Company: THC
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0001193125-25-079143
Chunk: 1

Company: TENET HEALTHCARE CORP
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 1
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 South Carolina and Alabama, opened a new hospital campus in San Antonio, Texas, as well as continued to develop a new hospital campus in Port St. Lucie, Florida. We added 69 lower-cost ambulatory surgery facilities to USPI. We continue to execute against a robust pipeline of strategic acquisitions and de novo developments at USPI. Strengthening Cash Flow and Balance Sheet Position Through diligent management, Tenet reduced leverage and enhanced free cash flow in 2024. Tenet exited 2024 with a leverage ratio of 2.54x EBITDA, $1.1B in free cash flow generation and approximately $3.0B cash on hand. Our free cash flow and balance sheet position give Tenet significant capital allocation flexibility going forward. Expanding Access to Services Efficiently We delivered strong growth in 2024. USPI had 7.8% growth in the same-facility revenues, well above our long-term goal.

USPI increased higher acuity procedures with joint replacements up nearly 20% in 2024. The hospitals grew admissions by 4.7%, supported by higher-acuity care across cardiovascular, neurosciences, and more. Conifer also announced new clients, expansions and renewals. Each of our business segments sustained strong cost management practices and continued to enhance operational efficiency in 2024. For the year, Tenet’s consolidated adjusted EBITDA margin reached a new high of 19.3%. This is a testament to our team’s data-driven operating discipline and high-performance culture. Partnering with High-Quality Physicians We are proud to partner with high-quality physicians to enhance access to cutting-edge specialty care for the communities we serve. We continue to expand our network of physicians with a shared commitment to quality, safety, and patient experience. In 2024, we welcomed new physicians to our independent medical staffs, new physician partners to USPI and new physicians to our employed group. The performance in 2024 reflects Tenet’s commitment to our long-term strategic priorities, which we will continue to advance this year. I am confident in our team’s ability to navigate 2025 and we are grateful for the support of our shareholders and our partners as we continue to pursue our valuable mission. Respectfully,

| Saum Sutaria, M.D. Chairman and Chief Executive Officer Tenet Healthcare Corporation |

TENET HEALTHCARE CORPORATION 14201 Dallas Parkway Dallas, Texas 75254 (469) 893-2200 Notice of Annual Meeting of Shareholders