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 March 31,						Nine months ended March 31,
(in millions, unaudited)		2009			2010			2009			2010
Adjusted EBITDA	$	86.2		$	90.1		$	227.9		$	242.6
Total revenues		858.0			861.2			2,369.6			2,528.2
Adjusted EBITDA Margin		10.0	%		10.5	%		9.6	%		9.6	%
Adjusted EBITDA	$	86.2		$	90.1		$	227.9		$	242.6
Interest, net		(27.2	)		(29.9	)		(84.5	)		(84.6	)
Income tax benefit (expense)		(8.2	)		16.5			(13.5	)		18.2
Depreciation and amortization		(31.6	)		(34.6	)		(96.0	)		(102.9	)
Non-controlling interests		(0.7	)		(0.4	)		(2.3	)		(2.1	)
Gain (loss) on disposal of assets		‑			‑			2.1			(0.4	)
Equity method income		0.1			0.3			0.4			0.8
Stock compensation		(1.2	)		(0.6	)		(3.4	)		(3.5	)
Monitoring fees and expenses		(1.3	)		(1.2	)		(3.9	)		(3.9	)
Realized holding loss on investments		‑			‑			(0.6	)		‑
Debt extinguishment costs		‑			(73.2	)		‑			(73.2	)
Impairment loss		‑			‑			‑			(43.1	)
Income (loss) from discontinued    operations, net of taxes		(0.3	)		0.2			0.6			0.1
Net income (loss) attributable to    Vanguard Health Systems, Inc.    stockholders	$	15.8		$	(32.8	)	$	26.8		$	(52.0	)
Total revenues	$	858.0		$	861.2		$	2,369.6		$	2,528.2
Net income (loss) attributable to    Vanguard Health Systems, Inc.    stockholders margin		1.8	%		(3.8	)%		1.1	%		(2.1	)%