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THC · Tenet Healthcare

50 filings

10-Q

THC 10-Q Quarterly Reports

Tenet Healthcare - 50 quarterly reports

Filing record · 2016–202610-K1110-Q338-K176

THC filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 176 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Jan ’18Jan ’18
  2. Material agreement8-K · Sep ’19Sep ’19
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Leadership change8-K · Nov ’25Nov ’25
  1. 2026-Q3

    Tenet Healthcare Quarterly Report for Q3 Ended Sep 30, 2026

    Tenet Healthcare Corporation reported a strong third quarter of 2026. Net operating revenues were $5.631 billion, up from $5.289 billion a year earlier, a 6.5% increase. The Hospital Operations segment grew 6.1%, driven by higher patient volumes and pricing strength, partly offset by a less favorable payer mix. Ambulatory Care revenues rose 7.5%. Operating income increased 96.9% to $1.750 billion, and net income available to Tenet common shareholders rose to $1.000 billion from $342 million. Diluted earnings per share were $12.41, compared with $3.86. Results were boosted by $646 million of revenue from contract termination, which includes a $233 million cumulative catch-up adjustment tied to the CHI Agreements for Conifer's revenue cycle management services. The company now expects to substantially complete that transition by October 30, 2026, rather than December 31, 2026. For the nine months ended September 30, 2026, net cash provided by operating activities was $3.507 billion, compared with $2.809 billion, including $540 million of contract termination payments received. Cash and cash equivalents were $2.674 billion at quarter-end. Tenet issued $2.000 billion of 6.250% senior unsecured notes due 2034 and used the proceeds, together with cash on hand, to redeem all $1.500 billion of its 5.125% senior secured first lien notes due 2027 and $500 million of its 6.125% senior unsecured notes due 2028. Repurchases of common stock totaled $1.615 billion for the nine months, and $1.875 billion remained available under the repurchase program at September 30, 2026. The filing also flags risks from federal and state healthcare policy. Management said that admissions among patients with coverage through health insurance exchanges have declined in 2026, creating an unfavorable payer mix shift. The company stated it cannot yet estimate the impact of the One Big Beautiful Bill Act, whose most consequential provisions take effect beginning in 2027. The company also reported that there were no material changes to the risk factors in its 2025 Form 10-K.

    Oct 29, 2026
  2. 2026-Q2

    Tenet Healthcare Quarterly Report for Q2 Ended Jun 30, 2026

    Tenet Healthcare Corporation's Form 10-Q for the quarter ended June 30, 2026 shows net operating revenues of $5.628 billion for the three months ended June 30, 2026, up from $5.271 billion a year earlier, and $10.996 billion for the six months, up from $10.494 billion. The results were materially boosted by a revenue line item called "revenue from contract termination," which totaled $413 million for the quarter and $826 million for the six months. This revenue relates to the Omnibus Agreement with Catholic Health Initiatives (now CommonSpirit Health) concluding the Conifer revenue cycle management agreement early. Operating income rose to $1.501 billion for the quarter from $823 million, and net income available to Tenet common shareholders was $826 million, compared with $288 million a year earlier. Diluted earnings per share were $9.84 for the quarter versus $3.14 in the prior-year period. Cash flow and capital allocation were significant during the period. Net cash provided by operating activities was $2.226 billion for the six months, compared with $1.751 billion in 2025, helped by $540 million of contract termination payments received. The company repurchased shares totaling $1.360 billion in the six months, with $2.130 billion remaining under the repurchase program at June 30, 2026, after the board authorized an additional $2.000 billion in June 2026. Cash and cash equivalents declined to $2.170 billion from $2.883 billion at December 31, 2025, and the company also made $558 million of purchases of noncontrolling interests in the six months. Balance sheet highlights include total assets of $30.676 billion and long-term debt, net of current portion, of $13.088 billion. Senior unsecured and senior secured notes had aggregate principal of $12.662 billion, with the $1.900 billion Credit Agreement undrawn at June 30, 2026. The filing states that the CHI Note Receivable of $1.360 billion is non-interest-bearing and will be paid in three annual installments of approximately $453 million, the first in January 2027.

    Jul 29, 2026
  3. 2026-Q1

    Tenet Healthcare Quarterly Report for Q1 Ended Mar 31, 2026

    Tenet Healthcare Corporation's quarterly report for the period ended March 31, 2026 shows net operating revenues of $5.368 billion, up from $5.223 billion a year earlier, with Hospital Operations at $4.048 billion and Ambulatory Care at $1.320 billion. Results were lifted by a $413 million revenue recognized from the termination of the revenue cycle management agreement between Conifer and CHI (now CommonSpirit Health). Operating income rose to $1.296 billion from $943 million, and net income available to Tenet common shareholders was $702 million, or $8.01 diluted earnings per share, compared with $406 million and $4.27 a year earlier. Under the January 2026 Omnibus Agreement with CHI, Conifer redeemed CHI's minority interest for $540 million effective January 1, 2026, and CHI agreed to pay Tenet $1.900 billion in annual installments over three years, with $540 million satisfied by offset. The filing records a $1.360 billion non-interest-bearing CHI Note Receivable, of which $395 million sits in other current assets and $828 million in investments and other assets. Operating cash flow was $1.641 billion versus $815 million, aided by $540 million of contract termination payments received. Cash and equivalents rose to $2.967 billion, while purchases of noncontrolling interests totaled $549 million and share repurchases totaled $318 million. Long-term debt was $13.209 billion including current portion, and the Credit Agreement's $1.900 billion of borrowing availability was undrawn at March 31, 2026. The filing notes that expiring ACA enhanced premium tax credits and the One Big Beautiful Bill Act could reduce patient volumes and government payments, though the company says it cannot yet estimate the OBBBA impact.

    Apr 30, 2026
  4. 2025-Q3

    Tenet Healthcare Quarterly Report for Q3 Ended Sep 30, 2025

    Tenet Healthcare Corporation's Form 10-Q for the quarter ended September 30, 2025 reports net operating revenues of $5.289 billion for the three months ended September 30, 2025, up from $5.126 billion a year earlier, and $15.783 billion for the nine months, up from $15.602 billion. Net income available to Tenet common shareholders was $342 million for the quarter versus $472 million in the prior-year quarter, and $1.036 billion for the nine months versus $2.882 billion. The prior-year nine-month period included large gains on facility sales, including the $1.677 billion gain on the sale of the SC Hospitals, which largely explains the year-over-year decline in earnings. Diluted earnings per share were $3.86 for the quarter and $11.28 for the nine months. Operating cash flow for the nine months was $2.809 billion, compared with $2.378 billion a year earlier. The company repurchased $1.188 billion of its common stock in the nine months, and $1.688 billion remained available under its repurchase program at September 30, 2025. Cash and cash equivalents were $2.975 billion, and long-term debt was $13.187 billion. The company's Ambulatory Care segment drove revenue growth, with nine-month segment revenue up $464 million, or 14.2%, while Hospital Operations revenue declined $283 million, or 2.3%, largely due to 2024 hospital divestitures. Management states that the One Big Beautiful Bill Act is expected to materially affect Medicaid funding and enrollment, with most major healthcare provisions taking effect in 2027, and that the company cannot yet estimate its impact on future results. The company also disclosed that its Controller, R. Scott Ramsey, plans to retire effective March 31, 2026.

    Oct 28, 2025
  5. 2025-Q2

    Tenet Healthcare Quarterly Report for Q2 Ended Jun 30, 2025

    Tenet Healthcare Corporation's Form 10-Q for the quarter ended June 30, 2025 shows second-quarter net operating revenues of $5.271 billion, up from $5.108 billion a year earlier, with operating income of $823 million versus $761 million. For the six months, net operating revenues were $10.494 billion and operating income was $1.766 billion, compared with $4.046 billion in the prior-year period, which included large gains on facility sales (net gains of $2.558 billion in 2024). Net income available to Tenet common shareholders was $288 million for the quarter ($3.14 diluted EPS) and $694 million for the six months ($7.43 diluted EPS), compared with $2.410 billion for the six months of 2024. The balance sheet shows cash and cash equivalents of $2.625 billion at June 30, 2025, down from $3.019 billion at December 31, 2024, and long-term debt of $13.091 billion (non-current). Total shareholders' equity fell to $3.749 billion from $4.171 billion as treasury stock rose to $4.642 billion, reflecting $1.095 billion of share repurchases in the six months. The board increased the 2024 share repurchase program by $1.500 billion in July 2025, and $1.781 billion was available for repurchases as of July 22, 2025. Operating cash flow was $1.751 billion for the six months, compared with $1.333 billion a year earlier. The filing also notes that the One Big Beautiful Bill Act, signed in July 2025, is expected to materially affect Medicaid funding and enrollment, with most healthcare provisions taking effect in 2027 and later. Management says it is unable to predict the timing or size of the impact on the company, though it expects decreased government program payments and payment delays.

    Jul 30, 2025
  6. 2025-Q1

    Tenet Healthcare Quarterly Report for Q1 Ended Mar 31, 2025

    Tenet Healthcare Corporation's Form 10-Q for the quarter ended March 31, 2025 reports net operating revenues of $5.223 billion for the three months ended March 31, 2025, down from $5.368 billion a year earlier, with the decline attributed mainly to the sale of hospitals in 2024 (the Divested Hospitals). Net income was $622 million, versus $2.334 billion in the prior-year period, which included a $2.500 billion gain on sales, consolidation and deconsolidation of facilities. Net income available to Tenet common shareholders was $406 million, or $4.27 per diluted share, compared with $2.151 billion, or $21.38 per diluted share, a year earlier. Operating results shifted toward the Ambulatory Care segment, whose net operating revenues rose to $1.194 billion from $995 million, driven by newly acquired ASCs and higher net revenue per case. Hospital Operations revenues fell to $4.029 billion from $4.373 billion, primarily reflecting the sale of the Divested Hospitals, though the filing cites a more favorable payer mix, higher patient volume and acuity, and commercial rate increases. Net cash provided by operating activities was $815 million, compared with $586 million in the prior-year period. Balance sheet and capital return items: cash and cash equivalents were $2.999 billion at March 31, 2025, and long-term debt was $13.082 billion net of current portion. Tenet repurchased $348 million of common stock in the quarter under a $1.500 billion program authorized in July 2024, leaving $1.028 billion available. The company stated it had no material changes to its risk factors from its 2024 Form 10-K.

