StockSelector.com
  Research, Select, & Monitor Tuesday, December 12, 2017 5:15:44 AM ET  
Trade Ideas The Market Industries Stocks Portfolio

 
Ticker Lookup
Tenet Healthcare Corp.$13.74$.413.08%

  Quote | Ranking | Chart | Valuations | Sentiment | Industry | News | Earnings | Analysts | More...

Your Target?

 Tenet Reports Results for the Fourth Quarter Ended December 31, 2016 and Issues Outlook for 2017
   Monday, February 27, 2017 4:15:10 PM ET

--Adjusted EBITDA was $2.413 billion in 2016 and $613 million in the fourth quarter. Adjusted diluted earnings per share from continuing operations was $1.04 in 2016 and $0.06 in the fourth quarter.

--Same-hospital patient revenue grew 3.2% in the fourth quarter and reflects a 3.7% increase in revenue per adjusted admission partially offset by a 0.5% decline in adjusted admissions. Hospital segment Adjusted EBITDA totaled $358 million in the quarter.

--Ambulatory Care segment revenue increased 5.9% on a same-facility system-wide basis in the fourth quarter, with cases increasing 1.7% and revenue per case increasing 4.1%. Adjusted EBITDA for the ambulatory segment was $183 million in the fourth quarter, a 15.8% increase, and representing a margin of 38.3%.

--Revenue from Conifer Health Solutions increased 4.7% in the fourth quarter with revenue from third parties increasing 16.0%. Conifer generated $72 million of Adjusted EBITDA in the fourth quarter, an 18.0% increase, and representing a margin of 17.9%.



--Net cash provided by operating activities during 2016 was $558 million, a $468 million decline when compared to $1.026 billion in 2015, and was primarily impacted by the payment related to the resolution of the Clinica de la Mama matter in the fourth quarter of 2016. Adjusted Free Cash Flow was $380 million in 2016, a $25 million decline when compared to $405 million in 2015.

--Issues Outlook for 2017; includes net income from continuing operations attributable to Tenet common shareholders of $105 million to $135 million and Adjusted EBITDA of $2.5 billion to $2.6 billion.

Tenet Healthcare Corporation (THC ) reported a net loss from continuing operations of $79 million in the fourth quarter of 2016, a $21 million improvement when compared to a $100 million net loss from continuing operations in the fourth quarter of 2015. Adjusted EBITDA was $613 million in both the fourth quarters of 2016 and 2015.

Trevor Fetter, chairman and chief executive officer, stated, "Demand for higher acuity services in our hospitals drove growth in same-hospital patient revenue and revenue per adjusted admission in the fourth quarter. Our Ambulatory and Conifer Health businesses delivered strong revenue and Adjusted EBITDA growth. Our expectations for continued growth in 2017 reflect confidence in our strategy to strengthen our hospital portfolio, expand our network of ambulatory facilities, and solidify Conifer’s leadership in healthcare business services."

Hospital Operations and Other Segment

Net operating revenue in the Hospital Operations and other segment was $4.143 billion, down 6.3 percent from $4.423 billion in the fourth quarter of 2015 due to hospitals that have been divested since that time. On a same-hospital basis, patient revenue increased to $3.782 billion, up 3.2 percent from $3.666 billion in the fourth quarter of 2015. The increase included growth of 3.7 percent in net patient revenue per adjusted admission, offset by a 0.5 percent decrease in adjusted patient admissions.

Adjusted EBITDA in Tenet’s hospital segment was $358 million, representing a decline of 9.1 percent as compared to $394 million in the fourth quarter of 2015. The decline was driven by divestitures in 2015 and 2016 and an expected decrease in electronic health record incentives, and was partially offset by acquisitions in 2015.

Tenet’s health plan business lowered Adjusted EBITDA by $29 million in the fourth quarter of 2016. For the full year, the health plan business lowered Adjusted EBITDA by $37 million, whereas the Company had anticipated at the outset of 2016 that the results for its health plans would be essentially breakeven. As previously announced, the Company has begun the process of selling or otherwise exiting its health plan business.

Total hospital segment selected operating expenses, defined as the sum of salaries, wages and benefits, supplies and other operating expenses, increased 2.8 percent on a per adjusted admission basis in the quarter. Approximately one-third of the increase was attributable to an increase in claim costs of Tenet’s health plans due to an increase in covered lives in 2016.

Exchanges

Tenet’s same-hospital exchange admissions were 4,916 in the fourth quarter of 2016, up 13.6 percent from the fourth quarter of 2015. Same-hospital exchange outpatient visits were 48,435 up 26.4 percent from the fourth quarter of 2015.

Uncompensated Care

Tenet’s provision for doubtful accounts was $354 million in the fourth quarter of 2016, representing a ratio of 6.8 percent of revenues before bad debt, as compared to $391 million in the fourth quarter of 2015, or 7.2 percent of revenues before bad debt. Tenet’s uncompensated care costs, defined as the sum of the provision for doubtful accounts, charity care write-offs and uninsured discounts, was $1.332 billion and $1.420 billion in the fourth quarters of 2016 and 2015, respectively, including $978 million and $1.029 billion, respectively, of charity care write-offs and uninsured discounts that were offered through Tenet’s Compact with Uninsured Patients. Uncompensated care in the fourth quarter of 2016 represented 21.5 percent of revenue before bad debts, uninsured discounts and charity care write-offs, down from 22.0 percent in the fourth quarter of 2015. Nearly all of Tenet’s uncompensated care is associated with the Hospital Operations and other segment.

Uninsured plus charity admissions increased by 444 admissions, or 4.9 percent on a same-hospital basis in the fourth quarter of 2016 compared to the fourth quarter of 2015. Uninsured plus charity outpatient visits decreased by 14,330 visits, or 11.4 percent, on a same-hospital basis.

Ambulatory Care Segment

During the fourth quarter of 2016, the Ambulatory segment produced net operating revenue of $478 million, representing an increase of 20.4 percent as compared to $397 million in the fourth quarter of 2015. In addition, the Ambulatory segment generated Adjusted EBITDA of $183 million, up 15.8 percent from $158 million in the fourth quarter of 2015.

The results of many of the facilities in which the Ambulatory segment has an investment are not consolidated by Tenet. To help analyze the segment’s results of operations, management uses system-wide measures which include revenues and cases of both consolidated and unconsolidated facilities. On a same-facility system-wide basis, revenue in the Ambulatory segment increased 5.9 percent, with cases increasing 1.7 percent and revenue per case increasing 4.1 percent. One less surgical day lowered revenue growth and case growth in the Ambulatory segment by approximately 1.6 percent in the fourth quarter of 2016.

Conifer Segment

During the fourth quarter of 2016, Conifer’s revenue increased 4.7 percent to $402 million, up from $384 million in the fourth quarter of 2015. Revenue from third party customers increased 16.0 percent to $239 million. Conifer generated $72 million of Adjusted EBITDA in the fourth quarter of 2016, up 18.0 percent from $61 million in the fourth quarter of 2015.

Net Income and Earnings Per Share

Tenet reported a net loss from continuing operations of $79 million, or $0.79 per share, in the fourth quarter of 2016 compared to a net loss of $100 million, or $1.01 per share, in the fourth quarter of 2015.

After adjusting for certain items which are listed on Table #2, Tenet generated Adjusted net income from continuing operations of $6 million, or $0.06 per diluted share, during the fourth quarter of 2016, as compared to Adjusted net income from continuing operations of $35 million, or $0.35 per diluted share, in the fourth quarter of 2015.

A reconciliation of GAAP net income available (loss attributable) to Tenet Healthcare Corporation common shareholders to Adjusted net income from continuing operations and Adjusted diluted earnings per share from continuing operations is contained in Table #2 at the end of this release.

Cash Flow and Liquidity

Cash and cash equivalents were $716 million at December 31, 2016 compared to $649 million at September 30, 2016. On December 1, 2016, the Company completed a private offering of $750 million aggregate principal amount senior secured second lien notes maturing in 2022 (the "notes"). The net proceeds of the notes were used, after payment of fees and expenses, to repay indebtedness outstanding under Tenet’s senior secured revolving credit facility and for general corporate purposes. The Company had no outstanding borrowings on its $1 billion credit line as of December 31, 2016. Accounts receivable days outstanding were 54.8 at December 31, 2016 compared to 52.9 at September 30, 2016 and 49.5 at December 31, 2015.

Net cash provided by operating activities in the twelve months ended December 31, 2016 was $558 million, representing a $468 million decline compared to $1.026 billion in 2015. After subtracting $875 million and $842 million of capital expenditures in the twelve months ended December 31, 2016 and December 31, 2015, respectively, Free Cash Flow was an outflow of $317 million in the twelve months ended December 31, 2016, representing a $501 million decline compared to $184 million in the comparable period in 2015. This decline was primarily attributable to approximately $517 million of payments related to the resolution of the Clinica de la Mama matter, which were made in the fourth quarter of 2016. Adjusted Free Cash Flow was $380 million in the twelve months ended December 31, 2016, representing a $25 million decline from $405 million in the comparable period in 2015. Adjusted Free Cash Flow was below the Company’s Outlook of $400 million to $600 million in 2016, primarily due to an unanticipated increase in accounts receivable days sales outstanding in the fourth quarter of 2016 and an $80 million delay by the State of California in processing Provider Fee program payments.

Net cash used in investing activities was $430 million in the twelve months ended December 31, 2016 compared to $1.317 billion of net cash used in investing activities in the comparable period in 2015. Net cash provided by financing activities was $232 million in the twelve months ended December 31, 2016 compared to $454 million of net cash provided by financing activities in the comparable period in 2015.

Reconciliations of net cash provided by operating activities to both Free Cash Flow and Adjusted Free Cash Flow are contained in Table #3 at the end of this release.

Outlook

The Company’s Outlook for 2017 includes:

-- Revenue of $19.7 billion to $20.1 billion,

-- Net income from continuing operations attributable to Tenet common shareholders of $107 million to $133 million,

-- Adjusted EBITDA of $2.5 billion to $2.6 billion,

-- Net cash provided by operating activities of $1.300 billion to $1.550 billion,

-- Adjusted Free Cash Flow of $600 million to $800 million, and

-- Diluted earnings per share and adjusted diluted earnings per share from continuing operations of $1.05 to $1.30 per diluted share.

The Outlook for 2017 assumes equity in earnings of unconsolidated affiliates of $145 million to $155 million, electronic health record incentives of $8 million to $10 million, net income attributable to noncontrolling interests of $390 million to $410 million and an average diluted share count of 102 million. In addition, the Outlook assumes that CMS will approve the proposed California Provider Fee for the 30-month period from January 2017 through June 2019 during the fourth quarter of 2017 and further assumes that the Company will record approximately $220 million to $230 million of revenue and Adjusted EBITDA during 2017 as a result of this program. In 2016, the Company recorded $232 million of revenue under the California Provider Fee program. The Company will not be able to recognize any revenue under the 2017 program during the year until CMS approves the program. Finally, the Outlook includes a full year of financial results from hospitals which may be divested in 2017 and the Adjusted EBITDA Outlook excludes approximately $30 million of losses in 2017 that the Company expects to incur in its health plan business.

The Company’s Outlook for the first quarter of 2017 includes:

-- Revenue of $4.750 billion to $4.950 billion,

-- Net loss from continuing operations attributable to Tenet common shareholders ranging from a loss of $60 million to a loss of $45 million,

-- Adjusted EBITDA of $475 million to $525 million, and

-- A loss per basic share and an adjusted loss per basic share from continuing operations ranging from a loss of $0.60 to a loss of $0.45.

The Outlook for the first quarter assumes equity in earnings of unconsolidated affiliates of approximately $25 million, electronic health record incentives of approximately $1 million, net income attributable to noncontrolling interests of $85 million to $95 million and an average share count of 100 million. The Outlook for the first quarter of 2017 does not include any revenue or Adjusted EBITDA associated with the California Provider Fee program, whereas the Company’s results in the first quarter of 2016 included $57 million of revenue and Adjusted EBITDA associated with the program. This difference is expected to lower the Company’s same-hospital revenue per adjusted admission by approximately 1.5 percent in the first quarter of 2017. In addition, the Company’s Adjusted EBITDA in the first quarter of 2016 included approximately $25 million from its hospitals in Georgia, which were divested on March 31, 2016.

Additional details on Tenet’s Outlook for both the first quarter and calendar year 2017 are available in Tables 4 and 5 at the end of this press release and in an accompanying slide presentation that is accessible through the Company’s website at www.tenethealth.com/investors.

Management’s Webcast Discussion of Fourth Quarter Results

Tenet management will discuss the Company’s fourth quarter 2016 results on a webcast scheduled for 10:00 a.m. Eastern Time (9:00 a.m. Central Time) on February 28, 2017. Investors can access the webcast through Tenet’s website at www.tenethealth.com/investors. A set of slides, which will be referred to on the conference call, is available on the Quarterly Results section of the Company’s website.

Additional information regarding Tenet’s quarterly results of operations is contained in its Form 10-K report for the twelve months ended December 31, 2016, which will be filed with the Securities and Exchange Commission and posted on the Tenet website before the webcast. This press release includes certain non-GAAP measures, such as Adjusted EBITDA, Adjusted net income from continuing operations, Adjusted diluted earnings per share from continuing operations, Free Cash Flow and Adjusted Free Cash Flow. Reconciliations of these measures to the most comparable GAAP measure are contained in the tables at the end of this release.

Tenet Healthcare Corporation is a diversified healthcare services company with 130,000 employees united around a common mission: to help people live happier, healthier lives. Through its subsidiaries, partnerships and joint ventures, including United Surgical Partners International, the Company operates 80 general acute care hospitals, 20 short-stay surgical hospitals and approximately 470 outpatient centers in the United States, as well as nine facilities in the United Kingdom. Tenet’s Conifer Health Solutions subsidiary provides technology-enabled performance improvement and health management solutions to hospitals, health systems, integrated delivery networks, physician groups, self-insured organizations and health plans. For more information, please visit www.tenethealth.com.

The terms "THC", "Tenet Healthcare Corporation", "the Company", "we", "us" or "our" refer to Tenet Healthcare Corporation or one or more of its subsidiaries or affiliates as applicable.

This release contains "forward-looking statements" - that is, statements that relate to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as "expect," "assume," "anticipate," "intend," "plan," "believe," "seek," "see," or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include, but are not limited to, the factors disclosed under "Forward-Looking Statements" and "Risk Factors" in our Form 10-K for the year ended December 31, 2016 and other filings with the Securities and Exchange Commission.

Tenet uses its Company website to provide important information to investors about the Company including the posting of important announcements regarding financial performance and corporate developments.

