Vanguard Health Systems (VHS) 8-K Vanguard Reports First 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

	(unaudited) Quarter ended September 30,
(in millions)	2004 (combined basis)			2005
Adjusted EBITDA	$	52.0		$	65.5
Total revenues		493.7			647.7
Adjusted EBITDA Margin		10.5	%		10.1	%
Adjusted EBITDA	$	52.0		$	65.5
Interest, net		(11.9	)		(26.4	)
Income tax benefit (expense)		50.9			(5.5	)
Depreciation and amortization		(19.1	)		(24.5	)
Minority interests		0.5			(0.7	)
Equity method income		0.2			0.6
Stock compensation		(96.7	)		(0.3	)
Debt extinguishment costs		(62.2	)		‑
Merger expenses		(23.1	)		‑
Loss on sale of assets		(0.6	)		(0.1	)
Monitoring fees		(0.1	)		(1.3	)
Net income (loss)	$	(110.1	)	$	7.3
Total revenues	$	493.7		$	647.7
Net Income (Loss) Margin		(22.3	)%		1.1	%