.tenethealth.com/investors. A set of slides, which will be referred to on the conference call, will be 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-Q report for the period ended March 31, 2019, which will be filed with the Securities and Exchange Commission and posted on the Company’s website.
This press release includes certain non-GAAP measures, such as Adjusted EBITDA, Adjusted net income available (loss attributable) from continuing operations to Tenet common shareholders, Adjusted diluted earnings (loss) per share from continuing operations, Free Cash Flow and Adjusted Free Cash Flow. Reconciliations of these measures to the most comparable GAAP measures are contained in the tables at the end of this release.
Tenet Healthcare Corporation (THC) is a national diversified healthcare services company headquartered in Dallas, TX, with 110,000 employees. Through an expansive care network that includes United Surgical Partners International, we operate 65 hospitals and approximately 500 other healthcare facilities, including surgical hospitals, ambulatory surgery centers, urgent care and imaging centers and other outpatient facilities. We also operate Conifer Health Solutions, which provides revenue cycle management and value-based care services to hospitals, health systems, physician practices, employers and other customers. At the center of everything we do is a commitment to deliver the right care, in the right place, at the right time, and to continually improve and advance the healthcare delivery system in the markets we serve. 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,†“anticipate,†“assume,†“believe,†“budget,†“estimate,†“forecast,†“intend,†“plan,†“predict,†“project,†“seek,†“see,†“target,†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, 2018, and subsequent Form 10-Q filings 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 March 31, | ||||||||||||||||
| 2019 | % | 2018 | % | Change | |||||||||||||
| Net operating revenues | $ | 4,545 | 100.0 | % | 4,699 | 100.0 | % | (3.3 | )% | ||||||||
| Equity in earnings of unconsolidated affiliates | 34 | 0.7 | % | 25 | 0.5 | % | 36.0 | % | |||||||||
| Operating expenses: | |||||||||||||||||
| Salaries, wages and benefits | 2,153 | 47.3 | % | 2,227 | 47.3 | % | (3.3 | )% | |||||||||
| Supplies | 741 | 16.3 | % | 774 | 16.5 | % | (4.3 | )% | |||||||||
| Other operating expenses, net | 1,074 | 23.6 | % | 1,060 | 22.6 | % | 1.3 | % | |||||||||
| Electronic health record incentives | (1 | ) | — | % | (1 | ) | — | % | — | % | |||||||
| Depreciation and amortization | 208 | 4.6 | % | 204 | 4.3 | % | |||||||||||
| Impairment and restructuring charges, and acquisition-related costs | 19 | 0.4 | % | 47 | 1.0 | % | |||||||||||
| Litigation and investigation costs | 13 | 0.3 | % | 6 | 0.1 | % | |||||||||||
| Net losses (gains) on sales, consolidation and deconsolidation of facilities | 1 | — | % | (110 | ) | (2.3 | )% | ||||||||||
| Operating income | 371 | 8.2 | % | 517 | 11.0 | % | |||||||||||
| Interest expense | (251 | ) | (255 | ) | |||||||||||||
| Other non-operating income (expense), net | 1 | (1 | ) | ||||||||||||||
| Loss from early extinguishment of debt | (47 | ) | (1 | ) | |||||||||||||
| Income from continuing operations, before income taxes | 74 | 260 | |||||||||||||||
| Income tax expense | (17 | ) | (70 | ) | |||||||||||||
| Income from continuing operations, before discontinued
operations |
57 | 190 | |||||||||||||||
| Discontinued operations: | |||||||||||||||||
| Income from operations | 10 | 1 | |||||||||||||||
| Income tax expense | (2 | ) | — | ||||||||||||||
| Income from discontinued operations | 8 | 1 | |||||||||||||||
| Net income | 65 | 191 | |||||||||||||||
