quarter of 2007, an increase of $68 million. Key factors contributing to the increase in
cash provided by operating activities in the third quarter of 2008 compared to the third quarter of 2007 include the
following:
(1) $75 million of additional cash flows related to enhanced management of accounts receivable,
(2) $46 million of insurance recoveries related to our December 2004 Redding Medical Center litigation
settlement as discussed above,
(3) $25 million of payments in the third quarter of 2008 related to our 2006 civil settlement with the
federal government as discussed above (no payments related to this settlement were required in the
third quarter of 2007), and
(4) $9 million of lease termination payments associated with the divestiture of the Tarzana campus as
discussed above.
Outlook for 2008 and 2009
In light of the Company’s nine months adjusted EBITDA of $533 million and a weakening
macroeconomic environment, the Company’s outlook for 2008 net income has been revised to breakeven to $75
million and the outlook for adjusted EBITDA has been revised to a range of $700 million to $750 million. The
Company intends to provide its 2009 outlook when its fourth quarter results are released in February 2009.
A reconciliation of the Company’s outlook for 2008 adjusted EBITDA to net income for the year ending
December 31, 2008 is provided in Table #3; and a reconciliation of revised outlook for 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.
-8-
9. Management’s Webcast Discussion of Third Quarter Results
Tenet management will discuss third quarter 2008 results on a webcast scheduled to begin at 10:00 AM
(ET) on November 4, 2008. This webcast may be accessed through Tenet website at www.tenethealth.com. A set
of slides will be posted to the Company’s website at approximately 7:30 AM (ET), which may be referred to
during management’s remarks.
Tenet Healthcare Corporation, through its subsidiaries, owns and operates acute care hospitals and related
ancillary health care businesses, which include ambulatory surgery centers and diagnostic imaging centers. Tenet
is committed to providing high quality care to patients in the communities we serve. Tenet can be found on the
World Wide Web at www.tenethealth.com.
###
Some of the statements in this release may constitute forward-looking statements. Such 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.
-9-
10. TENET HEALTHCARE CORPORATION
CONSOLIDATED OPERATIONS DATA
(Unaudited)
Three Months Ended September 30,
(Dollars in millions except per share amounts)
2008 % 2007 % Change
Net operating revenues $ 2,158 100.0% $ 2,041 100.0% 5.7%
Operating expenses:
Salaries, wages and benefits (952) (44.1%) (906) (44.4%) 5.1%
Supplies (380) (17.6%) (347) (17.0%) 9.5%
Provision for doubtful accounts (166) (7.7%) (155) (7.6%) 7.1%
Other operating expenses, net (504) (23.4%) (469) (23.1%) 7.5%
Depreciation (84) (3.9%) (77) (3.8%) 9.1%
Amortization (10) (0.4%) (7) (0.3%) 28.6%
Impairment of long-lived assets and goodwill, and restructuring
(1) — (13) (0.6%)
charges
5 0.2% (3) (0.1%)
Litigation and investigation (costs) benefit
Operating income 66 3.1% 64 3.1%
Interest expense (106) (105)
Investment earnings 12 10
Minority interests (2) —
140 —
Net gain on sales of investments
Income (loss) from continuing operations, before income taxes 110 (31)
4 (10)
