Tenet Healthcare (THC) 8-K Results of Operations and Financial Condition

Exhibit 99.1

Tenet Reports Results for the Second Quarter Ended June 30, 2018

• Tenet reported net income from continuing operations available to Tenet common shareholders of $24 million or $0.23 per diluted share in the second quarter of 2018 compared to a net loss of $56 million or $0.56 per diluted share in the second quarter of 2017. After adjusting for certain items, which totaled $27 million or $0.26 per share in the second quarter of 2018, Tenet reported Adjusted diluted earnings per share from continuing operations of $0.49 in the second quarter of 2018 compared to an Adjusted diluted loss per share of $0.17 in the second quarter of 2017.

• Adjusted EBITDA was $634 million in the second quarter of 2018 compared to $570 million in the second quarter of 2017. Adjusted EBITDA in the second quarter of 2018 consisted of $345 million in the Hospital segment, $198 million in the Ambulatory segment and $91 million in the Conifer segment.

• Net cash provided by operating activities was $461 million in the first half of 2018, an increase of $60 million when compared to $401 million in the first half of 2017. Free Cash Flow was $193 million, an increase of $140 million when compared to $53 million in the first half of 2017. Adjusted Free Cash Flow was $259 million, a $142 million increase when compared to $117 million in the first half of 2017.

• Hospital segment same-hospital net patient revenue grew 3.2 percent. Admissions decreased 2.3 percent, adjusted admissions decreased 0.2 percent, and revenue per adjusted admission increased 3.5 percent.

• Ambulatory Care segment same-facility system-wide revenue grew 6.9 percent, with cases up 4.3 percent and revenue per case up 2.4 percent. Surgical revenue grew 6.6 percent, with cases up 3.4 percent and revenue per surgical case up 3.1 percent.

• Conifer segment revenues decreased 3.5 percent primarily due to divestitures by Tenet and other customers.

• 2018 Outlook includes an increase in net income from continuing operations available to Tenet common shareholders to $115 million to $186 million, Adjusted EBITDA is unchanged at $2.550 billion to $2.650 billion, an increase in diluted earnings per share from continuing operations to $1.11 to $1.79 and an increase in Adjusted diluted earnings per share from continuing operations to $1.54 to $1.88.

DALLAS – August 6, 2018 – Tenet Healthcare Corporation (NYSE: THC) reported net income from continuing operations available to Tenet common shareholders of $24 million in the second

quarter of 2018 compared to a $56 million net loss from continuing operations in the second quarter of 2017. Adjusted EBITDA was $634 million in the second quarter of 2018 compared to $570 million in the second quarter of 2017.

“We are becoming a more agile and decisive organization and are pleased with our strong financial results for the third quarter in a row,” said Ronald A. Rittenmeyer, Executive Chairman and CEO.  “We have demonstrated our ability to appropriately minimize costs, which will be an ongoing fundamental part of how we do business.  Our top priorities remain strengthening our portfolio, delivering more consistent organic growth and taking additional steps to enhance our margins and free cash flow.”

Hospital Operations and Other Segment

Net operating revenues in the Hospital Operations and other segment were $3.733 billion, down 8.6 percent from the second quarter of 2017, primarily due to hospital divestitures and the wind-down of our health plan business.

On a same-hospital basis, net patient revenues after implicit price concessions were $3.432 billion, up 3.2 percent from the second quarter of 2017. Adjusted admissions were down 0.2 percent in the second quarter of 2018 and would have been up approximately 1.1 percent on a same-hospital basis excluding service line closures and declines in Detroit and Chicago. The Company’s decision to discontinue certain services at selected hospitals lowered same-hospital adjusted admissions by approximately 40 basis points in the second quarter of 2018. In addition, volume declines in Chicago (which the Company is divesting) and Detroit lowered same-hospital adjusted admissions by approximately 90 basis points. Revenue per adjusted admission increased 3.5 percent on a same-hospital basis. Same-hospital revenue included $63 million from the California Provider Fee Program in the second quarter of 2018 compared to no revenue in the second quarter of 2017 since the 2017 program was not approved until December 2017; excluding timing differences related to the California Provider Fee, same-hospital revenue per adjusted admission increased 1.6 percent.

Adjusted EBITDA in Tenet’s hospital segment was $345 million, a decrease of $1 million or 0.3 percent as compared to $346 million in the second quarter of 2017. Key items impacting the year-over-year comparison in Adjusted EBITDA include: (i) a $63 million increase in California Provider Fee revenue, (ii) a $41 million decline in EBITDA due to divestitures; (iii) a $23 million gain in the second quarter of 2017, primarily from the sale of the Company’s home health and hospice assets, which was recorded as a reduction to the Company’s other operating expenses, and (iv) a $6 million decline in electronic health record incentives. After normalizing for these items, Adjusted EBITDA in the hospital segment increased by $6 million, or approximately 2 percent.

Tenet’s health plan business recognized no revenue and $1 million of Adjusted EBITDA in the second quarter of 2018 versus $25 million of revenue and negative $19 million of Adjusted EBITDA

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in the second quarter of 2017. The revenue and expenses associated with the Company’s health plan operations are included in Tenet’s consolidated statements of operations; however, the results are excluded from Adjusted EBITDA in both periods.

Selected operating expenses in the hospital segment, defined as the sum of salaries, wages and benefits, supplies and other operating expenses, increased 2.2 percent on a per adjusted admission basis in the second quarter of 2018 or just 1.5 percent after normalizing for the aforementioned $23 million gain in the 2017 period.

Exchanges

Tenet’s same-hospital exchange outpatient visits increased 0.6 percent to 51,845 in the second quarter of 2018. Same-hospital exchange admissions were 4,725 in the second quarter of 2018, down 5.6 percent from the second quarter of 2017.

Ambulatory Care Segment

During the second quarter of 2018, the Ambulatory segment produced net operating revenues of $531 million, representing an increase of 12.5 percent as compared to $472 million in the second quarter of 2017. In addition, the Ambulatory segment generated Adjusted EBITDA of $198 million, up 20.7 percent from $164 million in the second quarter of 2017 and Adjusted EBITDA less facility-level noncontrolling interest was $128 million, up 20.8 percent from $106 million in the second quarter of 2017.

The results of many of the facilities in which the Ambulatory segment has an investment are not consolidated by Tenet. To help analyze the segment’s results of operations, management uses system-wide measures, which include revenues and cases of both consolidated and unconsolidated facilities. On a same-facility system-wide basis, revenue in the Ambulatory segment increased 6.9 percent, with cases increasing 4.3 percent and revenue per case increasing 2.4 percent. In the surgical business, which represents the majority of the revenue in the Ambulatory segment, same-facility system-wide revenue grew 6.6 percent, with cases up 3.4 percent and revenue per case up 3.1 percent, reflecting growth in higher-acuity surgical procedures. In the non-surgical business, same-facility system-wide revenue grew 13.6 percent, with visits up 5.8 percent and revenue per visit up 7.4 percent.

Conifer Segment

During the second quarter of 2018, as a result of divestiture activity at Tenet and other customers, Conifer’s revenue decreased 3.5 percent to $386 million, down from $400 million in the second quarter of 2017. Revenue from third party customers was down 1.2 percent to $242 million. Conifer’s revenue in the second quarter of 2018 included $7 million of contract termination fees

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from two health systems that acquired hospitals from Tenet and another Conifer customer and subsequently decided to insource revenue cycle management.

Conifer generated $91 million of Adjusted EBITDA in the second quarter of 2018, up 51.7 percent from $60 million in the second quarter of 2017. After normalizing for the aforementioned $7 million of contract termination fee revenue and $3 million of incentive revenue from customers in the second quarter of 2018, Adjusted EBITDA grew by 35 percent, primarily driven by improvements in Conifer’s cost structure.

Net Income and Earnings Per Share

Tenet reported net income from continuing operations available to Tenet common shareholders of $24 million, or $0.23 per diluted share, in the second quarter of 2018 compared to a net loss of $56 million, or $0.56 per diluted share, in the second quarter of 2017.

As shown on Table #2 at the end of this release, net income from continuing operations available to Tenet common shareholders of $24 million included: (i) $30 million of pre-tax impairment and restructuring charges, including $9 million of employee severance, $4 million of impairment charges to write-down assets held for sale in the United Kingdom to their estimated fair value, $4 million of contract and lease termination fees, and $13 million of other items; (ii) $13 million of pre-tax litigation and investigation costs; (iii) $8 million of pre-tax net gains on sales, consolidation and deconsolidation of facilities, primarily related to a $12 million pre-tax gain on the sale of Des Peres Hospital offset by $4 million of other items, and, (iv) other offsetting items. These items collectively lowered pre-tax income by $35 million, after-tax income by $27 million and diluted earnings per share by $0.26.

After adjusting for the items listed above and on Table #2, Tenet produced Adjusted net income from continuing operations available to Tenet common shareholders of $51 million, or $0.49 per diluted share, during the second quarter of 2018, as compared to an Adjusted net loss from continuing operations attributable to Tenet common shareholders of $17 million, or $0.17 per diluted share, in the second quarter of 2017.

A reconciliation of GAAP net income available (loss attributable) to Tenet common shareholders to Adjusted net income available (loss attributable) from continuing operations and Adjusted diluted earnings (loss) per share from continuing operations is contained in Table #2 at the end of this release.