    Apr 29, 2025
  7. 2024-Q3

    Tenet Healthcare Quarterly Report for Q3 Ended Sep 30, 2024

    Tenet Healthcare Corporation's Form 10-Q for the quarter ended September 30, 2024 shows a sharp rise in reported profitability driven mainly by hospital divestitures. Net income for the nine months ended September 30, 2024 was $3.492 billion, versus $855 million a year earlier, and net operating revenues were $15.593 billion, up from $15.169 billion. Net income available to Tenet common shareholders was $2.882 billion for the nine months, with diluted EPS of $29.27, compared with $3.41 in the prior-year period. The results were lifted by net gains on sales, consolidation and deconsolidation of facilities of $2.906 billion, including a $1.677 billion gain on the sale of the South Carolina hospitals and gains on the California and Alabama hospital sales. Cash and cash equivalents rose to $4.094 billion at September 30, 2024, from $1.228 billion at December 31, 2023, reflecting $4.965 billion of proceeds from sales of facilities and other assets during the nine months. The company used cash to redeem all $2.100 billion of its 4.875% senior secured first lien notes due 2026, and repurchased $672 million of common stock under its share repurchase programs. Total long-term debt, including current portion, was $12.871 billion, down from $15.002 billion. The filing states a ratio of total long-term debt, net of cash, to Adjusted EBITDA of 2.22x using the last twelve months of Adjusted EBITDA. Operationally, Hospital Operations net operating revenues declined 0.5% for the nine months as a result of divestitures, while the Ambulatory Care segment grew 17.5% on acquisitions. Management highlighted that excluding the divested hospitals, Hospital Operations revenue rose 8.5% for the nine months. The filing also notes a $182 million balance of advances from managed care payers tied to the February 2024 Change Healthcare cyberattack, which the company expects to repay substantially in the fourth quarter of 2024. In late September 2024, Hurricane Helene damaged a North Carolina factory that produces sterile IV fluids, creating uncertainty about a national IV fluid shortage that could affect patient volumes or revenues.

    Oct 29, 2024
  8. 2024-Q2

    Tenet Healthcare Quarterly Report for Q2 Ended Jun 30, 2024

    Tenet Healthcare Corporation reported net operating revenues of $5.103 billion for the three months ended June 30, 2024, up $21 million, or 0.4%, from $5.082 billion a year earlier. Results were heavily affected by divestitures: net income for the six months was $2.811 billion, compared with $589 million in the prior-year period, driven mainly by $2.558 billion of net gains on sales, consolidation and deconsolidation of facilities. Those gains include a $1.677 billion pre-tax gain on the sale of three South Carolina hospitals, a $526 million gain on four Orange County and Los Angeles County, California hospitals, and a $275 million gain on two San Luis Obispo County hospitals. Diluted earnings per share were $24.22 for the six months, versus $2.47 in the prior-year period. Adjusted EBITDA, a non-GAAP measure, was $945 million for the quarter, up from $843 million, and $1.969 billion for the six months, up from $1.675 billion. The balance sheet improved substantially. Cash and cash equivalents rose to $2.880 billion at June 30, 2024 from $1.228 billion at December 31, 2023, and total long-term debt fell to $12.871 billion from $15.002 billion, reflecting the March 2024 redemption of all $2.100 billion of 4.875% senior secured first lien notes due 2026 using cash on hand. Net cash provided by operating activities was $1.333 billion for the six months, compared with $1.047 billion a year earlier. The company also repurchased $548 million of common stock during the six months, and in July 2024 its board authorized a new repurchase program of up to $1.5 billion with no expiration date. The filing notes $342 million of advances received from managed care payers tied to the February 2024 cyberattack on Change Healthcare, and states that the company is currently unable to predict when these advances will be repaid. Operationally, the Hospital Operations segment's total admissions declined 6.1% in the quarter, primarily due to the divested hospitals, while same-hospital net operating revenues rose 8.0%, attributed to payer mix, patient volume and acuity, Medicaid supplemental revenue and commercial rate increases. The Ambulatory Care segment's net operating revenues increased 21.1% in the quarter, driven by acquired ambulatory surgery centers. The company reported that the ratio of total long-term debt, net of cash, to Adjusted EBITDA was 2.61x at June 30, 2024.

    Jul 30, 2024
  9. 2024-Q1

    Tenet Healthcare Quarterly Report for Q1 Ended Mar 31, 2024

    Tenet Healthcare Corporation's Form 10-Q for the quarter ended March 31, 2024 reports net operating revenues of $5.368 billion for the three months ended March 31, 2024, up from $5.021 billion a year earlier, and net income available to Tenet common shareholders of $2.151 billion, compared with $143 million. The result was driven largely by $2.500 billion in net gains on sales, consolidation and deconsolidation of facilities, mainly from the sales of the SC Hospitals ($1.673 billion pre-tax gain), the OCLA CA Hospitals ($529 million) and the Central CA Hospitals ($278 million). Adjusted EBITDA was $1.024 billion, versus $832 million in the prior-year period, and the filing states an Adjusted EBITDA margin of 19.1% compared with 16.6%. Balance sheet and liquidity changed significantly. Cash and cash equivalents rose to $2.481 billion from $1.228 billion at December 31, 2023, after $4.030 billion in proceeds from sales of facilities and other assets. Tenet used $2.100 billion of cash to redeem its 4.875% senior secured first lien notes due 2026 early, and total long-term debt fell to $12.879 billion from $15.002 billion. The filing reports a ratio of total long-term debt, net of cash, to Adjusted EBITDA of 2.79x, and $1.500 billion of availability under the Credit Agreement. Net cash provided by operating activities was $586 million, compared with $449 million a year earlier. Operationally, Hospital Operations net operating revenues rose 6.2% and Ambulatory Care net operating revenues rose 9.9%, with Ambulatory Care adding 45 ASCs through acquisitions during the quarter. The filing attributes the Hospital Operations revenue increase mainly to payer mix, higher patient volume and acuity, and negotiated commercial rate increases, and also cites $88 million of additional Michigan Medicaid supplemental revenues. AR Days rose to 58.1 from 55.4, which the company links to the February 2024 Change Healthcare cyberattack; management says it does not expect a permanent increase and targets fewer than 55 days.

    Apr 30, 2024
  10. 2023-Q3

    Tenet Healthcare Quarterly Report for Q3 Ended Sep 30, 2023

    Tenet Healthcare Corporation's Form 10-Q for the quarter ended September 30, 2023 reports nine-month net operating revenues of $15.169 billion, up from $14.184 billion, and three-month net operating revenues of $5.066 billion versus $4.801 billion a year earlier. Nine-month net income was $855 million, of which $367 million was available to Tenet common shareholders, compared with $309 million in the prior-year period. Diluted EPS from continuing operations was $3.41 for the nine months, versus $2.81. Adjusted EBITDA was $2.529 billion for the nine months, compared with $2.572 billion a year earlier, and $854 million for the quarter, compared with $841 million. Net cash provided by operating activities rose to $1.550 billion in the nine months from $662 million, helped mainly by the absence of Medicare advance recoupments, which totaled $880 million in the prior-year period. Cash and cash equivalents ended the period at $1.054 billion. Tenet issued $1.350 billion of 6.750% senior secured first lien notes due 2031 and used the proceeds, along with cash on hand, to redeem its 2024 secured first lien notes. Long-term debt, net of current portion, was $14.901 billion at September 30, 2023. The company repurchased 1,486 thousand shares for about $90 million under its $1 billion authorization. Ambulatory Care was the fastest-growing segment, with net operating revenues up 20.4% for the nine months, driven by acquisitions and higher surgical volumes. Hospital Operations revenues rose as well, supported by the PMC Fort Mill Hospital opening and a more favorable payer mix. The company also disclosed a pending sale of its 51% interest in San Ramon Regional Medical Center to John Muir Health, expected to close by early 2024.

    Oct 30, 2023
  11. 2023-Q2

    Tenet Healthcare Quarterly Report for Q2 Ended Jun 30, 2023

    Tenet Healthcare Corporation's Form 10-Q for the quarter ended June 30, 2023 reports net operating revenues of $5.082 billion for the three months ended June 30, 2023, up from $4.638 billion a year earlier, and $10.103 billion for the six months, up from $9.383 billion. Net income available to Tenet common shareholders was $123 million for the quarter versus $38 million in the prior-year quarter, and $266 million for the six months versus $178 million. Adjusted EBITDA was $843 million in the quarter, flat year over year, and $1.675 billion for the six months versus $1.731 billion. Operating income for the quarter was $604 million compared with $553 million in the prior-year period. Cash flow and liquidity improved. Net cash provided by operating activities was $1.047 billion for the six months ended June 30, 2023, compared with $347 million a year earlier, though the filing attributes part of the comparison to the absence of $475 million in Medicare advance recoupments in 2023. Cash and cash equivalents rose to $934 million at June 30, 2023, and $1.500 billion was available under the Credit Agreement. Total long-term debt was $15.048 billion, and the company issued $1.350 billion of 6.750% senior secured first lien notes due 2031 to redeem its 2024 senior secured first lien notes. Repurchases of common stock totaled $90 million for the six months under a $1 billion authorization. The filing also notes that COVID-19 grant income declined sharply, to $8 million in the quarter from $94 million, and that the public health emergency ended in May 2023. The company reported a pending sale of its 51% interest in San Ramon Regional Medical Center to John Muir Health, expected to close in 2023. A $11 million loss on early extinguishment of debt was recorded in the quarter.

    Jul 31, 2023
  12. 2023-Q1

    Tenet Healthcare Quarterly Report for Q1 Ended Mar 31, 2023

    Tenet Healthcare Corporation's first-quarter 2023 Form 10-Q (quarter ended March 31, 2023) reports net operating revenues of $5.021 billion, up from $4.745 billion a year earlier, with operating income of $603 million versus $648 million. Net income available to Tenet common shareholders was $143 million, or $1.32 per diluted share, compared with $140 million, or $1.28 per diluted share, in the prior-year quarter. Adjusted EBITDA was $832 million compared with $888 million. The company's Ambulatory Care segment drove much of the revenue growth, with segment revenues rising $167 million, or 22.6%, partly from acquisitions. Hospital Operations revenues were up $101 million, or 2.7%, before inter-segment eliminations, while operating income declined in that segment. Net cash provided by operating activities was $449 million, up from $228 million, largely because $194 million of Medicare advances were recouped in the prior-year period and none were in 2023. Cash and cash equivalents were $766 million at March 31, 2023, and total long-term debt, net of current portion, was $14.935 billion. The company repurchased 906,346 shares for approximately $50 million during the quarter under a $1 billion authorization that runs through December 31, 2024. The filing also notes a January 2023 agreement to sell its 51% interest in San Ramon Regional Medical Center, and a settlement in principle with the DOJ in the Detroit Medical Center investigation, for which the company stated it was fully reserved. The company reported that its ratio of total long-term debt, net of cash, to Adjusted EBITDA was 4.19x using the last twelve months of Adjusted EBITDA. Management expects 2023 capital expenditures for continuing operations of approximately $625 million to $675 million, and it estimated that the CMS Proposed IPPS Rule would increase its annual Medicare FFS IPPS payments by 3.7%, or approximately $59 million.

    Apr 28, 2023
  13. 2022-Q3

    Tenet Healthcare Quarterly Report for Q3 Ended Sep 30, 2022

    Tenet Healthcare Corporation's Form 10-Q for the quarter ended September 30, 2022 shows net operating revenues of $4.801 billion for the third quarter, down from $4.894 billion a year earlier, while operating income fell to $596 million from $1.014 billion. The prior-year quarter included a $412 million net gain on sales, consolidation and deconsolidation of facilities, primarily the $409 million gain on the sale of the Miami Hospitals. Net income available to Tenet common shareholders was $131 million for the quarter versus $449 million a year earlier, and diluted earnings per share from continuing operations were $1.16 compared to $4.12. Adjusted EBITDA was $841 million for the quarter, compared with $855 million in the prior-year period, and Adjusted EBITDA margin was 17.5% in both periods. For the nine months, net cash provided by operating activities was $662 million, down from $1.211 billion, largely reflecting $880 million of Medicare advances recouped or repaid. Cash and cash equivalents declined to $1.208 billion from $2.364 billion at December 31, 2021. Management reported that the cybersecurity incident in April 2022 had an adverse pre-tax impact of approximately $100 million, and the company continued to reduce debt, including issuing $2.000 billion of 6.125% senior secured first lien notes due 2030 and redeeming or repurchasing $2.572 billion of senior notes. The ratio of total long-term debt, net of cash, to Adjusted EBITDA was 3.87x at September 30, 2022. After the quarter end, in October 2022, the board authorized a $1 billion share repurchase program that runs through December 31, 2024. The Ambulatory Care segment, operated through USPI, was the main growth driver, with segment net operating revenues up 21.0% for the quarter, driven largely by acquisitions. Hospital Operations revenues declined 6.3% before eliminations, reflecting the Miami Hospitals sale and lower patient volumes.