| Less: Net income available to noncontrolling interests | 84 | 92 | |||||||||||||||
|
Net income available (loss attributable) to Tenet Healthcare Corporation common shareholders
|
$ | (19 | ) | $ | 99 | ||||||||||||
|
Amounts available (attributable) to Tenet Healthcare Corporation common shareholders
|
|||||||||||||||||
| Income (loss) from continuing operations, net of tax | $ | (27 | ) | $ | 98 | ||||||||||||
| Income from discontinued operations, net of tax | 8 | 1 | |||||||||||||||
| Net income available (loss attributable) to Tenet Healthcare Corporation common shareholders | $ | (19 | ) | $ | 99 | ||||||||||||
| Earnings (loss) per share available (attributable) to Tenet Healthcare Corporation common shareholders: | |||||||||||||||||
| Basic | |||||||||||||||||
| Continuing operations | $ | (0.26 | ) | $ | 0.97 | ||||||||||||
| Discontinued operations | 0.08 | 0.01 | |||||||||||||||
| $ | (0.18 | ) | $ | 0.98 | |||||||||||||
| Diluted | |||||||||||||||||
| Continuing operations | $ | (0.26 | ) | $ | 0.95 | ||||||||||||
| Discontinued operations | 0.08 | 0.01 | |||||||||||||||
| $ | (0.18 | ) | $ | 0.96 | |||||||||||||
|
Weighted average shares and dilutive securities outstanding (in thousands): |
|||||||||||||||||
| Basic | 102,788 | 101,392 | |||||||||||||||
| Diluted* | 102,788 | 102,656 | |||||||||||||||
|
*Had we generated income from continuing operations available to common shareholders in the three months ended March 31, 2019 the effect of employee stock options, restricted stock units and deferred compensation units on the diluted shares calculation would have been an increase of 1,753 thousand shares. |
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|
TENET HEALTHCARE CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) |
||||||||
| March 31, | December 31, | |||||||
| (Dollars in millions) | 2019 | 2018 | ||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 252 | $ | 411 | ||||
| Accounts receivable, less allowance for doubtful accounts | 2,744 | 2,595 | ||||||
| Inventories of supplies, at cost | 308 | 305 | ||||||
| Income tax receivable | 17 | 21 | ||||||
| Assets held for sale | — | 107 | ||||||
| Other current assets | 1,261 | 1,197 | ||||||
| Total current assets | 4,582 | 4,636 | ||||||
| Investments and other assets | 2,331 | 1,456 | ||||||
| Deferred income taxes | 291 | 312 | ||||||
| Property and equipment, at cost, less accumulated depreciation and amortization | 6,996 | 6,993 | ||||||
| Goodwill | 7,283 | 7,281 | ||||||
| Other intangible assets, at cost, less accumulated amortization | 1,675 | 1,731 | ||||||
| Total assets | $ | 23,158 | $ | 22,409 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities: | ||||||||
| Current portion of long-term debt | $ | 158 | $ | 182 | ||||
| Accounts payable | 1,101 | 1,207 | ||||||
| Accrued compensation and benefits | 707 | 838 | ||||||
| Professional and general liability reserves | 224 | 216 | ||||||
| Accrued interest payable | 323 | 240 | ||||||
| Liabilities held for sale | — | 43 | ||||||
| Other current liabilities | 1,212 | 1,131 | ||||||
| Total current liabilities | 3,725 | 3,857 | ||||||
| Long-term debt, net of current portion | 14,814 | 14,644 | ||||||
| Professional and general liability reserves | 690 | 666 | ||||||
| Defined benefit plan obligations | 512 | 521 | ||||||
| Deferred income taxes | 36 | 36 | ||||||
| Other long-term liabilities | 1,268 | 578 | ||||||
| Total liabilities | 21,045 | 20,302 | ||||||
| Commitments and contingencies | ||||||||
| Redeemable noncontrolling interests in equity of consolidated subsidiaries | 1,439 | 1,420 | ||||||
| Equity: | ||||||||
| Shareholders’ equity: | ||||||||
| Common stock | 7 | 7 | ||||||
| Additional paid-in capital | 4,748 | 4,747 | ||||||