Cash Flow and Liquidity

Cash and cash equivalents were $403 million at June 30, 2018 compared to $974 million at March 31, 2017. The Company had no outstanding borrowings on its $1 billion credit line as of June 30,

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2018. Accounts receivable days outstanding from continuing operations were 55.1 at June 30, 2018 compared to 54.3 at March 31, 2018 and 55.8 at December 31, 2017.

Net cash provided by operating activities was $461 in the first half of 2018, representing a $60 million increase compared to $401 million in the first half of 2017. After subtracting $268 million and $348 million of capital expenditures in the first half of 2018 and 2017, respectively, Free Cash Flow was $193 million in the first half of 2018, an increase of $140 million compared to $53 million in the first half of 2017. Adjusted Free Cash Flow was $259 million in the first half of 2018, representing a $142 million increase from $117 million in the first half of 2017.

Net cash provided by investing activities was $225 million in the first half of 2018 compared to $308 million of net cash used in investing activities in the first half of 2017. The 2018 period included $624 million of proceeds from the sales of facilities, long-term investments and other assets, primarily from the sale of the Company’s two hospitals in the Philadelphia area, MacNeal Hospital, Des Peres Hospital, and the Company’s minority interests in four Dallas-area hospitals. The 2018 period also included $126 million of purchases of businesses, joint ventures and equity investments, primarily related to USPI’s acquisition program.

Net cash used in financing activities was $894 million in the first half of 2018 compared to $334 million of net cash used in financing activities in the first half of 2017. The 2018 period included $642 million in purchases of noncontrolling interests, including approximately $630 million in the second quarter of 2018 to increase Tenet’s ownership in USPI to 95 percent, and $78 million of debt retirement through open market purchases.

Reconciliations of net cash provided by operating activities to both Free Cash Flow and Adjusted Free Cash Flow are contained in Table #3 at the end of this release.

Outlook

The Company’s Outlook for 2018 includes:

• Revenue of $17.9 billion to $18.3 billion,

• Net income from continuing operations available to Tenet common shareholders of $115 million to $186 million,

• Adjusted EBITDA of $2.550 billion to $2.650 billion,

• Net cash provided by operating activities of $1.220 billion to $1.525 billion,

• Adjusted Free Cash Flow of $725 million to $925 million,

• Diluted earnings per share from continuing operations of $1.11 to $1.79, and

• Adjusted diluted earnings per share from continuing operations of $1.54 to $1.88.

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The Outlook for 2018 assumes equity in earnings of unconsolidated affiliates of $160 million to $170 million, net income available to noncontrolling interests of $390 million to $410 million and an average diluted share count of 104 million.

The Company’s Outlook for the third quarter of 2018 includes:

• Revenue of $4.300 billion to $4.500 billion,

• Net income available (loss attributable) from continuing operations to Tenet common shareholders ranging from a loss of $10 million to income of $5 million,

• Adjusted EBITDA of $575 million to $625 million,

• Diluted earnings per share from continuing operations ranging from a loss of $0.10 to earnings of $0.05, and

• Adjusted diluted earnings per share from continuing operations ranging from $0.10 to $0.24.

The Outlook for the third quarter assumes equity in earnings of unconsolidated affiliates of $40 million to $45 million, net income available to noncontrolling interests of $90 million to $100 million, and an average diluted share count of 104 million.

Additional details on Tenet’s Outlook for both the third quarter and calendar year 2018 are available in Tables #4, #5 and #6 at the end of this press release and in an accompanying slide presentation that is accessible through the Company’s website at www.tenethealth.com/investors.

Management’s Webcast Discussion of Second Quarter Results

Tenet management will discuss the Company’s second quarter 2018 results on a webcast scheduled for 10:00 a.m. Eastern Time (9:00 a.m. Central Time) on August 7, 2018. Investors can access the webcast through the Company’s website at www.tenethealth.com/investors. A set of slides, which will be referred to on the conference call, is available on the Quarterly Results section of the Company’s website.

Additional information regarding Tenet’s quarterly results of operations is contained in its Form 10-Q report for the period ended June 30, 2018, which will be filed with the Securities and Exchange Commission and posted on the Company’s website.

This press release includes certain non-GAAP measures, such as Adjusted EBITDA, Adjusted net income available (loss attributable) from continuing operations to Tenet common shareholders, Adjusted diluted earnings (loss) per share from continuing operations, Free Cash Flow and Adjusted Free Cash Flow. Reconciliations of these measures to the most comparable GAAP measures are contained in the tables at the end of this release.

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Tenet Healthcare Corporation is a diversified healthcare services company with approximately 115,000 employees united around a common mission: to help people live happier, healthier lives. Through its subsidiaries, partnerships and joint ventures, including United Surgical Partners International, the Company operates general acute care and specialty hospitals, ambulatory surgery centers, urgent care centers and other outpatient facilities in the United States and the United Kingdom. Tenet’s Conifer Health Solutions subsidiary provides technology-enabled performance improvement and health management solutions to hospitals, health systems, integrated delivery networks, physician groups, self-insured organizations and health plans. For more information, please visit www.tenethealth.com.

The terms "THC", "Tenet Healthcare Corporation", "the Company", "we", "us" or "our" refer to Tenet Healthcare Corporation or one or more of its subsidiaries or affiliates as applicable.

# # #

Investor Contact Brendan Strong 469-893-6992 investorrelations@tenethealth.com Media Contact Lesley Bogdanow 469-893-2640mediarelations@tenethealth.com

This release contains “forward-looking statements” - that is, statements that relate to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “expect,” “assume,” “anticipate,” “estimate,” “intend,” “plan,” “project” “believe,” “seek,” “see,” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include, but are not limited to, the factors disclosed under “Forward-Looking Statements” and “Risk Factors” in our Form 10-K for the year ended December 31, 2017, and subsequent Form 10-Q filings and other filings with the Securities and Exchange Commission.

Tenet uses its Company website to provide important information to investors about the Company including the posting of important announcements regarding financial performance and corporate developments.

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TENET HEALTHCARE CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in millions except per share amounts)	Three Months Ended June 30,
	2018			%		2017			%		Change
Net operating revenues:
Net operating revenues before provision for doubtful accounts						$	5,173
Less: Provision for doubtful accounts						371
Net operating revenues	$	4,506		100.0	%	4,802			100.0	%	(6.2	)%
Equity in earnings of unconsolidated affiliates	39			0.9	%	28			0.6	%	39.3	%
Operating expenses:
Salaries, wages and benefits	2,135			47.4	%	2,346			48.9	%	(9.0	)%
Supplies	748			16.6	%	780			16.2	%	(4.1	)%
Other operating expenses, net	1,027			22.8	%	1,159			24.1	%	(11.4	)%
Electronic health record incentives	—			—	%	(6		)	(0.1	)%	(100.0	)%
Depreciation and amortization	194			4.3	%	222			4.6	%
Impairment and restructuring charges, and acquisition-related costs	30			0.7	%	41			0.9	%
Litigation and investigation costs	13			0.3	%	1			0.0	%
Net gains on sales, consolidation and deconsolidation of facilities	(8		)	(0.2	)%	(23		)	(0.5	)%
Operating income	406			9.0	%	310			6.5	%
Interest expense	(254		)			(260		)
Other non-operating expense, net	(1		)			(5		)
Loss from early extinguishment of debt	(1		)			(26		)
Income from continuing operations, before income taxes	150					19
Income tax benefit (expense)	(44		)			12
Income from continuing operations, before discontinued operations	106					31
Discontinued operations:
Income from operations	2					2
Income tax benefit (expense)	—					(1		)
Income from discontinued operations	2					1
Net income	108					32
Less: Net income available to noncontrolling interests	82					87
Net income available (loss attributable) to Tenet Healthcare Corporation common shareholders	$	26				$	(55	)
Amounts available (attributable) to Tenet Healthcare Corporation common shareholders
Income (loss) from continuing operations, net of tax	$	24				$	(56	)
Income from discontinued operations, net of tax	2					1
Net income available (loss attributable) to Tenet Healthcare Corporation common shareholders	$	26				$	(55	)
Earnings (loss) per share available (attributable) to Tenet Healthcare Corporation common shareholders:
Basic
Continuing operations	$	0.23				$	(0.56	)
Discontinued operations	0.02					0.01
	$	0.25				$	(0.55	)
Diluted
Continuing operations	$	0.23				$	(0.56	)
Discontinued operations	0.02					0.01
	$	0.25				$	(0.55	)
Weighted average shares and dilutive securities outstanding (in thousands):
Basic	102,147					100,612
Diluted*	104,177					100,612

*Had we generated income from continuing operations in the three months ended June 30, 2017 the effect of employee stock options, restricted stock units and deferred compensation units on the diluted shares calculation would have been an increase of 682 thousand shares.