    Oct 28, 2022
  14. 2022-Q2

    Tenet Healthcare Quarterly Report for Q2 Ended Jun 30, 2022

    Tenet Healthcare Corporation's Form 10-Q for the quarter ended June 30, 2022 shows net operating revenues of $4.638 billion for the three months ended June 30, 2022, down from $4.954 billion a year earlier, while net income available to Tenet common shareholders fell to $38 million from $119 million. For the six months, net operating revenues were $9.383 billion versus $9.735 billion, and net income available to common shareholders was $178 million versus $216 million. The filing attributes the quarter's volume and revenue pressure primarily to a cybersecurity incident in April 2022 that temporarily disrupted a subset of acute care operations, which the company estimates had an adverse pre-tax impact of approximately $100 million in the quarter, and to the August 2021 sale of the Miami Hospitals. Ambulatory Care revenue rose 16.1% in the quarter, driven by acquisitions and rate increases. Balance sheet and capital structure changes were significant during the period. Cash and cash equivalents declined to $1.351 billion from $2.364 billion at December 31, 2021, as the company redeemed its 6.750% senior unsecured notes due 2023 and its 7.500% senior secured first lien notes due 2025, funded partly by the issuance of $2.000 billion of 6.125% senior secured first lien notes due 2030. Long-term debt, net of current portion, was $14.947 billion, and the company reported a long-term debt to trailing twelve-month Adjusted EBITDA ratio of 3.81x. Adjusted EBITDA was $843 million in the quarter versus $834 million a year earlier, and $1.731 billion for the six months versus $1.611 billion. The company also completed the purchase of Baylor University Medical Center's 5% interest in USPI for $406 million, raising its USPI voting ownership from 95% to 100%, and formed a joint venture with United Urology Group after the period end. Operating cash flow for the six months fell to $347 million from $779 million, reflecting larger Medicare advance recoupments of $475 million versus $152 million in the prior year period.

    Jul 29, 2022
  15. 2022-Q1

    Tenet Healthcare Quarterly Report for Q1 Ended Mar 31, 2022

    Tenet Healthcare Corporation reported first-quarter 2022 net operating revenues of $4,745 million, down $36 million, or 0.8%, from $4,781 million a year earlier. The decline reflected the August 2021 sale of the Miami Hospitals and lower patient volumes, partly offset by higher Ambulatory Care revenue, which rose $92 million, or 14.2%, on acquisitions and surgical volume. Operating income rose to $648 million from $520 million, and net income available to Tenet common shareholders increased to $140 million from $97 million. Diluted earnings per share were $1.28 versus $0.90. Adjusted EBITDA increased to $888 million from $777 million, and the filing states an Adjusted EBITDA margin of 18.7%, up from 16.3%. Results were helped by a $69 million gain on the sale of medical office buildings recorded in other operating expenses, and the company cites a $194 million Medicare advance recoupment as a factor in lower operating cash flow. Cash flow and liquidity weakened over the quarter. Net cash provided by operating activities was $228 million, compared with $534 million a year earlier. Cash and cash equivalents fell to $1.405 billion from $2.364 billion at December 31, 2021, as the company redeemed all $700 million of its 7.500% senior secured first lien notes due 2025 for $730 million and repurchased $103 million of 6.750% senior unsecured notes due 2023. Total long-term debt declined to $14,851 million from $15,646 million, and the filing reports a ratio of total long-term debt, net of cash, to Adjusted EBITDA of 3.74x (3.93x including Medicare advances). The company has $1.500 billion available under its revolving credit facility, which was amended in March 2022 to extend maturity to March 2027. The filing also discloses an April 2022 cybersecurity incident that temporarily disrupted a subset of acute care operations and involved exfiltration of certain confidential company and patient information. The investigation is ongoing, and the company says its hospitals remained operational. Separately, a Justice Department investigation of Detroit Medical Center relating to mid-level practitioner employment is ongoing, and the company is cooperating.

    Apr 29, 2022
  16. 2021-Q3

    Tenet Healthcare Quarterly Report for Q3 Ended Sep 30, 2021

    Tenet Healthcare Corporation's third-quarter 2021 Form 10-Q reports net operating revenues of $4.894 billion for the three months ended September 30, 2021, up from $4.557 billion a year earlier, and net income available to Tenet common shareholders of $449 million, compared with a net loss of $196 million in the prior-year quarter. The quarter's results were boosted by a $409 million pre-tax gain on the sale of five Miami-area hospitals and certain related operations in August 2021. For the nine months, net operating revenues were $14.629 billion and net income available to common shareholders was $665 million. Adjusted EBITDA was $855 million for the quarter versus $551 million a year earlier, and $2.466 billion for the nine months versus $1.868 billion. Liquidity and leverage improved over the period. Cash and cash equivalents were $2.292 billion at September 30, 2021, and $1.802 billion was available under the revolving credit facility. Tenet retired approximately $2.988 billion of senior notes in the nine months, funded by a $1.400 billion 4.250% senior secured first lien notes due 2029 issued in June, the Miami hospital sale proceeds and cash on hand. Net cash provided by operating activities fell to $1.211 billion from $2.961 billion, largely because of lower Medicare accelerated payment inflows and grant income. The ratio of total long-term debt, net of cash, to Adjusted EBITDA was 3.16x (3.47x including Medicare advances). Management continues to cite COVID-19 as a source of uncertainty, including the Delta variant's effect on the third quarter, higher labor and supply costs, and the still-pending Conifer spin-off, for which no timing is assured. A U.S. Department of Justice civil investigative demand concerning Detroit Medical Center was received on September 28, 2021, and management stated it was unable to determine the potential exposure at this time.

    Oct 29, 2021
  17. 2021-Q2

    Tenet Healthcare Quarterly Report for Q2 Ended Jun 30, 2021

    Tenet Healthcare Corporation reported a strong second quarter of 2021 as patient volumes recovered from the COVID-19 disruption of 2020. Net operating revenues were $4.954 billion for the three months ended June 30, 2021, up from $3.648 billion a year earlier, and $9.735 billion for the six months, up from $8.168 billion. Net income available to Tenet common shareholders was $119 million for the quarter versus $88 million, and diluted earnings per share were $1.10 versus $0.83. Adjusted EBITDA rose to $834 million from $732 million in the quarter, although the filing states that the Adjusted EBITDA margin declined to 16.8% from 20.1%. Grant income fell sharply to $50 million for the six months from $511 million in the prior-year period, and the Medicare accelerated payment recoupment reduced operating cash flow, which was $779 million for the six months versus $2.368 billion a year earlier. The balance sheet was reshaped during the period. Tenet issued $1.400 billion of 4.250% senior secured first lien notes due 2029 and used the proceeds, with cash on hand, to redeem $1.410 billion of 5.125% second lien notes due 2025 for approximately $1.428 billion. In total, the company retired approximately $1.888 billion of principal during the six months. Total long-term debt was $15.218 billion at June 30, 2021, and the filing states a ratio of long-term debt, net of cash, to last-twelve-month Adjusted EBITDA of 3.79x, or 4.17x including Medicare advance obligations. Cash and cash equivalents were $2.194 billion, and $1.900 billion was available under the revolving credit facility. Portfolio actions and strategic items continued. Tenet sold the majority of its MedPost and CareSpot urgent care centers in April 2021 and entered into a June 2021 agreement to sell five Miami-area hospitals, with completion expected in the third quarter of 2021. The company said it is continuing to pursue the tax-free spin-off of Conifer, though it noted no assurance on timing or completion, and that a comprehensive amended master services agreement remains a prerequisite.

    Jul 30, 2021
  18. 2021-Q1

    Tenet Healthcare Quarterly Report for Q1 Ended Mar 31, 2021

    Tenet Healthcare Corporation's first-quarter 2021 Form 10-Q reports net operating revenues of $4.781 billion for the three months ended March 31, 2021, up from $4.520 billion a year earlier, with net income of $222 million (net income available to Tenet common shareholders of $97 million, or $0.90 diluted EPS, versus $0.88 in the prior-year period). Operating income rose to $520 million from $327 million, and Adjusted EBITDA was $777 million compared with $585 million. Results were supported by $59 million of cash received from Provider Relief Fund and state and local grant programs, of which $31 million was recognized as grant income in the statement of operations. Patient volumes remained below prior-year levels, with total admissions down 10.9% and total emergency department visits down 26.2%, while Ambulatory Care net operating revenues rose 31.8%, driven partly by acquisitions. The balance sheet and cash flow reflect active liquidity management. Cash and cash equivalents fell to $2.141 billion from $2.446 billion, largely because the company retired approximately $478 million of its 7.000% senior unsecured notes due 2025 for about $495 million in cash, recording a $23 million loss on early extinguishment of debt. Net cash provided by operating activities was $534 million, compared with $129 million a year earlier. Long-term debt, net of current portion, decreased to $15.098 billion from $15.574 billion. Medicare accelerated payment advances remained in contract liabilities totaling $857 million current and $639 million long-term at March 31, 2021, and recoupment is scheduled to begin in April 2021. Subsequent events include the April 2021 amendment of the revolving credit facility, which extends the $1.900 billion commitment through April 22, 2022 and lowers interest rate margins, and the April 30, 2021 completion of the sale of most MedPost and CareSpot urgent care centers for net cash proceeds of approximately $80 million. Management also notes a multi-year contract with UnitedHealthcare signed in April 2021, and that the Conifer spin-off remains pending, subject to a comprehensive amendment of the master services agreement with Tenet.

    Apr 30, 2021
  19. 2020-Q3

    Tenet Healthcare Quarterly Report for Q3 Ended Sep 30, 2020

    Tenet Healthcare Corporation's Form 10-Q for the quarter ended September 30, 2020 shows net operating revenues of $4.557 billion for the third quarter, flat with the prior year (down $11 million, or 0.2%), and a net loss attributable to Tenet common shareholders of $196 million, compared with $226 million a year earlier. Results were pressured by COVID-19: same-hospital admissions fell 11.4% and total surgeries fell 11.0% in the quarter. For the nine months, net income was $222 million, and net loss attributable to common shareholders was $15 million, versus a $212 million loss a year earlier. Grant income from the Provider Relief Fund and state programs was a $445 million benefit for the nine months, but the September 2020 HHS guidance forced a $66 million reduction in the quarter. Operating cash flow rose to $2.961 billion for the nine months, from $713 million, helped by $1.5 billion in Medicare accelerated payment advances. Liquidity improved substantially. Cash and cash equivalents were $3.300 billion at September 30, 2020, up from $262 million at year-end 2019, and $1.777 billion was available under the revolving credit facility. Tenet issued $2.500 billion of 6.125% senior notes due 2028 and used the proceeds, with cash on hand, to redeem the $2.556 billion of 8.125% notes due 2022, which generated a $305 million loss on early extinguishment of debt in the quarter. Total long-term debt rose to $15.716 billion, and total shareholders' deficit was $374 million. Management reports that the ratio of total long-term debt, net of cash, to Adjusted EBITDA was 4.66x, a figure it says was temporarily affected by the Medicare advances. Adjusted EBITDA was $551 million for the quarter, down from $639 million. Subsequent to quarter end, the CA Act (signed October 1, 2020) extended the repayment terms on Medicare advances, and Tenet expects to reclassify more than $1 billion of them to long-term liabilities in October 2020. The October 2020 HHS guidance is expected to add about $100 million of grant income in the fourth quarter. The filing also notes that Conifer's planned tax-free spin-off is targeted for completion by the end of the second quarter of 2021, subject to conditions.