Income tax (expense) benefit
Income (loss) from continuing operations, before discontinued
114 (41)
operations
Discontinued operations:
Loss from operations (29) (5)
Impairment of long-lived assets and goodwill, and restructuring
(21) (6)
charges
Net loss on sales of facilities (3) (5)
Litigation settlements, net of insurance recoveries 39 —
4 (2)
Income tax (expense) benefit
(10) (18)
Loss from discontinued operations, net of tax
Net income (loss) $ 104 $ (59)
Earnings (loss) per share
Basic and diluted
$ 0.24
Continuing operations $ (0.08)
(0.02) (0.04)
Discontinued operations
$ 0.22 $ (0.12)
Weighted average shares and dilutive securities
outstanding (in thousands): 480,789 473,984
- 10 -
11. TENET HEALTHCARE CORPORATION
CONSOLIDATED OPERATIONS DATA
(Unaudited)
Nine Months Ended September 30,
(Dollars in millions except per share amounts)
2008 % 2007 % Change
Net operating revenues $ 6,468 100.0% $ 6,090 100.0% 6.2%
Operating expenses:
Salaries, wages and benefits (2,849) (44.0%) (2,709) (44.5%) 5.2%
Supplies (1,140) (17.6%) (1,053) (17.3%) 8.3%
Provision for doubtful accounts (466) (7.2%) (427) (7.0%) 9.1%
Other operating expenses, net (1,480) (22.9%) (1,400) (23.0%) 5.7%
Depreciation (250) (3.9%) (230) (3.7%) 8.7%
Amortization (27) (0.4%) (23) (0.4%) 17.4%
Impairment of long-lived assets and goodwill, and restructuring
(4) (0.1%) (24) (0.4%)
charges
(45) (0.7%) (1) —%
Litigation and investigation costs
Operating income 207 3.2% 223 3.7%
Interest expense (312) (315)
Investment earnings 21 36
Minority interests (3) (2)
140 —
Net gain on sales of investments
Income (loss) from continuing operations, before income taxes 53 (58)
19 83
Income tax benefit
Income from continuing operations, before discontinued
72 25
operations
Discontinued operations:
Loss from operations (19) (29)
Impairment of long-lived assets and goodwill, and restructuring
(38) (18)
charges
Net gain (loss) on sales of facilities 5 (4)
Litigation settlements, net of insurance recoveries 39 —
(1) 12
Income tax (expense) benefit
(14) (39)
Loss from discontinued operations, net of tax
Net income (loss) $ 58 $ (14)
Earnings (loss) per share
Basic and diluted
$ 0.15
Continuing operations $ 0.05
(0.03) (0.08)
Discontinued operations
$ 0.12 $ (0.03)
Weighted average shares and dilutive securities
478,662 474,506
outstanding (in thousands):
- 11 -
12. TENET HEALTHCARE CORPORATION
BALANCE SHEET DATA
(Unaudited)
September 30, December 31,
2008 2007
(Dollars in millions)
ASSETS
Current assets:
Cash and cash equivalents $ 512 $ 572
Investments in Reserve Yield Plus Fund 48 —
Investments in marketable debt securities — 20
Accounts receivable, less allowance for doubtful accounts 1,356 1,385
Inventories of supplies, at cost 165 183
Income tax receivable 20 7
Deferred income taxes 91 87
Assets held for sale 362 51
282 255
Other current assets
Total current assets 2,836 2,560
Investments and other assets 282 288
Property and equipment, at cost, less accumulated depreciation and
amortization 4,239 4,645
Goodwill 609 607
328 293
Other intangible assets, at cost, less accumulated amortization
$ 8,294 $ 8,393
Total assets
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt $ 2 $ 1
Accounts payable 632 780
Accrued compensation and benefits 391 393
Professional and general liability reserves 150 161
Accrued interest payable 97 126
Accrued legal settlement costs 167 119