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TENET HEALTHCARE CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in millions except per share amounts)	Six Months Ended June 30,
	2018			%		2017			%		Change
Net operating revenues:
Net operating revenues before provision for doubtful accounts						$	10,369
Less: Provision for doubtful accounts						754
Net operating revenues	$	9,205		100.0	%	9,615			100.0	%	(4.3	)%
Equity in earnings of unconsolidated affiliates	64			0.7	%	57			0.6	%	12.3	%
Operating expenses:
Salaries, wages and benefits	4,362			47.5	%	4,726			49.2	%	(7.7	)%
Supplies	1,522			16.5	%	1,545			16.1	%	(1.5	)%
Other operating expenses, net	2,087			22.7	%	2,346			24.4	%	(11.0	)%
Electronic health record incentives	(1		)	—	%	(7		)	(0.1	)%	(85.7	)%
Depreciation and amortization	398			4.3	%	443			4.6	%
Impairment and restructuring charges, and acquisition-related costs	77			0.8	%	74			0.8	%
Litigation and investigation costs	19			0.2	%	6			0.1	%
Net gains on sales, consolidation and deconsolidation of facilities	(118		)	(1.3	)%	(38		)	(0.4	)%
Operating income	923			10.0	%	577			6.0	%
Interest expense	(509		)			(518		)
Other non-operating expense, net	(2		)			(10		)
Loss from early extinguishment of debt	(2		)			(26		)
Income from continuing operations, before income taxes	410					23
Income tax benefit (expense)	(114		)			45
Income from continuing operations, before discontinued operations	296					68
Discontinued operations:
Income (loss) from operations	3					—
Income tax benefit (expense)	—					—
Income (loss) from discontinued operations	3					—
Net income	299					68
Less: Net income available to noncontrolling interests	174					176
Net income available (loss attributable) to Tenet Healthcare Corporation common shareholders	$	125				$	(108	)
Amounts available (attributable) to Tenet Healthcare Corporation common shareholders
Income (loss) from continuing operations, net of tax	$	122				$	(108	)
Income (loss) from discontinued operations, net of tax	3					—
Net income available (loss attributable) to Tenet Healthcare Corporation common shareholders	$	125				$	(108	)
Earnings (loss) per share available (attributable) to Tenet Healthcare Corporation common shareholders:
Basic
Continuing operations	$	1.20				$	(1.08	)
Discontinued operations	0.03					—
	$	1.23				$	(1.08	)
Diluted
Continuing operations	$	1.18				$	(1.08	)
Discontinued operations	0.03					—
	$	1.21				$	(1.08	)
Weighted average shares and dilutive securities outstanding (in thousands):
Basic	101,770					100,306
Diluted*	103,416					100,306

*Had we generated income from continuing operations in the six months ended June 30, 2017 the effect of employee stock options, restricted stock units and deferred compensation units on the diluted shares calculation would have been an increase of 766 thousand shares.

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TENET HEALTHCARE CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	June 30,		December 31,
(Dollars in millions)	2018		2017
ASSETS
Current assets:
Cash and cash equivalents	$	403	$	611
Accounts receivable, less allowance for doubtful accounts	2,483		2,616
Inventories of supplies, at cost	298		289
Income tax receivable	28		5
Assets held for sale	452		1,017
Other current assets	1,041		1,035
Total current assets	4,705		5,573
Investments and other assets	1,416		1,543
Deferred income taxes	348		455
Property and equipment, at cost, less accumulated depreciation and amortization	6,863		7,030
Goodwill	7,218		7,018
Other intangible assets, at cost, less accumulated amortization	1,793		1,766
Total assets	$	22,343	$	23,385
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$	663	$	146
Accounts payable	1,047		1,175
Accrued compensation and benefits	711		848
Professional and general liability reserves	230		200
Accrued interest payable	243		256
Liabilities held for sale	393		480
Other current liabilities	1,067		1,227
Total current liabilities	4,354		4,332
Long-term debt, net of current portion	14,204		14,791
Professional and general liability reserves	630		654
Defined benefit plan obligations	515		536
Deferred income taxes	36		36
Other long-term liabilities	599		631
Total liabilities	20,338		20,980
Commitments and contingencies
Redeemable noncontrolling interests in equity of consolidated subsidiaries	1,429		1,866
Equity:
Shareholders’ equity:
Common stock	7		7
Additional paid-in capital	4,722		4,859
Accumulated other comprehensive loss	(243)		(204)
Accumulated deficit	(2,222)		(2,390)
Common stock in treasury, at cost	(2,418)		(2,419)
Total shareholders’ equity (deficit)	(154)		(147)
Noncontrolling interests	730		686
Total equity	576		539
Total liabilities and equity	$	22,343	$	23,385

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TENET HEALTHCARE CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOW

(Unaudited)

	Six Months Ended
(Dollars in millions)	June 30,
	2018			2017
Net income	$	299		$	68
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	398			443
Provision for doubtful accounts	—			754
Deferred income tax expense (benefit)	108			(81		)
Stock-based compensation expense	20			29
Impairment and restructuring charges, and acquisition-related costs	77			74
Litigation and investigation costs	19			6
Net gains on sales, consolidation and deconsolidation of facilities	(118		)	(38		)
Loss from early extinguishment of debt	2			26
Equity in earnings of unconsolidated affiliates, net of distributions received	10			4
Amortization of debt discount and debt issuance costs	22			22
Pre-tax income from discontinued operations	(3		)	—
Other items, net	(1		)	(25		)
Changes in cash from operating assets and liabilities:
Accounts receivable	(13		)	(673		)
Inventories and other current assets	144			160
Income taxes	(18		)	(7		)
Accounts payable, accrued expenses and other current liabilities	(371		)	(345		)
Other long-term liabilities	(48		)	48
Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements	(63		)	(62		)
Net cash used in operating activities from discontinued operations, excluding income taxes	(3		)	(2		)
Net cash provided by operating activities	461			401
Cash flows from investing activities:
Purchases of property and equipment — continuing operations	(268		)	(348		)
Purchases of businesses or joint venture interests, net of cash acquired	(89		)	(26		)
Proceeds from sales of facilities and other assets	481			74
Proceeds from sales of marketable securities, long-term investments and other assets	143			16
Purchases of equity investments	(37		)	(2		)
Other long-term assets	3			(12		)
Other items, net	(8		)	(10		)
Net cash provided by (used in) investing activities	225			(308		)
Cash flows from financing activities:
Repayments of borrowings under credit facility	(360		)	(100		)
Proceeds from borrowings under credit facility	360			100
Repayments of other borrowings	(161		)	(1,029		)
Proceeds from other borrowings	14			837
Debt issuance costs	—			(29		)
Distributions paid to noncontrolling interests	(140		)	(123		)
Proceeds from sale of noncontrolling interests	7			14
Purchases of noncontrolling interests	(642		)	(5		)
Proceeds from exercise of stock options and employee stock purchase plan	14			3
Other items, net	14			(2		)
Net cash used in financing activities	(894		)	(334		)
Net decrease in cash and cash equivalents	(208		)	(241		)
Cash and cash equivalents at beginning of period	611			716
Cash and cash equivalents at end of period	$	403		$	475
Supplemental disclosures:
Interest paid, net of capitalized interest	$	(501	)	$	(468	)
Income tax refunds (payments), net	$	(21	)	$	(44	)

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TENET HEALTHCARE CORPORATION

SELECTED STATISTICS – CONTINUING TOTAL HOSPITALS⁽¹⁾ 

(Unaudited)

(Dollars in millions except per adjusted patient day	Three Months Ended June 30,									Six Months Ended June 30,
and per adjusted patient admission amounts)	2018			2017			Change			2018			2017			Change
Admissions, Patient Days and Surgeries
Number of hospitals (at end of period)	68			76			(8	)	*	68			76			(8	)	*
Total admissions	168,453			190,394			(11.5	)%		350,759			387,301			(9.4	)%
Adjusted patient admissions	306,063			342,439			(10.6	)%		626,931			689,589			(9.1	)%
Paying admissions (excludes charity and uninsured)	158,216			179,889			(12.0	)%		330,706			366,537			(9.8	)%
Charity and uninsured admissions	10,237			10,505			(2.6	)%		20,053			20,764			(3.4	)%
Admissions through emergency department	115,036			121,807			(5.6	)%		240,112			248,280			(3.3	)%
Paying admissions as a percentage of total admissions	93.9		%	94.5		%	(0.6	)%	*	94.3		%	94.6		%	(0.3	)%	*
Charity and uninsured admissions as a percentage of total admissions	6.1		%	5.5		%	0.6	%	*	5.7		%	5.4		%	0.3	%	*
Emergency department admissions as a percentage of total admissions	68.3		%	64.0		%	4.3	%	*	68.5		%	64.1		%	4.4	%	*
Surgeries — inpatient	46,274			52,083			(11.2	)%		93,497			103,883			(10.0	)%
Surgeries — outpatient	63,805			71,366			(10.6	)%		126,813			140,970			(10.0	)%
Total surgeries	110,079			123,449			(10.8	)%		220,310			244,853			(10.0	)%
Patient days — total	766,519			874,930			(12.4	)%		1,625,167			1,798,269			(9.6	)%
Adjusted patient days	1,373,480			1,552,302			(11.5	)%		2,859,619			3,156,000			(9.4	)%
Average length of stay (days)	4.55			4.60			(1.1	)%		4.63			4.64			(0.2	)%
Licensed beds (at end of period)	18,314			20,435			(10.4	)%		18,314			20,435			(10.4	)%
Average licensed beds	18,362			20,435			(10.1	)%		18,523			20,437			(9.4	)%
Utilization of licensed beds	45.9		%	47.0		%	(1.1	)%	*	48.5		%	48.6		%	(0.1	)%	*
Outpatient Visits
Total visits	1,749,847			1,981,848			(11.7	)%		3,592,386			4,021,790			(10.7	)%
Paying visits (excludes charity and uninsured)	1,633,372			1,849,697			(11.7	)%		3,359,348			3,757,909			(10.6	)%
Charity and uninsured visits	116,475			132,151			(11.9	)%		233,038			263,881			(11.7	)%
Emergency department visits	643,036			724,785			(11.3	)%		1,340,037			1,457,836			(8.1	)%
Paying visits as a percentage of total visits	93.3		%	93.3		%	—	%	*	93.5		%	93.4		%	0.1	%	*
Charity and uninsured visits as a percentage of total visits	6.7		%	6.7		%	—	%	*	6.5		%	6.6		%	(0.1	)%	*
Total emergency department admissions and visits	758,072			846,592			(10.5	)%		1,580,149			1,706,116			(7.4	)%
Revenues
Net patient revenues(3)	$	3,443		$	3,719		(7.4	)%		$	7,086		$	7,447		(4.8	)%
Revenues on a Per Adjusted Patient Admission and Per Adjusted Patient Day
Net patient revenue(3) per adjusted patient      admission	$	11,249		$	10,860		3.6	%		$	11,303		$	10,799		4.7	%
Net patient revenue(3) per adjusted patient day	$	2,507		$	2,396		4.6	%		$	2,478		$	2,360		5.0	%
Total selected operating expenses (salaries, wages and benefits, supplies and other operating expenses) per adjusted patient admission(2)	$	10,619		$	10,394		2.2	%		$	10,590		$	10,342		2.4	%
Net Patient Revenues(3) from:
Medicare	20.4		%	22.0		%	(1.6	)%	*	20.9		%	22.6		%	(1.7	)%	*
Medicaid	9.1		%	7.5		%	1.6	%	*	9.0		%	7.4		%	1.6	%	*
Managed care	66.0		%	65.9		%	0.1	%	*	65.5		%	65.6		%	(0.1	)%	*
Self-pay	0.2		%	0.5		%	(0.3	)%	*	0.6		%	0.4		%	0.2	%	*
Indemnity and other	4.3		%	4.1		%	0.2	%	*	4.0		%	4.0		%	—	%	*

