Financial Data and Key Metrics Changes - First quarter revenue increased by 4% to $1.5 billion compared to the prior year, driven by a 2.7% growth in adjusted admissions and a 1.2% increase in net patient service revenue per adjusted admission [11][12] - Adjusted EBITDA grew by 2.5% to $98 million, with supply costs as a percentage of revenue declining by 60 basis points year over year [7][16] - Total cash at the end of the first quarter was $495 million, with total debt outstanding at $1.1 billion, resulting in a total available liquidity of $790 million [16][17] Business Line Data and Key Metrics Changes - Admissions grew by 7.6%, with inpatient surgery growth at 3.4%, while outpatient surgeries declined by 2.3% [5][12] - The growth rate of physician professional fees was 6%, down from 13% in the same period last year, indicating a moderation in cost growth [7][63] - The integration of 18 NexCare Urgent Care clinics is expected to generate additional downstream volumes in the Tulsa and Albuquerque markets [8] Market Data and Key Metrics Changes - The company is experiencing strong demand in its existing markets, with an average market growth rate of about 3% per year [40] - Exchange volume growth was significant, with admissions in the quarter growing by 40%, contributing to mid-single digits as a percentage of revenue [60] Company Strategy and Development Direction - The company is focused on expanding its outpatient and acute care hospital footprint, supported by approximately $500 million in cash and a favorable lease-adjusted net leverage ratio of three times [4][9] - A disciplined approach to evaluating M&A opportunities is being pursued, with increased interest in the company's joint venture model from potential academic and non-profit partners [8][9] - The company aims to achieve margin expansion of 100 to 200 basis points over the next several years through operational initiatives and supply chain efficiencies [7][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of demand, attributing strong volume growth to operational improvements and the strength of the markets [40] - The company reaffirmed its full-year 2025 financial guidance, indicating a solid start to the year and strong momentum [9][17] - Management noted that while payer claim denials have increased, they do not expect a significant impact compared to the latter half of 2024 [13][28] Other Important Information - The company is in the final stages of recruiting a Chief Development Officer to support its focus on M&A activities [4] - S&P upgraded the company's credit rating to B+ from B, reflecting improved net leverage and cash flow profile [17] Q&A Session Summary Question: Inquiry about seasonality and EBITDA decline - Management indicated that a sequential decline in EBITDA is not abnormal and attributed it to various factors including flu season impacts and timing issues [22][26] Question: Follow-up on elevated denials - Management confirmed that the increase in denials is consistent with previous trends and highlighted a slowdown in payments on clean claims [28][29] Question: Supply chain initiatives and opportunities - Management noted participation in a GPO and ongoing improvements in service line utilization as key areas for margin expansion [30][31] Question: Update on expansion initiatives - Management reported a growing pipeline for new market opportunities and emphasized the importance of strategic acquisitions [46][53] Question: New Mexico DPP program approval timeline - Management expressed hope for approval by the end of Q2, based on positive indications from state and CMS conversations [54][56] Question: Exchange volumes and payer mix - Management confirmed strong exchange growth, with admissions increasing significantly and operating in mid-single digits as a percentage of revenue [60]

