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 to Net Income/Loss Margin

		Quarter ended December 31,						Six months ended December 31,
(in millions, unaudited)		2006			2007			2006			2007
Adjusted EBITDA	$	58.6		$	68.2		$	112.6		$	125.0
Total revenues		638.3			686.0			1,256.6			1,348.5
Adjusted EBITDA Margin		9.2	%		9.9	%		9.0	%		9.3	%
Adjusted EBITDA	$	58.6		$	68.2		$	112.6		$	125.0
Interest, net		(31.5	)		(32.3	)		(61.3	)		(64.0	)
Income tax benefit		15.0			0.1			16.5			3.5
Depreciation and amortization		(28.3	)		(32.7	)		(57.2	)		(65.2	)
Minority interests		(0.7	)		(0.8	)		(1.4	)		(1.7	)
Loss on disposal of assets		(2.6	)		(0.1	)		‑			(0.2	)
Equity method income (loss)		0.3			(0.7	)		0.5			0.2
Stock compensation		(0.5	)		(0.5	)		(0.8	)		(1.0	)
Monitoring fees and expenses		(1.3	)		(1.8	)		(2.6	)		(3.7	)
Impairment loss		(123.8	)		‑			(123.8	)		‑
Discontinued operations, net of taxes		(3.9	)		1.1			(8.9	)		0.7
Net income (loss)	$	(118.7	)	$	0.5		$	(126.4	)	$	(6.4	)
Total revenues	$	638.3		$	686.0		$	1,256.6		$	1,348.5
Net income (loss) margin		(18.6	)%		0.1	%		(10.1	)%		(0.5	)%