 
 
                                                                                                                                                                                                       TENET HEALTHCARE CORPORATION
                                                                                                                                                                                                   CONSOLIDATED STATEMENTS OF OPERATIONS
                                                                                                                                                                                                                (Unaudited)
 
(Dollars in millions except per share amounts)                                                                                                                                                                            Three Months Ended December 31,
                                                                                                                    ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                           2016                     %               2015            %          Change
                                                                                                                    -------------------- -------------- --------------------                                           ------------------                                          -------------------- ------ --------------------                                           ---------                                          ----------
Net operating revenues:
      Net operating revenues before provision for doubtful accounts                                                                    $          5,214                                                                                                                                               $  5,417                                                                                                                    (3.7 )%
      Less: Provision for doubtful accounts                                                                                      354                                                                                                              391                                                                                                 (9.5 )%
                                                                                                                    -------------------- -------------- --------------------                                                                                                       -------------------- ------ --------------------
Net operating revenues                                                                                                                            4,860                                                                         100.0 %                                                                  5,026                                                                100.0 %                                             (3.3 )%
Equity in earnings of unconsolidated affiliates                                                                                                      46                                                                           0.9 %                                                                     51                                                                  1.0 %                                             (9.8 )%
Operating expenses:
      Salaries, wages and benefits                                                                                                                2,324                                                                          47.8 %                                                                  2,443                                                                 48.6 %                                             (4.9 )%
      Supplies                                                                                                                                      773                                                                          15.9 %                                                                    817                                                                 16.3 %                                             (5.4 )%
      Other operating expenses, net                                                                                                               1,205                                                                          24.8 %                                                                  1,230                                                                 24.5 %                                             (2.0 )%
      Electronic health record incentives                                                                                                            (9 )                                                                        (0.2 )%                                                                   (26 )                                                               (0.5 )%                                           (65.4 )%
      Depreciation and amortization                                                                                                                 218                                                                           4.5 %                                                                    208                                                                  4.1 %
      Impairment and restructuring charges, and acquisition-related costs                                                                           121                                                                           2.5 %                                                                     52                                                                  1.0 %
      Litigation and investigation costs                                                                                                              2                                                                -- %                                                                    224                                                                  4.4 %
   Gains on sales, consolidation and deconsolidation of facilities                                                    --                                             -- %                                                (186 )                                                               (3.7 )%
                                                                                                                    -------------------- -------------- --------------------                                                                                                       -------------------- ------ --------------------
Operating income                                                                                                                                    272                                                                           5.6 %                                                                    315                                                                  6.3 %
Interest expense                                                                                                                                   (249 )                                                                                                                                                 (248 )
Loss from early extinguishment of debt                                                                                                   --                                                                                                                                                     (1 )
Investment earnings                                                                                                                6                                                                                                                1  
                                                                                                                    -------------------- -------------- --------------------                                                                                                       -------------------- ------ --------------------
Net income from continuing operations, before income taxes                                                                                           29                                                                                                                                                     67
Income tax expense                                                                                                                (6 )                                                                                                                               (68 )
                                                                                                                    -------------------- -------------- --------------------                                                                                                       -------------------- ------ --------------------
Net income (loss) from continuing operations, before discontinued                                                                                    23                                                                                                                                                     (1 )
operations
Discontinued operations:
      Net loss from operations                                                                                                                       (1 )                                                                                                                                                   (1 )
      Litigation and investigation (costs) benefit                                                                                       --                                                                                                                                                      5
      Income tax expense (benefit)                                                                                                 1                                                                                                               (1 )
                                                                                                                    -------------------- -------------- --------------------                                                                                                       -------------------- ------ --------------------
Net income from discontinued operations                                                                               --                                                                                                                3  
                                                                                                                    -------------------- -------------- --------------------                                                                                                       -------------------- ------ --------------------
Net income                                                                                                                                           23                                                                                                                                                      2
      Less: Net income attributable to noncontrolling interests                                                                  102                                                                                                               99  
                                                                                                                    -------------------- -------------- --------------------                                                                                                       -------------------- ------ --------------------
Net loss attributable to Tenet Healthcare Corporation common                                                                           $            (79 )                                                                                                                                             $    (97 )
shareholders
                                                                                                                    ==================== ============== ====================                                                                                                       ==================== ====== ====================
Amounts available (attributable) to Tenet Healthcare Corporation
common shareholders
         Net loss from continuing operations, net of tax                                                                               $            (79 )                                                                                                                                             $   (100 )
         Net income from discontinued operations, net of tax                                                          --                                                                                                                3  
                                                                                                                    -------------------- -------------- --------------------                                                                                                       -------------------- ------ --------------------
         Net loss attributable to Tenet Healthcare Corporation common                                                                  $            (79 )                                                                                                                                             $    (97 )
         shareholders
                                                                                                                    ==================== ============== ====================                                                                                                       ==================== ====== ====================
Earnings (loss) per share available (attributable) to Tenet
Healthcare Corporation common shareholders:
      Basic
         Continuing operations                                                                                                         $          (0.79 )                                                                                                                                             $  (1.01 )
         Discontinued operations                                                                                      --                                                                                                             0.03  
                                                                                                                    -------------------- -------------- --------------------                                                                                                       -------------------- ------ --------------------
                                                                                                                                       $          (0.79 )                                                                                                                                             $  (0.98 )
                                                                                                                    ==================== ============== ====================                                                                                                       ==================== ====== ====================
      Diluted
         Continuing operations                                                                                                         $          (0.79 )                                                                                                                                             $  (1.01 )
         Discontinued operations                                                                                      --                                                                                                             0.03  
                                                                                                                    -------------------- -------------- --------------------                                                                                                       -------------------- ------ --------------------
                                                                                                                                       $          (0.79 )                                                                                                                                             $  (0.98 )
                                                                                                                    ==================== ============== ====================                                                                                                       ==================== ====== ====================
      Weighted average shares and dilutive securities outstanding (in
      thousands):
         Basic                                                                                                                                   99,651                                                                                                                                                 99,188
         Diluted*                                                                                                                                99,651                                                                                                                                                 99,188
* Had the Company generated income from continuing operations in the
  three months ended December 31, 2016 and 2015 the effect of
  employee stock options, restricted stock units and deferred
  compensation units on the diluted shares calculation would have
  been an increase of 1,277 shares and 2,173 shares, respectively.
 
 
                                                                                                                                                                                                   TENET HEALTHCARE CORPORATION
                                                                                                                                                                                               CONSOLIDATED STATEMENTS OF OPERATIONS
                                                                                                                                                                                                            (Unaudited)
 
(Dollars in millions except per share amounts)                                                                                                                                                                           Years Ended December 31,
                                                                                                                    ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                           2016                %           2015            %          Change
                                                                                                                    -------------------- -------------- --------------------                                           ---------                                          -------------------- ------ --------------------                                           ---------                                          ----------
Net operating revenues:
      Net operating revenues before provision for doubtful accounts                                                                    $         21,070                                                                                                                                      $ 20,111                                                                                                                     4.8 %
      Less: Provision for doubtful accounts                                                                                    1,449                                                                                                   1,477                                                                                                 (1.9 )%
                                                                                                                    -------------------- -------------- --------------------                                                                                              -------------------- ------ --------------------
Net operating revenues                                                                                                                           19,621                                                                100.0 %                                                                 18,634                                                                100.0 %                                              5.3 %
Equity in earnings of unconsolidated affiliates                                                                                                     131                                                                  0.7 %                                                                     99                                                                  0.5 %                                             32.3 %
Operating expenses:
      Salaries, wages and benefits                                                                                                                9,356                                                                 47.7 %                                                                  9,011                                                                 48.4 %                                              3.8 %
      Supplies                                                                                                                                    3,124                                                                 15.9 %                                                                  2,963                                                                 15.9 %                                              5.4 %
      Other operating expenses, net                                                                                                               4,891                                                                 25.0 %                                                                  4,555                                                                 24.4 %                                              7.4 %
      Electronic health record incentives                                                                                                           (32 )                                                               (0.2 )%                                                                   (72 )                                                               (0.4 )%                                           (55.6 )%
      Depreciation and amortization                                                                                                                 850                                                                  4.3 %                                                                    797                                                                  4.3 %
      Impairment and restructuring charges, and acquisition-related costs                                                                           202                                                                  1.1 %                                                                    318                                                                  1.7 %
      Litigation and investigation costs                                                                                                            293                                                                  1.5 %                                                                    291                                                                  1.5 %
   Gains on sales, consolidation and deconsolidation of facilities                                                              (151 )                                                               (0.8 )%                                               (186 )                                                               (1.0 )%
                                                                                                                    -------------------- -------------- --------------------                                                                                              -------------------- ------ --------------------
Operating income                                                                                                                                  1,219                                                                  6.2 %                                                                  1,056                                                                  5.7 %
Interest expense                                                                                                                                   (979 )                                                                                                                                        (912 )
Loss from early extinguishment of debt                                                                                                   --                                                                                                                                            (1 )
Investment earnings                                                                                                                8                                                                                                       1  
                                                                                                                    -------------------- -------------- --------------------                                                                                              -------------------- ------ --------------------
Net income from continuing operations, before income taxes                                                                                          248                                                                                                                                           144
Income tax expense                                                                                                               (67 )                                                                                                                      (68 )
                                                                                                                    -------------------- -------------- --------------------                                                                                              -------------------- ------ --------------------
Net income from continuing operations, before discontinued                                                                                          181                                                                                                                                            76
operations
Discontinued operations:
      Loss from operations                                                                                                                           (6 )                                                                                                                                          (5 )
      Litigation and investigation (costs) benefit                                                                                       --                                                                                                                                             8
      Income tax benefit (expense)                                                                                                 1                                                                                                      (1 )
                                                                                                                    -------------------- -------------- --------------------                                                                                              -------------------- ------ --------------------
Net income (loss) from discontinued operations                                                                                    (5 )                                                                                                                        2  
                                                                                                                    -------------------- -------------- --------------------                                                                                              -------------------- ------ --------------------
Net income                                                                                                                                          176                                                                                                                                            78
      Less: Net income attributable to noncontrolling interests                                                                  368                                                                                                     218  
                                                                                                                    -------------------- -------------- --------------------                                                                                              -------------------- ------ --------------------
Net loss attributable to Tenet Healthcare Corporation common                                                                           $           (192 )                                                                                                                                    $   (140 )
shareholders
                                                                                                                    ==================== ============== ====================                                                                                              ==================== ====== ====================
Amounts attributable to Tenet Healthcare Corporation common
shareholders
         Net loss from continuing operations, net of tax                                                                               $           (187 )                                                                                                                                    $   (142 )
         Net income (loss) from discontinued operations, net of tax                                                               (5 )                                                                                                                        2  
                                                                                                                    -------------------- -------------- --------------------                                                                                              -------------------- ------ --------------------
         Net loss attributable to Tenet Healthcare Corporation common                                                                  $           (192 )                                                                                                                                    $   (140 )
         shareholders
                                                                                                                    ==================== ============== ====================                                                                                              ==================== ====== ====================
Earnings (loss) per share available (attributable) to Tenet
Healthcare Corporation common shareholders:
      Basic
         Continuing operations                                                                                                         $          (1.88 )                                                                                                                                    $  (1.43 )
         Discontinued operations                                                                                               (0.05 )                                                                                                                     0.02  
                                                                                                                    -------------------- -------------- --------------------                                                                                              -------------------- ------ --------------------
                                                                                                                                       $          (1.93 )                                                                                                                                    $  (1.41 )
                                                                                                                    ==================== ============== ====================                                                                                              ==================== ====== ====================
      Diluted
         Continuing operations                                                                                                         $          (1.88 )                                                                                                                                    $  (1.43 )
         Discontinued operations                                                                                               (0.05 )                                                                                                                     0.02  
                                                                                                                    -------------------- -------------- --------------------                                                                                              -------------------- ------ --------------------
                                                                                                                                       $          (1.93 )                                                                                                                                    $  (1.41 )
                                                                                                                    ==================== ============== ====================                                                                                              ==================== ====== ====================
      Weighted average shares and dilutive securities outstanding (in
      thousands):
         Basic                                                                                                                                   99,321                                                                                                                                        99,167
         Diluted*                                                                                                                                99,321                                                                                                                                        99,167
* Had the Company generated income from continuing operations in the
  years ended December 31 2016 and 2015 the effect of employee stock
  options, restricted stock units and deferred compensation units on
  the diluted shares calculation would have been an increase of
  1,421 shares and 2,380 shares, respectively.
 
 
                                                                                                              TENET HEALTHCARE CORPORATION
                                                                                                               CONSOLIDATED BALANCE SHEETS
                                                                                                                       (Unaudited)
 
                                                                                         December 31,                                         December 31,
(Dollars in millions)                                                                                           2016                                                 2015   
                                                                                                             -------------------- ------ --------------------                                           -------------------- ------ --------------------
                              ASSETS
Current assets:
      Cash and cash equivalents                                                                                                 $    716                                                                                   $    356
      Accounts receivable, less allowance for doubtful accounts                                                                    2,897                                                                                      2,704
      Inventories of supplies, at cost                                                                                               326                                                                                        309
      Income tax receivable                                                                                                            4                                                                                          7
      Assets held for sale                                                                                                            29                                                                                        550
      Other current assets                                                                                      1,285                                                1,245  
                                                                                                             -------------------- ------ --------------------                                           -------------------- ------ --------------------
         Total current assets                                                                                                      5,257                                                                                      5,171
Investments and other assets                                                                                                       1,250                                                                                      1,175
Deferred income taxes                                                                                                                871                                                                                        776
Property and equipment, at cost, less accumulated depreciation and                                                                 8,053                                                                                      7,915
amortization
Goodwill                                                                                                                           7,425                                                                                      6,970
Other intangible assets, at cost, less accumulated amortization                                                 1,845                                                1,675  
                                                                                                             -------------------- ------ --------------------                                           -------------------- ------ --------------------
Total assets                                                                                                                    $ 24,701                                                                $ 23,682  
                                                                                                             ==================== ====== ====================                                           ==================== ====== ====================
                                                                                                                                                                                                         