Financial Data and Key Metrics Changes - First quarter revenue increased by 4% to $1.5 billion compared to the prior year, driven by adjusted admissions growth of 2.7% and net patient service revenue per adjusted admission growth of 1.2% [12][14] - Adjusted EBITDA grew by 2.5% to $98 million, with growth impacted by an increase in payer claim denials compared to the first quarter of 2024 [15][18] - Total cash at the end of the first quarter was $495 million, with total debt outstanding at $1.1 billion, resulting in total available liquidity of $790 million [17] Business Line Data and Key Metrics Changes - Admissions grew by 7.6%, with inpatient surgery growth at 3.4% and outpatient surgeries declining by 2.3% [6][14] - Supply costs as a percentage of revenue declined by 60 basis points year over year, indicating improved supply chain efficiencies [8] - The growth rate of physician professional fees was 6%, down from 13% during the same period last year [8] Market Data and Key Metrics Changes - The company is experiencing strong demand trends in its existing markets, with an average market growth rate of about 3% per year [40] - Exchange volume growth was significant, with admissions in the quarter growing by 40%, contributing to mid-single digits as a percentage of revenue [61] Company Strategy and Development Direction - The company is focused on expanding its outpatient and acute care hospital footprint, supported by approximately $500 million in cash and a favorable lease-adjusted net leverage ratio of three times [5][10] - The company is actively pursuing M&A opportunities, with increased interest in its joint venture model from potential academic and non-profit partners [9][10] - The strategic focus includes operational excellence initiatives aimed at driving margin expansion over the next several years [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of demand, attributing strong volume growth to operational improvements and the strength of the markets [40] - The company is optimistic about achieving its full-year 2025 financial guidance, reaffirming its outlook based on solid Q1 performance [18][19] - Management noted that while there are pressures from professional fees and payer behaviors, they expect underlying EBITDA growth to accelerate in the latter half of the year [15][72] Other Important Information - The company is in the final stages of recruiting a Chief Development Officer to support its focus on M&A activities [5] - The company’s credit rating was upgraded to B+ from B, reflecting improved net leverage and cash flow profile [17] Q&A Session Summary Question: Inquiry about seasonality and EBITDA decline - Management indicated that the sequential decline in EBITDA is not abnormal and attributed it to various seasonal factors, including the impact of flu season and timing of payments [23][25] Question: Follow-up on elevated denials - Management confirmed that the elevated denials are consistent with previous trends and noted a slowdown in payments even on clean claims [27][29] Question: Supply chain initiatives and opportunities - Management highlighted participation in a GPO and ongoing improvements in service line utilization as key areas for margin expansion [31][32] Question: Update on expansion initiatives - Management reported a growing pipeline for new market opportunities and emphasized the importance of being disciplined in evaluating potential acquisitions [45][47] Question: New Mexico DPP program approval timeline - Management expressed hope for approval by Q2, noting positive signs from discussions with elected officials [56][58] Question: Exchange volumes and payer mix - Management confirmed strong exchange growth, with admissions in Q1 growing significantly and operating in mid-single digits as a percentage of revenue [60][61]

Financial Performance - Total revenue for 1Q25 was $1497 million, a 40% year-over-year increase[15] - Adjusted EBITDA for 1Q25 was $98 million, a 25% year-over-year increase[15] - Adjusted EBITDA margin was 66% in 1Q25, a decrease of 10 basis points year-over-year[15] Operating Metrics - Admissions increased by 76% year-over-year, totaling 41389[15] - Adjusted Admissions increased by 27% year-over-year, totaling 84536[15] - Net Patient Service Revenue per Adjusted Admission increased by 12% year-over-year, reaching $17402[15] Capital Structure - The company has $495 million in ABL Capacity and $295 million in total cash, resulting in $790 million available liquidity[32] - Net leverage is 26x and lease-adjusted net leverage is 30x[32] 2025 Full Year Guidance - Total revenue is projected to be between $6200 million and $6450 million[38] - Adjusted EBITDA is projected to be between $575 million and $615 million[38]