536 468
Other current liabilities
Total current liabilities 1,975 2,048
Long-term debt, net of current portion 4,777 4,771
Professional and general liability reserves 548 555
Accrued legal settlement costs 95 163
Other long-term liabilities and minority interests 649 683
114 119
Deferred income taxes
Total liabilities 8,158 8,339
Commitments and contingencies
Shareholders’ equity:
Common stock 26 26
Additional paid-in capital 4,437 4,412
Accumulated other comprehensive loss (29) (28)
Accumulated deficit (2,819) (2,877)
(1,479) (1,479)
Less common stock in treasury, at cost
136 54
Total shareholders’ equity
$ 8,294 $ 8,393
Total liabilities and shareholders’ equity
- 12 -
13. TENET HEALTHCARE CORPORATION
CASH FLOW DATA
(Unaudited)
Nine Months Ended
September 30,
(Dollars in millions)
2008 2007
Net income (loss) $ 58 $ (14)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization 277 253
Provision for doubtful accounts 466 427
Net gain on sales of investments (140) —
Deferred income tax expense (benefit) 11 (2)
Stock-based compensation expense 27 31
Impairment of long-lived assets and goodwill, and restructuring charges 4 24
Litigation and investigation costs 45 1
Pre-tax loss from discontinued operations 13 51
Other items, net 2 (11)
Changes in cash from changes in operating assets and liabilities:
Accounts receivable (481) (486)
Inventories and other current assets 4 (7)
Income taxes (32) 74
Accounts payable, accrued expenses and other current liabilities (44) (160)
Other long-term liabilities (26) 23
Payments against reserves for restructuring charges and litigation costs and settlements (79) (39)
36 49
Net cash provided by operating activities from discontinued operations, excluding income taxes
Net cash provided by operating activities 141 214
Cash flows from investing activities:
Purchases of property and equipment:
Continuing operations (332) (363)
Discontinued operations (16) (34)
Construction of new and replacement hospitals (65) (44)
Purchase of business or joint venture interest (92) (36)
Proceeds from sales of facilities and other assets – discontinued operations 160 84
Proceeds from sales of marketable securities, long-term investments and other assets 192 652
Purchases of marketable securities (17) (644)
Reclassification of cash equivalents into Reserve Yield Plus Fund (48) —
Proceeds from hospital authority bonds 8 31
Proceeds from cash surrender value of insurance policies 4 32
3 (1)
Other items, net
Net cash used in investing activities (203) (323)
Cash flows from financing activities:
Repayments of borrowings (1) (21)
3 1
Other items, net
2 (20)
Net cash provided by (used in) financing activities
Net decrease in cash and cash equivalents (60) (129)
572 784
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period $ 512 $ 655
Supplemental disclosures:
Interest paid, net of capitalized interest $ (321) $ (314)
Income tax (payments) refunds, net $ (3) $ 168
- 13 -
14. TENET HEALTHCARE CORPORATION
SELECTED STATISTICS – CONTINUING SAME HOSPITALS
(Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
(Dollars in millions except per patient day,
per admission and per visit amounts) 2008 2007 Change 2008 2007 Change
Net inpatient revenues $ 1,406 $ 1,361 3.3% $ 4,283 $ 4,092 4.7%
Net outpatient revenues $ 653 $ 600 8.8% $ 1,926 $ 1,773 8.6%
