Tenet Healthcare : Presentation PDF 337 KB

Raymond James Institutional Investors

Conference

March 2, 2021

Cautionary Statements

This presentation includes "forward-looking statements." These statements relate to future events, including, but not limited to, statements regarding our liquidity, operating results, future earnings, financial position, operational and strategic initiatives, and developments in legislation, regulation, and the healthcare industry more generally. These forward-looking statements represent management's expectations, based on currently available information, as to the outcome and timing of future events, but, by their nature, address matters that are uncertain, particularly with regard to developments related to the COVID pandemic. Actual results, performance or achievements could differ materially from those expressed in any forward-looking statement.

Examples of uncertainties that may cause our actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements include, but are not limited to, developments related to COVID and the factors described under "Forward-Looking Statements" and "Risk Factors" in our Form 10-K for the year ended December 31, 2020 and other filings with the Securities and Exchange Commission.

We assume no obligation to update any forward-looking statements or information subsequent to the dates such statements are made. Investors are cautioned not to place undue reliance on our forward-looking statements.

NON-GAAP FINANCIAL INFORMATION

This presentation contains financial measures that are not in accordance with Generally Accepted Accounting Principles

(GAAP). Reconciliations of these non-GAAP measures to the most comparable GAAP measures and management's reasoning for using these non-GAAP measures are included in our earnings press release dated February 9, 2021. GAAP to non-GAAP reconciliations are also included at the end of this slide presentation.

Resiliency in Q4 2020

Resiliency Amidst a COVID Surge

•  COVID inpatient cases peaked in early January at over 3,000; this was greater than the July surge

•  Ended 2020 with ~2,700 inpatient cases and continue to have ~1,100 active cases across our system

•  Maintained staff infection rates in single digits by ensuring appropriate safety protocols, staffing and PPE resources

•  Supported vaccination roll-out having administered nearly 174,000 COVID vaccine doses to over 92,000 people

Sustained Performance in Q4

•  Q4 Consolidated Adjusted EBITDA excluding grant income of $832 million was better than forecast

•  Hospital Adjusted EBITDA excluding grant income met budget given new services, cost controls and strong COVID management

•  Ambulatory performance remained strong; revenue per surgical case improved by 5.0% from Q4 2019 given higher acuity

•  Conifer Adjusted EBITDA increased 18.1% to $111 million; revenues increased by 3.6% and revenues from 3rd party clients increased 5.2% from Q4 2019

Stable 2020 Despite Challenges

•  FY 2020 Consolidated Adjusted EBITDA excluding grant income was $2.247 billion

•  FY 2020 Consolidated Adjusted EBITDA including grant income was $3.146 billion

2020 Financial Summary

Income Available (Loss Attributable) to THC Shareholders from Continuing Operations ($M)Consolidated Adjusted EBITDA ($M)