(1) Represents the consolidated results of Tenet’s acute care hospitals and related outpatient facilities included in the Hospital Operations and other segment.

(2) Excludes operating expenses from Tenet's health plans.

(3) Less implicit price concessions and provision for doubtful accounts.

* This change is the difference between the 2018 and 2017 amounts shown.

Page 12

TENET HEALTHCARE CORPORATION

SELECTED STATISTICS – CONTINUING SAME HOSPITALS⁽¹⁾ 

(Unaudited)

(Dollars in millions except per adjusted patient day	Three Months Ended June 30,								Six Months Ended June 30,
and per adjusted patient admission amounts)	2018			2017			Change		2018			2017			Change
Admissions, Patient Days and Surgeries
Number of hospitals (at end of period)	68			68			—		68			68			—		*
Total admissions	168,135			172,048			(2.3	)%	346,324			349,672			(1.0	)%
Adjusted patient admissions	305,541			306,278			(0.2	)%	617,838			616,415			0.2	%
Paying admissions (excludes charity and uninsured)	157,904			162,630			(2.9	)%	326,458			331,153			(1.4	)%
Charity and uninsured admissions	10,231			9,418			8.6	%	19,866			18,519			7.3	%
Admissions through emergency department	114,945			110,486			4.0	%	237,867			225,253			5.6	%
Paying admissions as a percentage of total admissions	93.9		%	94.5		%	(0.6	)%	94.3		%	94.7		%	(0.4	)%	*
Charity and uninsured admissions as a percentage of total admissions	6.1		%	5.5		%	0.6	%	5.7		%	5.3		%	0.4	%	*
Emergency department admissions as a percentage of total admissions	68.4		%	64.2		%	4.2	%	68.7		%	64.4		%	4.3	%	*
Surgeries — inpatient	46,057			47,288			(2.6	)%	91,997			94,188			(2.3	)%
Surgeries — outpatient	63,615			63,642			—	%	124,664			125,754			(0.9	)%
Total surgeries	109,672			110,930			(1.1	)%	216,661			219,942			(1.5	)%
Patient days — total	765,659			792,160			(3.3	)%	1,606,445			1,625,921			(1.2	)%
Adjusted patient days	1,372,048			1,390,154			(1.3	)%	2,820,404			2,824,012			(0.1	)%
Average length of stay (days)	4.55			4.60			(1.1	)%	4.64			4.65			(0.2	)%
Licensed beds (at end of period)	17,946			17,980			(0.2	)%	17,946			17,980			(0.2	)%
Average licensed beds	17,946			17,980			(0.2	)%	17,946			17,972			(0.1	)%
Utilization of licensed beds	46.9		%	48.4		%	(1.5	)%	49.5		%	50.0		%	(0.5	)%	*
Outpatient Visits
Total visits	1,748,312			1,766,625			(1.0	)%	3,542,213			3,577,426			(1.0	)%
Paying visits (excludes charity and uninsured)	1,631,963			1,652,532			(1.2	)%	3,312,212			3,351,449			(1.2	)%
Charity and uninsured visits	116,349			114,093			2.0	%	230,001			225,977			1.8	%
Emergency department visits	642,623			645,803			(0.5	)%	1,325,226			1,296,580			2.2	%
Paying visits as a percentage of total visits	93.3		%	93.5		%	(0.2	)%	93.5		%	93.7		%	(0.2	)%	*
Charity and uninsured visits as a percentage of total visits	6.7		%	6.5		%	0.2	%	6.5		%	6.3		%	0.2	%	*
Total emergency department admissions and visits	757,568			756,289			0.2	%	1,563,093			1,521,833			2.7	%
Revenues
Net patient revenues(2)	$	3,432		$	3,325		3.2	%	$	7,002		$	6,668		5.0	%
Revenues on a Per Adjusted Patient Admission and Per Adjusted Patient Day
Net patient revenue(2) per adjusted patient      admission	$	11,233		$	10,856		3.5	%	$	11,333		$	10,817		4.8	%
Net patient revenue(2) per adjusted patient day	$	2,501		$	2,392		4.6	%	$	2,483		$	2,361		5.2	%
Net Patient Revenues(2) from:
Medicare	20.4		%	22.3		%	(1.9	)%	20.8		%	22.9		%	(2.1	)%	*
Medicaid	9.1		%	7.1		%	2.0	%	9.0		%	7.1		%	1.9	%	*
Managed care	66.1		%	65.8		%	0.3	%	65.5		%	65.4		%	0.1	%	*
Self-pay	0.1		%	0.6		%	(0.5	)%	0.7		%	0.5		%	0.2	%	*
Indemnity and other	4.3		%	4.2		%	0.1	%	4.0		%	4.1		%	(0.1	)%	*

(1) Information for our Hospital Operations and other segment is presented on a same-hospital basis, which includes the results of our same 68 hospitals operated throughout the six months ended June 30, 2018 and 2017 and associated outpatient facilities, but excludes the results of hospitals Tenet divested since January 1, 2017.

(2) Less implicit price concessions and provision for doubtful accounts.

* This change is the difference between the 2018 and 2017 amounts shown.

Page 13

TENET HEALTHCARE CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in millions except per share amounts)	Three Months Ended						Six Months Ended
	3/31/2018			6/30/2018			6/30/2018
Net operating revenues	$	4,699		$	4,506		$	9,205
Equity in earnings of unconsolidated affiliates	25			39			64
Operating expenses:
Salaries, wages and benefits	2,227			2,135			4,362
Supplies	774			748			1,522
Other operating expenses, net	1,060			1,027			2,087
Electronic health record incentives	(1		)	—			(1		)
Depreciation and amortization	204			194			398
Impairment and restructuring charges, and acquisition-related costs	47			30			77
Litigation and investigation costs	6			13			19
Net gains on sales, consolidation and deconsolidation of facilities	(110		)	(8		)	(118		)
Operating income	517			406			923
Interest expense	(255		)	(254		)	(509		)
Other non-operating expense, net	(1		)	(1		)	(2		)
Loss from early extinguishment of debt	(1		)	(1		)	(2		)
Income from continuing operations, before income taxes	260			150			410
Income tax expense	(70		)	(44		)	(114		)
Income from continuing operations, before discontinued operations	190			106			296
Discontinued operations:
Income from operations	1			2			3
Income tax benefit (expense)	—			—			—
Income from discontinued operations	1			2			3
Net income	191			108			299
Less: Net income available to noncontrolling interests	92			82			174
Net income available to Tenet Healthcare Corporation common    shareholders	$	99		$	26		$	125
Amounts available to Tenet Healthcare Corporation common    shareholders
Income from continuing operations, net of tax	$	98		$	24		$	122
Income from discontinued operations, net of tax	1			2			3
Net income available to Tenet Healthcare Corporation common    shareholders	$	99		$	26		$	125
Earnings per share available to Tenet Healthcare Corporation    common shareholders:
Basic
Continuing operations	$	0.97		$	0.23		$	1.20
Discontinued operations	0.01			0.02			0.03
	$	0.98		$	0.25		$	1.23
Diluted
Continuing operations	$	0.95		$	0.23		1.18
Discontinued operations	0.01			0.02			$	0.03
	$	0.96		$	0.25		$	1.21
Weighted average shares and dilutive securities    outstanding (in thousands):
Basic	101,392			102,147			101,770
Diluted	102,656			104,177			103,416