| Accumulated other comprehensive loss | (221 | ) | (223 | ) | ||||
| Accumulated deficit | (2,254 | ) | (2,236 | ) | ||||
| Common stock in treasury, at cost | (2,414 | ) | (2,414 | ) | ||||
| Total shareholders’ deficit | (134 | ) | (119 | ) | ||||
| Noncontrolling interests | 808 | 806 | ||||||
| Total equity | 674 | 687 | ||||||
| Total liabilities and equity | $ | 23,158 | $ | 22,409 | ||||
|
TENET HEALTHCARE CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited) |
||||||||
| Three Months Ended | ||||||||
| (Dollars in millions) | March 31, | |||||||
| 2019 | 2018 | |||||||
| Net income | $ | 65 | $ | 191 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 208 | 204 | ||||||
| Deferred income tax expense | 19 | 70 | ||||||
| Stock-based compensation expense | 11 | 9 | ||||||
| Impairment and restructuring charges, and acquisition-related costs | 19 | 47 | ||||||
| Litigation and investigation costs | 13 | 6 | ||||||
| Net losses (gains) on sales, consolidation and deconsolidation of facilities | 1 | (110 | ) | |||||
| Loss from early extinguishment of debt | 47 | 1 | ||||||
| Equity in earnings of unconsolidated affiliates, net of distributions received | 3 | 9 | ||||||
| Amortization of debt discount and debt issuance costs | 11 | 11 | ||||||
| Pre-tax income from discontinued operations | (10 | ) | (1 | ) | ||||
| Other items, net | (7 | ) | (1 | ) | ||||
| Changes in cash from operating assets and liabilities: | ||||||||
| Accounts receivable | (158 | ) | (66 | ) | ||||
| Inventories and other current assets | (115 | ) | (41 | ) | ||||
| Income taxes | 9 | — | ||||||
| Accounts payable, accrued expenses and other current liabilities | (109 | ) | (183 | ) | ||||
| Other long-term liabilities | 37 | 1 | ||||||
| Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements | (32 | ) | (33 | ) | ||||
| Net cash used in operating activities from discontinued operations, excluding income taxes | (2 | ) | (1 | ) | ||||
| Net cash provided by operating activities | 10 | 113 | ||||||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment — continuing operations | (192 | ) | (143 | ) | ||||
| Purchases of businesses or joint venture interests, net of cash acquired | (2 | ) | (16 | ) | ||||
| Proceeds from sales of facilities and other assets — continuing operations | 41 | 425 | ||||||
| Proceeds from sales of facilities and other assets — discontinued operations | 17 | — | ||||||
| Proceeds from sales of marketable securities, long-term investments and other assets | 4 | 134 | ||||||
| Purchases of equity investments | (1 | ) | (30 | ) | ||||
| Other long-term assets | (2 | ) | 7 | |||||
| Other items, net | (4 | ) | (4 | ) | ||||
| Net cash provided by (used in) investing activities | (139 | ) | 373 | |||||
| Cash flows from financing activities: | ||||||||
| Repayments of borrowings under credit facility | (495 | ) | — | |||||
| Proceeds from borrowings under credit facility | 685 | — | ||||||
| Repayments of other borrowings | (1,620 | ) | (91 | ) | ||||
| Proceeds from other borrowings | 1,507 | 7 | ||||||
| Debt issuance costs | (18 | ) | — | |||||
| Distributions paid to noncontrolling interests | (74 | ) | (64 | ) | ||||
| Proceeds from sales of noncontrolling interests | 4 | 5 | ||||||
| Purchases of noncontrolling interests | (3 | ) | (9 | ) | ||||
| Proceeds from exercise of stock options and employee stock purchase plan | 1 | 9 | ||||||
| Other items, net | (17 | ) | 20 | |||||
| Net cash used in financing activities | (30 | ) | (123 | ) | ||||
| Net increase (decrease) in cash and cash equivalents | (159 | ) | 363 | |||||
| Cash and cash equivalents at beginning of period | 411 | 611 | ||||||
| Cash and cash equivalents at end of period | $ | 252 | $ | 974 | ||||
