Company: THC
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0001193125-25-079143
Chunk: 41

Company: TENET HEALTHCARE CORP
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 41
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 | 59 |
| Stock Ownership and Retention Requirements                                                               |     | 59 |
| Equity Grant Timing and Stock Option Exercise Prices                                                     |     | 60 |
| Prohibition on Hedging or Pledging our Stock                                                             |     | 60 |
| Clawback Policies                                                                                        |     | 60 |
| Human Resources Committee Report                                                                         |     | 61 |
| Executive Compensation Tables                                                                            |     | 62 |

| 46 |

Compensation Discussion & Analysis Overview 2024: Transforming our Company to Advance our Strategy and Mission to Expand Quality, Compassionate Care In 2024, Tenet was substantially transformed through the divestiture of 14 hospitals and related operations and the addition of nearly 70 ambulatory surgery centers. We delivered outstanding operating results driven by strong revenue growth and disciplined cost management, which demonstrates the commitment of our colleagues across the enterprise and our focus on providing quality, compassionate care to the communities we serve. Our Ambulatory Care segment grew through the expansion of service lines, accretive acquisitions and de novo development. In addition, we continue to grow and enhance high-acuity services at our hospitals, including cardiovascular, neurosciences, surgical services and trauma to meet the elevated demand environment.

|                                                                                                                                                                                                                                                                                                                                                                                                 | Operational Excellence Our results in 2024 demonstrate our focus on operational excellence. We advanced our high-acuity strategy in our hospital business, leveraging data and analytics to reduce contract labor costs and effectively manage operating costs. Our consolidated adjusted EBITDA margins continued to improve, reflecting our diversified portfolio and our operational efficiency. |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | Financial Performance We delivered outstanding results across our portfolio in 2024. Adjusted EBITDA grew 13% over 2023, despite the loss of EBITDA from hospital divestitures during the year. These results were driven by strong volume growth, pricing yield and disciplined operations that enabled us to manage operating costs. |                                                                                                                                                                                                                                                                                                                                                                                    | Expanded Ambulatory Care We added nearly 70 ambulatory surgery centers to our portfolio through acquisitions and the opening of de novo facilities through a continued focus on business development. Many of these new centers specialize in higher-acuity services, including orthopedics, and represent attractive additions to our portfolio. |
| Portfolio Transformation and Retired Debt During 2024, we divested 14 hospitals and related operations for gross proceeds of $4.9 billion. We utilized these proceeds to deleverage the balance sheet, retiring approximately $2.1 billion aggregate principal amount of certain of our senior secured