Number of general hospitals (at end of period) 48 48 — * 48 48 — *
Licensed beds (at end of period) 13,380 13,424 (0.3%) 13,380 13,424 (0.3%)
Average licensed beds 13,385 13,424 (0.3%) 13,400 13,423 (0.2%)
Utilization of licensed beds 51.3% 51.1% 0.2% * 53.7% 53.4% 0.3% *
Patient days 631,142 631,343 — 1,973,475 1,955,887 0.9%
Adjusted patient days 921,684 905,645 1.8% 2,834,581 2,778,311 2.0%
Net inpatient revenue per patient day $ 2,228 $ 2,156 3.3% $ 2,170 $ 2,092 3.7%
Admissions 129,576 127,373 1.7% 396,764 390,414 1.6%
Adjusted patient admissions 190,569 184,108 3.5% 573,955 558,328 2.8%
Net inpatient revenue per admission $ 10,851 $ 10,685 1.6% $ 10,795 $ 10,481 3.0%
Average length of stay (days) 4.9 5.0 (0.1) * 5.0 5.0 — *
Surgeries 90,871 89,849 1.1% 270,099 267,604 0.9%
Net outpatient revenue per visit $ 692 $ 643 7.6% $ 677 $ 624 8.5%
Outpatient visits 943,410 933,313 1.1% 2,843,709 2,843,382 —
Sources of net patient revenue
Medicare 25.0% 25.3% (0.3%) * 25.4% 26.0% (0.6%) *
Medicaid 8.6% 9.5% (0.9%) * 8.5% 8.8% (0.3%) *
Managed care governmental 13.4% 11.4% 2.0% * 13.3% 11.8% 1.5% *
Managed care commercial 41.5% 41.2% 0.3% * 41.1% 41.1% — *
Indemnity, self-pay and other 11.5% 12.6% (1.1%) * 11.7% 12.3% (0.6%) *
* This change is the difference between the 2008 and 2007 amounts shown
- 14 -
15. TENET HEALTHCARE CORPORATION
SELECTED STATISTICS – CONTINUING TOTAL HOSPITALS
(Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
(Dollars in millions except per patient day,
per admission and per visit amounts) 2008 2007 Change 2008 2007 Change
Net inpatient revenues $ 1,414 $ 1,364 3.7% $ 4,297 $ 4,095 4.9%
Net outpatient revenues $ 664 $ 604 9.9% $ 1,945 $ 1,777 9.5%
Number of general hospitals (at end of period) 50 49 1 * 50 49 1 *
Licensed beds (at end of period) 13,531 13,465 0.5% 13,531 13,465 0.5%
Average licensed beds 13,536 13,465 0.5% 13,502 13,441 0.5%
Utilization of licensed beds 51.0% 51.1% (0.1%) * 53.5% 53.4% 0.1% *
Patient days 634,755 633,232 0.2% 1,980,633 1,957,776 1.2%
Adjusted patient days 930,381 910,737 2.2% 2,853,234 2,783,403 2.5%
Net inpatient revenue per patient day $ 2,228 $ 2,154 3.4% $ 2,170 $ 2,092 3.7%
Admissions 130,545 127,767 2.2% 398,610 390,808 2.0%
Adjusted patient admissions 192,799 185,170 4.1% 578,597 559,390 3.4%
Net inpatient revenue per admission $ 10,832 $ 10,676 1.5% $ 10,780 $ 10,478 2.9%
Average length of stay (days) 4.9 5.0 (0.1%) * 5.0 5.0 — *
Surgeries 91,407 90,327 1.2% 271,193 268,082 1.2%
Net outpatient revenue per visit $ 692 $ 639 8.3% $ 675 $ 623 8.3%
Outpatient visits 959,222 943,706 1.6% 2,881,757 2,853,775 1.0%
Sources of net patient revenue
Medicare 25.0% 25.3% (0.3%) * 25.4% 26.0% (0.6%) *
Medicaid 8.6% 9.5% (0.9%) * 8.5% 8.8% (0.3%) *
Managed care governmental 13.3% 11.4% 1.9% * 13.3% 11.8% 1.5% *
Managed care commercial 41.5% 41.2% 0.3% * 41.1% 41.0% 0.1% *
Indemnity, self-pay and other 11.6% 12.6% (1.0%) * 11.7% 12.4% (0.7%) *
* This change is the difference between the 2008 and 2007 amounts shown
- 15 -
16. TENET HEALTHCARE CORPORATION
CONSOLIDATED OPERATIONS DATA
Fiscal 2008 by Calendar Quarter
(Unaudited)
Nine
Months
(Dollars in millions except per share amounts) Three Months Ended Ended
3/31/08 6/30/08 9/30/08 9/30/08
12/31/08
Net operating revenues $ 2,178 $ 2,132 $ 2,158 $ 6,468
Operating expenses:
Salaries, wages and benefits (954) (943) (952) (2,849)