| Supplemental disclosures: | ||||||||
| Interest paid, net of capitalized interest | $ | (158 | ) | $ | (169 | ) | ||
| Income tax refunds, net | $ | 9 | $ | 1 | ||||
|
TENET HEALTHCARE CORPORATION SELECTED STATISTICS – CONTINUING TOTAL HOSPITALS(1) (Unaudited) |
||||||||||||
| (Dollars in millions except per adjusted patient day | Three Months Ended March 31, | |||||||||||
| and per adjusted patient admission amounts) | 2019 | 2018 | Change | |||||||||
| Admissions, Patient Days and Surgeries | ||||||||||||
| Number of hospitals (at end of period) | 65 | 69 | (4 | ) | * | |||||||
| Total admissions | 174,726 | 182,306 | (4.2 | )% | ||||||||
| Adjusted patient admissions | 308,133 | 320,868 | (4.0 | )% | ||||||||
| Paying admissions (excludes charity and uninsured) | 164,793 | 172,490 | (4.5 | )% | ||||||||
| Charity and uninsured admissions | 9,933 | 9,816 | 1.2 | % | ||||||||
| Admissions through emergency department | 126,079 | 125,076 | 0.8 | % | ||||||||
| Paying admissions as a percentage of total admissions | 94.3 | % | 94.6 | % | (0.3 | )% | * | |||||
| Charity and uninsured admissions as a percentage of total admissions | 5.7 | % | 5.4 | % | 0.3 | % | * | |||||
| Emergency department admissions as a percentage of total admissions | 72.2 | % | 68.6 | % | 3.6 | % | * | |||||
| Surgeries — inpatient | 44,795 | 47,223 | (5.1 | )% | ||||||||
| Surgeries — outpatient | 58,218 | 63,008 | (7.6 | )% | ||||||||
| Total surgeries | 103,013 | 110,231 | (6.5 | )% | ||||||||
| Patient days — total | 822,079 | 858,648 | (4.3 | )% | ||||||||
| Adjusted patient days | 1,420,170 | 1,486,139 | (4.4 | )% | ||||||||
| Average length of stay (days) | 4.70 | 4.71 | (0.2 | )% | ||||||||
| Licensed beds (at end of period) | 17,221 | 18,457 | (6.7 | )% | ||||||||
| Average licensed beds | 17,455 | 18,685 | (6.6 | )% | ||||||||
| Utilization of licensed beds | 52.3 | % | 51.1 | % | 1.2 | % | * | |||||
| Outpatient Visits | ||||||||||||
| Total visits | 1,714,392 | 1,842,539 | (7.0 | )% | ||||||||
| Paying visits (excludes charity and uninsured) | 1,603,712 | 1,725,976 | (7.1 | )% | ||||||||
| Charity and uninsured visits | 110,680 | 116,563 | (5.0 | )% | ||||||||
| Emergency department visits | 657,449 | 697,001 | (5.7 | )% | ||||||||
| Paying visits as a percentage of total visits | 93.5 | % | 93.7 | % | (0.2 | )% | * | |||||
| Charity and uninsured visits as a percentage of total visits | 6.5 | % | 6.3 | % | 0.2 | % | * | |||||
| Total emergency department admissions and visits | 783,528 | 822,077 | (4.7 | )% | ||||||||
| Revenues | ||||||||||||
| Net patient service revenues(3) | $ | 3,582 | $ | 3,643 | (1.7 | )% | ||||||
| Revenues on a Per Adjusted Patient Admission and Per Adjusted Patient Day | ||||||||||||
| Net patient service revenue(3) per adjusted patient admission | $ | 11,625 | $ | 11,354 | 2.4 | % | ||||||
| Net patient service revenue(3) per adjusted patient day | $ | 2,522 | $ | 2,451 | 2.9 | % | ||||||
| Total selected operating expenses (salaries, wages and benefits, supplies and other operating expenses) per adjusted patient admission(2) | $ | 10,979 | $ | 10,561 | 4.0 | % | ||||||
| Net patient service revenues(3) from: | ||||||||||||
| Medicare | 21.2 | % | 21.5 | % | (0.3 | )% | * | |||||
| Medicaid | 8.8 | % | 8.8 | % | — | % | * | |||||
| Managed care | 65.7 | % | 65.0 | % | 0.7 | % | * | |||||
| Uninsured | — | % | 1.0 | % | (1.0 | )% | * | |||||
| Indemnity and other | 4.3 | % | 3.7 | % | 0.6 | % | * | |||||
|
(1) Represents the consolidated results of Tenet’s acute care hospitals and related outpatient facilities included in the Hospital Operations and other segment. |
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|