    Oct 30, 2020
  20. 2020-Q2

    Tenet Healthcare Quarterly Report for Q2 Ended Jun 30, 2020

    Tenet Healthcare Corporation's Form 10-Q for the quarter ended June 30, 2020 shows results heavily shaped by the COVID-19 pandemic. Net operating revenues were $3,648 million for the three months ended June 30, 2020, down from $4,560 million a year earlier, and $8,168 million for the six months, versus $9,105 million. The company recorded grant income of $511 million in the quarter from Relief Fund and state grant programs, and net income available to Tenet common shareholders was $88 million for the quarter, compared with $26 million in the prior-year quarter. Operating income was $471 million versus $400 million, and Adjusted EBITDA was $732 million versus $669 million. Balance sheet and liquidity changed significantly. Cash and cash equivalents rose to $3.514 billion at June 30, 2020, from $262 million at December 31, 2019. Contract liabilities increased to $1,496 million from $61 million, reflecting advances received from the Medicare accelerated payment program, which the company states it expects to repay within the next year. Long-term debt, net of current portion, increased to $15,728 million from $14,580 million, driven by the issuance of $700 million of 7.500% senior secured first lien notes due 2025 and $600 million of 4.625% senior secured first lien notes due 2028, partly offset by purchases of $135 million of 8.125% senior unsecured notes due 2022. Total shareholders' deficit improved to $(257) million from $(417) million. The filing also reports ongoing pandemic-related volume declines, with total admissions down 20.3% and emergency department visits down 39.1% in the quarter, and a $1.757 billion borrowing availability under the revolving credit facility at June 30, 2020. The company notes a planned spin-off of its Conifer subsidiary targeted for completion by the end of the second quarter of 2021, subject to conditions.

    Aug 3, 2020
  21. 2020-Q1

    Tenet Healthcare Quarterly Report for Q1 Ended Mar 31, 2020

    Tenet Healthcare Corporation's Form 10-Q for the quarter ended March 31, 2020 reports net operating revenues of $4.520 billion, down from $4.545 billion a year earlier, with operating income of $327 million versus $381 million. Net income available to Tenet common shareholders was $93 million, compared with a loss of $12 million in the prior-year period. Income from continuing operations benefited from a $75 million income tax benefit, which includes a $91 million reduction in the valuation allowance tied to the CARES Act interest deduction change. Adjusted EBITDA was $585 million, down from $623 million. The filing states that the company recast prior periods to adopt an undiscounted presentation of professional and general liability reserves. The filing describes a material reduction in patient volumes and operating revenues from the COVID-19 pandemic, which is ongoing. Tenet cancelled a substantial number of elective procedures, reduced planned 2020 capital expenditures by approximately 40% to a range of $400 million to $450 million, and furloughed some employees. Cash and cash equivalents rose to $613 million from $262 million at year-end 2019, and total long-term debt, including current portion, was $15.247 billion. Subsequent to quarter-end, the company sold $700 million of 7.500% senior secured first lien notes due 2025, used partly to repay the $500 million drawn under its credit agreement, and amended the revolving facility to lift commitments from $1.5 billion to $1.9 billion. The filing also reports that Tenet expects to receive approximately $1.500 billion of accelerated Medicare payments in April 2020, and estimates total PHSS Emergency Fund payments of approximately $370 million. The company continues to pursue a tax-free spin-off of Conifer, targeting completion by the end of the second quarter of 2021, subject to conditions. Management notes that the length and extent of the COVID-19 disruption is currently unknown.

    May 4, 2020
  22. 2019-Q3

    Tenet Healthcare Quarterly Report for Q3 Ended Sep 30, 2019

    Tenet Healthcare Corporation's Form 10-Q for the quarter ended September 30, 2019 reports net operating revenues of $4.568 billion for the third quarter, up from $4.489 billion a year earlier, while the company posted a net loss attributable to Tenet common shareholders of $232 million, compared with a $9 million loss in the prior-year quarter. The quarterly loss was driven largely by a $180 million loss from early extinguishment of debt tied to refinancing transactions and $84 million of litigation and investigation costs, which included a $68 million reserve for the Oklahoma Surgical Hospital qui tam matter. For the nine months, net operating revenues were $13.673 billion versus $13.694 billion, and the net loss attributable to common shareholders was $234 million compared with net income of $116 million in 2018. Adjusted EBITDA was $631 million for the quarter, up from $577 million, and $1.901 billion for the nine months, up from $1.876 billion. Cash and cash equivalents were $314 million at September 30, 2019, and net cash provided by operating activities was $713 million for the nine months, down from $799 million. The company issued $4.2 billion of senior secured first lien notes in August 2019 and used the proceeds, with cash on hand and revolver borrowings, to redeem roughly $4.2 billion of higher-coupon notes due 2020 and 2021. Total long-term debt was $15.023 billion, and the company reported a ratio of long-term debt, net of cash, to Adjusted EBITDA of 5.69x. The filing also discloses that Tenet intends to pursue a tax-free spin-off of its Conifer business, targeting completion by the end of the second quarter of 2021, subject to conditions that may not be met. Other items include a $63 million withdrawal liability assessment from a pension fund related to the former Hahnemann University Hospital operations, which the company disputes, and an agreement in principle with the Department of Justice to resolve the Oklahoma qui tam lawsuit for approximately $66 million.

    Nov 4, 2019
  23. 2019-Q2

    Tenet Healthcare Quarterly Report for Q2 Ended Jun 30, 2019

    Tenet Healthcare Corporation's 10-Q for the quarter ended June 30, 2019 shows net operating revenues of $4.56 billion for the three months ended June 30, 2019, up from $4.51 billion a year earlier, while six-month revenues were $9.11 billion versus $9.21 billion. Net income available to Tenet common shareholders was $17 million for the quarter (down from $26 million) and a loss of $2 million for the six months (compared with $125 million in the prior-year period, which included $118 million of net gains on facility sales). Adjusted EBITDA was $657 million for the quarter versus $634 million a year earlier, and $1.27 billion for the six months versus $1.30 billion. Balance sheet and liquidity: cash and cash equivalents were $249 million at June 30, 2019, total assets were $23.21 billion, and long-term debt, net of current portion, was $14.31 billion. The company refinanced debt in February 2019 by selling $1.5 billion of 6.250% senior secured second lien notes due 2027, which funded redemptions of its 6.750% notes due 2020 and 7.500% notes due 2022 and repayment of its 5.500% notes due 2019. A $47 million loss on early extinguishment of debt was recorded in the first quarter. The company reported a ratio of total long-term debt, net of cash, to Adjusted EBITDA of 5.82x, and $808 million was available under its Credit Agreement. The filing also discloses a July 24, 2019 announcement of an intention to pursue a tax-free spin-off of its Conifer business, with a target completion by the end of the second quarter of 2021, subject to conditions. Ongoing legal matters include a government investigation of Detroit Medical Center, a qui tam action involving an Oklahoma surgical hospital, and a July 2019 withdrawal liability assessment of approximately $63 million related to the Hahnemann University Hospital pension fund, which the company disputes.

    Aug 5, 2019
  24. 2019-Q1

    Tenet Healthcare Quarterly Report for Q1 Ended Mar 31, 2019

    Tenet Healthcare Corporation's first-quarter 2019 Form 10-Q reports net operating revenues of $4.545 billion for the three months ended March 31, 2019, down from $4.699 billion a year earlier, primarily due to the sale and closure of facilities. Operating income fell to $371 million from $517 million, and the company reported a net loss attributable to Tenet common shareholders of $19 million, compared with net income of $99 million in the prior-year period. Loss from continuing operations attributable to common shareholders was $27 million, or $(0.26) per share, versus $98 million, or $0.95 per diluted share, a year earlier. Adjusted EBITDA was $613 million versus $665 million, and the Adjusted EBITDA margin was 13.5% compared with 14.2%. The balance sheet shows total assets of $23.16 billion and total long-term debt of $14.97 billion at March 31, 2019. During the quarter, the company issued $1.5 billion of 6.250% senior secured second lien notes due 2027 and used the proceeds, along with cash and credit facility borrowings, to redeem $300 million of 6.750% notes due 2020, $750 million of 7.500% notes due 2022, and repay $468 million of 5.500% notes at maturity. Cash and cash equivalents declined to $252 million from $411 million, and net cash provided by operating activities was $10 million compared with $113 million. The company also disclosed that it is exploring strategic alternatives for Conifer, including a potential sale, merger, or spin-off, and that the ratio of total long-term debt, net of cash, to Adjusted EBITDA was 5.87x. Litigation disclosures include a Detroit Medical Center investigation by the U.S. Attorney's Office and the Department of Justice, where the government's review is in preliminary stages and potential exposure is undetermined, as well as an Oklahoma qui tam action in which the court has not yet ruled on motions to dismiss. The company is also subject to a non-prosecution agreement. Management stated that its disclosure controls were effective.

    Apr 29, 2019
  25. 2018-Q3

    Tenet Healthcare Quarterly Report for Q3 Ended Sep 30, 2018

    Tenet Healthcare Corporation reported a third quarter of 2018 with net operating revenues of $4,489 million, down from $4,586 million a year earlier, mainly due to the sale and closure of facilities. Operating income rose to $320 million from $51 million, and Adjusted EBITDA increased to $577 million from $507 million. Net loss attributable to common shareholders narrowed to $(9) million from $(367) million. For the nine months, net income attributable to common shareholders was $116 million, compared with a loss of $(475) million in the prior-year period. Adjusted EBITDA margin was 13.7% for the nine months versus 11.4% a year earlier. Net cash provided by operating activities was $799 million for the nine months, up from $709 million, with the filing citing higher California provider fee program receipts and lower income tax payments as contributing factors. Cash and cash equivalents were $500 million at September 30, 2018. Total long-term debt was $14,850 million, and the ratio of total long-term debt, net of cash, to Adjusted EBITDA was 5.70x. Total shareholders' deficit was $(108) million. Management reported that enterprise-wide cost reduction initiatives are intended to lower annual operating expenses by $250 million, with full run-rate savings expected by the end of 2018. During the period, Tenet completed the divestiture of its Aspen subsidiary, ending its operations outside the United States, and acquired the remaining USPI shares held by joint venture partners, raising its ownership of USPI to 95.0%. The company is also exploring strategic alternatives for its Conifer segment, including a potential sale, merger or spin-off, with no assurance that any transaction will result. The filing also discloses an ongoing non-prosecution agreement with the Department of Justice, which was extended to November 1, 2020.

