Company: THC
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000070318-25-000017
Chunk: 47

Company: TENET HEALTHCARE CORP
Filing Date: 2025-04-29
Form: 10-Q
Item: Part I, Item 1
Chunk 47
---
 is impacted by levels of cash collections, as well as levels of implicit price concessions, due to shifts in payer mix and other factors. Our Credit Agreement provides additional liquidity to manage fluctuations in operating cash caused by these factors.

Net cash provided by operating activities was $815 million in the three months ended March 31, 2025 compared to $586 million in the three months ended March 31, 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, impairment and restructuring charges, acquisition‑related costs, litigation costs and settlements, loss from early extinguishment of debt, other non-operating income or expense, and net gains on sales, consolidation and deconsolidation of facilities of $139 million;

•Interest payments that were $63 million lower in the 2025 period; and

•The timing of working capital items.

Net cash used in investing activities was $187 million during the three months ended March 31, 2025 compared to net cash provided by investing activities of $3.328 billion during the three months ended March 31, 2024. The primary factors contributing to the change between the 2025 and 2024 periods were: (1) the 2024 period included proceeds of $4.030 billion, primarily from the sales of the SC Hospitals, the OCLA CA Hospitals and the Central CA Hospitals during the three months ended March 31, 2024; (2) a $422 million decrease in payments for purchases of businesses or joint venture interests in the 

34

2025 period; and (3) lower capital expenditures of $67 million during the three months ended March 31, 2025 compared to the same period in 2024.

Net cash used in financing activities was $648 million and $2.661 billion during the three months ended March 31, 2025 and 2024, respectively. The primary factors contributing to the change between the 2025 and 2024 periods were: (1) the three-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; and (2) we made payments totaling $348 million to