                      LIABILITIES AND EQUITY
Current liabilities:
      Current portion of long-term debt                                                                                         $    191                                                                                   $    127
      Accounts payable                                                                                                             1,329                                                                                      1,380
      Accrued compensation and benefits                                                                                              872                                                                                        880
      Professional and general liability reserves                                                                                    181                                                                                        177
      Accrued interest payable                                                                                                       210                                                                                        205
      Liabilities held for sale                                                                                                        9                                                                                        101
      Accrued legal settlement costs                                                                                                   8                                                                                        294
      Other current liabilities                                                                                 1,234                                                1,144  
                                                                                                             -------------------- ------ --------------------                                           -------------------- ------ --------------------
         Total current liabilities                                                                                                 4,034                                                                                      4,308
Long-term debt, net of current portion                                                                                            15,064                                                                                     14,383
Professional and general liability reserves                                                                                          613                                                                                        578
Defined benefit plan obligations                                                                                                     626                                                                                        595
Deferred income taxes                                                                                                                279                                                                                         37
Other long-term liabilities                                                                                       610                                                  557  
                                                                                                             -------------------- ------ --------------------                                           -------------------- ------ --------------------
         Total liabilities                                                                                                        21,226                                                                                     20,458
Commitments and contingencies
Redeemable noncontrolling interests in equity of consolidated                                                                      2,393                                                                                      2,266
subsidiaries
Equity:
   Shareholders’ equity:
      Common stock                                                                                                                     7                                                                                          7
      Additional paid-in capital                                                                                                   4,827                                                                                      4,815
      Accumulated other comprehensive loss                                                                                          (258 )                                                                                     (164 )
      Accumulated deficit                                                                                                         (1,742 )                                                                                   (1,550 )
      Common stock in treasury, at cost                                                                        (2,417 )                                                                (2,417 )
                                                                                                             -------------------- ------ --------------------                                           -------------------- ------ --------------------
         Total shareholders’ equity                                                                       417                                                                                        691
   Noncontrolling interests                                                                                       665                                                  267  
                                                                                                             -------------------- ------ --------------------                                           -------------------- ------ --------------------
      Total equity                                                                                              1,082                                                  958  
                                                                                                             -------------------- ------ --------------------                                           -------------------- ------ --------------------
Total liabilities and equity                                                                                                    $ 24,701                                                                $ 23,682  
                                                                                                             ==================== ====== ====================                                           ==================== ====== ====================
 
 
                                                                                                                       TENET HEALTHCARE CORPORATION
                                                                                                                   CONSOLIDATED STATEMENTS OF CASH FLOW
                                                                                                                                (Unaudited)
 
(Dollars in millions)                                                                                                                         Years Ended December 31,
                                                                                                                      ----------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                             2016               2015   
                                                                                                                      -------------------- -------------- --------------------                                           -------------------- ------ --------------------
Net Income                                                                                                                               $            176                                                                                   $     78
Adjustments to reconcile net income to net cash provided by
operating activities:
   Depreciation and amortization                                                                                                                      850                                                                                        797
   Provision for doubtful accounts                                                                                                                  1,449                                                                                      1,477
   Deferred income tax expense                                                                                                                         41                                                                                         42
   Stock-based compensation expense                                                                                                                    68                                                                                         69
   Impairment and restructuring charges, and acquisition-related costs                                                                                202                                                                                        318
   Litigation and investigation costs                                                                                                                 293                                                                                        291
   Loss from early extinguishment of debt                                                                                                  --                                                                                          1
   Gains on sales, consolidation and deconsolidation of facilities                                                                                   (151 )                                                                                     (186 )
   Equity in earnings of unconsolidated affiliates, net of                                                                                            (13 )                                                                                      (99 )
   distributions received
   Amortization of debt discount and debt issuance costs                                                                                               41                                                                                         41
   Pre-tax (income) loss from discontinued operations                                                                                                   6                                                                                         (3 )
   Other items, net                                                                                                                                    (1 )                                                                                       59
Changes in cash from operating assets and liabilities:
   Accounts receivable                                                                                                                             (1,604 )                                                                                   (1,632 )
   Inventories and other current assets                                                                                                               (83 )                                                                                     (130 )
   Income taxes                                                                                                                                        (8 )                                                                                       18
   Accounts payable, accrued expenses and other current liabilities                                                                                   (51 )                                                                                       68
   Other long-term liabilities                                                                                                                         40                                                                                         38
Payments for restructuring charges, acquisition-related costs,                                                                                       (691 )                                                                                     (200 )
and litigation costs and settlements
Net cash used in operating activities from discontinued                                                                             (6 )                                                                   (21 )
operations, excluding income taxes
                                                                                                                      -------------------- -------------- --------------------                                           -------------------- ------ --------------------
      Net cash provided by operating activities                                                                                                       558                                                                                      1,026
Cash flows from investing activities:
   Purchases of property and equipment -- continuing operations                                                                          (875 )                                                                                     (842 )
   Purchases of businesses or joint venture interests, net of cash                                                                                   (117 )                                                                                     (940 )
   acquired
   Proceeds from sales of facilities and other assets                                                                                                 573                                                                                        549
   Proceeds from sales of marketable securities, long-term investments                                                                                 62                                                                                         60
   and other assets
   Purchases of equity investments                                                                                                                    (39 )                                                                                     (134 )
   Other assets                                                                                                                                       (31 )                                                                                       (4 )
   Other items, net                                                                                                                 (3 )                                                                    (6 )
                                                                                                                      -------------------- -------------- --------------------                                           -------------------- ------ --------------------
      Net cash used in investing activities                                                                                                          (430 )                                                                                   (1,317 )
Cash flows from financing activities:
   Repayments of borrowings under credit facility                                                                                                  (1,895 )                                                                                   (2,815 )
   Proceeds from borrowings under credit facility                                                                                                   1,895                                                                                      2,595
   Repayments of other borrowings                                                                                                                    (154 )                                                                                   (2,049 )
   Proceeds from other borrowings                                                                                                                     760                                                                                      3,158
   Repurchases of common stock                                                                                                             --                                                                                        (40 )
   Debt issuance costs                                                                                                                                (12 )                                                                                      (80 )
   Distributions paid to noncontrolling interests                                                                                                    (218 )                                                                                     (110 )
   Proceeds from sale of noncontrolling interests                                                                                                      22                                                                                         11
   Purchase of noncontrolling interests                                                                                                              (186 )                                                                                     (268 )
   Proceeds from exercise of stock options                                                                                                              4                                                                                         15
   Other items, net                                                                                                                 16                                                   37  
                                                                                                                      -------------------- -------------- --------------------                                           -------------------- ------ --------------------
      Net cash provided by financing activities                                                                                    232                                                  454  
                                                                                                                      -------------------- -------------- --------------------                                           -------------------- ------ --------------------
Net increase in cash and cash equivalents                                                                                                             360                                                                                        163
Cash and cash equivalents at beginning of period                                                                                   356                                                  193  
                                                                                                                      -------------------- -------------- --------------------                                           -------------------- ------ --------------------
Cash and cash equivalents at end of period                                                                                               $            716                                                                $    356  
                                                                                                                      ==================== ============== ====================                                           ==================== ====== ====================
Supplemental disclosures:
   Interest paid, net of capitalized interest                                                                                            $           (932 )                                                                                 $   (859 )
   Income tax payments, net                                                                                                              $            (33 )                                                                                 $     (7 )
 
 
                                                                                                                                                                                                                                     TENET HEALTHCARE CORPORATION
                                                                                                                                                                                                                                     SELECTED STATISTICS - CONTINUING TOTAL HOSPITALS(1)
                                                                                                                                                                                                                                     (Unaudited)
 
(Dollars in millions except per patient day,                                                                                                                                                                                                                                                                                         
per admission, per adjusted admission                                                                                                                                                                     Three Months Ended December 31,                                                                                                                                                                                                                                Years Ended December 31,
                                                                                                                  ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                             ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
and per visit amounts)                                                                                                 2016                                                    2015                                                     Change                                                         2016                                                    2015                                                     Change
                                                                                                                  -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------                                             -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Admissions, Patient Days and Surgeries
   Number of hospitals (at end of period)                                                                                                     75                                                                                            86                                                                           (11 )    *                                                                       75                                                                                            86                                                                           (11 )             *
   Total admissions                                                                                                                      192,104                                                                                       211,991                                                                          (9.4 )%                                                                      792,143                                                                                       824,102                                                                          (3.9 )%
   Adjusted patient admissions                                                                                                           338,929                                                                                       371,994                                                                          (8.9 )%                                                                    1,389,768                                                                                     1,422,588                                                                          (2.3 )%
   Paying admissions (excludes charity and uninsured)                                                                                    181,617                                                                                       200,462                                                                          (9.4 )%                                                                      749,634                                                                                       779,766                                                                          (3.9 )%
   Charity and uninsured admissions                                                                                                       10,487                                                                                        11,529                                                                          (9.0 )%                                                                       42,509                                                                                        44,336                                                                          (4.1 )%
   Admissions through emergency department                                                                                               120,549                                                                                       133,108                                                                          (9.4 )%                                                                      499,335                                                                                       521,272                                                                          (4.2 )%
   Paying admissions as a percentage of total admissions                                                                                    94.5 %                                                                                        94.6 %                                                                        (0.1 )%   *                                                                     94.6 %                                                                                        94.6 %                                                              -- %             *
   Charity and uninsured admissions as a percentage of total admissions                                                                      5.5 %                                                                                         5.4 %                                                                         0.1 %    *                                                                      5.4 %                                                                                         5.4 %                                                              -- %             *
   Emergency department admissions as a percentage of total admissions                                                                      62.8 %                                                                                        62.8 %                                                              -- %    *                                                                     63.0 %                                                                                        63.3 %                                                                        (0.3 )%            *
   Surgeries -- inpatient                                                                                                     53,071                                                                                        58,894                                                                          (9.9 )%                                                                      217,906                                                                                       223,863                                                                          (2.7 )%
   Surgeries -- outpatient                                                                                                    73,678                                                                                        79,370                                                                          (7.2 )%                                                                      298,974                                                                                       293,264                                                                           1.9 %
      Total surgeries                                                                                                                    126,749                                                                                       138,264                                                                          (8.3 )%                                                                      516,880                                                                                       517,127                                                                -- %
   Patient days -- total                                                                                                     888,185                                                                                       983,856                                                                          (9.7 )%                                                                    3,690,335                                                                                     3,817,572                                                                          (3.3 )%
   Adjusted patient days                                                                                                               1,543,490                                                                                     1,710,620                                                                          (9.8 )%                                                                    6,395,025                                                                                     6,520,289                                                                          (1.9 )%
   Average length of stay (days)                                                                                                            4.62                                                                                          4.64                                                                          (0.4 )%                                                                         4.66                                                                                          4.63                                                                           0.6 %
   Licensed beds (at end of period)                                                                                                       20,354                                                                                        22,525                                                                          (9.6 )%                                                                       20,354                                                                                        22,525                                                                          (9.6 )%
   Average licensed beds                                                                                                                  20,326                                                                                        22,549                                                                          (9.9 )%                                                                       20,651                                                                                        21,092                                                                          (2.1 )%
   Utilization of licensed beds                                                                                                             47.5 %                                                                                        47.4 %                                                                         0.1 %    *                                                                     48.8 %                                                                                        49.6 %                                                                        (0.8 )%            *
Outpatient Visits
   Total visits                                                                                                                        1,950,549                                                                                     2,198,005                                                                         (11.3 )%                                                                    8,144,473                                                                                     8,332,139                                                                          (2.3 )%
   Paying visits (excludes charity and uninsured)                                                                                      1,834,844                                                                                     2,024,725                                                                          (9.4 )%                                                                    7,577,799                                                                                     7,669,971                                                                          (1.2 )%
   Charity and uninsured visits                                                                                                          115,705                                                                                       173,280                                                                         (33.2 )%                                                                      566,674                                                                                       662,168                                                                         (14.4 )%
   Emergency department visits                                                                                                           701,100                                                                                       778,148                                                                          (9.9 )%                                                                    2,914,421                                                                                     3,010,625                                                                          (3.2 )%
   Paying visits as a percentage of total visits                                                                                            94.1 %                                                                                        92.1 %                                                                         2.0 %    *                                                                     93.0 %                                                                                        92.1 %                                                                         0.9 %             *
   Charity and uninsured visits as a percentage of total visits                                                                              5.9 %                                                                                         7.9 %                                                                        (2.0 )%   *                                                                      7.0 %                                                                                         7.9 %                                                                        (0.9 )%            *
   Total emergency department admissions and visits                                                                                      821,649                                                                                       911,256                                                                          (9.8 )%                                                                    3,413,756                                                                                     3,531,897                                                                          (3.3 )%
Revenues
   Net inpatient revenues                                                                                                            $     2,606                                                                                   $     2,736                                                                          (4.8 )%                                                                  $    10,619                                                                                   $    10,652                                                                          (0.3 )%
   Net outpatient revenues                                                                                                           $     1,457                                                                                   $     1,616                                                                          (9.8 )%                                                                  $     5,848                                                                                   $     6,027                                                                          (3.0 )%
Revenues on a Per Admission, Per Patient Day and Per Visit Basis
   Net inpatient revenue per admission                                                                                               $    13,566                                                                                   $    12,906                                                                           5.1 %                                                                   $    13,405                                                                                   $    12,926                                                                           3.7 %
   Net inpatient revenue per patient day                                                                                             $     2,934                                                                                   $     2,781                                                                           5.5 %                                                                   $     2,878                                                                                   $     2,790                                                                           3.2 %
   Net outpatient revenue per visit                                                                                                  $       747                                                                                   $       735                                                                           1.6 %                                                                   $       718                                                                                   $       723                                                                          (0.7 )%
   Net patient revenue per adjusted patient admission                                                                                $    11,988                                                                                   $    11,699                                                                           2.5 %                                                                   $    11,849                                                                                   $    11,724                                                                           1.1 %
   Net patient revenue per adjusted patient day                                                                                      $     2,632                                                                                   $     2,544                                                                           3.5 %                                                                   $     2,575                                                                                   $     2,558                                                                           0.7 %
Total selected operating expenses (salaries, wages and benefits,                                                                     $    10,743                                                                                   $    10,451                                                                           2.8 %                                                                   $    10,651                                                                                   $    10,351                                                                           2.9 %
supplies and other operating expenses) per adjusted patient admission
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Net Patient Revenues from:
   Medicare                                                                                                                                 20.4 %                                                                                        19.3 %                                                                         1.1 %    *                                                                     20.5 %                                                                                        20.4 %                                                                         0.1 %   *
   Medicaid                                                                                                                                  8.2 %                                                                                         8.2 %                                                              -- %    *                                                                      8.2 %                                                                                         8.7 %                                                                        (0.5 )%  *
   Managed care                                                                                                                             61.4 %                                                                                        61.6 %                                                                        (0.2 )%   *                                                                     61.5 %                                                                                        60.6 %                                                                         0.9 %   *
   Indemnity, self-pay and other                                                                                                            10.0 %                                                                                        10.9 %                                                                        (0.9 )%   *                                                                      9.8 %                                                                                        10.3 %                                                                        (0.5 )%  *
(1)   Represents the consolidated results of Tenet’s Hospital Operations
                         and other segment.
  *                      This change is the difference between the 2016 and 2015 amounts shown
 
 
                                                                                                                                                                                                                                     TENET HEALTHCARE CORPORATION
                                                                                                                                                                                                                                     SELECTED STATISTICS - CONTINUING SAME HOSPITALS(1)
                                                                                                                                                                                                                                     (Unaudited)
 
