Vanguard Health Systems (VHS) 8-K Results of Operations and Financial Condition

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 Margin to Net Income/Loss Margin

		(unaudited) Quarter ended September 30,
(in millions)		2005			2006
Adjusted EBITDA	$	65.3		$	54.3
Total revenues		605.6			634.9
Adjusted EBITDA Margin		10.8	%		8.6	%
Adjusted EBITDA	$	65.3		$	54.3
Interest, net		(24.7	)		(29.9	)
Income tax benefit (expense)		(6.6	)		1.6
Depreciation and amortization		(23.3	)		(29.4	)
Minority interests		(0.7	)		(0.7	)
Equity method income		0.6			0.3
Stock compensation		(0.3	)		(0.3	)
Gain (loss) on sale of assets		(0.1	)		2.5
Monitoring fees		(1.3	)		(1.3	)
Discontinued operations, net of taxes		(1.6	)		(4.8	)
Net income (loss)	$	7.3		$	(7.7	)
Total revenues	$	605.6		$	634.9
Net income (loss) margin		1.2	%		(1.2	)%