Vanguard Health Systems (VHS) 8-K Vanguard Reports Second Quarter Results

EXHIBIT 99.2

Vanguard Health Systems, Inc.

Supplementary Financial Information

Adjusted EBITDA Margin
Presentation of Most Directly Comparable GAAP Financial Measure (Net Income/Loss Margin)
and Reconciliation of Adjusted EBITDA to Net Income/Loss Margin

		Quarter ended December 31,						Six months ended December 31,
(in millions, unaudited)		2003 (predecessor)			2004			2003 (predecessor)			2004 (combined)
Adjusted EBITDA	$	40.1		$	54.2		$	74.4		$	106.2
Total revenues		442.0			499.8			851.9			993.5
Adjusted EBITDA Margin		9.1	%		10.8	%		8.7	%		10.7	%
Adjusted EBITDA	$	40.1		$	54.2		$	74.4		$	106.2
Interest, net		(10.9	)		(25.0	)		(21.3	)		(36.9	)
Income tax expense		(6.3	)		(2.5	)		(10.5	)		48.4
Depreciation and amortization		(15.9	)		(20.8	)		(31.0	)		(39.9	)
Minority interests		1.0			0.3			1.9			0.8
Gain (loss) on sale of assets		0.8			(0.2	)		0.8			(0.8	)
Equity method income		1.0			0.1			1.8			0.3
Stock compensation		‑			(0.2	)		‑			(96.9	)
Debt extinguishment costs		‑			‑			‑			(62.2	)
Merger expenses		‑			‑			‑			(23.1	)
Monitoring fees		‑			(1.3	)		‑			(1.4	)
Net income (loss)	$	9.8		$	4.6		$	16.1		$	(105.5	)
Total revenues	$	442.0		$	499.8		$	851.9		$	993.5
Net income (loss) margin		2.2	%		0.9	%		1.9	%		(10.6	)%