Financial Performance - Total revenue for Q1 2025 was $1.50 billion, reflecting a 4.0% year-over-year growth[3] - Net income attributable to Ardent Health was $41 million, or $0.29 per diluted share, compared to $27 million, or $0.21 per diluted share in Q1 2024[11] - Adjusted EBITDA increased 2.5% year-over-year to $98 million[11] - Total revenue for Q1 2025 was $1,497,234, an increase of 4.0% from $1,439,046 in Q1 2024[27] - Net income attributable to Ardent Health Partners, Inc. for Q1 2025 was $41,383, representing a 53.3% increase from $27,047 in Q1 2024[27] - Basic net income per share increased to $0.30 in Q1 2025 from $0.21 in Q1 2024, reflecting a 42.9% growth[27] - Net income for Q1 2025 increased to $58,965, up from $45,851 in Q1 2024[39] - Adjusted EBITDA for Q1 2025 was $98,201, compared to $95,814 in Q1 2024, marking a growth of 2.0%[39] Operational Metrics - Admissions rose by 7.6% year-over-year, driven by a heightened flu season and solid inpatient surgery growth[5] - Adjusted admissions grew by 2.7% year-over-year, tracking toward the upper end of the 2025 guidance[5] - Emergency room visits increased by 2.3% year-over-year to 161,249[7] - The number of admissions in Q1 2025 rose to 41,389, a 7.6% increase from 38,469 in Q1 2024[34] - Utilization of licensed beds improved to 50% in Q1 2025, up from 46% in Q1 2024, representing an 8.7% increase[34] - The average length of stay for patients increased to 4.74 days in Q1 2025, compared to 4.66 days in Q1 2024[34] Financial Guidance - The company reaffirmed its full-year 2025 guidance, projecting total revenue between $6.2 billion and $6.45 billion[10] - The guidance for full-year 2025 net income is projected between $342 million and $386 million[50] - Adjusted EBITDA guidance for the full year 2025 is estimated to be between $575 million and $615 million[51] Cash and Debt Position - As of March 31, 2025, total cash and cash equivalents were $495 million, with total debt of $1.1 billion[8] - The company's net leverage ratio was 1.4x, and the lease-adjusted net leverage ratio was 3.0x as of March 31, 2025[8] - Cash and cash equivalents at the end of Q1 2025 were $495,044, down from $556,785 at the end of Q4 2024[32] - Long-term debt, less current installments, was $1,090,549 as of March 31, 2025, slightly up from $1,085,818 at the end of 2024[32] - Total assets decreased to $4,911,257 in Q1 2025 from $4,956,100 at the end of 2024[32] Strategic Initiatives - The company is evaluating a growing pipeline of attractive inorganic growth opportunities to enhance long-term value for stockholders[5] - The company is focused on leveraging technology, including artificial intelligence and machine learning, to enhance operational efficiencies and patient outcomes[23] - The company closed UT Health East Texas Specialty Hospital, transferring its assets to other facilities, indicating a strategic consolidation effort[35] - The company operated 30 hospitals at the end of Q1 2025, a decrease of 3.2% from 31 hospitals at the end of Q1 2024[34]

Operations and Market Presence - Ardent Health Partners operates 30 acute care hospitals and approximately 280 sites of care, serving over 1.2 million unique patients with approximately 5.8 million visits in 2024 [13]. - The company operates in eight mid-sized urban markets across six states, with an average of more than 500 beds per hospital, positioning itself for continued growth in these markets [21]. - The estimated market share for Ardent's hospitals ranges from 15.8% to 59.0% across different markets, indicating a strong competitive position [24]. - The company operates 18 JV-operated hospitals across various markets, with majority ownership interests in most of them [31]. - The joint venture with UTHSCT allows the company to share earnings on a 70% (Ardent) / 30% (UTHSCT) basis, despite owning 100% of the assets of the hospitals involved [32]. - The company aims to enter new markets through acquisitions and partnerships, focusing on joint ventures with leading not-for-profit and academic health systems [79]. Healthcare Services and Quality - The company has a provider network of over 1,800 providers, including more than 390 primary care providers and over 1,450 specialists, which supports its value-based care initiatives covering over 220,000 lives [27]. - In 2024, Ardent achieved a 7.2% increase in Sepsis Bundle compliance, leading to a greater than 13% reduction in Septic Shock mortality and a 33% decrease in catheter-associated urinary tract infections [20]. - Ardent's hospitals have received recognition for safety and quality, with 81% of graded