Company: THC
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000070318-25-000009
Chunk: 46

Company: TENET HEALTHCARE CORP
Filing Date: 2025-02-18
Form: 10-K
Item: Item 7
Chunk 46
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 We do not use Adjusted EBITDA to measure liquidity, but instead to measure operating performance. The non‑GAAP Adjusted EBITDA measure we utilize may not be comparable to similarly titled measures reported by other companies. Because this measure excludes many items that are included in our financial statements, it does not provide a complete measure of our operating performance. Accordingly, investors are encouraged to use GAAP measures when evaluating our financial performance.

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Table of Contents

The following table presents the reconciliation of Adjusted EBITDA to net income available to Tenet Healthcare Corporation common shareholders (the most comparable GAAP term):

Years Ended December 31,20242023Net income available to Tenet Healthcare Corporation common shareholders$3,200 $611 Less:Net income available to noncontrolling interests(864)(700)Net income4,064 1,311 Income tax expense(1,184)(306)Loss from early extinguishment of debt(8)(11)Other non-operating income, net126 19 Interest expense(826)(901)Operating income5,956 2,510 Litigation and investigation costs(35)(47)Net gains on sales, consolidation and deconsolidation of facilities2,916 23 Impairment and restructuring charges, and acquisition-related costs(102)(137)Depreciation and amortization(818)(870)Adjusted EBITDA$3,995 $3,541 Net operating revenues$20,665 $20,548 Net income available to Tenet Healthcare Corporation common shareholders as a % of net operating revenues15.5 %3.0 %Adjusted EBITDA as a % of net operating revenues (Adjusted EBITDA margin)19.3 %17.2 %

RESULTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2023 COMPARED TO THE YEAR ENDED DECEMBER 31, 2022

A discussion of our results of operations for the year ended December 31, 2023 compared to the year ended December 31, 2022 can be found in our Annual Report on Form 10-K for the year ended December 31, 2023.

LIQUIDITY AND CAPITAL RESOURCES

CASH REQUIREMENTS

Scheduled Contractual Obligations

Our obligations to make future cash payments under scheduled contractual obligations are summarized in the table below, all as of December 31, 2024. Other than with respect to the repayment