    Nov 5, 2018
  26. 2018-Q2

    Tenet Healthcare Quarterly Report for Q2 Ended Jun 30, 2018

    Tenet Healthcare Corporation's 10-Q for the quarter ended June 30, 2018 shows a company in the middle of portfolio reshaping. Net operating revenues for the three months fell to $4.506 billion from $4.802 billion, primarily reflecting facility sales and closures, while net income available to Tenet common shareholders was $26 million versus a loss of $55 million a year earlier. For the six months, net income attributable to common shareholders was $125 million, compared with a loss of $108 million in the prior-year period. Adjusted EBITDA rose to $634 million for the quarter from $570 million, and to $1.299 billion for the six months from $1.097 billion. The company reported net gains of $118 million on sales and consolidation of facilities in the six-month period, including $95 million from the MacNeal Hospital sale. Balance sheet and liquidity were mixed. Cash and cash equivalents fell to $403 million from $611 million at December 31, 2017, and total long-term debt, including current portion, was $14.867 billion. The company used $642 million to purchase noncontrolling interests, mainly its additional 15% stake in USPI, and $894 million of cash went to financing activities in the period. Total shareholders' deficit was $(154) million. The company stated its ratio of total long-term debt, net of cash, to Adjusted EBITDA was 5.76x. Credit Agreement availability was approximately $998 million at June 30, 2018. Management highlighted a $250 million enterprise-wide cost reduction program expected to reach full annualized run-rate savings by the end of 2018, and a definitive agreement announced July 18, 2018 to sell the remaining three Chicago-area hospitals, expected to close in the fourth quarter of 2018. The filing also discloses an extension of the Non-Prosecution Agreement with the Department of Justice to November 1, 2020, and notes that the company is exploring a potential sale of its Conifer business.

    Aug 6, 2018
  27. 2018-Q1

    Tenet Healthcare Quarterly Report for Q1 Ended Mar 31, 2018

    Tenet Healthcare Corporation's first-quarter 2018 Form 10-Q reports net operating revenues of $4.70 billion for the three months ended March 31, 2018, down from $4.81 billion a year earlier, with the decline attributed mainly to the sale and closure of facilities. Operating income rose to $517 million from $267 million, helped by $110 million of gains on sales, consolidation and deconsolidation of facilities, including a $98 million gain on the sale of MacNeal Hospital. Net income attributable to Tenet common shareholders was $99 million, compared with a loss of $53 million in the prior-year period. Adoption of ASU 2014-09 (revenue recognition) reclassified provision for doubtful accounts into a direct reduction of revenue, so the provision for doubtful accounts fell to zero from $383 million. Cash and cash equivalents increased to $974 million at March 31, 2018, from $611 million at December 31, 2017, driven by $373 million of net investing cash inflows, including $425 million of proceeds from facility sales. Operating cash flow was $113 million, versus $186 million a year earlier. Total long-term debt was $14.89 billion, and the filing states the ratio of long-term debt net of cash to Adjusted EBITDA was 5.53x. Shareholders' equity (deficit) was $(65) million at quarter end, and the company reported $1.94 billion of redeemable noncontrolling interests. Subsequent to quarter end, Tenet agreed in April 2018 to pay approximately $630 million to buy the remaining 15% of the USPI joint venture from its partners, and the company disclosed a Department of Justice extension of its Non-Prosecution Agreement to November 1, 2020. The company also announced a $250 million enterprise-wide cost reduction initiative and continued to explore a potential sale of Conifer.

    Apr 30, 2018
  28. 2017-Q3

    Tenet Healthcare Quarterly Report for Q3 Ended Sep 30, 2017

    Tenet Healthcare Corporation's quarterly report for the period ended September 30, 2017 shows a net loss attributable to Tenet common shareholders of $367 million for the three months and $475 million for the nine months, compared with losses of $8 million and $113 million in the prior-year periods. Net operating revenues before provision for doubtful accounts were $4.941 billion for the quarter, down from $5.216 billion, and operating income fell to $51 million from $339 million. The quarter included $329 million of impairment and restructuring charges and acquisition-related costs, largely a $294 million write-down of assets held for sale for the Aspen (UK) and Philadelphia-area facilities, and $138 million of loss from early extinguishment of debt. The balance sheet reflects significant portfolio and capital structure changes. Total assets declined to $23.208 billion from $24.701 billion at December 31, 2016, and total shareholders' equity fell to $24 million from $417 million. Long-term debt, net of current portion, decreased to $14.741 billion from $15.064 billion, following refinancing transactions in which the company issued $2.950 billion of senior secured and senior unsecured notes and redeemed $3.071 billion of older notes. Assets held for sale were $842 million at September 30, 2017, reflecting the pending sales of Philadelphia-area hospitals, MacNeal Hospital, and the nine Aspen facilities. Net cash provided by operating activities for the nine months was $709 million, compared with $851 million a year earlier. Management cites a 2017 same-hospital net operating revenue decline of 5.4% for the quarter, driven by lower volumes, the absence of California provider fee revenue, and the impact of Hurricane Irma. Management also announced an enterprise-wide cost reduction initiative intended to lower annual operating expenses by $150 million, with full run-rate savings expected by the end of 2018. The company reports a ratio of total long-term debt, net of cash, to Adjusted EBITDA of 6.4x at September 30, 2017.

    Nov 7, 2017
  29. 2017-Q2

    Tenet Healthcare Quarterly Report for Q2 Ended Jun 30, 2017

    Tenet Healthcare Corporation's Form 10-Q for the quarter ended June 30, 2017 reports a net loss attributable to Tenet common shareholders of $55 million for the three months and $108 million for the six months ended June 30, 2017, compared with losses of $46 million and $105 million in the 2016 periods. Net operating revenues before provision for doubtful accounts were $5.173 billion for the quarter, down from $5.220 billion, and the filing attributes the decline primarily to lower inpatient and outpatient volumes, including the impact of being out of network with a national payer for most of the 2017 period and the absence of California provider fee program revenue (the 2016 period included $57 million from that program). Operating income for the quarter rose to $310 million from $274 million, helped by lower litigation and investigation costs ($1 million versus $114 million in the prior-year quarter) and lower health plan losses, while interest expense increased to $260 million from $244 million. The balance sheet shows cash and cash equivalents of $475 million and total long-term debt of $15.155 billion at June 30, 2017. In June and July 2017 the company refinanced debt, issuing $830 million of 4.625% senior secured first lien notes due 2024 and, through its escrow subsidiary, $1.410 billion of 5.125% senior secured second lien notes due 2025 and $500 million of 7.000% senior unsecured notes due 2025, and used the proceeds to redeem $900 million of floating rate notes due 2020, $1.041 billion of 6.250% notes due 2018, $1.100 billion of 5.000% notes due 2019, and $500 million of 8.000% notes due 2020. The company expects to record an additional loss from early extinguishment of debt of approximately $132 million in the third quarter of 2017. Separately, the company paid Welsh Carson $716 million on July 3, 2017 to increase its ownership of the USPI joint venture to 80%, and it completed the sale of its Houston-area hospitals to HCA Healthcare for net pre-tax proceeds of approximately $750 million on July 31, 2017. The filing also discloses ongoing legal matters, including a securities class action and related shareholder derivative lawsuits. The company states it intends to vigorously defend these matters. The 10-Q describes an industry facing significant regulatory uncertainty around potential changes to the Affordable Care Act, and the company reports that net cash provided by operating activities was $401 million for the six months ended June 30, 2017, compared with $582 million a year earlier.

    Aug 7, 2017
  30. 2017-Q1

    Tenet Healthcare Quarterly Report for Q1 Ended Mar 31, 2017

    Tenet Healthcare Corporation's first-quarter 2017 Form 10-Q reports net operating revenues before provision for doubtful accounts of $5.196 billion, down from $5.420 billion a year earlier, and a net loss attributable to Tenet common shareholders of $53 million, compared with a $59 million loss in the prior-year quarter. Net operating revenues were $4.813 billion versus $5.044 billion. Results were pressured by lower patient volumes, including a 7.0% decline in total admissions in Hospital Operations and other, and the absence of $57 million of California provider fee revenue in the 2016 period. Operating income fell to a 5.5% margin from 7.0%, while the prior-year quarter benefited from a $147 million gain on sales, consolidation and deconsolidation of facilities, mainly the sale of Atlanta-area facilities. Cash and cash equivalents declined to $572 million from $716 million at December 31, 2016, and the company reported a 6.1x ratio of total long-term debt, net of cash, to Adjusted EBITDA. The filing highlights a significant pending capital transaction: in April 2017 Tenet amended its Put/Call Agreement with Welsh Carson so that it will own 80% of the USPI joint venture on or before July 3, 2017, paying approximately $711 million for a 23.7% interest. The company also disclosed post-quarter sales of its VHS Phoenix Health Plan membership (about $13 million) and most of its home health and hospice businesses (about $20 million), and an agreement to sell three Houston acute care hospitals and related operations for Tenet's portion of proceeds of approximately $725 million, expected to close by the third quarter of 2017. Management also noted that it expects capital expenditures of $700 million to $750 million for 2017 and that a national payer contract will be restored in June or October 2017. Regulatory and legal developments remain material. The Proposed IPPS Rule for fiscal 2018 is estimated to increase Tenet's annual fee-for-service IPPS payments by about $24 million, or 1.1%. Shareholder securities and derivative lawsuits related to the Clinica de la Mama matters are pending, and the company says it intends to vigorously defend them. Approximately 94% of long-term debt carries a fixed interest rate, with maturities staggered from 2018 through 2031.

    May 1, 2017
  31. 2016-Q3

    Tenet Healthcare Quarterly Report for Q3 Ended Sep 30, 2016

    Tenet Healthcare Corporation (THC) reported results for the three and nine months ended September 30, 2016 in this Form 10-Q. Net operating revenues were $4,849 million for the quarter versus $4,692 million a year earlier, and $14,761 million for the nine months versus $13,608 million. The company reported a net loss attributable to Tenet common shareholders of $8 million for the quarter (compared with $29 million in the prior-year quarter) and $113 million for the nine months (compared with $43 million). Adjusted EBITDA was $1,800 million for the nine months, versus $1,663 million in 2015. Interest expense rose to $730 million for the nine months from $664 million, primarily due to increased borrowings tied to recent acquisitions. The most significant development in the filing is the resolution of the Clinica de la Mama qui tam litigation and criminal investigation, for approximately $517 million including interest and fees. The company entered into a Non-Prosecution Agreement with the Department of Justice, which requires an independent compliance monitor and carries a three-year term, and it faces two shareholder class action complaints filed in October 2016. The filing also describes a strategic review that led the company to exit several health plan markets and agree to sell its Michigan health plans. Operationally, same-hospital net operating revenues rose 5.5% in the quarter, while same-hospital admissions increased 0.4%. Same-hospital salaries, wages and benefits grew only 3.0%, and same-hospital other operating expenses rose sharply as a percentage of revenue. Cash and cash equivalents were $649 million at September 30, 2016, and net cash provided by operating activities was $851 million for the nine months. The company also reported total long-term debt, net of current portion, of $14,323 million, and a ratio of total long-term debt, net of cash, to Adjusted EBITDA of 5.74x.