Supplies (379) (381) (380) (1,140)
Provision for doubtful accounts (147) (153) (166) (466)
Other operating expenses, net (483) (493) (504) (1,480)
Depreciation (82) (84) (84) (250)
Amortization (8) (9) (10) (27)
Impairment of long-lived assets and goodwill, and restructuring
charges (1) (2) (1) (4)
(47) (3) 5 (45)
Litigation and investigation (costs) benefit
Operating income 77 64 66 207
Interest expense (104) (102) (106) (312)
Investment earnings 5 4 12 21
Minority interests (1) — (2) (3)
— — 140 140
Net gain on sales of investments
Income (loss) from continuing operations, before
income taxes (23) (34) 110 53
(1) 16 4 19
Income tax (expense) benefit
Income (loss) from continuing operations, before
(24) (18) 114 72
discontinued operations
Discontinued operations:
Income (loss) from operations 5 5 (29) (19)
Impairment of long-lived assets and goodwill, and restructuring
(10) (7) (21) (38)
charges
Net gain (loss) on sales of facilities — 8 (3) 5
Litigation settlements, net of insurance recoveries — — 39 39
(2) (3) 4 (1)
Income tax (expense) benefit
(7) 3 (10) (14)
Income (loss) from discontinued operations, net of tax
Net income (loss) $ (31) $ (15) 104 58
Earnings (loss) per share
Basic and diluted
Continuing operations $ (0.05) $ (0.04) $ 0.24 $ 0.15
(0.01) 0.01 (0.02) (0.03)
Discontinued operations
$ (0.06) $ (0.03) $ 0.22 $ 0.12
Weighted average shares and dilutive securities
outstanding (in thousands): 475,066 476,308 480,789 478,662
- 16 -
17. TENET HEALTHCARE CORPORATION
SELECTED STATISTICS – CONTINUING SAME HOSPITALS
Fiscal 2008 by Calendar Quarter
(Unaudited)
Nine
Months
Three Months Ended Ended
(Dollars in millions except per patient day,
per admission and per visit amounts) 3/31/08 6/30/08 9/30/08 9/30/08
Net inpatient revenues $ 1,476 $ 1,401 $ 1,406 $ 4,283
Net outpatient revenues $ 624 $ 649 $ 653 $ 1,926
Number of general hospitals (at end of period) 48 48 48 48
Licensed beds (at end of period) 13,397 13,394 13,380 13,380
Average licensed beds 13,416 13,396 13,385 13,400
Utilization of licensed beds 57.0% 53.0% 51.3% 53.7%
Patient days 695,812 646,521 631,142 1,973,475
Adjusted patient days 978,880 934,017 921,684 2,834,581
Net inpatient revenue per patient day $ 2,121 $ 2,167 $ 2,228 $ 2,170
Admissions 136,765 130,423 129,576 396,764
190,569 573,955
Adjusted patient admissions 193,599 189,787
Net inpatient revenue per admission $ 10,792 $ 10,742 $ 10,851 $ 10,795
Average length of stay (days) 5.1 5.0 4.9 5.0
Surgeries 87,774 91,454 90,871 270,099
Net outpatient revenue per visit $ 653 $ 687 $ 692 $ 677
Outpatient visits 955,386 944,913 943,410 2,843,709
Sources of net patient revenue
Medicare 26.2% 25.0% 25.0% 25.4%
Medicaid 8.5% 8.4% 8.6% 8.5%
13.4% 13.3%
Managed care governmental 13.4% 13.2%
41.5% 41.1%
Managed care commercial 40.1% 41.9%
Indemnity, self-pay and other 11.8% 11.5% 11.5% 11.7%
- 17 -
18. TENET HEALTHCARE CORPORATION
SELECTED STATISTICS – CONTINUING TOTAL HOSPITALS
Fiscal 2008 by Calendar Quarter
(Unaudited)
Nine
Months
Three Months Ended Ended
(Dollars in millions except per patient day,
per admission and per visit amounts) 3/31/08 6/30/08 9/30/08 9/30/08
Net inpatient revenues $ 1,478 $ 1,405 $ 1,414 $ 4,297
Net outpatient revenues $ 627 $ 654 $ 664 $ 1,945
Number of general hospitals (at end of period) 49 50 50 50
Licensed beds (at end of period) 13,438 13,545 13,531 13,531