(Dollars in millions except per patient day,                                                                                                                                                                                                                                                                                         
per admission, per adjusted admission                                                                                                                                                                     Three Months Ended December 31,                                                                                                                                                                                                                                Years Ended December 31,
                                                                                                                  ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                             ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
and per visit amounts)                                                                                                 2016                                                    2015                                                     Change                                                         2016                                                    2015                                                     Change
                                                                                                                  -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------                                             -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Admissions, Patient Days and Surgeries
   Number of hospitals (at end of period)                                                                                                     67                                                                                            67                                                                --      *                                                                       67                                                                                            67                                                                --               *
   Total admissions                                                                                                                      175,672                                                                                       176,051                                                                          (0.2 )%                                                                      715,502                                                                                       717,218                                                                          (0.2 )%
   Adjusted patient admissions                                                                                                           303,912                                                                                       305,436                                                                          (0.5 )%                                                                    1,239,324                                                                                     1,228,039                                                                           0.9 %
   Paying admissions (excludes charity and uninsured)                                                                                    166,139                                                                                       166,962                                                                          (0.5 )%                                                                      677,361                                                                                       680,837                                                                          (0.5 )%
   Charity and uninsured admissions                                                                                                        9,533                                                                                         9,089                                                                           4.9 %                                                                        38,141                                                                                        36,381                                                                           4.8 %
   Admissions through emergency department                                                                                               110,674                                                                                       110,291                                                                           0.3 %                                                                       451,785                                                                                       452,593                                                                          (0.2 )%
   Paying admissions as a percentage of total admissions                                                                                    94.6 %                                                                                        94.8 %                                                                        (0.2 )%   *                                                                     94.7 %                                                                                        94.9 %                                                                        (0.2 )%            *
   Charity and uninsured admissions as a percentage of total admissions                                                                      5.4 %                                                                                         5.2 %                                                                         0.2 %    *                                                                      5.3 %                                                                                         5.1 %                                                                         0.2 %             *
   Emergency department admissions as a percentage of total admissions                                                                      63.0 %                                                                                        62.6 %                                                                         0.4 %    *                                                                     63.1 %                                                                                        63.1 %                                                              -- %             *
   Surgeries -- inpatient                                                                                                     48,264                                                                                        49,239                                                                          (2.0 )%                                                                      195,641                                                                                       196,352                                                                          (0.4 )%
   Surgeries -- outpatient                                                                                                    64,053                                                                                        65,046                                                                          (1.5 )%                                                                      256,301                                                                                       254,932                                                                           0.5 %
      Total surgeries                                                                                                                    112,317                                                                                       114,285                                                                          (1.7 )%                                                                      451,942                                                                                       451,284                                                                           0.1 %
   Patient days -- total                                                                                                     798,205                                                                                       803,037                                                                          (0.6 )%                                                                    3,269,558                                                                                     3,286,026                                                                          (0.5 )%
   Adjusted patient days                                                                                                               1,370,960                                                                                     1,379,612                                                                          (0.6 )%                                                                    5,612,240                                                                                     5,567,041                                                                           0.8 %
   Average length of stay (days)                                                                                                            4.54                                                                                          4.56                                                                          (0.4 )%                                                                         4.57                                                                                          4.58                                                                          (0.2 )%
   Licensed beds (at end of period)                                                                                                       18,118                                                                                        18,130                                                                          (0.1 )%                                                                       18,118                                                                                        18,130                                                                          (0.1 )%
   Average licensed beds                                                                                                                  18,090                                                                                        18,154                                                                          (0.4 )%                                                                       18,127                                                                                        18,217                                                                          (0.5 )%
   Utilization of licensed beds                                                                                                             48.0 %                                                                                        48.1 %                                                                        (0.1 )%   *                                                                     49.4 %                                                                                        49.4 %                                                              -- %             *
Outpatient Visits
   Total visits                                                                                                                        1,782,614                                                                                     1,806,125                                                                          (1.3 )%                                                                    7,273,671                                                                                     7,176,650                                                                           1.4 %
   Paying visits (excludes charity and uninsured)                                                                                      1,671,428                                                                                     1,680,609                                                                          (0.5 )%                                                                    6,784,173                                                                                     6,670,711                                                                           1.7 %
   Charity and uninsured visits                                                                                                          111,186                                                                                       125,516                                                                         (11.4 )%                                                                      489,498                                                                                       505,939                                                                          (3.2 )%
   Emergency department visits                                                                                                           620,622                                                                                       626,280                                                                          (0.9 )%                                                                    2,560,308                                                                                     2,520,481                                                                           1.6 %
   Paying visits as a percentage of total visits                                                                                            93.8 %                                                                                        93.1 %                                                                         0.7 %    *                                                                     93.3 %                                                                                        93.0 %                                                                         0.3 %             *
   Charity and uninsured visits as a percentage of total visits                                                                              6.2 %                                                                                         6.9 %                                                                        (0.7 )%   *                                                                      6.7 %                                                                                         7.0 %                                                                        (0.3 )%            *
   Total emergency department admissions and visits                                                                                      731,296                                                                                       736,571                                                                          (0.7 )%                                                                    3,012,093                                                                                     2,973,074                                                                           1.3 %
Revenues
   Net inpatient revenues                                                                                                            $     2,442                                                                                   $     2,358                                                                           3.6 %                                                                   $     9,776                                                                                   $     9,334                                                                           4.7 %
   Net outpatient revenues                                                                                                           $     1,340                                                                                   $     1,308                                                                           2.4 %                                                                   $     5,347                                                                                   $     5,103                                                                           4.8 %
Revenues on a Per Admission, Per Patient Day and Per Visit Basis
   Net inpatient revenue per admission                                                                                               $    13,901                                                                                   $    13,394                                                                           3.8 %                                                                   $    13,663                                                                                   $    13,014                                                                           5.0 %
   Net inpatient revenue per patient day                                                                                             $     3,059                                                                                   $     2,936                                                                           4.2 %                                                                   $     2,990                                                                                   $     2,841                                                                           5.2 %
   Net outpatient revenue per visit                                                                                                  $       752                                                                                   $       724                                                                           3.9 %                                                                   $       735                                                                                   $       711                                                                           3.4 %
   Net patient revenue per adjusted patient admission                                                                                $    12,444                                                                                   $    12,003                                                                           3.7 %                                                                   $    12,203                                                                                   $    11,756                                                                           3.8 %
   Net patient revenue per adjusted patient day                                                                                      $     2,759                                                                                   $     2,657                                                                           3.8 %                                                                   $     2,695                                                                                   $     2,593                                                                           3.9 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Net Patient Revenues from:
   Medicare                                                                                                                                 19.9 %                                                                                        19.9 %                                                              -- %    *                                                                     20.1 %                                                                                        20.7 %                                                                        (0.6 )%            *
   Medicaid                                                                                                                                  8.1 %                                                                                         8.3 %                                                                        (0.2 )%   *                                                                      8.2 %                                                                                         8.7 %                                                                        (0.5 )%            *
   Managed care                                                                                                                             61.4 %                                                                                        61.8 %                                                                        (0.4 )%   *                                                                     61.7 %                                                                                        61.1 %                                                                         0.6 %             *
   Indemnity, self-pay and other                                                                                                            10.6 %                                                                                        10.0 %                                                                         0.6 %    *                                                                     10.0 %                                                                                         9.5 %                                                                         0.5 %             *
(1)   Information for our Hospital Operations and other segment is
                         presented on a same-hospital basis, which includes the results of
                         our same 67 hospitals operated throughout the years ended December
                         31, 2016 and 2015, associated outpatient facilities and excludes the
                         results of eight hospitals that Tenet acquired, as well as hospitals
                         Tenet divested, since January 1, 2015.
  *                      This change is the difference between the 2016 and 2015 amounts shown
 
 
                                                                                                                                                                                                                                     TENET HEALTHCARE CORPORATION
                                                                                                                                                                                                                                     CONSOLIDATED STATEMENTS OF OPERATIONS
                                                                                                                                                                                                                                     (Unaudited)
 
(Dollars in millions except per share amounts)                                                                                                                                                                                                     Three Months Ended                                                                                                                                                                                               Year Ended
                                                                                                                    ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          -----------------------------------------------------
                                                                                                                         3/31/2016              6/30/2016            9/30/2016          12/31/2016                                                 12/31/2016  
                                                                                                                    -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- --------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- ---------- --------------------
Net operating revenues:
   Net operating revenues before provision for doubtful accounts                                                                       $          5,420                                                                                   $          5,220                                                                                   $     5,216                                                                                   $          5,214                                                                                   $     21,070
   Less: Provision for doubtful accounts                                                                                         376                                                          352                                                     367                                                          354                                                    1,449  
                                                                                                                    -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- --------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- ---------- --------------------
Net operating revenues                                                                                                                            5,044                                                                                              4,868                                                                                         4,849                                                                                              4,860                                                                                         19,621
Equity in earnings of unconsolidated affiliates                                                                                                      24                                                                                                 30                                                                                            31                                                                                                 46                                                                                            131
Operating expenses:
      Salaries, wages and benefits                                                                                                                2,402                                                                                              2,316                                                                                         2,314                                                                                              2,324                                                                                          9,356
      Supplies                                                                                                                                      811                                                                                                773                                                                                           767                                                                                                773                                                                                          3,124
      Other operating expenses, net                                                                                                               1,242                                                                                              1,213                                                                                         1,231                                                                                              1,205                                                                                          4,891
      Electronic health record incentives                                                                                                --                                                                                                (21 )                                                                                          (2 )                                                                                               (9 )                                                                                          (32 )
      Depreciation and amortization                                                                                                                 212                                                                                                215                                                                                           205                                                                                                218                                                                                            850
      Impairment and restructuring charges, and acquisition-related costs                                                                            28                                                                                                 22                                                                                            31                                                                                                121                                                                                            202
      Litigation and investigation costs                                                                                                            173                                                                                                114                                                                                             4                                                                                                  2                                                                                            293
   Gains on sales, consolidation and deconsolidation of facilities                                                              (147 )                                                                            (1 )                                                                       (3 )                                                                --                                                     (151 )
                                                                                                                    -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- --------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- ---------- --------------------
Operating income                                                                                                                                    347                                                                                                267                                                                                           333                                                                                                272                                                                                          1,219
Interest expense                                                                                                                                   (243 )                                                                                             (244 )                                                                                        (243 )                                                                                             (249 )                                                                                         (979 )
Investment earnings (loss)                                                                                                         1                                                            2                                                      (1 )                                                                             6                                                        8  
                                                                                                                    -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- --------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- ---------- --------------------
Net income from continuing operations, before income taxes                                                                                          105                                                                                                 25                                                                                            89                                                                                                 29                                                                                            248
Income tax benefit (expense)                                                                                                     (67 )                                                                            16                                                     (10 )                                                                            (6 )                                                                       (67 )
                                                                                                                    -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- --------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- ---------- --------------------
Net income from continuing operations, before discontinued                                                                                           38                                                                                                 41                                                                                            79                                                                                                 23                                                                                            181
operations
Discontinued operations:
   Income (loss) from operations                                                                                                                     (5 )                                                                                               (2 )                                                                                           2                                                                                                 (1 )                                                                                           (6 )
   Income tax benefit (expense)                                                                                                    1                                               --                                                      (1 )                                                                             1                                                        1  
                                                                                                                    -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- --------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- ---------- --------------------
Net Income (loss) from discontinued operations                                                                                    (4 )                                                                            (2 )                                                                        1                                               --                                                       (5 )
                                                                                                                    -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- --------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- ---------- --------------------
Net income                                                                                                                                           34                                                                                                 39                                                                                            80                                                                                                 23                                                                                            176
   Less: Net income attributable to noncontrolling interests                                                                      93                                                           85                                                      88                                                          102                                                      368  
                                                                                                                    -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- --------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- ---------- --------------------
Net loss attributable to Tenet Healthcare Corporation common                                                                           $            (59 )                                                                                 $            (46 )                                                                                 $        (8 )                                                                                 $            (79 )                                                                                 $       (192 )
shareholders
                                                                                                                    ==================== ============== ====================                                           ==================== ============== ====================                                           ==================== ========= ====================                                           ==================== ============== ====================                                           ==================== ========== ====================
Amounts available (attributable) to Tenet Healthcare Corporation
common shareholders
   Net loss from continuing operations, net of tax                                                                                     $            (55 )                                                                                 $            (44 )                                                                                 $        (9 )                                                                                 $            (79 )                                                                                 $       (187 )
   Net income (loss) from discontinued operations, net of tax                                                                     (4 )                                                                            (2 )                                                                        1                                               --                                                       (5 )
                                                                                                                    -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- --------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- ---------- --------------------
      Net loss attributable to Tenet Healthcare Corporation common                                                                     $            (59 )                                                                                 $            (46 )                                                                                 $        (8 )                                                                                 $            (79 )                                                                                 $       (192 )
      shareholders
                                                                                                                    ==================== ============== ====================                                           ==================== ============== ====================                                           ==================== ========= ====================                                           ==================== ============== ====================                                           ==================== ========== ====================
Earnings (loss) per share available (attributable) to Tenet
Healthcare Corporation common shareholders:
   Basic
      Continuing operations                                                                                                            $          (0.56 )                                                                                 $          (0.44 )                                                                                 $     (0.09 )                                                                                 $          (0.79 )                                                                                 $      (1.88 )
      Discontinued operations                                                                                                  (0.04 )                                                                         (0.02 )                                                                     0.01                                               --                                                    (0.05 )
                                                                                                                    -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- --------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- ---------- --------------------
                                                                                                                                       $          (0.60 )                                                                                 $          (0.46 )                                                                                 $     (0.08 )                                                                                 $          (0.79 )                                                                                 $      (1.93 )
                                                                                                                    ==================== ============== ====================                                           ==================== ============== ====================                                           ==================== ========= ====================                                           ==================== ============== ====================                                           ==================== ========== ====================
   Diluted
      Continuing operations                                                                                                            $          (0.56 )                                                                                 $          (0.44 )                                                                                 $     (0.09 )                                                                                 $          (0.79 )                                                                                 $      (1.88 )
      Discontinued operations                                                                                                  (0.04 )                                                                         (0.02 )                                                                     0.01                                               --                                                    (0.05 )
                                                                                                                    -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- --------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- ---------- --------------------
                                                                                                                                       $          (0.60 )                                                                                 $          (0.46 )                                                                                 $     (0.08 )                                                                                 $          (0.79 )                                                                                 $      (1.93 )
                                                                                                                    ==================== ============== ====================                                           ==================== ============== ====================                                           ==================== ========= ====================                                           ==================== ============== ====================                                           ==================== ========== ====================
   Weighted average shares and dilutive securities outstanding (in
   thousands):
      Basic                                                                                                                                      98,768                                                                                             99,341                                                                                        99,523                                                                                             99,651                                                                                         99,321
      Diluted                                                                                                                                    98,768                                                                                             99,341                                                                                        99,523                                                                                             99,651                                                                                         99,321
 