Page 14

TENET HEALTHCARE CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in millions except per share amounts)	Three Months Ended												Year Ended
	3/31/2017			6/30/2017			9/30/2017			12/31/2017			12/31/2017
Net operating revenues:
Net operating revenues before provision for doubtful accounts	$	5,196		$	5,173		$	4,941		$	5,303		$	20,613
Less: Provision for doubtful accounts	383			371			355			325			1,434
Net operating revenues	4,813			4,802			4,586			4,978			19,179
Equity in earnings of unconsolidated affiliates	29			28			38			49			144
Operating expenses:
Salaries, wages and benefits	2,380			2,346			2,264			2,284			9,274
Supplies	765			780			740			800			3,085
Other operating expenses, net	1,187			1,159			1,120			1,104			4,570
Electronic health record incentives	(1		)	(6		)	(1		)	(1		)	(9		)
Depreciation and amortization	221			222			219			208			870
Impairment and restructuring charges, and acquisition-related costs	33			41			329			138			541
Litigation and investigation costs	5			1			6			11			23
Net gains on sales, consolidation and deconsolidation of facilities	(15		)	(23		)	(104		)	(2		)	(144		)
Operating income	267			310			51			485			1,113
Interest expense	(258		)	(260		)	(257		)	(253		)	(1,028		)
Other non-operating expense, net	(5		)	(5		)	(4		)	(8		)	(22		)
Loss from early extinguishment of debt	—			(26		)	(138		)	—			(164		)
Income (loss) from continuing operations, before income   taxes	4			19			(348		)	224			(101		)
Income tax benefit (expense)	33			12			60			(324		)	(219		)
Income (loss) from continuing operations, before   discontinued operations	37			31			(288		)	(100		)	(320		)
Discontinued operations:
Income (loss) from operations	(2		)	2			(1		)	1			—
Income tax benefit (expense)	1			(1		)	—			—			—
Income (loss) from discontinued operations	(1		)	1			(1		)	1			—
Net income (loss)	36			32			(289		)	(99		)	(320		)
Less: Net income available to noncontrolling interests	89			87			78			130			384
Net income available (loss attributable) to Tenet Healthcare    Corporation common shareholders	$	(53	)	$	(55	)	$	(367	)	$	(229	)	$	(704	)
Amounts available (attributable) to Tenet Healthcare    Corporation common shareholders
Loss from continuing operations, net of tax	$	(52	)	$	(56	)	$	(366	)	$	(230	)	$	(704	)
Income (loss) from discontinued operations, net of tax	(1		)	1			(1		)	1			—
Net loss attributable to Tenet Healthcare   Corporation common shareholders	$	(53	)	$	(55	)	$	(367	)	$	(229	)	$	(704	)
Earnings available (loss attributable) per share to Tenet    Healthcare Corporation common shareholders:
Basic
Continuing operations	$	(0.52	)	$	(0.56	)	$	(3.63	)	$	(2.28	)	$	(7.00	)
Discontinued operations	(0.01		)	0.01			(0.01		)	0.01			—
	$	(0.53	)	$	(0.55	)	$	(3.64	)	$	(2.27	)	$	(7.00	)
Diluted
Continuing operations	$	(0.52	)	$	(0.56	)	$	(3.63	)	$	(2.28	)	$	(7.00	)
Discontinued operations	(0.01		)	0.01			(0.01		)	0.01			—
	$	(0.53	)	$	(0.55	)	$	(3.64	)	$	(2.27	)	$	(7.00	)
Weighted average shares and dilutive securities    outstanding (in thousands):
Basic	100,000			100,612			100,812			100,945			100,592
Diluted	100,000			100,612			100,812			100,945			100,592

Page 15

TENET HEALTHCARE CORPORATION

SELECTED STATISTICS – CONTINUING TOTAL HOSPITALS⁽¹⁾ 

(Unaudited)

(Dollars in millions except per adjusted patient day and per adjusted patient admission amounts)
	Three Months Ended						Six Months Ended
	3/31/2018			6/30/2018			06/30/2018
Admissions, Patient Days and Surgeries
Number of hospitals (at end of period)	69			68			68
Total admissions	182,306			168,453			350,759
Adjusted patient admissions	320,868			306,063			626,931
Paying admissions (excludes charity and uninsured)	172,490			158,216			330,706
Charity and uninsured admissions	9,816			10,237			20,053
Admissions through emergency department	125,076			115,036			240,112
Paying admissions as a percentage of total admissions	94.6		%	93.9		%	94.3		%
Charity and uninsured admissions as a percentage of total admissions	5.4		%	6.1		%	5.7		%
Emergency department admissions as a percentage of total admissions	68.6		%	68.3		%	68.5		%
Surgeries — inpatient	47,223			46,274			93,497
Surgeries — outpatient	63,008			63,805			126,813
Total surgeries	110,231			110,079			220,310
Patient days — total	858,648			766,519			1,625,167
Adjusted patient days	1,486,139			1,373,480			2,859,619
Average length of stay (days)	4.71			4.55			4.63
Licensed beds (at end of period)	18,457			18,314			18,314
Average licensed beds	18,685			18,362			18,523
Utilization of licensed beds	51.1		%	45.9		%	48.5		%
Outpatient Visits
Total visits	1,842,539			1,749,847			3,592,386
Paying visits (excludes charity and uninsured)	1,725,976			1,633,372			3,359,348
Charity and uninsured visits	116,563			116,475			233,038
Emergency department visits	697,001			643,036			1,340,037
Paying visits as a percentage of total visits	93.7		%	93.3		%	93.5		%
Charity and uninsured visits as a percentage of total visits	6.3		%	6.7		%	6.5		%
Total emergency department admissions and visits	822,077			758,072			1,580,149
Revenues
Net patient revenues(3)	$	3,643		$	3,443		$	7,086
Revenues on a Per Adjusted Patient Admission and Per Adjusted Patient Day
Net patient revenue(3) per adjusted patient admission	$	11,354		$	11,249		$	11,303
Net patient revenue(3) per adjusted patient day	$	2,451		$	2,507		$	2,478
Total selected operating expenses (salaries, wages and benefits, supplies and other operating expenses) per adjusted patient admission(2)	$	10,561		$	10,619		$	10,590
Net Patient Revenues(3) from:
Medicare	21.5		%	20.4		%	20.9		%
Medicaid	8.8		%	9.1		%	9.0		%
Managed care	65.0		%	66.0		%	65.5		%
Self-pay	1.0		%	0.2		%	0.6		%
Indemnity and other	3.7		%	4.3		%	4.0		%

(1) Represents the consolidated results of Tenet’s acute care hospitals and related outpatient facilities included in the Hospital Operations and other segment.

(2) Excludes operating expenses from Tenet's health plans.

(3) Less implicit price concessions and provision for doubtful accounts.

Page 16

TENET HEALTHCARE CORPORATION

SELECTED STATISTICS – CONTINUING TOTAL HOSPITALS⁽¹⁾ 

(Unaudited)

(Dollars in millions except per adjusted patient day and per adjusted patient admission amounts)
	Three Months Ended												Year Ended
	3/31/2017			6/30/2017			9/30/2017			12/31/2017			12/31/2017
Admissions, Patient Days and Surgeries
Number of hospitals (at end of period)	76			76			73			72			72
Total admissions	196,907			190,394			185,389			186,185			758,875
Adjusted patient admissions	347,150			342,439			332,035			332,642			1,354,266
Paying admissions (excludes charity and uninsured)	186,648			179,889			174,803			176,158			717,498
Charity and uninsured admissions	10,259			10,505			10,586			10,027			41,377
Admissions through emergency department	126,473			121,807			120,493			123,887			492,660
Paying admissions as a percentage of total admissions	94.8		%	94.5		%	94.3		%	94.6		%	94.5		%
Charity and uninsured admissions as a percentage of total admissions	5.2		%	5.5		%	5.7		%	5.4		%	5.5		%
Emergency department admissions as a percentage of total admissions	64.2		%	64.0		%	65.0		%	66.5		%	64.9		%
Surgeries — inpatient	51,800			52,083			50,939			50,292			205,114
Surgeries — outpatient	69,604			71,366			67,321			68,604			276,895
Total surgeries	121,404			123,449			118,260			118,896			482,009
Patient days — total	923,339			874,930			853,059			857,728			3,509,056
Adjusted patient days	1,603,698			1,552,302			1,502,831			1,505,130			6,163,961
Average length of stay (days)	4.69			4.60			4.60			4.61			4.62
Licensed beds (at end of period)	20,439			20,435			19,433			19,141			19,141
Average licensed beds	20,440			20,435			19,783			19,320			19,995
Utilization of licensed beds	50.2		%	47.0		%	46.9		%	48.3		%	48.1		%
Outpatient Visits
Total visits	2,039,942			1,981,848			1,867,471			1,901,864			7,791,125
Paying visits (excludes charity and uninsured)	1,908,212			1,849,697			1,741,815			1,777,790			7,277,514
Charity and uninsured visits	131,730			132,151			125,656			124,074			513,611
Emergency department visits	733,051			724,785			685,096			711,268			2,854,200
Paying visits as a percentage of total visits	93.5		%	93.3		%	93.3		%	93.5		%	93.4		%
Charity and uninsured visits as a percentage of total visits	6.5		%	6.7		%	6.7		%	6.5		%	6.6		%
Total emergency department admissions and visits	859,524			846,592			805,589			835,155			3,346,860
Revenues
Net patient revenues(3)	$	3,728		$	3,719		$	3,522		$	3,860		$	14,829
Revenues on a Per Adjusted Patient Admission and Per Adjusted Patient Day
Net patient revenue(3) per adjusted patient admission	$	10,739		$	10,860		$	10,607		$	11,604		$	10,950
Net patient revenue(3) per adjusted patient day	$	2,325		$	2,396		$	2,344		$	2,565		$	2,406
Total selected operating expenses (salaries, wages and benefits, supplies and other operating expenses) per adjusted patient admission(2)	$	10,288		$	10,394		$	10,367		$	10,492		$	10,384
Net Patient Revenues(3) from:
Medicare	23.1		%	22.0		%	22.0		%	20.4		%	21.9		%
Medicaid	7.4		%	7.5		%	7.1		%	12.9		%	8.8		%
Managed care	65.2		%	65.9		%	66.1		%	61.5		%	64.6		%
Self-pay	0.3		%	0.5		%	0.3		%	1.3		%	0.6		%
Indemnity and other	4.0		%	4.1		%	4.5		%	3.9		%	4.1		%

(1) Represents the consolidated results of Tenet’s acute care hospitals and related outpatient facilities included in the Hospital Operations and other segment.