Average licensed beds 13,457 13,510 13,536 13,502
Utilization of licensed beds 56.9% 52.8% 51.0% 53.5%
Patient days 697,274 648,604 634,755 1,980,633
Adjusted patient days 983,127 939,726 930,381 2,853,234
Net inpatient revenue per patient day $ 2,120 $ 2,166 $ 2,228 $ 2,170
Admissions 136,765 130,423 130,545 398,610
192,799 578,597
Adjusted patient admissions 194,592 191,205
Net inpatient revenue per admission $ 10,807 $ 10,773 $ 10,832 $ 10,780
Average length of stay (days) 5.1 5.0 4.9 5.0
Surgeries 88,015 91,771 91,407 271,193
Net outpatient revenue per visit $ 650 $ 683 $ 692 $ 675
Outpatient visits 965,200 957,335 959,222 2,881,757
Sources of net patient revenue
Medicare 26.2% 24.9% 25.0% 25.4%
Medicaid 8.5% 8.4% 8.6% 8.5%
13.3% 13.3%
Managed care governmental 13.4% 13.2%
41.5% 41.1%
Managed care commercial 40.1% 41.8%
Indemnity, self-pay and other 11.8% 11.7% 11.6% 11.7%
- 18 -
19. TENET HEALTHCARE CORPORATION
CONSOLIDATED OPERATIONS DATA
Fiscal 2007 by Calendar Quarter
(Unaudited)
Three Months Ended
(Dollars in millions except per share amounts) Year Ended
3/31/07 6/30/07 9/30/07 12/31/07 12/31/07
Net operating revenues $ 2,047 $ 2,002 $ 2,041 $ 2,077 $ 8,167
Operating expenses:
Salaries, wages and benefits (915) (888) (906) (946) (3,655)
Supplies (357) (349) (347) (365) (1,418)
Provision for doubtful accounts (133) (139) (155) (134) (561)
Other operating expenses, net (462) (469) (469) (476) (1,876)
Depreciation (76) (77) (77) (78) (308)
Amortization (7) (9) (7) (7) (30)
Impairment of long-lived assets and goodwill, and restructuring
charges (3) (8) (13) (25) (49)
Hurricane insurance recoveries, net of costs — — — 3 3
1 1 (3) (12) (13)
Litigation and investigation (costs) benefit
Operating income 95 64 64 37 260
Interest expense (105) (105) (105) (104) (419)
Investment earnings 11 15 10 11 47
(2) — — (2) (4)
Minority interests
Loss from continuing operations, before income taxes (1) (26) (31) (58) (116)
90 3 (10) (20) 63
Income tax (expense) benefit
Income (loss) from continuing operations, before
89 (23) (41) (78) (53)
discontinued operations
Discontinued operations:
Income (loss) from operations (19) (5) (5) 26 (3)
Impairment of long-lived assets and goodwill, and restructuring
(9) (3) (6) (22) (40)
charges
Net gain (loss) on sales of facilities (1) 2 (5) (4) (8)
15 (1) (2) 3 15
Income tax (expense) benefit
(14) (7) (18) 3 (36)
Income (loss) from discontinued operations, net of tax
$ 75 $ (30) $ (59) $ (75) $ (89)
Net income (loss)
Earnings (loss) per share
Basic and diluted
Continuing operations $ 0.19 $ (0.05) $ (0.08) $ (0.16) $ (0.11)
Discontinued operations (0.03) (0.01) (0.04) — (0.08)
$ 0.16 $ (0.06) $ (0.12) $ (0.16) $ (0.19)
Weighted average shares and dilutive securities
474,326 473,212 473,984 474,286 473,405
outstanding (in thousands):
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20. TENET HEALTHCARE CORPORATION
SELECTED STATISTICS – CONTINUING SAME HOSPITALS
Fiscal 2007 by Calendar Quarter
(Unaudited)
Three Months Ended Year Ended
(Dollars in millions except per patient day,
per admission and per visit amounts) 3/31/07 6/30/07 9/30/07 12/31/07 12/31/07
Net inpatient revenues $ 1,390 $ 1,341 $ 1,361 $ 1,393 $ 5,485
Net outpatient revenues $ 580 $ 593 $ 600 $ 603 $ 2,376
Number of general hospitals (at end of period) 48 48 48 48 48