hospitals achieving a Leapfrog Hospital Safety Grade of A or B, compared to the national average of 56% [20]. - The company has over 80 value-based care contracts and plans to expand its participation in these programs to drive better health and cost outcomes [76]. Technology and Innovation - The implementation of a system-wide Epic technology platform has improved care coordination and operational standardization, earning a "Gold Stars 9" level designation from Epic [28]. - The company leverages advanced technologies, including artificial intelligence and remote patient monitoring, to enhance patient care and outcomes [29]. - The company has invested nearly $37.0 million in enhanced technologies over the last three years to broaden service capabilities and increase patient engagement [30]. - The BioButton device has shown an approximately 9-hour reduction in length of stay (LOS) in medical surgical units where it is used [30]. - The implementation of a single instance of Epic as the clinical operating platform aims to improve clinical efficiency and financial outcomes [67]. Financial Performance and Market Trends - The U.S. national healthcare expenditures (NHE) represented approximately 17% of GDP, or nearly $4.9 trillion, in 2023, with projections to grow to over $7.7 trillion by 2032 [44]. - Hospital expenditures are expected to rise at an average annual growth rate of 5.8% from 2023 to 2032, outpacing the GDP growth rate of 4.3% [44]. - The serviceable addressable market for the company is estimated to be approximately $800 billion in 2020, expected to grow at an average annual growth rate of approximately 5.7% to nearly $1.4 trillion by the end of the decade [47]. - Hospital services accounted for nearly $1.5 trillion, or approximately 31% of total healthcare spending in 2023, expected to grow to $2.4 trillion by 2032 [49]. - Physician and clinical services represented nearly $1.0 trillion, or approximately 20% of total spending in 2023, projected to increase to approximately $1.5 trillion by 2032 [49]. Regulatory Environment and Compliance - Regulatory compliance is critical, as failure to meet laws and regulations could result in penalties, loss of licenses, and inability to participate in government programs [143]. - The use of artificial intelligence in clinical decision-making is under increased regulatory scrutiny, with potential future laws affecting its implementation [149][150]. - Recent U.S. Supreme Court decisions have introduced regulatory uncertainty, impacting the healthcare industry's compliance landscape [151]. - The Affordable Care Act (ACA) has expanded health insurance coverage and reduced Medicare spending growth, but its future is uncertain due to ongoing legislative attempts to amend it [152]. - The Anti-Kickback Statute prohibits remuneration to induce referrals for services covered by federal healthcare programs, with severe penalties for violations [157]. Cybersecurity and Operational Challenges - The Cybersecurity Incident in November 2023 had an estimated pre-tax impact of approximately $74 million, including lost revenues and remediation costs [187]. - The company experienced delays in billing claims and obtaining reimbursements and payments through the first quarter of 2024 due to the Cybersecurity Incident [189]. - The company faced three consolidated class action lawsuits due to a Cybersecurity Incident, involving approximately 38,000 individuals alleging data mismanagement [190]. - The company activated incident response protocols and engaged cybersecurity experts immediately upon detecting the Cybersecurity Incident [187]. - The unauthorized actor acquired a copy of certain personal information and PHI of a limited number of patients and employees, but did not gain access to the EHR platform [187]. Workforce and Human Resources - As of December 31, 2024, the company employed approximately 24,900 individuals, including over 19,200 full-time employees [199]. - The company is experiencing significant challenges in recruiting and retaining qualified medical personnel due to industry-wide labor shortages [200]. - The company has established nursing and medical residency programs across five states to improve access to care and build a pipeline of skilled providers [206]. - The company invests in employee safety and welfare, maintaining a secure workplace and promoting a culture of well-being [204].