(2) Excludes operating expenses from Tenet's health plans.

(3) Less implicit price concessions and provision for doubtful accounts.

Page 17

TENET HEALTHCARE CORPORATION

SELECTED STATISTICS – CONTINUING SAME HOSPITALS⁽¹⁾ 

(Unaudited)

(Dollars in millions except per adjusted patient day and per adjusted patient admission amounts)
	Three Months Ended						Six Months Ended
	3/31/2018			6/30/2018			6/30/2018
Admissions, Patient Days and Surgeries
Number of hospitals (at end of period)	68			68			68
Total admissions	178,189			168,135			346,324
Adjusted patient admissions	312,297			305,541			617,838
Paying admissions (excludes charity and uninsured)	168,554			157,904			326,458
Charity and uninsured admissions	9,635			10,231			19,866
Admissions through emergency department	122,922			114,945			237,867
Paying admissions as a percentage of total admissions	94.6		%	93.9		%	94.3		%
Charity and uninsured admissions as a percentage of total admissions	5.4		%	6.1		%	5.7		%
Emergency department admissions as a percentage of total admissions	69.0		%	68.4		%	68.7		%
Surgeries — inpatient	45,940			46,057			91,997
Surgeries — outpatient	61,049			63,615			124,664
Total surgeries	106,989			109,672			216,661
Patient days — total	840,786			765,659			1,606,445
Adjusted patient days	1,448,356			1,372,048			2,820,404
Average length of stay (days)	4.72			4.55			4.64
Licensed beds (at end of period)	17,946			17,946			17,946
Average licensed beds	17,946			17,946			17,946
Utilization of licensed beds	52.1		%	46.9		%	49.5		%
Outpatient Visits
Total visits	1,793,901			1,748,312			3,542,213
Paying visits (excludes charity and uninsured)	1,680,249			1,631,963			3,312,212
Charity and uninsured visits	113,652			116,349			230,001
Emergency department visits	682,603			642,623			1,325,226
Paying visits as a percentage of total visits	93.7		%	93.3		%	93.5		%
Charity and uninsured visits as a percentage of total visits	6.3		%	6.7		%	6.5		%
Total emergency department admissions and visits	805,525			757,568			1,563,093
Revenues
Net patient revenues(2)	$	3,570		$	3,432		$	7,002
Revenues on a Per Adjusted Patient Admission and Per Adjusted Patient Day
Net patient revenue(2) per adjusted patient admission	$	11,431		$	11,233		$	11,333
Net patient revenue(2) per adjusted patient day	$	2,465		$	2,501		$	2,483
Net Patient Revenues(2) from:
Medicare	21.3		%	20.4		%	20.8		%
Medicaid	8.8		%	9.1		%	9.0		%
Managed care	64.9		%	66.1		%	65.5		%
Self-pay	1.3		%	0.1		%	0.7		%
Indemnity and other	3.7		%	4.3		%	4.0		%

(1) Information for our Hospital Operations and other segment is presented on a same-hospital basis, which includes the results of our same 68 hospitals operated throughout the six months ended June 30, 2018 and 2017 and associated outpatient facilities, but excludes the results of hospitals Tenet divested since January 1, 2017.

(2) Less implicit price concessions and provision for doubtful accounts.

Page 18

TENET HEALTHCARE CORPORATION

SELECTED STATISTICS – CONTINUING SAME HOSPITALS⁽¹⁾ 

(Unaudited)

(Dollars in millions except per adjusted patient day and per adjusted patient admission amounts)
	Three Months Ended												Year Ended
	3/31/2017			6/30/2017			9/30/2017			12/31/2017			12/31/2017
Admissions, Patient Days and Surgeries
Number of hospitals (at end of period)	68			68			68			68			68
Total admissions	177,624			172,048			171,766			175,152			696,590
Adjusted patient admissions	310,137			306,278			305,300			310,485			1,232,200
Paying admissions (excludes charity and uninsured)	168,523			162,630			161,743			165,400			658,296
Charity and uninsured admissions	9,101			9,418			10,023			9,752			38,294
Admissions through emergency department	114,767			110,486			112,210			116,901			454,364
Paying admissions as a percentage of total admissions	94.9		%	94.5		%	94.2		%	94.4		%	94.5		%
Charity and uninsured admissions as a percentage of total admissions	5.1		%	5.5		%	5.8		%	5.6		%	5.5		%
Emergency department admissions as a percentage of total admissions	64.6		%	64.2		%	65.3		%	66.7		%	65.2		%
Surgeries — inpatient	46,900			47,288			47,315			47,350			188,853
Surgeries — outpatient	62,112			63,642			61,562			63,410			250,726
Total surgeries	109,012			110,930			108,877			110,760			439,579
Patient days — total	833,761			792,160			789,040			805,567			3,220,528
Adjusted patient days	1,433,858			1,390,154			1,379,096			1,402,038			5,605,146
Average length of stay (days)	4.69			4.60			4.59			4.60			4.62
Licensed beds (at end of period)	17,964			17,980			18,006			17,946			17,946
Average licensed beds	17,964			17,980			18,007			17,970			17,980
Utilization of licensed beds	51.6		%	48.4		%	47.6		%	48.7		%	49.1		%
Outpatient Visits
Total visits	1,810,801			1,766,625			1,715,650			1,771,336			7,064,412
Paying visits (excludes charity and uninsured)	1,698,917			1,652,532			1,600,195			1,653,581			6,605,225
Charity and uninsured visits	111,884			114,093			115,455			117,755			459,187
Emergency department visits	650,777			645,803			627,415			659,617			2,583,612
Paying visits as a percentage of total visits	93.8		%	93.5		%	93.3		%	93.4		%	93.5		%
Charity and uninsured visits as a percentage of total visits	6.2		%	6.5		%	6.7		%	6.6		%	6.5		%
Total emergency department admissions and visits	765,544			756,289			739,625			776,518			3,037,976
Revenues
Net patient revenues(2)	$	3,343		$	3,325		$	3,237		$	3,609		$	13,514
Revenues on a Per Adjusted Patient Admission and Per Adjusted Patient Day
Net patient revenue(2) per adjusted patient admission	$	10,780		$	10,856		$	10,603		$	11,624		$	10,967
Net patient revenue(2) per adjusted patient day	$	2,331		$	2,392		$	2,347		$	2,574		$	2,411
Net Patient Revenues(2) from:
Medicare	23.5		%	22.3		%	21.9		%	20.3		%	21.9		%
Medicaid	7.0		%	7.1		%	6.8		%	13.2		%	8.7		%
Managed care	65.0		%	65.8		%	66.1		%	61.0		%	64.4		%
Self-pay	0.3		%	0.6		%	0.3		%	1.5		%	0.7		%
Indemnity and other	4.2		%	4.2		%	4.9		%	4.0		%	4.3		%

(1) Information for our Hospital Operations and other segment is presented on a same-hospital basis, which includes the results of our same 68 hospitals operated throughout the six months ended June 30, 2018 and 2017 and associated outpatient facilities, but excludes the results of hospitals Tenet divested since January 1, 2017.

(2) Less implicit price concessions and provision for doubtful accounts.

Page 19

TENET HEALTHCARE CORPORATION

SEGMENT REPORTING

(Unaudited)

(Dollars in millions)							June 30,			December 31,
							2018			2017
Assets
Hospital Operations and other							$	15,396		$	16,466
Ambulatory Care							5,865			5,822
Conifer							1,082			1,097
Total							$	22,343		$	23,385
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2018			2017			2018			2017
Capital expenditures:
Hospital Operations and other	$	108		$	136		$	228		$	319
Ambulatory Care	13			10			28			21
Conifer	4			4			12			8
Total	$	125		$	150		$	268		$	348
Net operating revenues:
Hospital Operations and other total prior to inter-segment eliminations(1)	$	3,733		$	4,085		$	7,680		$	8,200
Ambulatory Care	531			472			1,029			927
Conifer
Tenet	144			155			294			314
Other customers	242			245			496			488
Total Conifer revenues	386			400			790			802
Inter-segment eliminations	(144		)	(155		)	(294		)	(314		)
Total	$	4,506		$	4,802		$	9,205		$	9,615
Equity in earnings of unconsolidated affiliates:
Hospital Operations and other	$	6		$	(2	)	$	4		$	—
Ambulatory Care	33			30			60			57
Total	$	39		$	28		$	64		$	57
Adjusted EBITDA:
Hospital Operations and other(2)	$	345		$	346		$	747		$	655
Ambulatory Care	198			164			363			317
Conifer	91			60			189			125
Total	$	634		$	570		$	1,299		$	1,097
Depreciation and amortization:
Hospital Operations and other	$	164		$	188		$	339		$	375
Ambulatory Care	17			22			34			44
Conifer	13			12			25			24
Total	$	194		$	222		$	398		$	443

(1) Hospital Operations and other revenues includes health plan revenues of less than $1 million and $6 million for the three and six months ended June 30, 2018, respectively and $25 million and $90 million for the three and six months ended June 30, 2017, respectively.

