2024 Outlook1
Tenet's Outlook for full year 2024 (consolidated and by segment) and third quarter 2024 follows. This outlook reflects the completion of the sale of three Coastal South Carolina hospitals on January 31, 2024 and the completion of the sale of six California hospitals on March 31, 2024.
| CONSOLIDATED ($ in millions, except per share amounts) |
| Third Quarter |
| Net operating revenues | $20,600 to $21,000 | $5,000 to $5,100 |
| Net income available to Tenet common stockholders | $2,825 to $2,930 | $195 to $240 |
| Adjusted EBITDA | $3,825 to $3,975 | $900 to $950 |
| Adjusted EBITDA margin | 18.6% to 18.9% | 18.0% to 18.6% |
| Diluted income per common share | $28.83 to $29.90 | $2.01 to $2.47 |
| Adjusted net income | $1,020 to $1,090 | $210 to $250 |
| Adjusted diluted earnings per share | $10.41 to $11.12 | $2.16 to $2.58 |
| Equity in earnings of unconsolidated affiliates | $260 to $270 | $60 to $70 |
| Depreciation and amortization | $830 to $860 | $210 to $220 |
| Interest expense | $815 to $825 | $195 to $205 |
| Income tax expense5 | $1,040 to $1,075 | $90 to $105 |
| Net income available to NCI | $820 to $870 | $195 to $205 |
| Weighted average diluted common shares | ~98 million | ~97 million |
| NCI cash distributions | $725 to $775 | |
| Net cash provided by operating activities6 | $1,900 to $2,250 | |
| Adjusted net cash provided by operating activities6 | $2,025 to $2,325 | |
| Capital expenditures | $800 to $900 | |
| Free cash flow6 | $1,100 to $1,350 | |
| Adjusted free cash flow6 | $1,225 to $1,425 |
| Ambulatory Segment ($ in millions) | FY 2024 Outlook |
| Net operating revenues | $4,325 to $4,475 |
| Adjusted EBITDA | $1,750 to $1,810 |
| NCI | $685 to $715 |
| Adjusted EBITDA less NCI | $1,065 to $1,095 |
| Changes versus prior year7: | |
| Surgical cases volumes | Up 1.0% to 2.0% |
| Net revenues per surgical case | Up 4.5% to 5.5% |
| Hospital Segment ($ in millions) | FY 2024 Outlook |
| Net operating revenues | $16,275 to $16,525 |
| Adjusted EBITDA | $2,075 to $2,165 |
| NCI | $135 to $155 |
| Changes versus prior year7: | |
| Inpatient admissions | Up 3.0% to 4.0% |
| Adjusted admissions | Up 1.0% to 3.0% |