 
                                                                                                                                                                                                                                     TENET HEALTHCARE CORPORATION
                                                                                                                                                                                                                                     SELECTED STATISTICS - CONTINUING TOTAL HOSPITALS(1)
                                                                                                                                                                                                                                     (Unaudited)
 
(Dollars in millions except per patient day,                                                                                                                                                                                                                                                                
per admission, per adjusted admission                                                                                                                                                                                                                                           Three Months Ended                                                                                                                                                                                                                              Year Ended
                                                                                                                  ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          -----------------------------------------------------
and per visit amounts)                                                                                               3/31/2016                                               6/30/2016                                               9/30/2016                                              12/31/2016                                               12/31/2016  
                                                                                                                  -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Admissions, Patient Days and Surgeries
   Number of hospitals (at end of period)                                                                                                     80                                                                                            75                                                                                            75                                                                                             75                                                                                             75
   Total admissions                                                                                                                      211,799                                                                                       193,898                                                                                       194,342                                                                                        192,104                                                                                        792,143
   Adjusted patient admissions                                                                                                           362,819                                                                                       342,813                                                                                       345,207                                                                                        338,929                                                                                      1,389,768
   Paying admissions (excludes charity and uninsured)                                                                                    201,436                                                                                       183,539                                                                                       183,042                                                                                        181,617                                                                                        749,634
   Charity and uninsured admissions                                                                                                       10,363                                                                                        10,359                                                                                        11,300                                                                                         10,487                                                                                         42,509
   Admissions through emergency department                                                                                               136,056                                                                                       122,283                                                                                       120,447                                                                                        120,549                                                                                        499,335
   Paying admissions as a percentage of total admissions                                                                                    95.1 %                                                                                        94.7 %                                                                                        94.2 %                                                                                         94.5 %                                                                                         94.6 %
   Charity and uninsured admissions as a percentage of total admissions                                                                      4.9 %                                                                                         5.3 %                                                                                         5.8 %                                                                                          5.5 %                                                                                          5.4 %
   Emergency department admissions as a percentage of total admissions                                                                      64.2 %                                                                                        63.1 %                                                                                        62.0 %                                                                                         62.8 %                                                                                         63.0 %
   Surgeries -- inpatient                                                                                                     55,755                                                                                        54,379                                                                                        54,701                                                                                         53,071                                                                                        217,906
   Surgeries -- outpatient                                                                                                    76,829                                                                                        75,821                                                                                        72,646                                                                                         73,678                                                                                        298,974
      Total surgeries                                                                                                                    132,584                                                                                       130,201                                                                                       127,346                                                                                        126,749                                                                                        516,880
   Patient days -- total                                                                                                   1,010,514                                                                                       897,313                                                                                       894,323                                                                                        888,185                                                                                      3,690,335
   Adjusted patient days                                                                                                               1,714,369                                                                                     1,569,272                                                                                     1,567,894                                                                                      1,543,490                                                                                      6,395,025
   Average length of stay (days)                                                                                                            4.77                                                                                          4.63                                                                                          4.60                                                                                           4.62                                                                                           4.66
   Licensed beds (at end of period)                                                                                                       21,529                                                                                        20,380                                                                                        20,340                                                                                         20,354                                                                                         20,354
   Average licensed beds                                                                                                                  21,524                                                                                        20,380                                                                                        20,367                                                                                         20,326                                                                                         20,651
   Utilization of licensed beds                                                                                                             51.6 %                                                                                        48.4 %                                                                                        47.7 %                                                                                         47.5 %                                                                                         48.8 %
Outpatient Visits
   Total visits                                                                                                                        2,146,618                                                                                     2,038,287                                                                                     2,009,019                                                                                      1,950,549                                                                                      8,144,473
   Paying visits (excludes charity and uninsured)                                                                                      1,984,515                                                                                     1,896,394                                                                                     1,862,046                                                                                      1,834,844                                                                                      7,577,799
   Charity and uninsured visits                                                                                                          162,103                                                                                       141,893                                                                                       146,973                                                                                        115,705                                                                                        566,674
   Emergency department visits                                                                                                           789,916                                                                                       715,692                                                                                       707,713                                                                                        701,100                                                                                      2,914,421
   Paying visits as a percentage of total visits                                                                                            92.4 %                                                                                        93.0 %                                                                                        92.7 %                                                                                         94.1 %                                                                                         93.0 %
   Charity and uninsured visits as a percentage of total visits                                                                              7.6 %                                                                                         7.0 %                                                                                         7.3 %                                                                                          5.9 %                                                                                          7.0 %
   Total emergency department admissions and visits                                                                                      925,972                                                                                       837,975                                                                                       828,160                                                                                        821,649                                                                                      3,413,756
Revenues
   Net inpatient revenues                                                                                                            $     2,781                                                                                   $     2,588                                                                                   $     2,644                                                                                   $      2,606                                                                                   $     10,619
   Net outpatient revenues                                                                                                           $     1,514                                                                                   $     1,460                                                                                   $     1,417                                                                                   $      1,457                                                                                   $      5,848
Revenues on a Per Admission, Per Patient Day and Per Visit Basis
   Net inpatient revenue per admission                                                                                               $    13,130                                                                                   $    13,347                                                                                   $    13,605                                                                                   $     13,566                                                                                   $     13,405
   Net inpatient revenue per patient day                                                                                             $     2,752                                                                                   $     2,884                                                                                   $     2,956                                                                                   $      2,934                                                                                   $      2,878
   Net outpatient revenue per visit                                                                                                  $       705                                                                                   $       716                                                                                   $       705                                                                                   $        747                                                                                   $        718
   Net patient revenue per adjusted patient admission                                                                                $    11,838                                                                                   $    11,808                                                                                   $    11,764                                                                                   $     11,988                                                                                   $     11,849
   Net patient revenue per adjusted patient day                                                                                      $     2,505                                                                                   $     2,580                                                                                   $     2,590                                                                                   $      2,632                                                                                   $      2,575
Total selected operating expenses (salaries, wages and benefits,                                                                     $    10,537                                                                                   $    10,668                                                                                   $    10,666                                                                                         10,743                                                                                   $     10,651
supplies and other operating expenses) per adjusted patient admission
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Net Patient Revenues from:
   Medicare                                                                                                                                 20.0 %                                                                                        21.7 %                                                                                        19.9 %                                                                                         20.4 %                                                                                         20.5 %
   Medicaid                                                                                                                                  8.7 %                                                                                         7.4 %                                                                                         8.4 %                                                                                          8.2 %                                                                                          8.2 %
   Managed care                                                                                                                             61.1 %                                                                                        59.4 %                                                                                        64.0 %                                                                                         61.4 %                                                                                         61.5 %
   Indemnity, self-pay and other                                                                                                            10.2 %                                                                                        11.5 %                                                                                         7.7 %                                                                                         10.0 %                                                                                          9.8 %
(1)   Represents the consolidated results of Tenet’s Hospital Operations
                         and other segment.
 
 
                                                                                                                                                                                                                                     TENET HEALTHCARE CORPORATION
                                                                                                                                                                                                                                     SELECTED STATISTICS - CONTINUING SAME HOSPITALS(1)
                                                                                                                                                                                                                                     (Unaudited)
 
(Dollars in millions except per patient day,                                                                                                                                                                                                                                                                
per admission, per adjusted admission                                                                                                                                                                                                                                           Three Months Ended                                                                                                                                                                                                                              Year Ended
                                                                                                                  ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          -----------------------------------------------------
and per visit amounts)                                                                                              3/31/2016                                               6/30/2016                            9/30/2016                                               12/31/2016                                               12/31/2016  
                                                                                                                  -------------------- --------- --------------------                                           -------------------- --------- -------------------- --------------------                      -------------------- --------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Admissions, Patient Days and Surgeries
   Number of hospitals (at end of period)                                                                                                     67                                                                                            67                                                                                            67                                                                                             67                                                                                             67
   Total admissions                                                                                                                      185,053                                                                                       177,151                                                                                       177,626                                                                                        175,672                                                                                        715,502
   Adjusted patient admissions                                                                                                           315,787                                                                                       309,372                                                                                       310,253                                                                                        303,912                                                                                      1,239,324
   Paying admissions (excludes charity and uninsured)                                                                                    176,286                                                                                       167,717                                                                                       167,219                                                                                        166,139                                                                                        677,361
   Charity and uninsured admissions                                                                                                        8,767                                                                                         9,434                                                                                        10,407                                                                                          9,533                                                                                         38,141
   Admissions through emergency department                                                                                               118,578                                                                                       111,994                                                                                       110,539                                                                                        110,674                                                                                        451,785
   Paying admissions as a percentage of total admissions                                                                                    95.3 %                                                                                        94.7 %                                                                                        94.1 %                                                                                         94.6 %                                                                                         94.7 %
   Charity and uninsured admissions as a percentage of total admissions                                                                      4.7 %                                                                                         5.3 %                                                                                         5.9 %                                                                                          5.4 %                                                                                          5.3 %
   Emergency department admissions as a percentage of total admissions                                                                      64.1 %                                                                                        63.2 %                                                                                        62.2 %                                                                                         63.0 %                                                                                         63.1 %
   Surgeries -- inpatient                                                                                                     48,547                                                                                        49,222                                                                                        49,608                                                                                         48,264                                                                                        195,641
   Surgeries -- outpatient                                                                                                    63,999                                                                                        65,678                                                                                        62,571                                                                                         64,053                                                                                        256,301
                                                                                                                                         112,546                                                                                       114,900                                                                                       112,179                                                                                        112,317                                                                                        451,942
      Total surgeries
   Patient days -- total                                                                                                     862,138                                                                                       805,662                                                                                       803,553                                                                                        798,205                                                                                      3,269,558
   Adjusted patient days                                                                                                               1,456,580                                                                                     1,394,486                                                                                     1,390,214                                                                                      1,370,960                                                                                      5,612,240
   Average length of stay (days)                                                                                                            4.66                                                                                          4.55                                                                                          4.52                                                                                           4.54                                                                                           4.57
   Licensed beds (at end of period)                                                                                                       18,144                                                                                        18,144                                                                                        18,104                                                                                         18,118                                                                                         18,118
   Average licensed beds                                                                                                                  18,139                                                                                        18,144                                                                                        18,131                                                                                         18,090                                                                                         18,127
   Utilization of licensed beds                                                                                                             52.8 %                                                                                        48.8 %                                                                                        48.2 %                                                                                         48.0 %                                                                                         49.4 %
Outpatient Visits
   Total visits                                                                                                                        1,854,735                                                                                     1,830,522                                                                                     1,805,800                                                                                      1,782,614                                                                                      7,273,671
   Paying visits (excludes charity and uninsured)                                                                                      1,728,684                                                                                     1,707,375                                                                                     1,676,686                                                                                      1,671,428                                                                                      6,784,173
   Charity and uninsured visits                                                                                                          126,051                                                                                       123,147                                                                                       129,114                                                                                        111,186                                                                                        489,498
   Emergency department visits                                                                                                           670,678                                                                                       640,774                                                                                       628,234                                                                                        620,622                                                                                      2,560,308
   Paying visits as a percentage of total visits                                                                                            93.2 %                                                                                        93.3 %                                                                                        92.9 %                                                                                         93.8 %                                                                                         93.3 %
   Charity and uninsured visits as a percentage of total visits                                                                              6.8 %                                                                                         6.7 %                                                                                         7.1 %                                                                                          6.2 %                                                                                          6.7 %
   Total emergency department admissions and visits                                                                                      789,256                                                                                       752,768                                                                                       738,773                                                                                        731,296                                                                                      3,012,093
Revenues
   Net inpatient revenues                                                                                                            $     2,499                                                                                   $     2,400                                                                                   $     2,435                                                                                   $      2,442                                                                                   $      9,776
   Net outpatient revenues                                                                                                           $     1,331                                                                                   $     1,343                                                                                   $     1,333                                                                                   $      1,340                                                                                   $      5,347
Revenues on a Per Admission, Per Patient Day and Per Visit Basis
   Net inpatient revenue per admission                                                                                               $    13,504                                                                                   $    13,548                                                                                   $    13,709                                                                                   $     13,901                                                                                   $     13,663
   Net inpatient revenue per patient day                                                                                             $     2,899                                                                                   $     2,979                                                                                   $     3,030                                                                                   $      3,059                                                                                   $      2,990
   Net outpatient revenue per visit                                                                                                  $       718                                                                                   $       734                                                                                   $       738                                                                                   $        752                                                                                   $        735
   Net patient revenue per adjusted patient admission                                                                                $    12,128                                                                                   $    12,099                                                                                   $    12,145                                                                                   $     12,444                                                                                   $     12,203
   Net patient revenue per adjusted patient day                                                                                      $     2,629                                                                                   $     2,684                                                                                   $     2,710                                                                                   $      2,759                                                                                   $      2,695
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Net Patient Revenues from:
   Medicare                                                                                                                                 20.6 %                                                                                        20.1 %                                                                                        19.7 %                                                                                         19.9 %                                                                                         20.1 %
   Medicaid                                                                                                                                  8.5 %                                                                                         7.8 %                                                                                         8.5 %                                                                                          8.1 %                                                                                          8.2 %
   Managed care                                                                                                                             61.5 %                                                                                        62.1 %                                                                                        61.7 %                                                                                         61.4 %                                                                                         61.7 %
   Indemnity, self-pay and other                                                                                                             9.4 %                                                                                        10.0 %                                                                                        10.1 %                                                                                         10.6 %                                                                                         10.0 %
(1)   Information for our Hospital Operations and other segment is
                         presented on a same-hospital basis, which includes the results of
                         our same 67 hospitals operated throughout the years ended December
                         31, 2016 and 2015, associated outpatient facilities and excludes the
                         results of eight hospitals that Tenet acquired, as well as hospitals
                         Tenet divested, since January 1, 2015.
 