Compensation and Benefits - Employee's annual salary is set at $1,076,000, with a target annual bonus of 125% of the salary for fiscal year 2024[8][9] - Employee will be eligible for annual grants under the Ardent Health Partners, Inc. 2024 Omnibus Incentive Award Plan[13] - Employee's compensation, including salary and benefits, will be subject to annual review by the Board[14] - Employee will receive reimbursement for reasonable business-related expenses in accordance with the Employer's policies[10] - Employee's participation in benefit plans will align with those available to similarly situated senior officers[11] - The Employer will reimburse Employee's COBRA health coverage costs for up to 18 months following termination[42] - The Employer will reimburse the Employee for reasonable legal fees up to a maximum of $10,000, payable on the first regular payroll date following the submission of documentation[60] Employment Terms - Employee's principal office is located in the Nashville, Tennessee metropolitan area[7] - The term of employment will commence on January 10, 2025, and end on December 31, 2027, with automatic annual renewals unless a non-renewal notice is given 90 days prior[29] - The Agreement contains the entire agreement of the parties and supersedes all prior agreements regarding the subject matter[55] - The Agreement may be executed in counterparts, and delivery by electronic means is considered effective[61] Termination and Severance - In the event of termination without Cause, the Employer will pay the Accrued Obligations and the Salary and benefits as specified in Sections 16 or 17[38] - If terminated for Good Reason, the Employee is entitled to Accrued Obligations and severance benefits, including cash payments equal to two times the sum of the annual Salary and target Bonus[41] - Upon termination due to Change in Control, Employee will receive severance benefits as outlined in Section 17, including a cash payment equal to three times the sum of the annual Salary and target Bonus[45] - The Employer will make severance benefit payments in a lump sum within three business days following the satisfaction of the Release Condition[47] - If the Employee becomes eligible for severance benefits after the payment commencement date, the Employer will pay the difference within thirty days after a Change in Control[48] - In case of Employee's death, all earned but unpaid Salary and any declared but unpaid Bonus will be paid within 90 days[34] Confidentiality and Non-Competition - Employee is required to refrain from competitive activities during and after employment, with a non-competition period of 12 months post-termination[20] - Employee must surrender all confidential information and materials upon termination of employment[19] - Employee's non-solicitation obligations extend for the same duration as the non-competition covenant[21] - Employee's obligations under Sections 4 and 5 will survive termination of the agreement regardless of the reason for termination[29] - The Employee's obligations under Sections 4 and 5 will remain in effect even after termination[29] Compliance and Legal - Employee must maintain eligibility for participation in federal health programs and must not have been sanctioned by any governmental agency[26] - Payments and benefits under the Agreement are intended to comply with Section 409A of the Internal Revenue Code[57] - The Employer will modify the Agreement to comply with Section 409A if necessary, ensuring payments are treated as separate compensation[58] - If the aggregate amount of payments exceeds the limits set by Section 280G of the Code, the Parachute Payments will be modified to maximize the after-tax benefit to the Employee[59] - The Agreement is governed by the laws of the State of Tennessee, and any disputes will be settled by arbitration in Nashville, Tennessee[21] Employer Policies - The Employer may issue policies and guidelines relating to its employees, which may include handbooks and memoranda[56]

