

This excerpt taken from the THC 8K filed Nov 3, 2009. Adjusted EBITDA Adjusted EBITDA, a nonGAAP term defined below, was $240 million, or a margin of 10.6 percent of net operating revenues, in the third quarter of 2009. This represents an increase of $80 million, or 50 percent, from Adjusted EBITDA of $160 million in the third quarter of 2008, and a margin increase of 310 basis points as compared to an Adjusted EBITDA margin of 7.5 percent in the third quarter of 2008. Samehospital Adjusted EBITDA was $236 million in the third quarter of 2009, an increase of $74 million, or 45.7 percent, from the $162 million in the third quarter of 2008. The samehospital Adjusted EBITDA margin increased by 290 basis points to 10.5 percent in the third quarter of 2009 compared to 7.6 percent in the third quarter of 2008. Samehospital financial data excludes the results from one of the Company’s hospitals as discussed below. Adjusted EBITDA is a nonGAAP term defined by the Company as net income (loss) attributable to common shareholders of Tenet Healthcare Corporation before: (1) the cumulative effect of changes in accounting principle, net of tax; (2) net income attributable to noncontrolling interests; (3) preferred stock dividends, (4) income (loss) from discontinued operations, net of tax; (5) income tax (expense) benefit; (6) net gains (losses) on sales of investments; (7) investment earnings (loss); (8) gain (loss) from early extinguishment of debt; (9) interest expense; (10) litigation and investigation (costs) benefit, net of insurance recoveries; (11) hurricane insurance recoveries, net of costs; (12) impairment of longlived assets and goodwill and restructuring charges, net of insurance recoveries; (13) amortization; and (14) depreciation. A reconciliation of Adjusted EBITDA to net income (loss) attributable to Tenet Healthcare Corporation common shareholders is provided in Table #1 at the end of this release. This excerpt taken from the THC 8K filed Jul 28, 2009. Adjusted EBITDA Adjusted EBITDA, a nonGAAP term defined below, is expected to be approximately $246 million, or a margin of 11.0 percent of net operating revenues, in the second quarter of 2009. This represents an increase of $83 million, or 50.9 percent, from adjusted EBITDA of $163 million in the second quarter of 2008, and margin increase of 330 basis points as compared to an adjusted EBITDA margin of 7.7 percent in the second quarter of 2008. Samehospital adjusted EBITDA is expected to be approximately $241 million in the second quarter of 2009, an increase of $72 million, or 42.6 percent, from the $169 million in the second quarter of 2008. Samehospital adjusted EBITDA margin increased by 290 basis points to 10.9 percent in the second quarter of 2009 as compared to the samehospital adjusted EBITDA margin of 8.0 percent in the second quarter of 2008. Samehospital financial data excludes the results from one of our hospitals as discussed below. Adjusted EBITDA is a nonGAAP term defined by the Company as net income (loss) attributable to shareholders before: (1) the cumulative effect of changes in accounting principle, net of tax; (2) net income attributable to noncontrolling interests; (3) income (loss) from discontinued operations, net of tax; (4) income tax (expense) benefit; (5) net gains (losses) on sales of investments; (6) investment earnings (loss); (7) gain (loss) from early extinguishment of debt; (8) interest expense; (9) litigation and investigation (costs) benefit, net of insurance recoveries; (10) hurricane insurance recoveries, net of costs; (11) impairment of longlived assets and goodwill and restructuring charges, net of insurance recoveries; (12) amortization; and (13) depreciation. A
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reconciliation of adjusted EBITDA to net income (loss) attributable to Tenet Healthcare Corporation shareholders is provided in Table #1 at the end of this release. This excerpt taken from the THC 8K filed May 5, 2009. Adjusted EBITDA Adjusted EBITDA, a nonGAAP term defined below, was $276 million, or a margin of 12.1 percent of net operating revenues, in the first quarter of 2009. This represents an increase of $61 million, or 28.4 percent, from adjusted EBITDA of $215 million in the first quarter of 2008, and margin increase of 220 basis points as compared to an adjusted EBITDA margin of 9.9 percent in the first quarter of 2008. Samehospital adjusted EBITDA was $273 million in the first quarter of 2009, an increase of $56 million, or 25.8 percent, from the $217 million in the first quarter of 2008. Samehospital adjusted EBITDA margin increased by 210 basis points to 12.1 percent in the first quarter of 2009 as compared to the samehospital adjusted EBITDA margin of 10.0 percent in the first quarter of 2008. Samehospital financial data excludes the results from one of our hospitals as discussed below. Adjusted EBITDA is a nonGAAP term defined by the Company as net income (loss) attributable to shareholders before: (1) the cumulative effect of changes in accounting principle, net of tax; (2) net income attributable to noncontrolling interests (3) income (loss) from discontinued operations, net of tax; (4) income tax (expense) benefit; (5) net gains (losses) on sales of investments; (6) investment earnings; (7) gain from early extinguishment of debt; (8) interest expense; (9) litigation and investigation (costs) benefit, net of insurance recoveries; (10) hurricane insurance recoveries, net of costs; (11) impairment of longlived assets and goodwill
