DALLAS - Tenet Healthcare Corporation (Tenet) (NYSE: THC) today announced its results for the quarter ended March 31, 2024.
'We have had an outstanding start to the year highlighted by strong growth in revenues, admissions, and profitability,' said Saum Sutaria, M.D., Chairman and Chief Executive Officer of Tenet. 'Our operational excellence and focus on continuous improvement helped enable our momentum as we transform our company through strategic portfolio decisions, disciplined capital allocation, and debt reduction.'
Balance Sheet and Cash Flows
Cash flows provided by operating activities for the three months ended March 31, 2024 were $586 million versus $449 million for the three months ended March 31, 2023.
The Company produced free cash flow1 of $346 million for the three months ended March 31, 2024 versus $214 million for the three months ended March 31, 2023.
In the three months ended March 31, 2024, the Company repurchased 2,811,234 shares of common stock for $278 million.
The Company's ratio of net debt to Adjusted EBITDA1 was 2.79x at March 31, 2024 compared to 3.89x at December 31, 2023.
Recent Transactions
In first quarter 2024, the Company retired $2.1 billion aggregate principal amount of its 4.875% senior secured first lien notes due in 2026. Tenet expects this transaction will reduce its future annual cash interest payments by $102 million.
On April 1, 2024, the Company announced the completion of the sale of four hospitals and related operations in Orange County and Los Angeles County, California to UCI Health and the completion of the sale of two hospitals and related operations in San Luis Obispo County, California to Adventist Health in the first quarter of 2024.
Ambulatory Care (Ambulatory) Segment
Tenet's Ambulatory business segment is comprised of the operations of United Surgical Partners International (USPI). As of March 31, 2024, USPI had interests in 512 ambulatory surgery centers (372 consolidated) and 25 surgical hospitals (eight consolidated) in 38 states.
Hospital Operations and Services (Hospital) Segment
Tenet's Hospital business segment is primarily comprised of acute care and specialty hospitals, imaging centers, ancillary outpatient facilities, micro-hospitals and physician practices. It also provides comprehensive end-to-end and focused point services, including hospital and physician revenue cycle management, patient communications and engagement support and value-based care solutions. We have combined Conifer with the former Hospital Segment and all prior periods have been revised for this change.
Management's Webcast Discussion of Results
Tenet management will discuss the Company's first quarter 2024 results in a webcast scheduled for 10:00 a.m. Eastern Time (9:00 a.m. Central Time) on April 30, 2024. Investors can access the webcast through the Company's website at www.tenethealth.com/investors.
The slide presentation associated with the webcast referenced above, a copy of this earnings press release, and a related supplemental financial disclosures document will be available on the Company's Investor Relations website on April 30, 2024.
Cautionary Statement
This release contains 'forward-looking statements' - that is, statements that relate to future, not past, events. In this context, forward-looking statements often address the Company's expected future business and financial performance and financial condition, and often contain words such as 'expect,' 'anticipate,' 'assume,' 'believe,' 'budget,' 'estimate,' 'forecast,' 'intend,' 'plan,' 'predict,' 'project,' 'seek,' 'see,' 'target,' or 'will.' Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Particular uncertainties that could cause the Company's actual results to be materially different than those expressed in the Company's forward-looking statements include, but are not limited to the factors disclosed under 'Forward-Looking Statements' and 'Risk Factors' in our Form 10-K for the year ended December 31, 2023 and other filings with the Securities and Exchange Commission.
About Tenet Healthcare
Tenet Healthcare Corporation (NYSE: THC) is a diversified healthcare services company headquartered in Dallas. Our care delivery network includes United Surgical Partners International, the largest ambulatory platform in the country, which operates ambulatory surgery centers and surgical hospitals. We also operate a national portfolio of acute care and specialty hospitals, other outpatient facilities, a network of leading employed physicians and a global business center in Manila, Philippines. Our Conifer Health Solutions subsidiary provides revenue cycle management and value-based care services to hospitals, health systems, physician practices, employers and other clients. Across the Tenet enterprise, we are united by our mission to deliver quality, compassionate care in the communities we serve.
Contact:
Will McDowell
Tel: 469-893-2387
Email: william.mcdowell@tenethealth.com
Robert Dyer
Tel: 469-893-2640
Email: mediarelations@tenethealth.com
TENET HEALTHCARE CORPORATION 