    Oct 31, 2016
  32. 2016-Q2

    Tenet Healthcare Quarterly Report for Q2 Ended Jun 30, 2016

    Tenet Healthcare Corporation's quarterly report for the period ended June 30, 2016 shows net operating revenues before provision for doubtful accounts of $5.22 billion for the three months, up 7.8% from $4.84 billion, and $10.64 billion for the six months versus $9.63 billion. The company still posted a net loss attributable to common shareholders of $46 million, or $0.46 per share, for the quarter, compared with $61 million a year earlier. For the six months, the loss widened to $105 million, or $1.06 per share, from $14 million. Six-month Adjusted EBITDA was $1.23 billion versus $1.10 billion, and net cash provided by operating activities rose to $582 million from $353 million. The most significant pending item is the agreement in principle to resolve the Clinica de la Mama matters, a civil qui tam case and parallel criminal investigation, for $514 million. The company increased its reserve for these matters from $407 million to $516 million. Definitive agreements and resolution are expected in the quarter ending September 30, 2016, and the filing warns that the eventual loss could materially exceed the reserve if a resolution is not reached or its terms differ materially. Operationally, same-hospital net operating revenues rose 5.9% in the quarter, while total admissions fell 4.0% and hospital count declined. The company sold its five Georgia hospitals on March 31, 2016 for approximately $575 million, recognizing a gain of approximately $113 million. Total long-term debt was $14.50 billion at June 30, 2016, and the ratio of net long-term debt to Adjusted EBITDA was 5.75x. Cash and cash equivalents totaled $656 million, with $996 million available under the Credit Agreement.

    Aug 1, 2016
  33. 2016-Q1

    Tenet Healthcare Quarterly Report for Q1 Ended Mar 31, 2016

    Tenet Healthcare Corporation reported a net loss attributable to its common shareholders of $59 million for the three months ended March 31, 2016, compared with net income of $98 million... [see note below] for the same period in 2015. Net operating revenues before provision for doubtful accounts rose to $5.42 billion from $4.79 billion, an increase the filing attributes primarily to acquisitions, higher outpatient volumes and improved managed care pricing. Loss from continuing operations per diluted share was $0.56, compared with diluted earnings of $0.46 per share a year earlier. The quarter's results were affected by a $173 million charge for litigation and investigation costs, mainly tied to the Clinica de la Mama qui tam action and a related U.S. Department of Justice criminal investigation. The company increased its aggregate accrual for these matters from $238 million to $407 million, and its April 25, 2016 offer to resolve them was not accepted. The filing states that the outcome could require significant fines and penalties that materially exceed the accrual, and it cannot estimate the loss in excess of the accrued amount. Partly offsetting this, the company recorded a $147 million gain on sales, consolidation and deconsolidation of facilities, including a $113 million gain on the March 31, 2016 sale of its Atlanta-area hospitals. Liquidity was supported by $996 million of available borrowing under the Credit Agreement and cash and cash equivalents of $728 million at March 31, 2016. Net cash provided by operating activities was $147 million for the quarter, and the company reported a ratio of long-term debt, net of cash, to Adjusted EBITDA of 5.68x. Total long-term debt was $14.52 billion.

    May 2, 2016
  34. 2015-Q3

    Tenet Healthcare Quarterly Report for Q3 Ended Sep 30, 2015

    Tenet Healthcare Corporation's Form 10-Q for the quarter ended September 30, 2015 shows net operating revenues before provision for doubtful accounts of $5.063 billion for the three months ended September 30, 2015, up from $4.424 billion a year earlier, and $14.694 billion for the nine months versus $13.087 billion. After the provision for doubtful accounts, net operating revenues were $4.692 billion for the quarter and $13.608 billion for the nine months. Net loss attributable to Tenet common shareholders was $29 million for the quarter and $43 million for the nine months, compared with a $49 million loss in the prior-year nine-month period. Diluted loss per share from continuing operations was $0.28 for the quarter and $0.42 for the nine months. Adjusted EBITDA was $1.663 billion for the nine months, versus $1.306 billion a year earlier, and the filing reports a ratio of total long-term debt, net of cash, to Adjusted EBITDA of 5.6x. The quarter was shaped by major portfolio changes. In June 2015 Tenet combined its freestanding ambulatory surgery and imaging centers with USPI's short-stay surgery assets into a joint venture in which it owns 50.1%, acquired European Surgical Partners (Aspen) for about $226 million, and formed a new Ambulatory Care segment. The company recorded a $147 million impairment tied to the sale of Saint Louis University Hospital, which closed August 31, 2015 at a transaction price of about $32 million. Total assets rose to $23.173 billion from $18.141 billion at December 31, 2014, and long-term debt, net of current portion, rose to $14.642 billion from $11.695 billion, largely reflecting the June 2015 issuance of $900 million of floating rate senior secured notes and the assumption of $1.9 billion of 6 3/4% senior notes. The filing also discloses significant pending legal matters, most notably a civil qui tam action and related DOJ civil and criminal investigations concerning contractual arrangements with Hispanic Medical Management, which the company says could have a material adverse effect if determined adversely. Subsequent to quarter end, the company announced a share repurchase authorization of up to $500 million through December 31, 2016 and a joint venture with Baptist Health System in Alabama.

    Nov 2, 2015
  35. 2015-Q2

    Tenet Healthcare Quarterly Report for Q2 Ended Jun 30, 2015

    Tenet Healthcare Corporation's 10-Q for the quarter ended June 30, 2015 shows a company in the middle of a significant portfolio reshaping. In June 2015 Tenet formed the USPI joint venture, in which it owns 50.1%, combining its freestanding ambulatory surgery and imaging centers with USPI's short-stay surgery center assets, and acquired European Surgical Partners (Aspen) for approximately $226 million. These transactions created a new Ambulatory Care reportable segment. Total assets rose to $22.746 billion at June 30, 2015 from $18.141 billion at December 31, 2014, and long-term debt increased to $14.637 billion (noncurrent) from $11.695 billion, reflecting the issuance of $1.9 billion of 6¾% senior notes due 2023 and $900 million of floating rate senior secured notes due 2020. Results were mixed. For the three months ended June 30, 2015, net operating revenues rose to $4.492 billion from $4.038 billion, and the company reported a net loss attributable to common shareholders of $61 million, compared with a loss of $26 million a year earlier. Operating income fell to $164 million from $207 million, largely because of a $147 million impairment charge tied to the planned sale of Saint Louis University Hospital and higher impairment, restructuring and acquisition-related costs of $193 million. Adjusted EBITDA increased to $568 million from $460 million. For the six months ended June 30, 2015, the company reported a net loss attributable to common shareholders of $14 million, compared with $58 million a year earlier. Net cash provided by operating activities was $353 million, up from $247 million. Investors should also note several pending items: planned hospital divestitures and joint ventures in Georgia, North Carolina, and North Texas; a joint venture with Baptist Health System in Alabama; and a Carondelet Health Network partnership in Arizona. The filing also describes ongoing government investigations, including a qui tam action and a parallel criminal investigation related to arrangements with Hispanic Medical Management, Inc., in which four of Tenet's hospital subsidiaries have been designated as targets of the criminal investigation. The company reserved approximately $20 million for the low end of the range of probable liability on the civil matter.

    Aug 3, 2015
  36. 2015-Q1

    Tenet Healthcare Quarterly Report for Q1 Ended Mar 31, 2015

    Tenet Healthcare Corporation's first-quarter 2015 Form 10-Q, filed May 4, 2015, reports net operating revenues of $4.43 billion for the three months ended March 31, 2015, up from $3.93 billion a year earlier, and net income attributable to Tenet common shareholders of $47 million, or $0.47 per diluted share, compared with a net loss of $32 million in the prior-year quarter. Operating income rose to $290 million from $170 million, and Adjusted EBITDA was $529 million versus $387 million. Same-hospital net operating revenues increased $431 million, or 11.0%, driven by higher inpatient and outpatient volumes, improved managed care pricing, a $46 million California provider fee program benefit, and growth at its Conifer subsidiary. Balance sheet and liquidity were under pressure during the quarter. Net cash used in operating activities was $57 million, compared with $19 million a year earlier, and total long-term debt was $11.93 billion at March 31, 2015. The company entered a $400 million, 364-day secured interim loan agreement, used to repay its revolving Credit Agreement, and paid $254 million to buy the remaining 49% noncontrolling interest in Valley Baptist Health System. At quarter-end, cash was $185 million and $646 million was available under the Credit Agreement. Management stated a ratio of total long-term debt, net of cash, to last-twelve-months Adjusted EBITDA of 5.80x. The filing also describes pending portfolio and strategic transactions announced in March 2015. Tenet agreed to contribute its ambulatory surgery and imaging center assets to a joint venture with United Surgical Partners International, in which Tenet would hold 50.1%, and to acquire Aspen Healthcare's operations in the United Kingdom. It also agreed to form a joint venture with Baylor Scott & White Health covering five North Texas hospitals, with $337 million of related assets classified as held for sale. The filing discloses ongoing governmental investigations, including a qui tam action and a criminal investigation involving the Clinica de la Mama matters, and a potential DOJ resolution on implantable cardioverter defibrillator billing, with total reserves of approximately $34 million for these and a CFPB matter.

    May 4, 2015
  37. 2014-Q3

    Tenet Healthcare Quarterly Report for Q3 Ended Sep 30, 2014

    Tenet Healthcare Corporation's Form 10-Q for the quarter ended September 30, 2014 shows continuing-operations growth driven by the Vanguard acquisition (completed October 1, 2013) and other acquisitions. Net operating revenues were $4.18 billion for the three months ended September 30, 2014, up from $2.41 billion a year earlier, and $12.15 billion for the nine months, up from $7.22 billion. Operating income was $211 million for the quarter versus $148 million, and net income attributable to Tenet common shareholders was $9 million for the quarter versus $28 million. For the nine months, the company reported a net loss attributable to common shareholders of $49 million, compared with a $110 million loss in the prior-year period, which included a $348 million loss from early extinguishment of debt. Interest expense rose sharply to $186 million for the quarter from $91 million, reflecting increased borrowings tied to acquisitions. Cash flow from operations was $468 million for the nine months, up from $334 million, while capital expenditures reached $734 million. Long-term debt was $11.55 billion at September 30, 2014, against $200 million of cash. The company said the ratio of long-term debt, net of cash, to last-twelve-months Adjusted EBITDA was 6.5x, and it had $994 million available under its revolving credit facility. The filing also flags ongoing governmental reviews, including a Department of Justice investigation into implantable cardioverter defibrillator procedures at 56 hospitals, a qui tam action related to Clinica de la Mama, and a Consumer Financial Protection Bureau investigation of Conifer, with a conclusion expected in the fourth quarter of 2014. Management has reserved approximately $38 million for the kyphoplasty, defibrillator and Clinica de la Mama matters in aggregate, and states it cannot predict the outcome of these reviews.

    Nov 3, 2014
  38. 2014-Q2

    Tenet Healthcare Quarterly Report for Q2 Ended Jun 30, 2014

    Tenet Healthcare Corporation's 10-Q for the quarter ended June 30, 2014 shows continuing operations growing sharply following the October 1, 2013 acquisition of Vanguard Health Systems. Net operating revenues before provision for doubtful accounts were $4.36 billion for the three months ended June 30, 2014, up from $2.63 billion, and $8.67 billion for the six months, up from $5.22 billion. Net operating revenues after the provision for doubtful accounts were $4.04 billion in the quarter, compared with $2.42 billion a year earlier. Operating income for the quarter was $207 million, versus $202 million in 2013, and the operating income margin fell to 5.1% from 8.3%. Interest expense rose to $190 million from $98 million, and the company reported a net loss attributable to common shareholders of $26 million for the quarter, compared with a $50 million loss in the prior-year quarter. Cash flow and leverage also moved in the same direction. Net cash provided by operating activities was $247 million for the six months, compared with $128 million a year earlier, while capital expenditures rose to $523 million from $256 million. Long-term debt, net of current portion, stood at $10.94 billion at June 30, 2014. Management reported a ratio of total long-term debt, net of cash, to Adjusted EBITDA of 6.6x, and Adjusted EBITDA was $460 million for the quarter. The company issued $1.1 billion of 5% senior notes due 2019 during the first half of 2014 and planned to use the June proceeds to redeem $474 million of 9¼% notes due 2015 in July 2014, which would produce an estimated $24 million loss on early extinguishment of debt. The filing also discloses material governmental reviews and litigation. The company increased its reserves by about $10 million in the quarter, bringing total recorded reserves to about $38 million for kyphoplasty, implantable cardioverter defibrillator and Clinica de la Mama matters. It also agreed in principle to settle a class action for a maximum of $32.5 million and recorded a $17 million reserve in discontinued operations. Investors should note the company's sizable debt load, the margin compression, and the uncertain outcomes of the open government investigations.

    Aug 4, 2014
  39. 2014-Q1

    Tenet Healthcare Quarterly Report for Q1 Ended Mar 31, 2014

    Tenet Healthcare Corporation's first-quarter 2014 Form 10-Q reports net operating revenues of $3.93 billion for the three months ended March 31, 2014, up from $2.39 billion a year earlier, driven by the Vanguard acquisition completed October 1, 2013. Operating income was $170 million versus $146 million, but interest expense rose to $182 million from $103 million, and the company reported a net loss attributable to Tenet common shareholders of $32 million, compared with a loss of $88 million in the prior-year quarter. Adjusted EBITDA was $387 million versus $274 million, with the Adjusted EBITDA margin at 9.9% compared with 11.5%. Balance sheet leverage increased. Total long-term debt rose to $11.23 billion at March 31, 2014 from $10.84 billion at December 31, 2013, and the company sold $600 million of 5% senior notes due 2019 in March 2014. The filing states the ratio of total long-term debt, net of cash, to Adjusted EBITDA was 6.4x. The $1 billion revolving Credit Agreement carries a November 2014 deadline tied to refinancing or repayment of about $238 million of 9¼% senior notes due 2015, and the company reports roughly $825 million of borrowing availability. Operationally, same-hospital admissions declined 1.2%, while same-hospital outpatient surgeries rose 19.1%. The provision for doubtful accounts reached 8.4% of revenues before provision, up from 8.0%, with the self-pay collection rate at 28.1%. Capital expenditures were $281 million for the quarter, and the company expects 2014 capital spending of approximately $900 million to $1 billion. Litigation remains a material item, including Department of Justice reviews related to kyphoplasty and implantable cardioverter defibrillators, and an ongoing qui tam action tied to Clinica de la Mama, with reserves of approximately $28 million recorded for these matters as of March 31, 2014.

    May 5, 2014
  40. 2013-Q3

    Tenet Healthcare Quarterly Report for Q3 Ended Sep 30, 2013

    Tenet Healthcare Corporation's Form 10-Q for the quarter ended September 30, 2013 shows net operating revenues of $2.408 billion for the three months ended September 30, 2013, up from $2.221 billion a year earlier, and operating income of $148 million versus $153 million. For the nine months, net operating revenues were $7.217 billion and the company reported a net loss attributable to common shareholders of $110 million, compared with net income of $92 million in the prior-year period. The nine-month loss was driven largely by a $348 million loss from early extinguishment of debt tied to the company's 10% senior secured notes due 2018 and 87/8% senior secured notes due 2019, which were refinanced in 2013. Balance sheet and liquidity: cash and cash equivalents were $82 million at September 30, 2013, down from $364 million at December 31, 2012. Total long-term debt, net of current portion, rose to $5.690 billion from $5.158 billion, and the company reported a ratio of total long-term debt, net of cash, to Adjusted EBITDA of 4.7x. Shareholders' equity fell to $825 million from $1.143 billion, reflected in $300 million of common stock repurchases during the nine months. The company operated 49 hospitals with 13,180 licensed beds and 134 outpatient centers at quarter end. The filing is dominated by subsequent events: on October 1, 2013 Tenet acquired Vanguard Health Systems for $21 per share in cash, paying approximately $4.3 billion and repaying $2.5 billion of Vanguard's net debt, funded by $2.8 billion of 8 1/8% senior notes due 2022 and $1.8 billion of 6% senior secured notes due 2020. Vanguard owned 28 hospitals (with one more under development), 39 outpatient centers and five health plans. Investors should note that the filing's pro forma impact of this transaction on the balance sheet has not yet been finalized, and the Vanguard integration is flagged as a material risk.

    Nov 4, 2013
  41. 2013-Q2

    Tenet Healthcare Quarterly Report for Q2 Ended Jun 30, 2013

    Tenet Healthcare Corporation's Form 10-Q for the quarter ended June 30, 2013 reports net operating revenues of $2,422 million for the three months ended June 30, 2013, up from $2,265 million a year earlier, while the company posted a net loss attributable to common shareholders of $50 million compared with a $6 million loss in the prior-year quarter. The loss was driven largely by a $171 million loss from early extinguishment of debt tied to the tender and call of its 8 7/8% senior secured notes due 2019. For the six months, net loss attributable to common shareholders was $138 million, versus net income of $52 million in 2012, and the six-month early-extinguishment loss totaled $348 million. Adjusted EBITDA rose to $336 million in the quarter from $288 million, and the Adjusted EBITDA margin was 13.9% versus 12.7%. The balance sheet shows total assets of $9,156 million and long-term debt, net of current portion, of $5,564 million at June 30, 2013, up from $5,158 million at December 31, 2012. Cash and cash equivalents fell to $90 million from $364 million. The company issued $1.050 billion of 4 3/8% senior secured notes due 2021 in May 2013 and $850 million of 4 1/2% senior secured notes due 2021 in February 2013, and it reports a ratio of total long-term debt, net of cash, to Adjusted EBITDA of 4.6x. Share repurchases totaled $192 million in the six months, with $208 million remaining under the $500 million program. The filing highlights a pending agreement, announced in June 2013, to acquire Vanguard Health Systems, Inc. for $21 per share in cash, a transaction valued at $4.3 billion including $2.5 billion of assumed Vanguard debt. The company expects closing before the end of 2013, subject to regulatory approvals, and two shareholder class action suits seek to enjoin the merger. Ongoing government reviews, including Medicare billing inquiries and a qui tam matter involving Health Management Associates-related hospitals, remain unresolved, with reserves of approximately $3 million recorded for three hospitals under review.

    Aug 6, 2013
  42. 2013-Q1

    Tenet Healthcare Quarterly Report for Q1 Ended Mar 31, 2013

    Tenet Healthcare Corporation's first-quarter 2013 Form 10-Q, filed for the period ended March 31, 2013, shows a net loss attributable to common shareholders of $88 million, compared with net income of $58 million in the prior-year quarter. The loss was driven mainly by a $177 million loss from early extinguishment of debt, tied to the February 2013 tender for and call of its 10% senior secured notes due 2018. Net operating revenues rose 3.7% to $2.387 billion, while operating income fell to $146 million from $205 million. Adjusted EBITDA was $274 million, versus $310 million a year earlier, and the Adjusted EBITDA margin fell to 11.5% from 13.5%. Balance sheet and liquidity: cash and cash equivalents fell to $95 million from $364 million at December 31, 2012. Total long-term debt, net of current portion, rose to $5.375 billion from $5.158 billion, following the issuance of $850 million of 4½% senior secured notes due 2021. Borrowing availability under the revolving credit facility was $628 million, with $20 million of cash borrowings outstanding. Management reported a ratio of total long-term debt, net of cash, to Adjusted EBITDA of 4.6x. Repurchases under the $500 million share program totaled about $200 million cumulatively through March 31, 2013. Operating trends were mixed. Total admissions fell 4.0% and patient days fell 2.3%, while outpatient surgeries rose 19.7%, and Conifer, the revenue cycle services subsidiary, drove growth in other operations revenue. Salaries, wages and benefits rose 9.3%, and the provision for doubtful accounts rose 9.5% to $207 million. The filing also notes the prior-year quarter included an $81 million Medicare Budget Neutrality settlement, and it discloses ongoing government reviews, including a kyphoplasty billing review and an investigation involving Hispanic Medical Management, Inc.

    Apr 30, 2013
  43. 2012-Q3

    Tenet Healthcare Quarterly Report for Q3 Ended Sep 30, 2012

    Tenet Healthcare Corporation's Form 10-Q for the quarter ended September 30, 2012 reports net operating revenues of $2,221 million for the three months ended September 30, 2012, up from $2,100 million a year earlier, and net income attributable to Tenet common shareholders of $40 million, compared with $6 million in the prior-year quarter. For the nine months, net operating revenues were $6,788 million and net income attributable to common shareholders was $92 million, versus $134 million in the same period of 2011. Nine-month results include a $100 million impairment charge in discontinued operations tied to the sale of Creighton University Medical Center, and a net favorable Medicare Rural Floor Budget Neutrality Settlement adjustment of approximately $84 million (of which $75 million related to continuing operations). Adjusted EBITDA was $269 million for the quarter, versus $192 million a year earlier, and $867 million for the nine months, versus $838 million. At September 30, 2012, total assets were $8,470 million and total long-term debt was $4,751 million, including current portion. Cash and cash equivalents were $83 million, and borrowings under the $800 million revolving credit facility were $175 million, with approximately $430 million available. Management reported a ratio of total long-term debt, net of cash, to trailing twelve-month Adjusted EBITDA of 4.0x. The filing also discloses subsequent events in October 2012: the sale of $500 million of 4¾% senior secured notes due 2020 and $300 million of 6¾% senior notes due 2020, a tender offer retiring $161 million of 7⅜% senior notes due 2013, a $500 million share repurchase authorization, a one-for-four reverse stock split effective October 11, 2012, and the automatic conversion of the remaining mandatory convertible preferred stock into 1,978,633 common shares. Management also described planned near-term acquisitions of approximately $400 million and a pending Medicare SSI-related cash payment of approximately $57 million. For investors, the key items are the improvement in quarterly operating income to $153 million from $79 million, the higher interest expense of $103 million in the quarter versus $59 million, and the capital structure actions taken in October 2012. The filing also notes ongoing exposure to government reviews, Hurricane Katrina-related lawsuits, and the Affordable Care Act, along with the expected Medicare physician fee reduction of 26.5% in January 2013 that management estimates could reduce annual net revenues by approximately $17 million.