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and restructuring charges, net of insurance recoveries; (12) amortization; and (13) depreciation. A reconciliation of adjusted EBITDA to net income (loss) attributable to Tenet Healthcare Corporation shareholders is provided in Table #1 at the end of this release. This excerpt taken from the THC 8K filed Feb 24, 2009. Adjusted EBITDA Adjusted EBITDA, a nonGAAP term defined below, was $199 million, or a margin of 9.1 percent of net operating revenues, in the fourth quarter of 2008. This represents an increase of $43 million, or 27.6 percent, from adjusted EBITDA of $156 million in the fourth quarter of 2007, and margin increase of 160 basis points as compared to an adjusted EBITDA margin of 7.5 percent in the fourth quarter of 2007. Samehospital adjusted EBITDA was $201 million in the fourth quarter of 2008, an increase of $43 million, or 27.2 percent, from the $158 million in the fourth quarter of 2007. Samehospital adjusted EBITDA margin increased by 170 basis points to 9.3 percent in the fourth quarter of 2008 as compared to the samehospital adjusted EBITDA margin of 7.6 percent in the fourth quarter of 2007. For 2008, samehospital adjusted EBITDA was $752 million, an increase of $93 million, or 14.1 percent, as compared to $659 million for 2007. Adjusted EBITDA is a nonGAAP term defined by the Company as net income (loss) before: (1) the cumulative effect of changes in accounting principle, net of tax; (2) income (loss) from discontinued operations, net of tax; (3) income tax (expense) benefit; (4) net gains (losses) on sales of investments; (5) minority interests; (6) investment earnings; (7) interest expense; (8) litigation and investigation (costs) benefit, net of insurance recoveries; (9) hurricane insurance recoveries, net of costs; (10) impairment of longlived assets and goodwill and restructuring charges, net of insurance recoveries; (11) amortization; and (12) depreciation. A reconciliation of net income (loss) to adjusted EBITDA is provided in Table #1 at the end of this release. This excerpt taken from the THC 8K filed Jan 22, 2009. Adjusted EBITDA Adjusted EBITDA, a nonGAAP term, is defined by the Company as net income (loss) before: (1) the cumulative effect of changes in accounting principle, net of tax; (2) income (loss) from discontinued operations, net of tax; (3) income tax expense (benefit); (4) net gain (loss) on sales of investments; (5) minority interests; (6) investment earnings; (7) interest expense; (8) litigation and investigation (costs) benefit; (9) hurricane insurance recoveries, net of costs; (10) impairment of longlived assets and goodwill and restructuring charges, net of insurance recoveries; (11) amortization; and (12) depreciation. This excerpt taken from the THC 8K filed Nov 4, 2008. Adjusted EBITDA Adjusted EBITDA, a nonGAAP term defined below, was $156 million, or a margin of 7.2 percent of net operating revenues, in the third quarter of 2008. This represents a decrease of $8 million, or 4.9 percent, from adjusted EBITDA of $164 million in the third quarter of 2007, and a margin decline of 80 basis points as compared to an adjusted EBITDA margin of 8.0 percent in the third quarter of 2007. Adjusted EBITDA was $533 million for the first nine months of 2008 as compared to $501 million for the first nine months of 2007, an increase of $32 million, or 6.4 percent. Samehospital adjusted EBITDA was $160 million in the third quarter of 2008, a decrease of $4 million, or 2.4 percent, from $164 million in the third quarter of 2007. Samehospital adjusted EBITDA margin decreased by 60 basis points to 7.5 percent in the third quarter of 2008 as compared to the samehospital adjusted EBITDA margin of 8.1 percent in the third quarter of 2007. For the first nine months of 2008, samehospital adjusted EBITDA was $551 million, an increase of $50 million, or 10.0 percent, as compared to $501 million for the first nine months of 2007. Adjusted EBITDA is a nonGAAP term defined by the Company as net income (loss) before: (1) the cumulative effect of changes in accounting principle, net of tax; (2) income (loss) from discontinued operations, net of tax; (3) income tax (expense) benefit; (4) net gain (loss) on sales of investments; (5) minority interests; (6) investment earnings; (7) interest expense; (8) litigation and investigation (costs) benefit; (9) hurricane insurance recoveries, net of costs; (10) impairment of longlived assets and goodwill and restructuring charges, net of insurance recoveries; (11) amortization; and (12) depreciation. A