Company Operations - As of September 30, 2024, the company operates 30 acute care hospitals and over 200 sites of care, with 1,808 employed and affiliated providers, marking a 3.3% increase compared to the previous year[111] - The company operates in six states, including Texas, Oklahoma, and New Mexico, and holds a leading position in most of its markets[111] - The company has a strategic joint venture model that enhances its operational capabilities and market penetration[111] - The total number of hospitals operated at the end of September 30, 2024, was 30, a decrease of 3.2% from 31 in the previous year[145] Financial Performance - Total revenue for the three months ended September 30, 2024, increased by $72.1 million, or 5.2%, compared to the same period in 2023, reaching $1,449,817 thousand[147] - Total revenue for the nine months ended September 30, 2024, increased by $296.3 million, or 7.3%, compared to the same prior year period[149] - Net income for the three months ended September 30, 2024, was $46,005,000, and for the nine months ended September 30, 2024, it was $158,817,000[215] - Adjusted EBITDA for the three months ended September 30, 2024, was $97.8 million, compared to $84.8 million for the same period in 2023, reflecting a year-over-year increase of 15.4%[180] - Adjusted EBITDAR for the three months ended September 30, 2024, was $137,820,000, and for the nine months ended September 30, 2024, it was $435,706,000[215] Revenue Sources - Medicare accounted for 38.7% of total revenue for the three months ended September 30, 2024, while Medicaid accounted for 10.2%[139] - Revenue related to joint ventures for the three months ended September 30, 2024, was $429.9 million, representing 29.7% of total revenue for that period[138] - The company recognized total revenue of $48.6 million under the Oklahoma directed payment program from its effective date of April 1, 2024, through September 30, 2024[116] Expenses and Costs - Total operating expenses for the three months ended September 30, 2024, increased by $61.0 million but decreased by 0.6% as a percentage of total revenue[148] - Total operating expenses increased by $243.3 million but decreased by 1.0% as a percentage of total revenue for the nine months ended September 30, 2024[151] - Professional fees increased to 18.6% of total revenue for the nine months ended September 30, 2024, compared to 17.6% in 2023[143] - Salaries and benefits as a percentage of total revenue decreased to 43.1% for the nine months ended September 30, 2024, down from 44.0% in the prior year[165] - Supplies as a percentage of total revenue decreased to 17.6% for the nine months ended September 30, 2024, down from 18.3% in the prior year[167] Debt and Financing - The company executed an amendment to its Term Loan B Facility on September 18, 2024, reducing the interest rate by 50 basis points to Term SOFR plus 2.75%[112] - The company entered into a Term Loan B Facility with a principal amount of $900.0 million, maturing in seven years, with quarterly principal installments of 0.25%[197] - The company has total long-term debt obligations of $1,464.5 million, with $25.3 million due within the next year[209] - The net leverage ratio as of September 30, 2024, was 1.6x, while the lease-adjusted net leverage ratio was 3.5x[184] - Interest expense decreased to $52.1 million for the nine months ended September 30, 2024, compared to $55.9 million in the prior year[170] Cybersecurity Incident - A ransomware cybersecurity incident occurred in November 2023, impacting operational and information technology systems, but patient care continued using established downtime procedures[119] - The Cybersecurity Incident had an adverse pre-tax impact of approximately $74 million during the year ended December 31, 2023, including lost revenue and remediation costs[120] Shareholder Activities - The company completed an initial public offering on July 19, 2024, raising gross proceeds of $192.0 million from the sale of 12,000,000 shares at $16.00 per share[113] - The company repurchased shares from Ventas for $26.0 million concurrent with Pure Health's investment in Ardent Health Partners, LLC[122] Operational Challenges - The company continues to face challenges related to staffing and labor trends, impacting operational performance and growth prospects[123] - For the three months ended December 31, 2023, admissions, surgeries, and emergency room visits decreased by 2.5%, 2.1%, and 5.7%, respectively, compared to the same period in 2022[120] Cash Flow and Liquidity - Cash flows provided by operating activities for the nine months ended September 30, 2024, totaled $195.5 million, up from $154.2 million in the prior year, indicating a growth of 27.0%[187] - Total cash and cash equivalents as of September 30, 2024, were $563.1 million, with available liquidity of $851.2 million, which includes $288.1 million in available capacity under the ABL Credit Agreement[184] - The company believes it has adequate liquidity to fund operations through operating cash flows and access to Senior Secured Credit Facilities[221]