 
                                                                                                                                                                                                                                     TENET HEALTHCARE CORPORATION
                                                                                                                                                                                                                                     SELECTED STATISTICS - CONTINUING SAME HOSPITALS(1)
                                                                                                                                                                                                                                     (Unaudited)
 
(Dollars in millions except per patient day,                                                                                                                                                                                                                                                                
per admission, per adjusted admission                                                                                                                                                                                                                                           Three Months Ended                                                                                                                                                                                                                              Year Ended
                                                                                                                  ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          -----------------------------------------------------
and per visit amounts)                                                                                               03/31/15                                                06/30/15                                               9/30/2015                                               12/31/2015                                               12/31/2015  
                                                                                                                  -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Admissions, Patient Days and Surgeries
   Number of hospitals (at end of period)                                                                                                     67                                                                                            67                                                                                            67                                                                                             67                                                                                             67
   Total admissions                                                                                                                      185,147                                                                                       179,135                                                                                       176,885                                                                                        176,051                                                                                        717,218
   Adjusted patient admissions                                                                                                           308,729                                                                                       307,958                                                                                       305,916                                                                                        305,436                                                                                      1,228,039
   Paying admissions (excludes charity and uninsured)                                                                                    176,023                                                                                       170,389                                                                                       167,463                                                                                        166,962                                                                                        680,837
   Charity and uninsured admissions                                                                                                        9,124                                                                                         8,746                                                                                         9,422                                                                                          9,089                                                                                         36,381
   Admissions through emergency department                                                                                               118,326                                                                                       113,741                                                                                       110,235                                                                                        110,291                                                                                        452,593
   Paying admissions as a percentage of total admissions                                                                                    95.1 %                                                                                        95.1 %                                                                                        94.7 %                                                                                         94.8 %                                                                                         94.9 %
   Charity and uninsured admissions as a percentage of total admissions                                                                      4.9 %                                                                                         4.9 %                                                                                         5.3 %                                                                                          5.2 %                                                                                          5.1 %
   Emergency department admissions as a percentage of total admissions                                                                      63.9 %                                                                                        63.5 %                                                                                        62.3 %                                                                                         62.6 %                                                                                         63.1 %
   Surgeries -- inpatient                                                                                                     48,295                                                                                        49,291                                                                                        49,527                                                                                         49,239                                                                                        196,352
   Surgeries -- outpatient                                                                                                    60,494                                                                                        64,407                                                                                        64,985                                                                                         65,046                                                                                        254,932
                                                                                                                                         108,789                                                                                       113,698                                                                                       114,512                                                                                        114,285                                                                                        451,284
      Total surgeries
   Patient days -- total                                                                                                     860,927                                                                                       817,881                                                                                       804,181                                                                                        803,037                                                                                      3,286,026
   Adjusted patient days                                                                                                               1,421,505                                                                                     1,391,305                                                                                     1,374,619                                                                                      1,379,612                                                                                      5,567,041
   Average length of stay (days)                                                                                                            4.65                                                                                          4.57                                                                                          4.55                                                                                           4.56                                                                                           4.58
   Licensed beds (at end of period)                                                                                                       18,244                                                                                        18,244                                                                                        18,201                                                                                         18,130                                                                                         18,130
   Average licensed beds                                                                                                                  18,241                                                                                        18,244                                                                                        18,233                                                                                         18,154                                                                                         18,217
   Utilization of licensed beds                                                                                                             52.4 %                                                                                        49.3 %                                                                                        47.9 %                                                                                         48.1 %                                                                                         49.4 %
Outpatient Visits
   Total visits                                                                                                                        1,762,868                                                                                     1,815,393                                                                                     1,792,264                                                                                      1,806,125                                                                                      7,176,650
   Paying visits (excludes charity and uninsured)                                                                                      1,639,131                                                                                     1,691,554                                                                                     1,659,417                                                                                      1,680,609                                                                                      6,670,711
   Charity and uninsured visits                                                                                                          123,737                                                                                       123,839                                                                                       132,847                                                                                        125,516                                                                                        505,939
   Emergency department visits                                                                                                           636,860                                                                                       632,470                                                                                       624,871                                                                                        626,280                                                                                      2,520,481
   Paying visits as a percentage of total visits                                                                                            93.0 %                                                                                        93.2 %                                                                                        92.6 %                                                                                         93.1 %                                                                                         93.0 %
   Charity and uninsured visits as a percentage of total visits                                                                              7.0 %                                                                                         6.8 %                                                                                         7.4 %                                                                                          6.9 %                                                                                          7.0 %
   Total emergency department admissions and visits                                                                                      755,186                                                                                       746,211                                                                                       735,106                                                                                        736,571                                                                                      2,973,074
Revenues
   Net inpatient revenues                                                                                                            $     2,382                                                                                   $     2,305                                                                                   $     2,289                                                                                   $      2,358                                                                                   $      9,334
   Net outpatient revenues                                                                                                           $     1,226                                                                                   $     1,281                                                                                   $     1,288                                                                                   $      1,308                                                                                   $      5,103
Revenues on a Per Admission, Per Patient Day and Per Visit Basis
   Net inpatient revenue per admission                                                                                               $    12,865                                                                                   $    12,867                                                                                   $    12,941                                                                                   $     13,394                                                                                   $     13,014
   Net inpatient revenue per patient day                                                                                             $     2,767                                                                                   $     2,818                                                                                   $     2,846                                                                                   $      2,936                                                                                   $      2,841
   Net outpatient revenue per visit                                                                                                  $       695                                                                                   $       706                                                                                   $       719                                                                                   $        724                                                                                   $        711
   Net patient revenue per adjusted patient admission                                                                                $    11,687                                                                                   $    11,644                                                                                   $    11,693                                                                                   $     12,003                                                                                   $     11,756
   Net patient revenue per adjusted patient day                                                                                      $     2,538                                                                                   $     2,577                                                                                   $     2,602                                                                                   $      2,657                                                                                   $      2,593
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Net Patient Revenues from:
   Medicare                                                                                                                                 21.9 %                                                                                        20.7 %                                                                                        20.2 %                                                                                         19.9 %                                                                                         20.7 %
   Medicaid                                                                                                                                  9.4 %                                                                                         8.3 %                                                                                         8.8 %                                                                                          8.3 %                                                                                          8.7 %
   Managed care                                                                                                                             59.1 %                                                                                        61.6 %                                                                                        61.7 %                                                                                         61.8 %                                                                                         61.1 %
   Indemnity, self-pay and other                                                                                                             9.6 %                                                                                         9.4 %                                                                                         9.3 %                                                                                         10.0 %                                                                                          9.5 %
(1)   Information for our Hospital Operations and other segment is
                         presented on a same-hospital basis, which includes the results of
                         our same 67 hospitals operated throughout the years ended December
                         31, 2016 and 2015, associated outpatient facilities and excludes the
                         results of eight hospitals that Tenet acquired, as well as hospitals
                         Tenet divested, since January 1, 2015.
 
 
                                                                                                                                                                                               TENET HEALTHCARE CORPORATION
                                                                                                                                                                                                     SEGMENT REPORTING
                                                                                                                                                                                                        (Unaudited)
 
                                                                                                                                                                               December 31,                                         December 31,
                                                                                                                                                                                                                                                                                  2016                                                 2015   
                                                                                                                                                                                                                                                                               -------------------- ------ --------------------                                           -------------------- ------ --------------------
Assets
   Hospital Operations and other                                                                                                                                                                                                                                                                  $ 17,871                                                                                   $ 17,353
   Ambulatory Care                                                                                                                                                                                                                                                                                   5,722                                                                                      5,159
   Conifer                                                                                                                                                                                                                                                                        1,108                                                1,170  
                                                                                                                                                                                                                                                                               -------------------- ------ --------------------                                           -------------------- ------ --------------------
   Total                                                                                                                                                                                                                                                                                          $ 24,701                                                                $ 23,682  
                                                                                                                                                                                                                                                                               ==================== ====== ====================                                           ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                       Three Months Ended                                                                                                                                                                       Years Ended
                                                                                                                                                          December 31,                                                                                                                                                                         December 31,
                                                                                           ------------------------------------------------------------------------------------------------------------------------------------------                                          --------------------------------------------------------------------------------------------------------------------------------------------
                                                                                              2016                                                2015                                                2016                                                 2015   
                                                                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------
Capital expenditures:
   Hospital Operations and other                                                                              $   242                                                                                   $   250                                                                                   $    799                                                                                   $    786
   Ambulatory Care                                                                                                  9                                                                                        14                                                                                         51                                                                                         28
   Conifer                                                                                      10                                                  12                                                   25                                                   28  
                                                                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------
   Total                                                                                                      $   261                                                                $   276                                                                $    875                                                                $    842  
                                                                                           ==================== ===== ====================                                           ==================== ===== ====================                                           ==================== ====== ====================                                           ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                           
Net operating revenues:
   Hospital Operations and other                                                                              $ 4,143                                                                                   $ 4,423                                                                                   $ 16,904                                                                                   $ 16,928
   Ambulatory Care                                                                                                478                                                                                       397                                                                                      1,797                                                                                        959
   Conifer
      Tenet                                                                                                       163                                                                                       178                                                                                        651                                                                                        666
      Other customers                                                                          239                                                 206                                                  920                                                  747  
                                                                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------
      Total Conifer revenues                                                                   402                                                 384                                                1,571                                                1,413  
                                                                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------
   Intercompany eliminations                                                                  (163 )                                                                 (178 )                                                                  (651 )                                                                  (666 )
                                                                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------
   Total                                                                                                      $ 4,860                                                                $ 5,026                                                                $ 19,621                                                                $ 18,634  
                                                                                           ==================== ===== ====================                                           ==================== ===== ====================                                           ==================== ====== ====================                                           ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                           
Equity in earnings of unconsolidated affiliates:
   Hospital Operations and other                                                                              $     3                                                                                   $     4                                                                                   $      9                                                                                   $     16
   Ambulatory Care                                                                              43                                                  47                                                  122                                                   83  
                                                                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------
   Total                                                                                                      $    46                                                                $    51                                                                $    131                                                                $     99  
                                                                                           ==================== ===== ====================                                           ==================== ===== ====================                                           ==================== ====== ====================                                           ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                           
Adjusted EBITDA:
   Hospital Operations and other                                                                              $   358                                                                                   $   394                                                                                   $  1,521                                                                                   $  1,653
   Ambulatory Care                                                                                                183                                                                                       158                                                                                        615                                                                                        358
   Conifer                                                                                      72                                                  61                                                  277                                                  265  
                                                                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------
   Total                                                                                                      $   613                                                                $   613                                                                $  2,413                                                                $  2,276  
                                                                                           ==================== ===== ====================                                           ==================== ===== ====================                                           ==================== ====== ====================                                           ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                           
Depreciation and amortization:
   Hospital Operations and other                                                                              $   184                                                                                   $   177                                                                                   $    709                                                                                   $    702
   Ambulatory Care                                                                                                 22                                                                                        18                                                                                         91                                                                                         46
   Conifer                                                                                      12                                                  13                                                   50                                                   49  
                                                                                           -------------------- ----- --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------
   Total                                                                                                      $   218                                                                $   208                                                                $    850                                                                $    797  
                                                                                           ==================== ===== ====================                                           ==================== ===== ====================                                           ==================== ====== ====================                                           ==================== ====== ====================
 
 
                                                                                                                                                                                                                             TENET HEALTHCARE CORPORATION
                                                                                                                                                                                                            STATEMENT OF OPERATIONS - AMBULATORY CARE SEGMENT
                                                                                                                                                                                                                                     (Unaudited)
 
(Dollars in millions)                                                                                                                                                                                                                           Three Months Ended December 31,
                                                                                                                    ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                2016                                                                                                                                                            2015
                                                                                                                    ------------------------------------------------------------------------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                
                                                                                                                             Ambulatory Care as Reported Under GAAP                                                                    Unconsolidated Affiliates                                                                   Ambulatory Care as Reported Under GAAP                                                                    Unconsolidated Affiliates
                                                                                                                    ---------------------------------------------------------                                          ---------------------------------------------------------                                          ---------------------------------------------------------                                          ---------------------------------------------------------
Net operating revenues:
   Net operating revenues before provision for doubtful accounts                                                                       $            487                                                                                   $            582                                                                                   $            404                                                                                   $            637
   Less: Provision for doubtful accounts                                                                                          (9 )                                                                           (12 )                                                                            (7 )                                                                           (13 )
                                                                                                                    -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
Net operating revenues(1)                                                                                                                           478                                                                                                570                                                                                                397                                                                                                624
Equity in earnings of unconsolidated affiliates(2)                                                                                                   43                                                                                     --                                                                                                 47                                                                                     --
Operating expenses:                                                                                                                                      
      Salaries, wages and benefits                                                                                                                  157                                                                                                124                                                                                                130                                                                                                135
      Supplies                                                                                                                                       99                                                                                                145                                                                                                 79                                                                                                148
      Other operating expenses, net                                                                                                                  83                                                                                                101                                                                                                 78                                                                                                111
      Electronic health record incentives                                                                                                            (1 )                                                                                   --                                                                                                 (1 )                                                                                   --
      Depreciation and amortization                                                                                                                  22                                                                                                 17                                                                                                 18                                                                                                 20
      Impairment and restructuring charges, and acquisition-related costs                                                                            17                                                                                     --                                                                                                  3                                                                                                 (2 )
   (Gains) loss on sales, consolidation and deconsolidation of                                                        --                                                            4                                                          (32 )                                                                --  
   facilities
                                                                                                                    -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
Operating income                                                                                                                                    144                                                                                                179                                                                                                169                                                                                                212
Interest expense                                                                                                                                    (35 )                                                                                               (6 )                                                                                              (35 )                                                                                               (7 )
Other                                                                                                                              2                                               --                                               --                                               --  
                                                                                                                    -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
Net income from continuing operations, before income taxes                                                                                          111                                                                                                173                                                                                                134                                                                                                205
Income tax expense                                                                                                               (17 )                                                                            (3 )                                                                           (16 )                                                                            (3 )
                                                                                                                    -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
Net income                                                                                                                             $             94                                                                                   $            170                                                                $            118                                                                                   $            202  
                                                                                                                                                                                                                       ==================== ============== ====================                                                                                                                                              ==================== ============== ====================
      Less: Net income attributable to noncontrolling interests(3)                                                                81                                                                                                                                                              85  
                                                                                                                    -------------------- -------------- --------------------                                                                                                                                              -------------------- -------------- --------------------
Net income attributable to Tenet Healthcare Corporation common                                                                         $             13                                                                                                                                                                   $             33  
shareholders
                                                                                                                    ==================== ============== ====================                                                                                                                                              ==================== ============== ====================
Equity in earnings of unconsolidated affiliates                                                                                                                                                                                           $             43                                                                                                                                                                                      $             47
(1)   On a same-facility system-wide basis, net revenue in Tenet’s
                         Ambulatory Care segment increased 5.9% during the three months ended
                         December 31, 2016, with cases increasing 1.7% and revenue per case
                         increasing 4.1%.
(2)                      At December 31, 2016, 108 of the 323 facilities in the Company’s
                         newly formed Ambulatory segment were not consolidated based on the
                         nature of the segment’s joint venture relationships with physicians
                         and prominent healthcare systems. Although revenues of the segment’s
                         unconsolidated facilities are not recorded as revenues by the
                         Company, equity in earnings of unconsolidated affiliates is
                         nonetheless a significant portion of the Company’s overall earnings.
                         To help analyze results of operations, management also uses
                         system-wide operating measures such as system-wide revenue growth,
                         which includes revenues of both consolidated and unconsolidated
                         facilities. The Company controls its remaining 215 facilities and
                         account for these investments as consolidated subsidiaries.
(3)                      During the three months ended December 31, 2016, the Company
                         recorded a $5 million noncontrolling interests benefit related to
                         $17 million of impairment and restructuring charges, and
                         acquisition-related costs not included in Adjusted EBITDA.
 
 
                                                                                                                                                                                                                            TENET HEALTHCARE CORPORATION
                                                                                                                                                                                                           STATEMENT OF OPERATIONS - AMBULATORY CARE SEGMENT
                                                                                                                                                                                                                 INCLUDING PRO FORMA USPI AND ASPEN FOR ALL PERIODS
                                                                                                                                                                                                                                     (Unaudited)
 
                                                                                                                                                                                                                                                  Years Ended December 31,
                                                                                                                    ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                               2016                                                                                                                                                           2015
                                                                                                                    ----------------------------------------------------------------------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                              
                                                                                                                            Ambulatory Care as Reported Under GAAP                                                                   Unconsolidated Affiliates                                                                   Ambulatory Care as Reported Under GAAP                                                                    Unconsolidated Affiliates
                                                                                                                    -------------------------------------------------------                                          ---------------------------------------------------------                                          ---------------------------------------------------------                                          ---------------------------------------------------------
Net operating revenues:
   Net operating revenues before provision for doubtful accounts                                                                       $        1,833                                                                                   $          2,073                                                                                   $          1,366                                                                                   $          2,213
   Less: Provision for doubtful accounts                                                                                       (36 )                                                                           (53 )                                                                           (23 )                                                                           (53 )
                                                                                                                    -------------------- ------------ --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
Net operating revenues(1)                                                                                                                       1,797                                                                                              2,020                                                                                              1,343                                                                                              2,160
Equity in earnings of unconsolidated affiliates(2)                                                                                                122                                                                                     --                                                                                                126                                                                                     --
Operating expenses:
      Salaries, wages and benefits                                                                                                                594                                                                                                477                                                                                                438                                                                                                514
      Supplies                                                                                                                                    365                                                                                                520                                                                                                253                                                                                                542
      Other operating expenses, net                                                                                                               346                                                                                                404                                                                                                290                                                                                                448
      Electronic health record incentives                                                                                                          (1 )                                                                                   --                                                                                                 (1 )                                                                                   --
      Depreciation and amortization                                                                                                                91                                                                                                 68                                                                                                 64                                                                                                 80
      Impairment and restructuring charges, and acquisition-related costs                                                                          26                                                                                                  1                                                                                                  5                                                                                                  1
   (Gains) loss on sales, consolidation and deconsolidation of                                                                 (33 )                                                                             7                                                          (32 )                                                                --  
   facilities
                                                                                                                    -------------------- ------------ --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
Operating income                                                                                                                                  531                                                                                                543                                                                                                452                                                                                                575
Interest expense                                                                                                                                 (140 )                                                                                              (24 )                                                                                             (137 )                                                                                              (28 )
Other                                                                                                                            2                                                            6                                               --                                                           (2 )
                                                                                                                    -------------------- ------------ --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
Net income from continuing operations, before income taxes                                                                                        393                                                                                                525                                                                                                315                                                                                                545
Income tax expense                                                                                                             (54 )                                                                            (8 )                                                                           (52 )                                                                            (8 )
                                                                                                                    -------------------- ------------ --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- -------------- --------------------
Net Income                                                                                                                             $          339                                                                                   $            517                                                                $            263                                                                                   $            537  
                                                                                                                                                                                                                     ==================== ============== ====================                                                                                                                                              ==================== ============== ====================
      Less: Net income attributable to noncontrolling interests(3)                                                             285                                                                                                                                                             206  
                                                                                                                    -------------------- ------------ --------------------                                                                                                                                              -------------------- -------------- --------------------
Net income attributable to Tenet Healthcare Corporation common                                                                         $           54                                                                                                                                                                   $             57  
shareholders
                                                                                                                    ==================== ============ ====================                                                                                                                                              ==================== ============== ====================
Equity in earnings of unconsolidated affiliates                                                                                                                                                                                         $            122                                                                                                                                                                                      $            126
(1)   On a same-facility system-wide basis, net revenue in Tenet’s
                         Ambulatory Care segment increased 9.6% during the year ended
                         December 31, 2016, with cases increasing 5.2% and revenue per case
                         increasing 4.2%.
(2)                      At December 31, 2016, 108 of the 323 facilities in the Company’s
                         newly formed Ambulatory segment were not consolidated based on the
                         nature of the segment’s joint venture relationships with physicians
                         and prominent healthcare systems. Although revenues of the segment’s
                         unconsolidated facilities are not recorded as revenues by the
                         Company, equity in earnings of unconsolidated affiliates is
                         nonetheless a significant portion of the Company’s overall earnings.
                         To help analyze results of operations, management also uses
                         system-wide operating measures such as system-wide revenue growth,
                         which includes revenues of both consolidated and unconsolidated
                         facilities. The Company controls its remaining 215 facilities and
                         account for these investments as consolidated subsidiaries.
(3)                      During the year ended December 31, 2016, the Company recorded $14
                         million of net noncontrolling interests expense related to a $33
                         million gain on the consolidation of facilities (the gain is not
                         included in Adjusted EBITDA) and an associated $7 million income
                         tax benefit, net of $26 million of impairment and restructuring
                         charges, and acquisition-related costs not included in Adjusted
                         EBITDA.
                          
                          

Non-GAAP Financial Measures

Adjusted EBITDA, a non-GAAP measure, is defined by the Company as net income (loss) attributable to Tenet Healthcare Corporation common shareholders before (1) the cumulative effect of changes in accounting principle, (2) net loss (income) attributable to noncontrolling interests, (3) income (loss) from discontinued operations, (4) income tax benefit (expense), (5) investment earnings (losses), (6) gain (loss) from early extinguishment of debt, (7) interest expense, (8) litigation and investigation (costs) benefit, net of insurance recoveries, (9) net gains (losses) on sales, consolidation and deconsolidation of facilities, (10) impairment and restructuring charges and acquisition-related costs, and (11) depreciation and amortization. Litigation and investigation costs do not include ordinary course of business malpractice and other litigation and related expense.

Adjusted net income from continuing operations, a non-GAAP measure, is defined by the Company as net income (loss) attributable to Tenet Healthcare Corporation common shareholders before (1) impairment and restructuring charges, and acquisition-related costs, (2) litigation and investigation costs, (3) gains on sales, consolidation and deconsolidation of facilities, (4) the associated impact of these three items on taxes and noncontrolling interests, and (5) net income (loss) from discontinued operations. Adjusted diluted earnings per share from continuing operations, a non-GAAP term, is defined by the Company as Adjusted net income from continuing operations divided by the weighted average diluted shares outstanding in the reporting period.

Free Cash Flow, a non-GAAP measure, is defined by the Company as (1) net cash provided by (used in) operating activities, less (2) purchases of property and equipment from continuing operations.

Adjusted Free Cash Flow, a non-GAAP measure, is defined by the Company as (1) Adjusted net cash provided by (used in) operating activities from continuing operations, less (2) purchases of property and equipment from continuing operations. Adjusted net cash provided by (used in) operating activities, a non-GAAP measure, is defined by the Company as cash provided by (used in) operating activities prior to (1) payments for restructuring charges, acquisition-related costs and litigation costs and settlements, and, (2) net cash provided by (used in) operating activities from discontinued operations.

The Company believes the foregoing non-GAAP measures are useful to investors and analysts because they present additional information on the Company’s financial performance. Investors, analysts, Company management and the Company’s Board of Directors utilize these non-GAAP measures, in addition to GAAP measures, to track the company’s financial and operating performance and compare the Company’s performance to its peer companies, which utilize similar non-GAAP measures in their presentations. The Human Resources Committee of the Company’s Board of Directors also uses certain of these measures to evaluate management’s performance for the purpose of determining incentive compensation. Additional information regarding the purpose and utility of specific non-GAAP measures used in this release is set forth below.

The Company believes that Adjusted EBITDA is a useful measure, in part, because certain investors and analysts use both historical and projected Adjusted EBITDA, in addition to other GAAP and non-GAAP measures, as factors in determining the estimated fair value of shares of the Company’s common stock. Company management also regularly reviews the Adjusted EBITDA performance for each operating segment. The Company does not use Adjusted EBITDA to measure liquidity, but instead to measure operating performance.

We use, and we believe investors and analysts use, Free Cash Flow and Adjusted Free Cash Flow as supplemental measures to analyze cash flows generated from our operations because we believe it is useful to investors in evaluating our ability to fund distributions paid to noncontrolling interests, acquisitions, purchasing equity interests in joint ventures or repaying debt.

These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Because these measures exclude many items that are included in our financial statements, they do not provide a complete measure of our operating performance. For example, the Company’s definitions of Free Cash Flow and Adjusted Free Cash Flow do not include other important uses of cash including (1) cash used to purchase businesses or joint venture interests, or (2) any items that are classified as Cash Flows From Financing Activities on the Company’s Consolidated Statement of Cash Flows, including items such as (i) cash used to repay borrowings, (ii) distributions paid to noncontrolling interests, or (iii) payments under the Put/Call Agreement for USPI redeemable noncontrolling interest, which are recorded on the Statement of Cash Flows as the purchase of noncontrolling interest. Accordingly, investors are encouraged to use GAAP measures when evaluating the Company’s financial performance.

A reconciliation of Adjusted EBITDA to net income (loss) attributable to Tenet Healthcare Corporation common shareholders, the most comparable GAAP measure, is set forth in Table #1 below for the three and twelve months ended December 31, 2016 and 2015. A reconciliation of Adjusted net income from continuing operations to net income (loss) attributable to Tenet Healthcare Corporation common shareholders, the most comparable GAAP measure, is set forth in Table #2 below for the three and twelve months ended December 31, 2016 and 2015. A reconciliation of Free Cash Flow and Adjusted Free Cash Flow to net cash provided by (used in) operating activities, the most comparable GAAP measure, is set forth in Table #3 below for the three and twelve months ended December 31, 2016 and 2015.

 
 
                                                                                                                                                                                                                   TENET HEALTHCARE CORPORATION
                                                                                                                                                                                                           Additional Supplemental Non-GAAP disclosures
                                                                                                                                                                                          Table #1 - Reconciliation of Adjusted EBITDA to Loss Attributable
                                                                                                                                                                                                        to Tenet Healthcare Corporation Common Shareholders
                                                                                                                                                                                                                            (Unaudited)
 
(Dollars in millions)                                                                                                                      Three Months Ended                                                                                                                                          Years Ended
                                                                                                                                                                                    December 31,                                                                                                                                                                                  December 31,
                                                                                                                 ---------------------------------------------------------------------------------------------------------------------------------------------------                                          ----------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                        2016               2015                                                    2016               2015   
                                                                                                                 -------------------- -------------- --------------------                                           -------------------- ----- --------------------                                           -------------------- -------------- --------------------                                           -------------------- ------ --------------------
Net loss attributable to Tenet Healthcare Corporation common                                                                        $            (79 )                                                                                 $   (97 )                                                                                 $           (192 )                                                                                 $   (140 )
shareholders
Less: Net income attributable to noncontrolling interests                                                                                       (102 )                                                                                     (99 )                                                                                             (368 )                                                                                     (218 )
      Net income (loss) from discontinued operations, net of tax                                                   --                                                   3                                                           (5 )                                                                     2  
                                                                                                                 -------------------- -------------- --------------------                                           -------------------- ----- --------------------                                           -------------------- -------------- --------------------                                           -------------------- ------ --------------------
      Net income (loss) from continuing operations                                                                                                23                                                                                        (1 )                                                                                              181                                                                                         76
   Income tax expense                                                                                                                             (6 )                                                                                     (68 )                                                                                              (67 )                                                                                      (68 )
   Investment earnings                                                                                                                             6                                                                                         1                                                                                                  8                                                                                          1
   Loss from early extinguishment of debt                                                                                             --                                                                                        (1 )                                                                                   --                                                                                         (1 )
   Interest expense                                                                                                          (249 )                                                                 (248 )                                                                          (979 )                                                                  (912 )
                                                                                                                 -------------------- -------------- --------------------                                           -------------------- ----- --------------------                                           -------------------- -------------- --------------------                                           -------------------- ------ --------------------
      Operating income                                                                                                                           272                                                                                       315                                                                                              1,219                                                                                      1,056
   Litigation and investigation costs                                                                                                             (2 )                                                                                    (224 )                                                                                             (293 )                                                                                     (291 )
   Gains on sales, consolidation and deconsolidation of facilities                                                                    --                                                                                       186                                                                                                151                                                                                        186
   Impairment and restructuring charges, and acquisition-related costs                                                                          (121 )                                                                                     (52 )                                                                                             (202 )                                                                                     (318 )
   Depreciation and amortization                                                                                             (218 )                                                                 (208 )                                                                          (850 )                                                                  (797 )
                                                                                                                 -------------------- -------------- --------------------                                           -------------------- ----- --------------------                                           -------------------- -------------- --------------------                                           -------------------- ------ --------------------
Adjusted EBITDA                                                                                                                     $            613                                                                $   613                                                                $          2,413                                                                $  2,276  
                                                                                                                 ==================== ============== ====================                                           ==================== ===== ====================                                           ==================== ============== ====================                                           ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                  
Net operating revenues                                                                                                              $          4,860                                                                $ 5,026                                                                $         19,621                                                                $ 18,634  
                                                                                                                 ==================== ============== ====================                                           ==================== ===== ====================                                           ==================== ============== ====================                                           ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                  
Net loss from continuing operations as a % of operating revenues                                                                                (1.6 )%                                                                                   (2.0 )%                                                                                            (1.0 )%                                                                                    (0.8 )%
                                                                                                                                                                                                                                                                                                                                                                                                                  
Adjusted EBITDA as % of net operating revenues (Adjusted EBITDA                                                                                 12.6 %                                                                                    12.2 %                                                                                             12.3 %                                                                                     12.2 %
margin)
 
 
                                                                                                                                                                                                                   TENET HEALTHCARE CORPORATION
                                                                                                                                                                                                           Additional Supplemental Non-GAAP disclosures
                                                                                                                                                                                            Table #2 - Pre-Tax, After-Tax and Earnings Per Share Impact of
                                                                                                                                                                                                                           Certain Items
                                                                                                                                                                                                                     on Continuing Operations
                                                                                                                                                                                                                            (Unaudited)
 