reconciliation of net income (loss) to adjusted EBITDA is provided in Table #1 at the end of this release. This excerpt taken from the THC 8K filed Aug 5, 2008. Adjusted EBITDA Adjusted EBITDA, defined below, was $163 million, or a margin of 7.6 percent of net operating revenues, in the second quarter of 2008. This represents an increase of $7 million, or 4.5 percent, from $156 million in the second quarter of 2007, and a margin decline of 20 basis points as compared to an adjusted EBITDA margin of 7.8 percent in the second quarter of 2007. Adjusted EBITDA was $379 million for the first six months of 2008 as compared to $337 million for the first six months of 2007, an increase of $42 million, or 12.5 percent. Samehospital adjusted EBITDA, defined below, was $171 million in the second quarter of 2008, an increase of $15 million, or 9.6 percent, from the $156 million in the second quarter of 2007. Samehospital adjusted EBITDA margin increased by 30 basis points to 8.1 percent in the second quarter of 2008 as compared to a samehospital adjusted EBITDA margin of 7.8 percent in the second quarter of 2007. The two leased hospitals that remain in continuing operations but whose leases will not be renewed reported breakeven adjusted EBITDA in both the second quarters of 2008 and 2007. The results from these two hospitals have been excluded from the calculation of adjusted EBITDA as well as samehospital adjusted EBITDA. These two hospitals are our Irvine Regional Hospital and Medical Center and Community Hospital of Los Gatos. The leases on these hospitals expire in February and May 2009, respectively. The results from these two hospitals will be excluded from the calculation of adjusted EBITDA in future quarters as well. Adjusted EBITDA is a nonGAAP term defined by the Company as net income (loss) before: (1) the cumulative effect of changes in accounting principle, net of tax; (2) income (loss) from discontinued operations, net of tax; (3) income (loss) from leased hospitals whose leases will not be renewed; (4) income tax (expense) benefit; (5) net gains (losses) on sales of investments; (6) minority interests; (7) investment earnings; (8) interest expense; (9) litigation and investigation (costs) benefit; (10) hurricane insurance recoveries, net of costs; (11) impairment of longlived assets and goodwill and restructuring charges, net of insurance recoveries; (12) amortization; and (13) depreciation. A reconciliation of net income (loss) to “adjusted EBITDA” is provided in Table #1 at the end of this release. This excerpt taken from the THC 8K filed May 6, 2008. Adjusted EBITDA Adjusted EBITDA in the first quarter of 2008 was $234 million producing a margin (as a percentage of net operating revenues) of 9.9 percent, an increase of $40 million, or 20.6 percent, from adjusted EBITDA of $194 million in the first quarter of 2007. The adjusted EBITDA margin was 8.7 percent in the first quarter of 2007. Samehospital adjusted EBITDA was $239 million in the first quarter of 2008, an increase of 23.2 percent from $194 million in the first quarter of 2007. Adjusted EBITDA is a nonGAAP term defined by the Company as net income (loss) before (1) the cumulative effect of change in accounting principle, net of tax, (2) income (loss) from discontinued operations, net of tax, (3) income tax (expense) benefit, (4) net gains on sale of investments, (5) minority interests, (6) investment earnings, (7) interest expense, (8) litigation and investigation costs, (9) hurricane insurance recoveries, net of costs, (10) impairment of longlived assets and goodwill and restructuring charges, net of insurance recoveries, (11) amortization, and (12) depreciation. A reconciliation of net income (loss) to “Adjusted EBITDA” is provided in Table #1 at the end of this release. This excerpt taken from the THC 8K filed Feb 26, 2008. Adjusted EBITDA
Adjusted EBITDA in the fourth quarter of 2007 was $166 million producing a margin (as a percentage of net operating revenues) of 7.4 percent, an increase of $13 million, or 8.5 percent, from adjusted EBITDA of $153 million in the fourth quarter of 2006. The adjusted EBITDA margin was 7.2 percent in the fourth quarter of 2006. Samehospital adjusted EBITDA was $168 million in the fourth quarter of 2007, an increase of 9.8 percent from $153 million in the fourth quarter of 2006. Adjusted EBITDA is a nonGAAP term defined by the Company as net income (loss) before (1) the cumulative effect of change in accounting principle, net of tax, (2) income (loss) from discontinued operations, net of tax, (3) income tax (expense) benefit, (4) net gains on sale of investments, (5) minority interests, (6) investment earnings, (7) interest expense, (8) litigation and investigation costs, (9) hurricane insurance recoveries, net of costs, (10) impairment of longlived assets and goodwill and
3 restructuring charges, net of insurance recoveries, (11) amortization, and (12) depreciation. A reconciliation of net income (loss) to “Adjusted EBITDA” is provided in Table#1 at the end of this release.