Licensed beds (at end of period) 13,424 13,417 13,424 13,454 13,454
Average licensed beds 13,417 13,427 13,424 13,454 13,431
Utilization of licensed beds 56.9% 52.1% 51.1% 52.0% 53.0%
Patient days 687,564 636,980 631,343 643,533 2,599,420
Adjusted patient days 960,155 912,511 905,645 917,133 3,695,444
Net inpatient revenue per patient day $ 2,022 $ 2,105 $ 2,156 $ 2,165 $ 2,110
Admissions 135,481 127,560 127,373 130,614 521,028
184,108 187,588
Adjusted patient admissions 190,260 183,960 745,917
Net inpatient revenue per admission $ 10,260 $ 10,512 $ 10,685 $ 10,665 $ 10,527
Average length of stay (days) 5.1 5.0 5.0 4.9 5.0
Surgeries 88,963 88,792 89,849 89,060 356,664
Net outpatient revenue per visit $ 601 $ 627 $ 643 $ 646 $ 629
Outpatient visits 964,700 945,369 933,313 932,837 3,776,219
Sources of net patient revenue
Medicare 27.5% 25.2% 25.3% 25.5% 25.9%
Medicaid 7.3% 9.5% 9.5% 8.9% 8.8%
11.4% 12.9%
Managed care governmental 12.7% 11.3% 12.1%
41.2% 41.0%
Managed care commercial 40.8% 41.1% 41.0%
Indemnity, self-pay and other 11.7% 12.9% 12.6% 11.7% 12.2%
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21. TENET HEALTHCARE CORPORATION
SELECTED STATISTICS – CONTINUING TOTAL HOSPITALS
Fiscal 2007 by Calendar Quarter
(Unaudited)
Three Months Ended Year Ended
(Dollars in millions except per patient day,
per admission and per visit amounts) 3/31/07 6/30/07 9/30/07 12/31/07 12/31/07
Net inpatient revenues $ 1,390 $ 1,341 $ 1,364 $ 1,397 $ 5,492
Net outpatient revenues $ 580 $ 593 $ 604 $ 608 $ 2,385
Number of general hospitals (at end of period) 48 49 49 49 49
Licensed beds (at end of period) 13,424 13,458 13,465 13,487 13,495
Average licensed beds 13,417 13,441 13,465 13,492 13,455
Utilization of licensed beds 56.9% 52.1% 51.1% 52.0% 53.0%
Patient days 687,564 636,980 633,232 644,959 2,602,735
Adjusted patient days 960,155 912,511 910,737 921,434 3,704,837
Net inpatient revenue per patient day $ 2,022 $ 2,105 $ 2,154 $ 2,166 $ 2,110
Admissions 135,481 127,560 127,767 130,927 521,735
185,170 188,530
Adjusted patient admissions 190,260 183,960 747,920
Net inpatient revenue per admission $ 10,260 $ 10,513 $ 10,676 $ 10,670 $ 10,526
Average length of stay (days) 5.1 5.0 5.0 4.9 5.0
Surgeries 88,963 88,792 90,327 89,091 357,173
Net outpatient revenue per visit $ 601 $ 627 $ 639 $ 645 $ 628
Outpatient visits 964,700 945,369 943,706 942,849 3,796,624
Sources of net patient revenue
Medicare 27.5% 25.2% 25.3% 25.4% 25.9%
Medicaid 7.3% 9.5% 9.5% 8.7% 8.8%
11.4% 12.9%
Managed care governmental 12.7% 11.3% 12.1%
41.2% 41.3%
Managed care commercial 40.8% 41.1% 41.0%
Indemnity, self-pay and other 11.7% 12.9% 12.6% 11.7% 12.2%
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22. 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 changes in accounting principle, net of tax, (2) income (loss) from
discontinued operations, net of tax, (3) income tax (expense) benefit, (4) net gain (loss) on sales of
investments, (5) minority interests, (6) investment earnings, (7) interest expense, (8) litigation and
investigation (costs) benefit, (9) hurricane insurance recoveries, net of costs, (10) impairment of long-
lived assets and goodwill, and restructuring charges, net of insurance recoveries, (11) amortization, and
(12) depreciation. 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 nine months ended September 30, 2008 and 2007.