(2) Excludes operating expenses from Tenet's health plans. |
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|
(3) Less implicit price concessions. |
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|
* This change is the difference between the 2019 and 2018 amounts shown. |
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|
TENET HEALTHCARE CORPORATION SELECTED STATISTICS – CONTINUING SAME HOSPITALS(1) (Unaudited) |
||||||||||||
| (Dollars in millions except per adjusted patient day | Three Months Ended March 31, | |||||||||||
| and per adjusted patient admission amounts) | 2019 | 2018 | Change | |||||||||
| Admissions, Patient Days and Surgeries | ||||||||||||
| Number of hospitals (at end of period) | 65 | 65 | — | * | ||||||||
| Total admissions | 173,470 | 173,684 | (0.1 | )% | ||||||||
| Adjusted patient admissions | 305,871 | 304,145 | 0.6 | % | ||||||||
| Paying admissions (excludes charity and uninsured) | 163,632 | 164,239 | (0.4 | )% | ||||||||
| Charity and uninsured admissions | 9,838 | 9,445 | 4.2 | % | ||||||||
| Admissions through emergency department | 125,228 | 119,957 | 4.4 | % | ||||||||
| Paying admissions as a percentage of total admissions | 94.3 | % | 94.6 | % | (0.3 | )% | * | |||||
| Charity and uninsured admissions as a percentage of total admissions | 5.7 | % | 5.4 | % | 0.3 | % | * | |||||
| Emergency department admissions as a percentage of total admissions | 72.2 | % | 69.1 | % | 3.1 | % | * | |||||
| Surgeries — inpatient | 44,553 | 45,052 | (1.1 | )% | ||||||||
| Surgeries — outpatient | 57,896 | 59,720 | (3.1 | )% | ||||||||
| Total surgeries | 102,449 | 104,772 | (2.2 | )% | ||||||||
| Patient days — total | 815,329 | 817,000 | (0.2 | )% | ||||||||
| Adjusted patient days | 1,408,053 | 1,405,568 | 0.2 | % | ||||||||
| Average length of stay (days) | 4.70 | 4.70 | — | % | ||||||||
| Licensed beds (at end of period) | 17,221 | 17,246 | (0.1 | )% | ||||||||
| Average licensed beds | 17,221 | 17,246 | (0.1 | )% | ||||||||
| Utilization of licensed beds | 52.6 | % | 52.6 | % | — | % | * | |||||
| Outpatient Visits | ||||||||||||
| Total visits | 1,696,094 | 1,730,018 | (2.0 | )% | ||||||||
| Paying visits (excludes charity and uninsured) | 1,586,627 | 1,619,950 | (2.1 | )% | ||||||||
| Charity and uninsured visits | 109,467 | 110,068 | (0.5 | )% | ||||||||
| Emergency department visits | 651,852 | 663,722 | (1.8 | )% | ||||||||
| Paying visits as a percentage of total visits | 93.5 | % | 93.6 | % | (0.1 | )% | * | |||||
| Charity and uninsured visits as a percentage of total visits | 6.5 | % | 6.4 | % | 0.1 | % | * | |||||
| Total emergency department admissions and visits | 777,080 | 783,679 | (0.8 | )% | ||||||||
| Revenues | ||||||||||||
| Net patient service revenues(2) | $ | 3,559 | $ | 3,494 | 1.9 | % | ||||||
| Revenues on a Per Adjusted Patient Admission and Per Adjusted Patient Day | ||||||||||||
| Net patient service revenue(2) per adjusted patient admission | $ | 11,636 | $ | 11,488 | 1.3 | % | ||||||
| Net patient service revenue(2) per adjusted patient day | $ | 2,528 | $ | 2,486 | 1.7 | % | ||||||
| Net patient service revenues(2) from: | ||||||||||||
| Medicare | 21.0 | % | 20.9 | % | 0.1 | % | * | |||||
| Medicaid | 8.8 | % | 8.7 | % | 0.1 | % | * | |||||
| Managed care | 65.9 | % | 65.3 | % | 0.6 | % | * | |||||
| Uninsured | — | % | 1.3 | % | (1.3 | )% | * | |||||
| Indemnity and other | 4.3 | % | 3.8 | % | 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 65 hospitals operated throughout the three months ended March 31, 2019 and 2018 and associated outpatient facilities, but excludes the results of hospitals Tenet divested since January 1, 2018. |
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|