This excerpt taken from the THC 8K filed Nov 6, 2007. Adjusted EBITDA
Adjusted EBITDA in the third quarter of 2007 was $177 million producing a margin of 8.0 percent, an increase of $63 million, or 55 percent, from adjusted EBITDA of $114 million in the third quarter of 2006, and an increase of 250 basis points from the adjusted EBITDA margin of 5.5 percent in the third quarter of 2006.
Adjusted EBITDA is a nonGAAP term defined by the Company as net income (loss) before (1) the cumulative effect of change in accounting principle, net of tax, (2) income (loss) from discontinued operations, net of tax, (3) income tax (expense) benefit, (4) net gains on sale of investments, (5) minority interests, (6) investment earnings, (7) interest expense, (8) litigation (costs) benefit, (9) hurricane insurance recoveries, net of costs, (10) impairment of longlived assets and goodwill and restructuring charges, net of insurance recoveries, (11) amortization, and (12) depreciation. A reconciliation of net income (loss) to adjusted EBITDA is provided at the end of this release.
This excerpt taken from the THC 8K filed Aug 7, 2007. Adjusted EBITDA Adjusted EBITDA in the second quarter of 2007 was $156 million producing a margin of 7.0 percent, a decrease of $53 million, or 25 percent, from adjusted EBITDA of $209 million in the second quarter of 2006, and a decrease of 250 basis points from the adjusted EBITDA margin of 9.5 percent in 2 the second quarter of 2006. Adjusted EBITDA was $345 million for continuing operations for the six months ended June 30, 2007, as compared to $426 million for the six months ended June 30, 2006. Excluding the $7 million and $13 million adjusted EBITDA losses generated by our two Dallas hospitals whose leases expire on August 31, 2007, from the second quarter of 2007 and the first six months of 2007, respectively, adjusted EBITDA would have been $163 million for the second quarter of 2007 and $358 million for the first six months of 2007. Adjusted EBITDA is a nonGAAP term defined by the Company as net (loss) income before (1) interest expense, (2) taxes, (3) depreciation, (4) amortization, (5) impairment of longlived assets and goodwill and restructuring charges net of insurance recoveries, (6) hurricane insurance recoveries net of costs, (7) costs of litigation and investigations, (8) investment earnings, (9) minority interests, (10) (loss) income from discontinued operations, (11) the cumulative effect of change in accounting principle, net of tax, and (12) net gains on the sales of investments. A reconciliation of net (loss) income to adjusted EBITDA is provided at the end of this release. 3 This excerpt taken from the THC 8K filed May 8, 2007. Adjusted EBITDA Adjusted EBITDA in the first quarter of 2007 was $189 million producing a margin of 8.3 percent, a decrease of $28 million, or 12.9 percent, from adjusted EBITDA of $217 million in the first quarter of 2006, and a decrease of 150 basis points from the adjusted EBITDA margin of 9.8 percent in the first quarter of 2006. The decline in Adjusted EBITDA is, among other factors, attributable to the net impact of lower favorable cost report adjustments and lower volumes. Adjusted EBITDA is a nonGAAP term defined by the Company as net (loss) income before (1) interest expense, (2) taxes, (3) depreciation, (4) amortization, (5) impairment of longlived assets and goodwill and restructuring charges net of insurance recoveries, (6) hurricane insurance recoveries net of costs, (7) costs of litigation and investigations, (8) investment 3 earnings, (9) minority interests, (10) (loss) income from discontinued operations, net of tax, (11) the cumulative effect of change in accounting principle, net of tax, and (12) net gains on the sales of investments. A reconciliation of net (loss) income to adjusted EBITDA is provided at the end of this release. This excerpt taken from the THC 8K filed Feb 27, 2007. Adjusted EBITDA Adjusted EBITDA in the fourth quarter of 2006 was $153 million producing a margin of 7.0 percent, an increase of $30 million, or 24.4 percent, from adjusted EBITDA of $123 million in the fourth quarter of 2005, and an increase of 120 basis points from the adjusted EBITDA margin of 5.8 percent in the fourth quarter of 2005. Adjusted EBITDA is a nonGAAP term defined by the Company as net income (loss) before (1) interest expense, (2) taxes, (3) depreciation, (4) amortization, (5) impairment of longlived assets and goodwill and restructuring charges net of insurance recoveries, (6) hurricane insurance recoveries net of costs, (7) costs of litigation and investigations, (8) investment earnings, (9) minority interests, (10) discontinued operations, (11) the cumulative effect of change in accounting principle, net of tax, (12) loss from the early extinguishment of debt, and (13) net gains on the sales of investments. A reconciliation of net loss to adjusted EBITDA is provided at the end of this release. 3  EXCERPTS ON THIS PAGE:
