Tenet Health(THC) - 2025 Q1 - Earnings Call Presentation

Financial Highlights - Consolidated Adjusted EBITDA reached $1.163 billion, exceeding the high end of the first quarter outlook[8] - Consolidated Adjusted EBITDA grew by 14%[8] - Consolidated Adjusted EBITDA margin was 22.3%[8] - Adjusted diluted EPS increased by 35%[8] Ambulatory (USPI) Performance - Adjusted EBITDA grew by 16%[8] - Same-facility revenue grew by 6.8%[10] - Adjusted EBITDA margin was 38.2%[10] - USPI Net Revenue 2025E Midpoint is $4.925 billion, with a CAGR of 14.7% from 2019[18] - USPI Adjusted EBITDA 2025E Midpoint is $1.950 billion, with a CAGR of 13.9% from 2019[19] Hospital Performance - Adjusted EBITDA, excluding divested hospitals, grew by 23%[8] - Same-hospital admissions grew by 4.4%[9] - Adjusted EBITDA margin was 17.5%[9] Full Year 2025 Outlook - Consolidated Adjusted EBITDA is projected to be between $3.975 billion and $4.175 billion[10, 11] - Net operating revenues are expected to be between $20.6 billion and $21.0 billion[11]