Item 2.02. Results of Operations and Financial Condition.

As previously announced, Tenet Healthcare Corporation (the "Company") is presenting at the virtual J.P. Morgan Healthcare Conference on January 12, 2021, beginning at 10:00 a.m. Eastern time. A slide presentation of materials to be presented at the conference will be available on the investor relations section of the Company's website at www.tenethealth.com/investors. A live webcast of the Company's presentation and question and answer session with senior management may also be accessed via that website.

At the conference, the Company will disclose that although its financial statement close process is not yet fully completed, the Company anticipates its Adjusted EBITDA excluding stimulus grant income related to the pandemic will meet or exceed the current Wall Street consensus estimate of its Adjusted EBITDA for the quarter ended December 31, 2020 published by FactSet of approximately $773 million.

Also, the Company anticipates that it will recognize approximately $400 million of grant income related to the Public Health and Social Services Emergency Fund ("Provider Relief Fund" or "PRF") in the quarter ended December 31, 2020. The PRF grant funds are to be used by providers for lost revenues and COVID-related costs as defined. In the Company's Form 10-Q for the quarter ended September 30, 2020, the Company disclosed that it anticipated recognizing approximately $100 million of grant income in the quarter ended December 31, 2020. The additional grant income of approximately $300 million anticipated to be recognized by the Company is primarily attributable to the revised guidance in the "Consolidated Appropriations Act, 2021" enacted in December 2020 for determining lost revenues and the ability to transfer PRF grant funds received among subsidiaries within a hospital system that are most impacted by the pandemic. Substantially all of the $400 million of grant income anticipated to be recognized by the Company in the fourth quarter of 2020 relates to lost revenues and COVID-related costs as a result of the pandemic incurred by the Company prior to the fourth quarter of 2020. The Company estimates its lost revenues and COVID-related expenses incurred in the twelve months ended December 31, 2020 as a result of the pandemic exceeded the grant income it anticipates recognizing in 2020.

Reconciliations of non-GAAP measures, such as Adjusted EBITDA, to the most comparable GAAP measures and management's reasoning for using them are included in the Company's earnings press release dated October 20, 2020, which is available on the investor relations section of the Company's website at www.tenethealth.com/investors. Investors are encouraged to read these detailed financial disclosures and reconciliations.

Forward-Looking Statements

This Current Report on Form 8-K contains "forward-looking statements" - that is, statements that relate to future, not past, events. Forward-looking statements 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, 2019, and subsequent Form 10-Q filings and other filings with the Securities and Exchange Commission.

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