TENET HEALTHCARE CORP

For the period ended Mar 31, 2024. Filed Apr 30, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed Apr 30, 2024

THC$289.00+2.0%Stored close · as of Nov 9, 2026

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Contents

Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS

Dollars in Millions, Share Amounts in Thousands

	March 31,	December 31,
	2024	2023
ASSETS
Current assets:
Cash and cash equivalents	$2,481	$1,228
Accounts receivable	3,148	2,914
Inventories of supplies, at cost	395	411
Assets held for sale	22	775
Other current assets	1,775	1,839
Total current assets	7,821	7,167
Investments and other assets	3,244	3,157
Deferred income taxes	20	77
Property and equipment, at cost, less accumulated depreciation and amortization ($5,908 at March 31, 2024 and $6,478 at December 31, 2023)	5,855	6,236
Goodwill	10,568	10,307
Other intangible assets, at cost, less accumulated amortization ($1,312 at March 31, 2024 and $1,447 at December 31, 2023)	1,399	1,368
Total assets	$28,907	$28,312
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$107	$120
Accounts payable	1,335	1,408
Accrued compensation and benefits	775	930
Professional and general liability reserves	266	254
Accrued interest payable	249	200
Liabilities held for sale	11	69
Income tax payable	805	23
Other current liabilities	1,868	1,756
Total current liabilities	5,416	4,760
Long-term debt, net of current portion	12,772	14,882
Professional and general liability reserves	794	792
Defined benefit plan obligations	334	335
Deferred income taxes	231	326
Other long-term liabilities	1,689	1,709
Total liabilities	21,236	22,804
Commitments and contingencies
Redeemable noncontrolling interests in equity of consolidated subsidiaries	2,728	2,391
Equity:
Shareholders’ equity:
Common stock, $0.05 par value; authorized 262,500 shares; 157,805 shares issued at March 31, 2024 and 157,271 shares issued at December 31, 2023	8	8
Additional paid-in capital	4,806	4,834
Accumulated other comprehensive loss	(179)	(181)
Retained earnings (accumulated deficit)	1,959	(192)
Common stock in treasury, at cost, 60,132 shares at March 31, 2024 and 57,321 shares at December 31, 2023	(3,141)	(2,861)
Total shareholders’ equity	3,453	1,608
Noncontrolling interests	1,490	1,509
Total equity	4,943	3,117
Total liabilities and equity	$28,907	$28,312

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Dollars in Millions, Except Per-Share Amounts

	Three Months Ended March 31,
	2024	2023
Net operating revenues	$5,368	$5,021
Grant income	—	3
Equity in earnings of unconsolidated affiliates	59	50
Operating expenses:
Salaries, wages and benefits	2,321	2,258
Supplies	928	891
Other operating expenses, net	1,154	1,093
Depreciation and amortization	208	217
Impairment and restructuring charges, and acquisition-related costs	27	21
Litigation and investigation costs	4	4
Net gains on sales, consolidation and deconsolidation of facilities	(2,500)	(13)
Operating income	3,285	603
Interest expense	(218)	(221)
Other non-operating income (expense), net	25	(2)
Loss from early extinguishment of debt	(8)	—
Income before income taxes	3,084	380
Income tax expense	(750)	(84)
Net income	2,334	296
Less: Net income available to noncontrolling interests	183	153
Net income available to Tenet Healthcare Corporation common shareholders	$2,151	$143
Earnings per share available to Tenet Healthcare Corporation common shareholders:
Basic earnings per share	$21.60	$1.40
Diluted earnings per share	$21.38	$1.32
Weighted average shares and dilutive securities outstanding (in thousands):
Basic	99,581	102,289
Diluted	100,598	106,006

CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME

Dollars in Millions

	Three Months Ended March 31,
	2024	2023
Net income	$2,334	$296
Other comprehensive income:
Amortization of net actuarial loss included in other non-operating income (expense), net	2	2
Foreign currency translation adjustments and other	1	—
Other comprehensive income before income taxes	3	2
Income tax expense related to items of other comprehensive income	(1)	—
Total other comprehensive income, net of tax	2	2
Comprehensive net income	2,336	298
Less: Comprehensive income available to noncontrolling interests	183	153
Comprehensive income available to Tenet Healthcare Corporation common shareholders	$2,153	$145

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Dollars in Millions

	Three Months Ended March 31,
	2024	2023
Net income	$2,334	$296
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	208	217
Deferred income tax expense (benefit)	(38)	8
Stock-based compensation expense	17	14
Impairment and restructuring charges, and acquisition-related costs	27	21
Litigation and investigation costs	4	4
Net gains on sales, consolidation and deconsolidation of facilities	(2,500)	(13)
Loss from early extinguishment of debt	8	—
Equity in earnings of unconsolidated affiliates, net of distributions received	3	11
Amortization of debt discount and debt issuance costs	8	9
Net gains from the sale of investments and long-lived assets	—	(14)
Other items, net	(5)	(2)
Changes in cash from operating assets and liabilities:
Accounts receivable	(263)	35
Inventories and other current assets	(18)	50
Income taxes	783	76
Accounts payable, accrued expenses, contract liabilities and other current liabilities	19	(230)
Other long-term liabilities	24	(9)
Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements	(25)	(24)
Net cash provided by operating activities	586	449
Cash flows from investing activities:
Purchases of property and equipment	(240)	(235)
Purchases of businesses or joint venture interests, net of cash acquired	(449)	(48)
Proceeds from sales of facilities and other assets	4,030	13
Proceeds from sales of marketable securities and long-term investments	7	9
Purchases of marketable securities and long-term investments	(10)	(18)
Other items, net	(10)	(7)
Net cash provided by (used in) investing activities	3,328	(286)
Cash flows from financing activities:
Repayments of borrowings	(2,141)	(45)
Proceeds from borrowings	2	12
Repurchases of common stock	(278)	(50)
Distributions paid to noncontrolling interests	(162)	(134)
Proceeds from the sale of noncontrolling interests	5	25
Purchases of noncontrolling interests	(52)	(41)
Other items, net	(35)	(22)
Net cash used in financing activities	(2,661)	(255)
Net increase (decrease) in cash and cash equivalents	1,253	(92)
Cash and cash equivalents at beginning of period	1,228	858
Cash and cash equivalents at end of period	$2,481	$766
Supplemental disclosures:
Interest paid, net of capitalized interest	$(162)	$(177)
Income tax payments, net	$(5)	$—

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