                                                                                                                                         Three Months Ended                                                                                                                                           Years Ended
(Dollars in millions except per share amounts)                                                                                                                                    December 31,                                                                                                                                                                                   December 31,
                                                                                                              -----------------------------------------------------------------------------------------------------------------------------------------------------                                          -----------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                     2016                2015                                                     2016                2015   
                                                                                                              -------------------- -------------- --------------------                                           -------------------- ------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- ------- --------------------
Adjustments to calculate Adjusted Diluted EPS                                                                                                                                                                                                                                   (Expense) Income
Impairment and restructuring charges, and acquisition-related costs                                                              $           (121 )                                                                                 $     (52 )                                                                                 $           (202 )                                                                                 $    (318 )
Litigation and investigation costs                                                                                                             (2 )                                                                                      (224 )                                                                                             (293 )                                                                                      (291 )
Loss from early extinguishment of debt                                                                                             --                                                                                          (1 )                                                                                   --                                                                                          (1 )
Gain on sales, consolidation and deconsolidation of facilities                                                  --                                                   186                                                          151                                                   186  
                                                                                                              -------------------- -------------- --------------------                                           -------------------- ------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- ------- --------------------
Pre-tax impact                                                                                                                   $           (123 )                                                                                 $     (91 )                                                                                 $           (344 )                                                                                 $    (424 )
                                                                                                              -------------------- -------------- --------------------                                           -------------------- ------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- ------- --------------------
Tax impact of above items                                                                                                        $             33                                                                $     (24 )                                                                                 $             66                                                                $      94  
                                                                                                              -------------------- -------------- --------------------                                           -------------------- ------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- ------- --------------------
Total after-tax impact                                                                                                           $            (90 )                                                                                 $    (115 )                                                                                 $           (278 )                                                                                 $    (330 )
Noncontrolling interests impact                                                                                              5                                                   (20 )                                                                           (14 )                                                                    (20 )
                                                                                                              -------------------- -------------- --------------------                                           -------------------- ------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- ------- --------------------
Total loss from items above                                                                                                      $            (85 )                                                                                 $    (135 )                                                                                 $           (292 )                                                                                 $    (350 )
                                                                                                              ==================== ============== ====================                                           ==================== ======= ====================                                           ==================== ============== ====================                                           ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                 
Net income available (loss attributable) to common shareholders                                                                  $            (79 )                                                                                 $     (97 )                                                                                 $           (192 )                                                                                 $    (140 )
Less net income (loss) discontinued operations, net of tax                                                      --                                                     3                                                           (5 )                                                                      2  
                                                                                                              -------------------- -------------- --------------------                                           -------------------- ------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- ------- --------------------
Net loss from continuing operations, net of tax                                                                                  $            (79 )                                                                                 $    (100 )                                                                                 $           (187 )                                                                                 $    (142 )
Net loss from adjustments above                                                                                             85                                                   135                                                          292                                                   350  
                                                                                                              -------------------- -------------- --------------------                                           -------------------- ------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- ------- --------------------
Adjusted net income from continuing operations                                                                                   $              6                                                                $      35                                                                $            105                                                                $     208  
                                                                                                              ==================== ============== ====================                                           ==================== ======= ====================                                           ==================== ============== ====================                                           ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                 
Weighted average dilutive shares outstanding (in thousands)                                                                               100,928                                                                                     101,361                                                                                            100,742                                                                                     101,547
Diluted loss per share from continuing operations                                                                                $          (0.79 )                                                                                 $   (1.01 )                                                                                 $          (1.88 )                                                                                 $   (1.43 )
Adjusted diluted EPS from continuing operations                                                                                  $           0.06                                                                                   $    0.35                                                                                   $           1.04                                                                                   $    2.05
 
 
                                                                                                                                                                                                            TENET HEALTHCARE CORPORATION
                                                                                                                                                                                                    Additional Supplemental Non-GAAP disclosures
                                                                                                                                                                                     Table #3 - Reconciliations of Free Cash Flow and Adjusted Free
                                                                                                                                                                                                                      Cash Flow
                                                                                                                                                                                                                     (Unaudited)
 
                                                                                                                                            Three Months Ended                                                                                                                               Years Ended
(Dollars in millions)                                                                                                                                                                December 31,                                                                                                                                                                       December 31,
                                                                                                                       ----------------------------------------------------------------------------------------------------------------------------------------                                          -------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                         2016         2015                                                2016          2015   
                                                                                                                       -------------------- ---- --------------------                                           -------------------- ---- --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------
Net cash provided by (used in) operating activities                                                                                       $ (293 )                                                                                 $  191                                                                                   $   558                                                                                   $  1,026
   Purchases of property and equipment                                                                                   (261 )                                                                (276 )                                                                 (875 )                                                                  (842 )
                                                                                                                       -------------------- ---- --------------------                                           -------------------- ---- --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------
Free cash flow                                                                                                                            $ (554 )                                                                                 $  (85 )                                                                                 $  (317 )                                                                                 $    184  
                                                                                                                       ==================== ==== ====================                                           ==================== ==== ====================                                           ==================== ===== ====================                                           ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                    
Net cash provided by (used in) investing activities                                                                                       $ (280 )                                                                                 $  (45 )                                                                                 $  (430 )                                                                                 $ (1,317 )
Net cash provided by (used in) financing activities                                                                                       $  640                                                                                   $ (240 )                                                                                 $   232                                                                                   $    454
                                                                                                                                                                                                                                                                                                                                                                                                    
Net cash provided by (used in) operating activities                                                                                       $ (293 )                                                                                 $  191                                                                                   $   558                                                                                   $  1,026
Less:
   Payments for restructuring charges, acquisition-related costs, and                                                                       (559 )                                                                                    (43 )                                                                                    (691 )                                                                                     (200 )
   litigation costs and settlements
   Net cash used in operating activities from discontinued operations                                                      (7 )                                                                  (3 )                                                                   (6 )                                                                   (21 )
                                                                                                                       -------------------- ---- --------------------                                           -------------------- ---- --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------
Adjusted net cash provided by operating activities - continuing                                                                 273                                                                                      237                                                                                     1,255                                                                                      1,247
operations
   Purchases of property and equipment - continuing operations                                              (261 )                                                                (276 )                                                                 (875 )                                                                  (842 )
                                                                                                                       -------------------- ---- --------------------                                           -------------------- ---- --------------------                                           -------------------- ----- --------------------                                           -------------------- ------ --------------------
Adjusted free cash flow - continuing operations                                                                              $   12                                                                $  (39 )                                                                                 $   380                                                                $    405  
                                                                                                                       ==================== ==== ====================                                           ==================== ==== ====================                                           ==================== ===== ====================                                           ==================== ====== ====================
 
 
                                                                                                                                                                                                 TENET HEALTHCARE CORPORATION
                                                                                                                                                                                         Additional Supplemental Non-GAAP disclosures
                                                                                                                                                                             Table #4 - Reconciliation of Outlook Adjusted EBITDA to
                                                                                                                                                                                Outlook Net Income Attributable to Tenet Healthcare Corporation
                                                                                                                                                                                                      Common Shareholders
                                                                                                                                                                                                          (Unaudited)
 
(Dollars in millions)                                                                                                             Q1 2017                                                                                                                                  2017
                                                                                                              ---------------------------------------------------------------------------------------------------------------------------                                          --------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                             Low                                        High                                                                                        Low                                                 High
                                                                                                              --------------------------------                                          -------------------------------------------------                                          -------------------------------------------------                                          -------------------------------------------------
Net income (loss) attributable to Tenet Healthcare Corporation                                                      $(65 )                                                                                 $    (45 )                                                                                 $     97                                                                                   $    133
common shareholders
   Less: Net (income) loss attributable to noncontrolling interests                                                  (85 )                                                                                      (95 )                                                                                     (390 )                                                                                     (410 )
      Net loss from discontinued operations, net of tax                                                               (5 )                                                                     -                                                  (10 )                                                                     -  
                                                                                                              ---------- --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------
      Income from continuing operations                                                                               25                                                                                         50                                                                                        497                                                                                        543
   Income tax benefit (expense)                                                                                       15                                                   10                                                 (118 )                                                                  (142 )
                                                                                                              ---------- --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------
      Income from continuing operations, before income taxes                                                          10                                                                                         40                                                                                        615                                                                                        685
   Interest expense                                                                                                 (250 )                                                                  (260 )                                                                (1,025 )                                                                (1,035 )
                                                                                                              ---------- --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------
      Operating income                                                                                               260                                                                                        300                                                                                      1,640                                                                                      1,720
   Depreciation and amortization                                                                                    (215 )                                                                  (225 )                                                                  (860 )                                                                  (880 )
                                                                                                              ---------- --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------
Adjusted EBITDA                                                                                                     $475                                                                $    525                                                                $  2,500                                                                $  2,600  
                                                                                                              ========== ====================                                           ==================== ====== ====================                                           ==================== ====== ====================                                           ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                               
Adjusted EBITDA as % of net operating revenues (Adjusted EBITDA                                                     10.0 %                                                                                     10.6 %                                                                                     12.7 %                                                                                     12.9 %
margin)
                                                                                                                                                                                                                                                                                                                                                                               
Net income (loss) from continuing operations                                                                        $(60 )                                                                                 $    (45 )                                                                                 $    107                                                                                   $    133
                                                                                                                                                                                                                                                                                                                                                                               
Net income (loss) from continuing operations as a % of operating                                                    (1.3 )%                                                                                    (0.9 )%                                                                                     0.5 %                                                                                      0.7 %
revenues
                                                                                                                                                                                                                                              
                                                                                                              --------------------------------                                          -------------------------------------------------                                          -------------------------------------------------
Net operating revenues                                                                                            $4,750                                                                $  4,950                                                                $ 19,700                                                                $ 20,100  
                                                                                                              ========== ====================                                           ==================== ====== ====================                                           ==================== ====== ====================                                           ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                               
Adjusted EBITDA                                                                                                     $475                                                                                   $    525                                                                                   $  2,500                                                                                   $  2,600
Depreciation and amortization                                                                                       (215 )                                                                                     (225 )                                                                                     (860 )                                                                                     (880 )
Interest expense                                                                                                    (250 )                                                                  (260 )                                                                (1,025 )                                                                (1,035 )
                                                                                                              ---------- --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------
   Adjusted income from continuing operations before income taxes                                                     10                                                                                         40                                                                                        615                                                                                        685
Income tax benefit (expense)                                                                                          15                                                   10                                                 (118 )                                                                  (142 )
                                                                                                              ---------- --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------
   Adjusted income from continuing operations                                                                         25                                                                                         50                                                                                        497                                                                                        543
Net income attributable to noncontrolling interests                                                                  (85 )                                                                   (95 )                                                                  (390 )                                                                  (410 )
                                                                                                              ---------- --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------                                           -------------------- ------ --------------------
Adjusted net income (loss) attributable to common shareholders                                                      $(60 )                                                                                 $    (45 )                                                                                 $    107                                                                $    133  
                                                                                                              ========== ====================                                           ==================== ====== ====================                                           ==================== ====== ====================                                           ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                               
   Basic weighted average shares outstanding (in millions)                                                           100                                                                                        100                                                                                        100                                                                                        100
                                                                                                                                                                                                                                                                                                                                                                               
   Fully diluted weighted average shares outstanding (in millions)                                                   101                                                                                        101                                                                                        102                                                                                        102
                                                                                                                                                                                                                                                                                                                                                                               
   Diluted earnings (loss) per share from continuing operations                                                   $(0.60 )                                                                                 $  (0.45 )                                                                                 $   1.05                                                                                   $   1.30
                                                                                                                                                                                                                                                                                                                                                                               
   Adjusted diluted earnings (loss) per share from continuing                                                     $(0.60 )                                                                                 $  (0.45 )                                                                                 $   1.05                                                                                   $   1.30
   operations
      The Company does not forecast impairment and restructuring charges,
      acquisition-related costs and litigation costs and settlements and
      gains on sales, consolidation and deconsolidation of facilities
      because the Company does not believe that it can forecast these
      items with sufficient accuracy since some of these items are
      indeterminable at the time the Company provides its financial
      Outlook.
 
 
                                                                                                                   TENET HEALTHCARE CORPORATION
                                                                                                           Additional Supplemental Non-GAAP disclosures
                                                                                             Table #5 - Reconciliation of Outlook Adjusted Free Cash Flow
                                                                                                               for the Year Ending December 31, 2017
 
(Dollars in millions)                                                                                                                                2017
                                                                                                                       --------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                              Low                                                 High
                                                                                                                       -------------------------------------------------                                          -------------------------------------------------
Net cash provided by operating activities                                                                                                 $  1,295                                                                                   $  1,550
Less:
   Net cash used in operating activities from discontinued operations                                                        (5 )                                                                     0  
                                                                                                                       -------------------- ------ --------------------                                           -------------------- ------ --------------------
Adjusted net cash provided by operating activities - continuing                                                              $  1,300                                                                                   $  1,550
operations
   Purchases of property and equipment - continuing operations                                                (700 )                                                                  (750 )
                                                                                                                       -------------------- ------ --------------------                                           -------------------- ------ --------------------
Adjusted free cash flow - continuing operations(1)                                                                           $    600                                                                $    800  
                                                                                                                       ==================== ====== ====================                                           ==================== ====== ====================
        The Company does not forecast impairment and restructuring charges,
                                              acquisition-related costs and litigation costs and settlements
                                              because the Company does not believe that it can forecast these
                                              items with sufficient accuracy since some of these items may be
                                              indeterminable at the time the Company provides its financial
                                              Outlook.
                     (1)                      The Company’s definition of Adjusted Free Cash Flow does not include
                                              other important uses of cash including (1) cash used to purchase
                                              businesses or joint venture interests, or (2) any items that are
                                              classified as Cash Flows From Financing Activities on the Company’s
                                              Consolidated Statement of Cash Flows, including items such as (i)
                                              cash used to repay borrowings, (ii) distributions paid to
                                              noncontrolling interests, or (iii) payments under the Put/Call
                                              Agreement for USPI redeemable noncontrolling interest, which are
                                              recorded on the Statement of Cash Flows as the purchase of
                                              noncontrolling interest.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170227006546r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170227006546/en/

SOURCE: Tenet Healthcare Corporation

Tenet Healthcare Corporation 
Corporate Communications 
Charles Nicolas, 469-893-2640 
mediarelations@tenethealth.com 
or 
Investor Relations 
Brendan Strong, 469-893-6992 
investorrelations@tenethealth.com


Register |  Password |  Feedback |  Copyright |  Usage Agreement |  Privacy Policy |  Advertising |  About Us |  Contact Us |  FAQ 

Past performance is not indicative of future results

StockSelector.com, the StockSelector.com logo, and News Selects are trademarks of StockSelector.com.
Copyright © 1998 - 2017 StockSelector.com. All rights reserved.