The following is a summary of the Tenet Healthcare Corporation (THC) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Reports third quarter 2024 net operating revenues of $5.1 billion.

• Achieved consolidated Adjusted EBITDA grew 15% over Q3 2023 to $978 million, with a robust Adjusted EBITDA margin of 19.1%.

• USPI delivered strong results with an Adjusted EBITDA of $439 million, representing a 19% year-over-year increase.

• Hospital segments' Adjusted EBITDA at $539 million, up 11% compared to the same quarter of the previous year.

• Raised full year 2024 Adjusted EBITDA guidance to a range of $3.9 billion to $4 billion, signaling positive operational performance continuing.

• Generated $829 million in free cash flow during Q3 2024.

Business Progress:

• Opened six new de novo facilities this quarter and maintains nearly 20 centers currently in syndication stages or under construction.

• Opened a new hospital in Westover Hills and continues construction for another in Port St. Lucie, with plans to open in 2025, enhancing service offerings and geographic presence.

• Completed the sale of Alabama hospitals, streamlining operations and focusing on markets with higher expected returns.

• Expects continued growth in Orthopedic volumes with a significant increase in total joint replacements in ASCs which enhances high-acuity service offerings.

Opportunities:

• Strong demand and leadership in USPI's ambulatory surgical services provide opportunities for expansion and growth; the company aims to deploy capital to further grow this segment through M&A and new developments.

• The refreshed portfolio offers newer hospitals in promising geographic areas, expecting to drive growth and return on invested capital.

• Positive market dynamics and operational efficiencies are expected to foster organic growth across existing hospital and surgical center locations.

Risks:

• No explicit risks mentioned in the provided excerpts.

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