(2) Less implicit price concessions. |
||||||||||||
|
* This change is the difference between the 2019 and 2018 amounts shown. |
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|
TENET HEALTHCARE CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
||||||||||||||||||||||||
| (Dollars in millions except per share amounts) | Three Months Ended | Year Ended | Three Months Ended | |||||||||||||||||||||
| 3/31/2018 | 6/30/2018 | 9/30/2018 | 12/31/2018 | 12/31/2018 | 3/31/2019 | |||||||||||||||||||
| Net operating revenues | $ | 4,699 | $ | 4,506 | $ | 4,489 | $ | 4,619 | $ | 18,313 | $ | 4,545 | ||||||||||||
| Equity in earnings of unconsolidated affiliates | 25 | 39 | 33 | 53 | 150 | 34 | ||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||
| Salaries, wages and benefits | 2,227 | 2,135 | 2,116 | 2,156 | 8,634 | 2,153 | ||||||||||||||||||
| Supplies | 774 | 748 | 726 | 756 | 3,004 | 741 | ||||||||||||||||||
| Other operating expenses, net | 1,060 | 1,027 | 1,094 | 1,078 | 4,259 | 1,074 | ||||||||||||||||||
| Electronic health record incentives | (1 | ) | — | — | (2 | ) | (3 | ) | (1 | ) | ||||||||||||||
| Depreciation and amortization | 204 | 194 | 204 | 200 | 802 | 208 | ||||||||||||||||||
| Impairment and restructuring charges, and acquisition-related costs | 47 | 30 | 46 | 86 | 209 | 19 | ||||||||||||||||||
| Litigation and investigation costs | 6 | 13 | 9 | 10 | 38 | 13 | ||||||||||||||||||
|
Net losses (gains) on sales, consolidation and deconsolidation of facilities
|
(110 | ) | (8 | ) | 7 | (16 | ) | (127 | ) | 1 | ||||||||||||||
| Operating income | 517 | 406 | 320 | 404 | 1,647 | 371 | ||||||||||||||||||
| Interest expense | (255 | ) | (254 | ) | (249 | ) | (246 | ) | (1,004 | ) | (251 | ) | ||||||||||||
| Other non-operating income (expense), net | (1 | ) | (1 | ) | — | (3 | ) | (5 | ) | 1 | ||||||||||||||
| Gain (loss) from early extinguishment of debt | (1 | ) | (1 | ) | — | 3 | 1 | (47 | ) | |||||||||||||||
| Income from continuing operations, before income taxes | 260 | 150 | 71 | 158 | 639 | 74 | ||||||||||||||||||
| Income tax expense | (70 | ) | (44 | ) | (6 | ) | (56 | ) | (176 | ) | (17 | ) | ||||||||||||
|
Income from continuing operations, before discontinued operations |
190 | 106 | 65 | 102 | 463 | 57 | ||||||||||||||||||
| Discontinued operations: | ||||||||||||||||||||||||
| Income (loss) from operations | 1 | 2 | — | 1 | 4 | 10 | ||||||||||||||||||
| Income tax benefit (expense) | — | — | — | (1 | ) | (1 | ) | (2 | ) | |||||||||||||||
| Income (loss) from discontinued operations | 1 | 2 | — | — | 3 | 8 | ||||||||||||||||||
| Net income | 191 | 108 | 65 | 102 | 466 | 65 | ||||||||||||||||||
| Less: Net income available to noncontrolling interests | 92 | 82 | 74 | 107 | 355 | 84 | ||||||||||||||||||
|
Net income available (loss attributable) to Tenet Healthcare Corporation common shareholders |
$ | 99 | $ | 26 | $ | (9 | ) | $ | (5 | ) | $ | 111 | $ | (19 | ) | |||||||||
|
Amounts available (attributable) to Tenet Healthcare Corporation common shareholders |
||||||||||||||||||||||||
| Income (loss) from continuing operations, net of tax | $ | 98 | $ | 24 | $ | (9 | ) | $ | (5 | ) | $ | 108 | $ | (27 | ) | |||||||||
| Income (loss) from discontinued operations, net of tax | 1 | 2 | — | — | 3 | 8 | ||||||||||||||||||
|
Net income available (loss attributable) to Tenet Healthcare Corporation common shareholders |
$ | 99 | $ | 26 | $ | (9 | ) | $ | (5 | ) | $ | 111 | $ | (19 | ) | |||||||||
|
Earnings (loss) per share available (attributable) to Tenet Healthcare Corporation common shareholders: |
||||||||||||||||||||||||
| Basic | ||||||||||||||||||||||||
| Continuing operations | $ | 0.97 | $ | 0.23 | $ | (0.09 | ) | $ | (0.05 | ) | $ | 1.06 | $ | |||||||||||