Tenet Healthcare Q2 2024 Update

TL;DR

Tenet Healthcare's Q2 2024 results are in, showing performance against last year. Check the numbers!

AI Summary

Tenet Healthcare Corp. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter of 2024, comparing them to the same period in 2023. Key financial data and operational segments, including Hospital Operations and Ambulatory Care, were detailed. The filing also provided balance sheet information as of June 30, 2024, and December 31, 2023.

Why It Matters

This filing provides investors with the latest financial performance and operational details for Tenet Healthcare, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — The filing contains standard financial reporting for a public company, but the healthcare sector can be subject to regulatory and operational risks.

Key Numbers

• 2024-06-30 — Period End Date (Financial reporting period)
• 2023-12-31 — Previous Year End Date (Balance sheet comparison)
• 2024-04-01 to 2024-06-30 — Q2 2024 (Current quarter reporting period)
• 2023-04-01 to 2023-06-30 — Q2 2023 (Prior year quarter reporting period)
• 2023-01-01 to 2023-06-30 — YTD 2023 (Prior year year-to-date reporting period)

Key Players & Entities

• TENET HEALTHCARE CORP (company) — Filer
• NATIONAL MEDICAL ENTERPRISES INC /NV/ (company) — Former Company Name
• 2024-06-30 (date) — Period End Date
• 2024-07-30 (date) — Filing Date
• 14201 DALLAS PARKWAY (address) — Business and Mail Address
• DALLAS (location) — City
• TX (location) — State
• 75254 (zip_code) — Zip Code
• 469-893-2200 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $0.05 — ange on which registered Common stock, $0.05 par value THC New York Stock Exchange

Filing Documents

• thc-20240630.htm (10-Q) — 2395KB
• thc-20240630x10qxex10a.htm (EX-10.A) — 18KB
• thc-20240630x10qxex31a.htm (EX-31.A) — 10KB
• thc-20240630x10qxex31b.htm (EX-31.B) — 10KB
• thc-20240630x10qxex32.htm (EX-32) — 5KB
• image_0a.jpg (GRAPHIC) — 143KB
• 0000070318-24-000041.txt ( ) — 12612KB
• thc-20240630.xsd (EX-101.SCH) — 80KB
• thc-20240630_cal.xml (EX-101.CAL) — 99KB
• thc-20240630_def.xml (EX-101.DEF) — 461KB
• thc-20240630_lab.xml (EX-101.LAB) — 930KB
• thc-20240630_pre.xml (EX-101.PRE) — 695KB
• thc-20240630_htm.xml (XML) — 2195KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Financial Statements 1 Notes to Condensed Consolidated Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 51 Item 4.

Controls and Procedures

Controls and Procedures 51

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 52 Item 1A.

Risk Factors

Risk Factors 52 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52 Item 5. Other Information 52 Item 6. Exhibits 53 i Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS TENET HEALTHCARE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS Dollars in Millions, Share Amounts in Thousands (Unaudited) June 30, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 2,880 $ 1,228 Accounts receivable 2,817 2,914 Inventories of supplies, at cost 382 411 Assets held for sale 21 775 Other current assets 1,855 1,839 Total current assets 7,955 7,167 Investments and other assets 3,156 3,157 Deferred income taxes 85 77 Property and equipment, at cost, less accumulated depreciation and amortization ($ 6,016 at June 30, 2024 and $ 6,478 at December 31, 2023) 5,857 6,236 Goodwill 10,799 10,307 Other intangible assets, at cost, less accumulated amortization ($ 1,331 at June 30, 2024 and $ 1,447 at December 31, 2023) 1,413 1,368 Total assets $ 29,265 $ 28,312 LIABILITIES AND EQUITY Current liabilities: Current portion of long-term debt $ 102 $ 120 Accounts payable 1,270 1,408 Accrued compensation and benefits 788 930 Professional and general liability reserves 283 254 Accrued interest payable 149 200 Liabilities held for sale 11 69 Income tax payable 715 23 Other current liabilities 2,175 1,756 Total current liabilities 5,493 4,760 Long-term debt, net of current portion 12,769 14,882 Professional and general liability reserves 844 792 Defined benefit plan obligations 334 335 Deferred income taxes 245 326 Other long-term liabilities 1,711 1,709 Total liabilities 21,396 22,804 Commitments and contingencies Redeemable noncontrolling interests in equity of consolidated subsidiaries 2,813 2,391 Equity: Shareholders' equity: Common stock, $ 0.05 par value; authorized 262,500 shares; 157,930 shares issued at June 30, 2024 and 157,271 shares issued at December 31, 2023 8 8 Additional paid-in capital 4,840 4,834 Accumulated other comprehensive loss ( 177 ) ( 181 ) Retained earnings (accumulated deficit) 2,218 ( 192 ) Common stock in treasury, at

View Full Filing

View this 10-Q filing on SEC EDGAR