Vanguard Health Systems (VHS) 8-K Vanguard Health Systems Reports Third 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 Attributable to Vanguard

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

($ presented in millions, unaudited)	Quarter ended						Nine months ended
	March 31,						March 31,
	2012			2013			2012			2013
Adjusted EBITDA	$	176.6		$	143.0		$	434.9		$	414.0
Total revenues	1,582.5			1,498.1			4,494.2			4,481.9
Adjusted EBITDA Margin	11.2		%	9.5		%	9.7		%	9.2		%
Adjusted EBITDA	$	176.6		$	143.0		$	434.9		$	414.0
Interest, net	(43.4		)	(48.8		)	(132.4		)	(149.3		)
Income tax expense	(24.3		)	(12.4		)	(20.4		)	(24.5		)
Depreciation and amortization	(62.9		)	(60.7		)	(191.3		)	(194.1		)
Non-controlling interests	(1.0		)	(2.7		)	0.5			(3.6		)
Gain (loss) on disposal of assets	(0.2		)	(0.3		)	0.6			(1.3		)
Equity method income	1.1			1.4			1.8			1.8
Stock compensation	(1.9		)	(0.6		)	(6.5		)	(5.5		)
Realized losses on investments	—			(0.1		)	—			(0.3		)
Acquisition related expenses	(1.2		)	(0.1		)	(13.8		)	(0.2		)
Debt extinguishment costs	—			(1.3		)	(38.9		)	(1.3		)
Impairment and restructuring charges	—			—			0.1			—
Pension credits	1.3			3.9			3.9			11.6
Discontinued operations, net of taxes	(0.1		)	—			(0.5		)	0.1
Net income attributable to Vanguard Health Systems, Inc. stockholders	$	44.0		$	21.3		$	38.0		$	47.4
Total revenues	$	1,582.5		$	1,498.1		$	4,494.2		$	4,481.9
Net income attributable to Vanguard Health Systems, Inc. stockholders margin	2.8		%	1.4		%	0.8		%	1.1		%