(2) Hospital Operations and other Adjusted EBITDA excludes health plan EBITDA of $1 million and less than $1 million for the three and six months ended June 30, 2018, respectively, and $(19) million and $(35) million for the three and six months ended June 30, 2017, respectively.

Page 20

TENET HEALTHCARE CORPORATION

STATEMENT OF OPERATIONS – AMBULATORY CARE SEGMENT

(Unaudited)

(Dollars in millions)	Three Months Ended June 30,
	2018						2017
	Ambulatory Care as Reported Under GAAP			Unconsolidated Affiliates			Ambulatory Care as Reported Under GAAP			Unconsolidated Affiliates
Net operating revenues:
Net operating revenues before provision for doubtful accounts							$	483		$	499
Less: Provision for doubtful accounts							(11		)	(10		)
Net operating revenues(1)	$	531		$	547		472			489
Equity in earnings of unconsolidated affiliates(2)	33			—			30			—
Operating expenses:
Salaries, wages and benefits	165			134			153			116
Supplies	106			144			96			129
Other operating expenses, net	95			114			89			100
Depreciation and amortization	17			17			22			16
Impairment and restructuring charges, and acquisition-related costs	6			—			3			1
Net gains on sales, consolidation and deconsolidation of facilities	—			—			—			—
Operating income	175			138			139			127
Interest expense	(37		)	(5		)	(39		)	(5		)
Other	1			1			2			—
Net income from continuing operations, before income taxes	139			134			102			122
Income tax expense	(18		)	(2		)	(20		)	(2		)
Net income	121			$	132		82			$	120
Less: Net income available to noncontrolling interests	75						67
Net income available to Tenet Healthcare Corporation common shareholders	$	46					$	15
Equity in earnings of unconsolidated affiliates				$	33					$	30

(1) On a same-facility system-wide basis, net revenue in Tenet’s Ambulatory Care segment increased 6.9% during the three months ended June 30, 2018, with cases increasing 4.3% and revenue per case increasing 2.4%.

(2) At June 30, 2018, 110 of the 342 facilities in the Company’s Ambulatory segment were not consolidated based on the nature of the segment’s joint venture relationships with physicians and prominent healthcare systems. Although revenues of the segment’s unconsolidated facilities are not recorded as revenues by the Company, equity in earnings of unconsolidated affiliates is nonetheless a significant portion of the Company’s overall earnings. To help analyze results of operations, management also uses system-wide operating measures such as system-wide revenue growth, which includes revenues of both consolidated and unconsolidated facilities. We control our remaining 232 facilities and account for these investments as consolidated subsidiaries.

Page 21

TENET HEALTHCARE CORPORATION

STATEMENT OF OPERATIONS – AMBULATORY CARE SEGMENT

(Unaudited)

(Dollars in millions)	Six Months Ended June 30,
	2018						2017
	Ambulatory Care as Reported Under GAAP			Unconsolidated Affiliates			Ambulatory Care as Reported Under GAAP			Unconsolidated Affiliates
Net operating revenues:
Net operating revenues before provision for doubtful accounts							$	945		$	974
Less: Provision for doubtful accounts							(18		)	(20		)
Net operating revenues(1)	$	1,029		$	1,040		927			954
Equity in earnings of unconsolidated affiliates(2)	60			—			57			—
Operating expenses:
Salaries, wages and benefits	327			254			303			230
Supplies	212			274			190			250
Other operating expenses, net	187			219			174			197
Depreciation and amortization	34			33			44			32
Impairment and restructuring charges, and acquisition-related costs	7			—			8			1
Net gains on sales, consolidation and deconsolidation of facilities	(1		)	—			(7		)	—
Operating income	323			260			272			244
Interest expense	(73		)	(10		)	(74		)	(11		)
Other	3			1			3			—
Net income from continuing operations, before income taxes	253			251			201			233
Income tax expense	(33		)	(4		)	(38		)	(4		)
Net income	220			$	247		163			$	229
Less: Net income available to noncontrolling interests	139			—			133
Net income available to Tenet Healthcare Corporation common shareholders	$	81		—			$	30
Equity in earnings of unconsolidated affiliates				$	60					$	57

(1) On a same-facility system-wide basis, net revenue in Tenet’s Ambulatory Care segment increased 4.8% during the six months ended June 30, 2018, with cases increasing 3.8% and revenue per case increasing 1.0%.

(2) At June 30, 2018, 110 of the 342 facilities in the Company’s Ambulatory segment were not consolidated based on the nature of the segment’s joint venture relationships with physicians and prominent healthcare systems. Although revenues of the segment’s unconsolidated facilities are not recorded as revenues by the Company, equity in earnings of unconsolidated affiliates is nonetheless a significant portion of the Company’s overall earnings. To help analyze results of operations, management also uses system-wide operating measures such as system-wide revenue growth, which includes revenues of both consolidated and unconsolidated facilities. We control our remaining 232 facilities and account for these investments as consolidated subsidiaries.

Page 22

Non-GAAP Financial Measures

Adjusted EBITDA, a non-GAAP measure, is defined by the Company as net income available (loss attributable) to Tenet Healthcare Corporation common shareholders before (1) the cumulative effect of changes in accounting principle, (2) net loss attributable (income available) to noncontrolling interests, (3) income (loss) from discontinued operations, (4) income tax benefit (expense), (5) gain (loss) from early extinguishment of debt, (6) other non-operating income (expense), net, (7) interest expense, (8) litigation and investigation (costs) benefit, net of insurance recoveries, (9) net gains (losses) on sales, consolidation and deconsolidation of facilities, (10) impairment and restructuring charges and acquisition-related costs, (11) depreciation and amortization and (12) income (loss) from divested operations and closed businesses (i.e., the Company’s health plan businesses). Litigation and investigation costs do not include ordinary course of business malpractice and other litigation and related expense.

Adjusted net income available (loss attributable) from continuing operations to Tenet Healthcare Corporation common shareholders, a non-GAAP measure, is defined by the Company as net income available (loss attributable) to Tenet Healthcare Corporation common shareholders before (1) net income (loss) from discontinued operations, (2) impairment and restructuring charges, and acquisition-related costs, (3) litigation and investigation costs, (4) net gains (losses) on sales, consolidation and deconsolidation of facilities, (5) gain (loss) from early extinguishment of debt, (6) income (loss) from divested operations and closed businesses, and (7) the associated impact of these items on taxes and noncontrolling interests. Adjusted diluted earnings (loss) per share from continuing operations, a non-GAAP term, is defined by the Company as Adjusted net income available (loss attributable) from continuing operations to Tenet Healthcare Corporation common shareholders divided by the weighted average primary or diluted shares outstanding in the reporting period.

Free Cash Flow, a non-GAAP measure, is defined by the Company as (1) net cash provided by (used in) operating activities, less (2) purchases of property and equipment from continuing operations.

Adjusted Free Cash Flow, a non-GAAP measure, is defined by the Company as (1) Adjusted net cash provided by (used in) operating activities from continuing operations, less (2) purchases of property and equipment from continuing operations. Adjusted net cash provided by (used in) operating activities, a non-GAAP measure, is defined by the Company as cash provided by (used in) operating activities prior to (1) payments for restructuring charges, acquisition-related costs and litigation costs and settlements, and (2) net cash provided by (used in) operating activities from discontinued operations.

The Company believes the foregoing non-GAAP measures are useful to investors and analysts because they present additional information on the Company’s financial performance. Investors, analysts, Company management and the Company’s Board of Directors utilize these non-GAAP measures, in addition to GAAP measures, to track the Company’s financial and operating performance and compare the Company’s performance to its peer companies, which utilize similar non-GAAP measures in their presentations. The Human Resources Committee of the Company’s Board of Directors also uses certain of these measures to evaluate management’s performance for the purpose of determining incentive compensation. Additional information regarding the purpose and utility of specific non-GAAP measures used in this release is set forth below.

The Company believes that Adjusted EBITDA is a useful measure, in part, because certain investors and analysts use both historical and projected Adjusted EBITDA, in addition to other GAAP and non-GAAP measures, as factors in determining the estimated fair value of shares of the Company’s common stock. Company management also regularly reviews the Adjusted EBITDA performance for each operating segment. The Company does not use Adjusted EBITDA to measure liquidity, but instead to measure operating performance.

We use, and we believe investors and analysts use, Free Cash Flow and Adjusted Free Cash Flow as supplemental measures to analyze cash flows generated from our operations because we believe it is useful to investors in evaluating our ability to fund distributions paid to noncontrolling interests, acquisitions, purchasing equity interests in joint ventures or repaying debt.

These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Because these measures exclude many items that are included in our financial statements, they do not provide a complete measure of our operating performance. For example, the Company’s definitions of Free Cash Flow and Adjusted Free Cash Flow do not include other important uses of cash including (1) cash used to purchase businesses or joint venture interests, or (2) any items that are classified as Cash Flows From Financing Activities on the Company’s Consolidated Statement of Cash Flows, including items such as (i) cash used to repay borrowings, (ii) distributions paid to noncontrolling interests, or (iii) payments under the Put/Call Agreement for USPI redeemable noncontrolling interest, which are recorded on the Statement of Cash Flows as the purchase of noncontrolling interest. Accordingly, investors are encouraged to use GAAP measures when evaluating the Company’s financial performance.

