Vanguard Health Systems (VHS) 8-K Vanguard Health Systems Reports Second Quarter Fiscal 2013 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) Attributable to Vanguard

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

($ presented in millions, unaudited)	Quarter ended						Six months ended
	December 31,						December 31,
	2011			2012			2011			2012
Adjusted EBITDA	$	139.6		$	137.8		$	258.3		$	271.0
Total revenues	1,475.4			1,513.1			2,911.7			2,983.8
Adjusted EBITDA Margin	9.5		%	9.1		%	8.9		%	9.1		%
Adjusted EBITDA	$	139.6		$	137.8		$	258.3		$	271.0
Interest, net	(43.2		)	(49.7		)	(89.0		)	(100.5		)
Income tax benefit (expense)	(11.3		)	(7.2		)	3.9			(12.1		)
Depreciation and amortization	(65.8		)	(67.8		)	(128.4		)	(133.4		)
Non-controlling interests	(0.8		)	0.1			1.5			(0.9		)
Gain (loss) on disposal of assets	(0.4		)	(1.9		)	0.8			(1.0		)
Equity method income (loss)	0.6			(0.2		)	0.7			0.4
Stock compensation	(3.9		)	(2.7		)	(4.6		)	(4.9		)
Realized losses on investments	—			—			—			(0.2		)
Acquisition related expenses	(0.4		)	(0.1		)	(12.6		)	(0.1		)
Debt extinguishment costs	—			—			(38.9		)	—
Impairment and restructuring charges	—			—			0.1			—
Pension credits	1.6			3.9			2.6			7.7
Discontinued operations, net of taxes	(0.3		)	—			(0.4		)	0.1
Net income (loss) attributable to Vanguard Health Systems, Inc. stockholders	$	15.7		$	12.2		$	(6.0	)	$	26.1
Total revenues	$	1,475.4		$	1,513.1		$	2,911.7		$	2,983.8
Net income (loss) attributable to Vanguard Health Systems, Inc. stockholders margin	1.1		%	0.8		%	(0.2		)%	0.9		%