Company: THC
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0000070318-25-000046
Chunk: 101

Company: TENET HEALTHCARE CORP
Filing Date: 2025-10-28
Form: 10-Q
Item: Part I, Item 1
Chunk 101
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 $2.378 billion in the nine months ended September 30, 2024. Key factors contributing to the change between the 2025 and 2024 periods included the following:

•An increase in net income before interest; taxes; depreciation and amortization; and losses from early extinguishment of debt of and other non-operating income, net of $436 million;

•Interest payments that were $56 million lower in the 2025 period;

•An increase in income tax payments of $21 million; and

•The timing of working capital items.

Net cash used in investing activities was $886 million during the nine months ended September 30, 2025 compared to net cash provided by investing activities of $3.801 billion during the nine months ended September 30, 2024. The primary factors contributing to the change between the 2025 and 2024 periods were: (1) the 2024 period included proceeds of $4.965 billion, primarily from the sales of the Divested Hospitals during 2024; (2) a $258 million decrease in purchases of businesses or joint venture interests in the 2025 period; and (3) capital expenditures that were $45 million higher during the nine months ended September 30, 2025 compared to the same period in 2024.

Net cash used in financing activities was $1.967 billion and $3.313 billion during the nine months ended September 30, 2025 and 2024, respectively. The primary factors contributing to the change between the 2025 and 2024 periods were: (1) the nine‑month period in 2024 included our redemption of all $2.100 billion aggregate principal amount then‑outstanding of our 4.875% senior secured first lien notes due 2026 in advance of their maturity date; (2) we made payments totaling $1.188 billion to repurchase 7,829 thousand shares of our common stock under our share repurchase program during 2025, an increase of $516 million over the same period in 2024; (3) during the nine months ended September 30, 2024, we received advances totaling $342 million from managed care payers; and (4) we completed our repayment of these advances during 2025, resulting in a decrease in payments of $127