Financial Performance - Total revenue for Q3 2024 was $1.45 billion, representing a 5.2% increase year-over-year[2] - Net income attributable to Ardent Health was $26 million, or $0.19 per share, compared to $21 million, or $0.17 per share, in Q3 2023[5] - Adjusted EBITDA for Q3 2024 increased 15.3% year-over-year to $98 million, with a margin expansion of 50 basis points to 6.7%[6] - Total revenue for Q3 2024 was $1,449.8 million, a 5.2% increase from $1,377.7 million in Q3 2023[36] - Net income attributable to Ardent Health Partners, Inc. increased to $26.3 million, up 26.5% from $20.8 million in the prior year[36] - Basic and diluted net income per share for Q3 2024 was $0.19, compared to $0.17 in Q3 2023[36] - Total revenue for the nine months ended September 30, 2024, was $4,359,783, an increase of 7.3% from $4,063,449 in the same period of 2023[38] - Net income attributable to Ardent Health Partners, Inc. increased to $96,139, representing a 65.5% increase from $58,057 in the prior year[38] - Basic and diluted net income per share for the nine months ended September 30, 2024, was $0.74, up from $0.46 in the same period of 2023[38] - Net income for Q3 2024 was $46,005, compared to $38,708 in Q3 2023, reflecting a significant year-over-year growth[44] Operational Metrics - Adjusted admissions grew by 3.8% year-over-year, totaling 86,833 for Q3 2024[14] - Emergency room visits increased by 2.6% year-over-year, totaling 161,343 in Q3 2024[12] - Inpatient surgeries totaled 8,871 in Q3 2024, a slight increase of 0.5% from 8,826 in Q3 2023[43] - Total encounters increased by 7.5% to 1,482,655 in Q3 2024 from 1,378,599 in Q3 2023[43] - Utilization of licensed beds improved to 46% in Q3 2024, up from 44% in Q3 2023, indicating better operational efficiency[43] - The company operated 30 hospitals at the end of Q3 2024, a decrease of 3.2% from 31 hospitals at the end of Q3 2023[43] - Net patient service revenue per adjusted admission was $16,312 in Q3 2024, a 0.9% increase from $16,174 in Q3 2023[43] Expenses and Costs - Salaries and benefits accounted for 43.8% of total revenue, increasing from 43.2% in the previous year[36] - Professional fees rose to $274.2 million, representing 18.9% of total revenue, compared to 17.9% in Q3 2023[36] - Interest expense decreased to $14.6 million, down from $19.0 million, reflecting a reduction in financing costs[36] - Total operating expenses were $1,392.8 million, which is 96.1% of total revenue, a slight decrease from 96.7% in the previous year[36] - Operating expenses totaled $4,163,969, accounting for 95.5% of total revenue, compared to 96.5% in the previous year[38] - The company incurred restructuring costs of $3.2 million in Q3 2024, reflecting ongoing efforts to optimize operations[45] Future Projections - The company raised its full-year 2024 revenue guidance to $5.875 billion, up from a previous estimate of $5.750 billion[22] - Net income for the full year ending December 31, 2024, is projected to be between $241 million and $263 million[50] - Adjusted EBITDA is expected to range from $425 million to $440 million[50] - Income tax expense is estimated at $39 million to $45 million[50] - Interest expense is projected to be between $66 million and $65 million[50] - Depreciation and amortization costs are anticipated to be around $145 million to $144 million[50] - Noncontrolling interest earnings are expected to be a loss of $85 million to $87 million[50] - Cybersecurity incident recoveries, net, are projected to be a loss of $20 million to $25 million[52] - Restructuring, exit, and acquisition-related costs are estimated at $13 million to $12 million[50] - Equity-based compensation is expected to remain constant at $17 million[50] - Loss from disposed operations is projected at $2 million[50] Cash Flow and Assets - Operating cash flow for Q3 2024 was $90 million, compared to $89 million in the same period last year[16] - Net cash provided by operating activities was $195,457, an increase from $154,199 in the same period of 2023[40] - Total assets as of September 30, 2024, were $4,800,014, up from $4,731,558 at the end of 2023[41] - Total liabilities decreased to $3,413,145 from $3,649,242 at the end of 2023[41] - Cash and cash equivalents at the end of the period were $563,142, compared to $444,676 at the end of the previous year[40] - The company invested $8,044 in acquisitions during the nine months ended September 30, 2024[40] - Equity attributable to Ardent Health Partners, Inc. increased to $1,005,870 from $670,896 at the end of 2023[41]