    Nov 7, 2012
  44. 2012-Q2

    Tenet Healthcare Quarterly Report for Q2 Ended Jun 30, 2012

    Tenet Healthcare Corporation reported a second quarter 2012 net loss attributable to common shareholders of $6 million, compared with net income of $55 million in the year-earlier quarter. The loss reflects a $100 million impairment charge in discontinued operations tied to the planned sale of Creighton University Medical Center, which the company agreed to sell in July 2012 for an expected price of approximately $63 million. Income from continuing operations attributable to common shareholders was $42 million, or $0.10 per diluted share, versus $40 million, or $0.08 per diluted share, a year earlier. Net operating revenues rose to $2.265 billion from $2.132 billion, and Adjusted EBITDA was $288 million compared with $275 million. For the six months, net income attributable to common shareholders was $52 million, versus $128 million in the prior-year period. The six-month results include a $94 million favorable adjustment for prior-year Medicare cost reports, substantially related to the Medicare Budget Neutrality Settlement, which generated about $81 million of proceeds from continuing operations. Operating cash flow was $201 million, compared with $176 million. The company repurchased and retired 298,700 shares of its 7% mandatory convertible preferred stock for $289 million, funded in part by $292 million of new senior and senior secured notes issued in April 2012. Long-term debt rose to $4.748 billion at June 30, 2012 from $4.360 billion at December 31, 2011, and the company reported a ratio of total long-term debt, net of cash, to Adjusted EBITDA of 4.3x. Borrowing availability under the revolving credit facility was $445 million, and $200 million was drawn. The filing also discusses pending governmental reviews, including kyphoplasty and ICD implantation matters, and the Affordable Care Act, whose individual mandate the U.S. Supreme Court upheld on June 28, 2012.

    Aug 7, 2012
  45. 2012-Q1

    Tenet Healthcare Quarterly Report for Q1 Ended Mar 31, 2012

    Tenet Healthcare Corporation reported net operating revenues of $2,350 million for the three months ended March 31, 2012, up from $2,299 million a year earlier, and net income attributable to Tenet common shareholders of $58 million, versus $73 million in the prior-year period. Diluted earnings per share were $0.13 compared with $0.16 in the prior-year quarter, which the filing attributes in part to lower operating income: operating income fell to $205 million from $259 million, and Adjusted EBITDA was $314 million compared with $379 million, with the Adjusted EBITDA margin at 13.4% versus 16.5%. Results were supported by a $77 million net gain from an industry-wide Medicare Rural Floor Budget Neutrality settlement, which the filing states was recorded in continuing operations, while Medicaid DSH and state-funded subsidy revenues fell to $46 million from $130 million. Balance sheet and cash flow results were weaker. Cash and cash equivalents were $104 million at March 31, 2012, and net cash used in operating activities was $42 million, compared with $2 million a year earlier. Total long-term debt was $4,583 million, and the ratio of long-term debt net of cash to trailing Adjusted EBITDA was 4.1x. Borrowings under the revolving credit facility were $283 million, with approximately $355 million available. The filing also discloses that Tenet completed a $400 million share repurchase program in January 2012, and in April 2012 entered into a letter of intent to sell its interest in Creighton University Medical Center for about $63 million, which would produce a pre-tax non-cash impairment of approximately $100 million. The filing highlights several contingent exposures. Management expects to pay Medicare approximately $55 million related to a disproportionate share hospital SSI matter, of which $49 million was previously reserved, and Tenet has recorded reserves of approximately $49 million for various governmental reviews. In the Rosenberg tort matter, a punitive damages award was reduced from $65 million to $5 million on May 3, 2012, subject to a conditional new-trial order.

    May 8, 2012
  46. 2011-Q3

    Tenet Healthcare Quarterly Report for Q3 Ended Sep 30, 2011

    Tenet Healthcare Corporation's Form 10-Q for the quarter ended September 30, 2011 reports net operating revenues of $2,342 million for the three months ended September 30, 2011, up from $2,262 million a year earlier, and $7,222 million for the nine months, up from $6,904 million. Operating income was $79 million for the quarter versus $97 million in the prior-year quarter, and $501 million for the nine months versus $469 million. Net income attributable to Tenet common shareholders was $6 million for the quarter, compared with $932 million in the prior-year period, which was driven by a $1.0 billion income tax benefit from the elimination of substantially all of the deferred tax valuation allowance in 2010. Nine-month net income attributable to common shareholders was $134 million, versus $1,045 million a year earlier. The company reported Adjusted EBITDA of $195 million for the quarter, compared with $203 million a year earlier, and $851 million for the nine months, compared with $769 million. Cash and cash equivalents fell to $185 million at September 30, 2011 from $405 million at December 31, 2010. Long-term debt, net of current portion, was $3,966 million, and the company stated a ratio of total long-term debt, net of cash, to Adjusted EBITDA of 3.5x. During the nine months, Tenet repurchased 35,478,972 shares for approximately $196 million under a $400 million program authorized May 9, 2011. The filing also highlights ongoing government reviews, including a Department of Justice inpatient rehabilitation matter, for which reserves of approximately $27 million were recorded, and a Missouri DSH recoupment for which a liability of approximately $12 million was recorded. California and Pennsylvania provider fee programs contributed to Medicaid DSH revenues, with the nine-month figure at $199 million versus $134 million a year earlier. Net patient revenues are described as growing, with managed care pricing improvement cited as a driver.

    Nov 1, 2011
  47. 2011-Q2

    Tenet Healthcare Quarterly Report for Q2 Ended Jun 30, 2011

    Tenet Healthcare Corporation's Form 10-Q for the quarter ended June 30, 2011 reports net operating revenues of $2,374 million for the three months ended June 30, 2011, up from $2,303 million a year earlier, and net income attributable to Tenet common shareholders of $55 million, compared with $25 million in the prior-year quarter. For the six months, net operating revenues were $4,880 million and net income attributable to common shareholders was $128 million. Adjusted EBITDA was $277 million for the quarter versus $268 million a year earlier, and the company stated an adjusted EBITDA margin of 11.7% for the quarter. The filing notes that the three-month results included $25 million of non-patient revenue tied to estimated Medicaid ARRA HIT incentive payments, and that the company recognized $63 million of additional revenue for the California hospital fee program in the six-month period. The balance sheet shows cash and cash equivalents of $264 million at June 30, 2011, down from $405 million at December 31, 2010, and total long-term debt of $4,117 million. The company reported a ratio of total long-term debt, net of cash, to Adjusted EBITDA of 3.4x using the last 12 months of Adjusted EBITDA. Net cash provided by operating activities was $176 million for the six months, versus $169 million a year earlier. Capital expenditures were $198 million for the six months, and the company repurchased 11,464,429 shares for $72 million in the quarter under a $400 million authorization announced May 9, 2011. The filing describes the withdrawal of Community Health Systems' unsolicited offer of $7.25 per share in cash, which Community withdrew on May 9, 2011, along with its nominated board candidates. Ongoing government reviews, a Hurricane Katrina-related settlement with a $25 million cash payment subject to a court fairness hearing scheduled for October 2011, and reserves of approximately $27 million for certain governmental reviews are also disclosed.

    Aug 2, 2011
  48. 2011-Q1

    Tenet Healthcare Quarterly Report for Q1 Ended Mar 31, 2011

    Tenet Healthcare Corporation's first-quarter 2011 Form 10-Q reports net operating revenues of $2.506 billion for the three months ended March 31, 2011, up from $2.339 billion a year earlier, with operating income of $259 million versus $201 million. Net income attributable to Tenet common shareholders was $73 million, or $0.14 per diluted share, compared with $88 million, or $0.17 per diluted share, in the prior-year period. Adjusted EBITDA rose to $379 million from $298 million, and the company cited a $63 million California hospital fee program benefit and $25 million of Medicaid ARRA HIT incentive revenue recognized in the quarter. Cash flow was weak in the quarter: net cash used in operating activities was $2 million, and cash and cash equivalents fell $138 million to $267 million at March 31, 2011. Capital expenditures were $116 million, and total long-term debt, net of cash, was 3.4x Adjusted EBITDA based on the last twelve months. The filing notes that the company's Board determined an unsolicited $6.00 per share cash-and-stock proposal from Community Health Systems was not in shareholders' best interests, and that on May 2, 2011 Community submitted a revised proposal at $7.25 per share in cash. The filing also discloses ongoing governmental reviews (inpatient rehabilitation, kyphoplasty, ICD implantation, and a Florida partial hospitalization program) with reserves of approximately $27 million, and a $25 million settlement of Hurricane Katrina-related class actions at Memorial Medical Center, which was fully reserved as of March 31, 2011.

    May 3, 2011
  49. 2010-Q3

    Tenet Healthcare Quarterly Report for Q3 Ended Sep 30, 2010

    Tenet Healthcare Corporation's Form 10-Q for the quarter ended September 30, 2010 shows net operating revenues flat at $2.262 billion for the third quarter, while nine-month revenues rose to $6.904 billion from $6.753 billion. Third-quarter net income attributable to Tenet common shareholders was $932 million, driven mainly by a $1.002 billion income tax benefit, which reflects a reduction of the deferred tax asset valuation allowance by approximately $987 million. Operating income fell to $97 million from $133 million in the prior-year quarter, and Adjusted EBITDA was $203 million versus $240 million, with the Adjusted EBITDA margin at 9.0% compared with 10.6%. The balance sheet and debt profile changed substantially. In August 2010 the company issued $600 million of 8% senior notes due 2020 and used about $585 million of net proceeds, plus cash on hand, to repurchase approximately $782 million of 7 3/8% senior notes due 2013. Total long-term debt was $4.059 billion at September 30, 2010, versus $4.274 billion at year-end 2009, and cash and cash equivalents fell to $398 million from $690 million. Management reported a ratio of total long-term debt, net of cash, to trailing Adjusted EBITDA of 3.7x. Volumes continued to decline: total admissions fell 3.5% and commercial managed care admissions fell 8.6% in the quarter, while net inpatient revenue per admission rose 1.1%. Subsequent events include an amended and restated credit agreement dated October 19, 2010 extending the $800 million revolver to October 2015, and a California provider fee program that could add approximately $64 million of net revenue if CMS approves the managed care portion.

    Nov 2, 2010
  50. 2010-Q2

    Tenet Healthcare Quarterly Report for Q2 Ended Jun 30, 2010

    Tenet Healthcare Corporation's Form 10-Q for the quarter ended June 30, 2010 shows net operating revenues of $2,303 million for the three months ended June 30, 2010, up from $2,229 million in the prior-year period (an increase of 3.3%). Net income attributable to Tenet common shareholders was $25 million for the quarter, compared with a loss of $15 million a year earlier. For the six months, net income attributable to common shareholders was $113 million, versus $163 million in 2009, and diluted earnings per share were $0.22 compared with $0.34. Operating income for the quarter rose to $171 million from $138 million, and Adjusted EBITDA was $268 million, or 11.6% of net operating revenues, versus $246 million (11.0%) a year earlier. Volumes continued to decline: total admissions fell 2.0% and total outpatient visits fell 0.8% in the quarter, with commercial managed care admissions down 7.2%. Management attributed revenue growth primarily to commercial managed care pricing improvements and higher acuity services. Cash and cash equivalents were $711 million at June 30, 2010, and the company reported a total long-term debt to Adjusted EBITDA ratio of 3.5x. Shareholders' equity rose to $772 million, and total long-term debt was $4,274 million. The filing also highlights regulatory exposure, including a Department of Justice review of inpatient rehabilitation admissions at South Fulton Medical Center, a civil investigative demand concerning implantable cardioverter defibrillators, and a deferred tax asset valuation allowance of $1.1 billion that management may reduce if operating results continue to improve. The company also expects to refinance its $800 million senior secured revolving credit facility in the third quarter of 2010.

    Aug 3, 2010