(2) Adjusted Free Cash Flow
Adjusted Free Cash Flow, a non-GAAP term, is defined by the Company as cash flow provided
by (used in) operating activities less capital expenditures in continuing operations, new and
replacement hospital construction expenditures, income tax refunds (payments) -- net, payments
against reserves for restructuring charges and litigation costs and settlements, and net cash provided by
operating activities from discontinued operations. 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 nine months ended September 30, 2008
and 2007.
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23. TENET HEALTHCARE CORPORATION
Additional Supplemental Non-GAAP Disclosures
Table #1 - Reconciliation of Adjusted EBITDA
(Unaudited)
Three Months Nine Months
Ended Ended
September 30, September 30,
2008 2007 2008 2007
(Dollars in millions)
Net income (loss) $ 104 $ (59) $ 58 $ (14)
(10) (18) (14) (39)
Less: Loss from discontinued operations, net of tax
Income (loss) from continuing operations 114 (41) 72 25
Income tax (expense) benefit 4 (10) 19 83
Net gain on sales of investments 140 — 140 —
Minority interests (2) — (3) (2)
Investment earnings 12 10 21 36
(106) (105) (312) (315)
Interest expense
Operating income 66 64 207 223
Litigation and investigation (costs) benefit 5 (3) (45) (1)
Impairment of long-lived assets and goodwill and restructuring charges (1) (13) (4) (24)
Amortization (10) (7) (27) (23)
(84) (77) (250) (230)
Depreciation
Adjusted EBITDA 156 164 533 501
(4) — (18) —
Less: Losses of hospitals without full calendar year of operating results
$ 160 $ 164 $ 551 $ 501
Same-hospital adjusted EBITDA
Net operating revenues $2,158 $2,041 $6,468 $6,090
20 9 33 9
Less: Revenues of hospitals without full calendar year of operating results
$2,138 $2,032 $6,435 $6,081
Same-hospital net operating revenues
Adjusted EBITDA as % of net operating revenues
(Adjusted EBITDA margin) 7.2% 8.0% 8.2% 8.2%
Adjusted same-hospital EBITDA as % of net operating revenues
(Adjusted same-hospital EBITDA margin) 7.5% 8.1% 8.6% 8.2%
Additional Supplemental Non-GAAP Disclosures
Table #2 - Reconciliation of Adjusted Free Cash Flow
(Unaudited)
Three Months Nine Months
(Dollars in millions)
Ended Ended
September 30, September 30,
2008 2007 2008 2007
Net cash provided by operating activities $ 151 $ 83 $ 141 $ 214
Less:
Income tax (payments) refunds, net — — (3) 168
Payments against reserves for restructuring charges and litigation costs and
(23) (11) (79) (39)
settlements
Net cash provided by operating activities from discontinued operations 35 15 36 49
Adjusted net cash provided by operating activities – continuing operations 139 79 187 36
Purchases of property and equipment – continuing operations (101) (150) (332) (363)
Construction of new and replacement hospitals (8) (16) (65) (44)
Adjusted Free Cash Flow $ 30 $ (87) $ (210) $ (371)
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24. TENET HEALTHCARE CORPORATION
Additional Supplemental Non-GAAP Disclosures
Table #3 - Reconciliation of Outlook Adjusted EBITDA to
Outlook Net Income for Year Ending December 31, 2008
(Unaudited)
Low High
(Dollars in millions)
Net income $ — $ 75
(25) —
Less: Loss from discontinued operations, net of tax
Income from continuing operations 25 75
14 14
Income tax benefit
Income from continuing operations, before income taxes 11 61
Net gain on sales of investments 140 140
(400) (400)
Interest expense, net
Operating income 271 321
Litigation and investigation costs (45) (45)
Impairment of long-lived assets and goodwill, and restructuring charges (4) (4)
(380) (380)
Depreciation and amortization
$ 700 $ 750
Adjusted EBITDA
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 $ 173 $ 278
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 (32) (2)
350 425
Adjusted net cash provided by operating activities – continuing operations
Purchases of property and equipment – continuing operations (478) (528)
Construction of new and replacement hospitals (82) (82)
Adjusted Free Cash Flow – continuing operations $ (210) $ (185)
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