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 Attributable to
Vanguard Health Systems, Inc. Stockholders Margin)
and Reconciliation of Adjusted EBITDA to Net Income/Loss Attributable to Vanguard Health Systems, Inc.
Stockholders Margin

		Quarter ended December 31,						Six months ended December 31,
(in millions, unaudited)		2008			2009			2008			2009
Adjusted EBITDA	$	78.5		$	83.8		$	141.7		$	152.5
Total revenues		792.6			843.6			1,511.6			1,667.0
Adjusted EBITDA Margin		9.9	%		9.9	%		9.4	%		9.1	%
Adjusted EBITDA	$	78.5		$	83.8		$	141.7		$	152.5
Interest, net		(28.6	)		(27.5	)		(57.3	)		(54.7	)
Income tax benefit (expense)		(5.1	)		3.6			(5.3	)		1.7
Depreciation and amortization		(32.1	)		(34.3	)		(64.4	)		(68.3	)
Non-controlling interests		(0.7	)		(0.8	)		(1.6	)		(1.7	)
Gain (loss) on disposal of assets		‑			(0.4	)		2.1			(0.4	)
Equity method income		0.3			0.3			0.3			0.5
Stock compensation		(0.8	)		(1.0	)		(2.2	)		(2.9	)
Monitoring fees and expenses		(1.3	)		(1.4	)		(2.6	)		(2.7	)
Realized holding loss on investments		‑			‑			(0.6	)		‑
Impairment loss		‑			(43.1	)		‑			(43.1	)
Income (loss) from discontinued    operations, net of taxes		(0.1	)		0.1			0.9			(0.1	)
Net income (loss) attributable to    Vanguard Health Systems, Inc.    stockholders	$	10.1		$	(20.7	)	$	11.0		$	(19.2	)
Total revenues	$	792.6		$	843.6		$	1,511.6		$	1,667.0
Net income (loss) attributable to    Vanguard Health Systems, Inc.    stockholders margin		1.3	%		(2.5	)%		0.7	%		(1.2	)%