A reconciliation of net income available (loss attributable) to Tenet Healthcare Corporation common shareholders, the most comparable GAAP measure, to Adjusted EBITDA is set forth in Table #1 below for each quarter in 2017 and 2018. A reconciliation of net income available (loss attributable) to Tenet Healthcare Corporation common shareholders, the most comparable GAAP measure, to Adjusted net income available (loss attributable) from continuing operations to Tenet Healthcare Corporation common shareholders is set forth in Table #2 below for each quarter in 2017 and 2018. A reconciliation of net cash provided by operating activities, the most comparable GAAP measure, to Free Cash Flow and Adjusted Free Cash Flow is set forth in Table #3 below for each quarter in 2017 and 2018.

Page 23

TENET HEALTHCARE CORPORATION

Additional Supplemental Non-GAAP disclosures

Table #1 – Reconciliation of Net Income Available (Loss Attributable) to Tenet Healthcare Corporation Common Shareholders to Adjusted EBITDA for 2018

(Unaudited)

(Dollars in millions)	2018
	1st Qtr			2nd Qtr			YTD
Net income available to Tenet Healthcare Corporation common shareholders	$	99		$	26		$	125
Less: Net income available to noncontrolling interests	(92		)	(82		)	(174		)
Income from discontinued operations, net of tax	1			2			3
Income from continuing operations	190			106			296
Income tax expense	(70		)	(44		)	(114		)
Loss from early extinguishment of debt	(1		)	(1		)	(2		)
Other non-operating expense, net	(1		)	(1		)	(2		)
Interest expense	(255		)	(254		)	(509		)
Operating income	517			406			923
Litigation and investigation costs	(6		)	(13		)	(19		)
Net gains on sales, consolidation and deconsolidation of facilities	110			8			118
Impairment and restructuring charges, and acquisition-related costs	(47		)	(30		)	(77		)
Depreciation and amortization	(204		)	(194		)	(398		)
Gain (loss) from divested and closed businesses	(1		)	1			—
Adjusted EBITDA	$	665		$	634		$	1,299
Net operating revenues	$	4,699		$	4,506		$	9,205
Less: Net operating revenues from health plans	6			—			6
Adjusted net operating revenues	$	4,693		$	4,506		$	9,199
Net income available to Tenet Healthcare Corporation common shareholders as a % of net operating revenues	2.1		%	0.6		%	1.4		%
Adjusted EBITDA as a % of adjusted net operating revenues (Adjusted EBITDA margin)	14.2		%	14.1		%	14.1		%

Page 24

TENET HEALTHCARE CORPORATION

Additional Supplemental Non-GAAP disclosures

Table #1 – Reconciliation of Net Income Available (Loss Attributable) to Tenet Healthcare Corporation Common Shareholders to Adjusted EBITDA for 2017

(Unaudited)

(Dollars in millions)	2017
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Total
Net loss attributable to Tenet Healthcare Corporation common shareholders	$	(53	)	$	(55	)	$	(367	)	$	(229	)	$	(704	)
Less: Net income available to noncontrolling interests	(89		)	(87		)	(78		)	(130		)	(384		)
Income (loss) from discontinued operations, net of tax	(1		)	1			(1		)	1			—
Income (loss) from continuing operations	37			31			(288		)	(100		)	(320		)
Income tax benefit (expense)	33			12			60			(324		)	(219		)
Loss from early extinguishment of debt	—			(26		)	(138		)	—			(164		)
Other non-operating expense, net	(5		)	(5		)	(4		)	(8		)	(22		)
Interest expense	(258		)	(260		)	(257		)	(253		)	(1,028		)
Operating income	267			310			51			485			1,113
Litigation and investigation costs	(5		)	(1		)	(6		)	(11		)	(23		)
Net gains on sales, consolidation and deconsolidation of facilities	15			23			104			2			144
Impairment and restructuring charges, and acquisition-related costs	(33		)	(41		)	(329		)	(138		)	(541		)
Depreciation and amortization	(221		)	(222		)	(219		)	(208		)	(870		)
Loss from divested and closed businesses	(16		)	(19		)	(6		)	—			(41		)
Adjusted EBITDA	$	527		$	570		$	507		$	840		$	2,444
Net operating revenues	$	4,813		$	4,802		$	4,586		$	4,978		$	19,179
Less: Net operating revenues from health plans	65			25			10			10			110
Adjusted net operating revenues	$	4,748		$	4,777		$	4,576		$	4,968		$	19,069
Net loss attributable to Tenet Healthcare Corporation common shareholders as a % of net operating revenues	(1.1		)%	(1.1		)%	(8.0		)%	(4.6		)%	(3.7		)%
Adjusted EBITDA as a % of adjusted net operating revenues (Adjusted EBITDA margin)	11.1		%	11.9		%	11.1		%	16.9		%	12.8		%

Page 25

TENET HEALTHCARE CORPORATION

Additional Supplemental Non-GAAP disclosures

Table #2 – Reconciliation of Net Income Available (Loss Attributable) to

Tenet Healthcare Corporation Common Shareholders to Adjusted Net Income Available from Continuing Operations to Common Shareholders for 2018

(Unaudited)

(Dollars in millions except per share amounts)	2018
	1st Qtr			2nd Qtr			YTD
Net income available to Tenet Healthcare Corporation common shareholders	$	99		$	26		$	125
Net income from discontinued operations	1			$	2		3
Net income from continuing operations	98			24			122
Less: Impairment and restructuring charges, and acquisition-related costs	(47		)	(30		)	(77		)
Litigation and investigation costs	(6		)	(13		)	(19		)
Net gains on sales, consolidation and deconsolidation of facilities	110			8			118
Loss from early extinguishment of debt	(1		)	(1		)	(2		)
Income (loss) from divested and closed businesses	(1		)	1			—
Tax impact of above items	(16		)	8			(8		)
Adjusted net income available from continuing operations to common shareholders	$	59		$	51		$	110
Diluted earnings per share from continuing operations	$	0.95		$	0.23		$	1.18
Less: Impairment and restructuring charges, and acquisition-related costs	(0.46		)	(0.29		)	(0.75		)
Litigation and investigation costs	(0.06		)	(0.12		)	(0.18		)
Net gains on sales, consolidation and deconsolidation of facilities	1.08			0.07			1.15
Loss from early extinguishment of debt	(0.01		)	(0.01		)	(0.02		)
Loss from divested and closed businesses	(0.01		)	0.01			—
Tax impact of above items	(0.16		)	0.08			(0.08		)
Adjusted diluted earnings per share from continuing operations	$	0.57		$	0.49		$	1.06
Weighted average basic shares outstanding    (in thousands)	101,392			102,147			101,770
Weighted average dilutive shares outstanding    (in thousands)	102,656			104,177			103,416

Page 26

TENET HEALTHCARE CORPORATION

Additional Supplemental Non-GAAP disclosures

Table #2 – Reconciliation of Net Loss Attributable to

Tenet Healthcare Corporation Common Shareholders to Adjusted Net Income Available (Loss Attributable) from Continuing Operations to Common Shareholders for 2017

(Unaudited)

(Dollars in millions except per share amounts)	2017
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Total
Net loss attributable to Tenet Healthcare Corporation common shareholders	$	(53	)	$	(55	)	$	(367	)	$	(229	)	$	(704	)
Net income (loss) from discontinued operations	(1		)	$	1		(1		)	1			—
Net loss from continuing operations	(52		)	(56		)	(366		)	(230		)	(704		)
Less: Impairment and restructuring charges, and acquisition-related costs	(33		)	(41		)	(329		)	(138		)	(541		)
Litigation and investigation costs	(5		)	(1		)	(6		)	(11		)	(23		)
Net gains on sales, consolidation and deconsolidation of facilities	15			23			104			2			144
Loss from early extinguishment of debt	—			(26		)	(138		)	—			(164		)
Loss from divested and closed businesses	(16		)	(19		)	(6		)	—			(41		)
Tax impact of above items	14			25			26			49			114
Tax reform adjustment	—			—			—			(252		)	(252		)
Noncontrolling interests impact of above items	—			—			—			(23		)	(23		)
Adjusted net income available (loss attributable) from continuing operations to common shareholders	$	(27	)	$	(17	)	$	(17	)	$	143		$	82
Diluted loss per share from continuing operation	$	(0.52	)	$	(0.56	)	$	(3.63	)	$	(2.28	)	$	(7.00	)
Less: Impairment and restructuring charges, and acquisition-related costs	(0.33		)	(0.41		)	(3.26		)	(1.35		)	(5.34		)
Litigation and investigation costs	(0.05		)	(0.01		)	(0.06		)	(0.11		)	(0.23		)
Net gains on sales, consolidation and deconsolidation of facilities	0.15			0.23			1.03			0.02			1.42
Loss from early extinguishment of debt	—			(0.26		)	(1.37		)	—			(1.62		)
Loss from divested and closed businesses	(0.16		)	(0.19		)	(0.06		)	—			(0.40		)
Tax impact of above items	0.14			0.25			0.26			0.48			1.12
Tax reform adjustment	—			—			—			(2.47		)	(2.49		)
Noncontrolling interests impact of above items	—			—			—			(0.23		)	(0.23		)
Adjusted diluted earnings (loss) per share from continuing operations	$	(0.27	)	$	(0.17	)	$	(0.17	)	$	1.40		$	0.81
Weighted average basic shares outstanding    (in thousands)	100,000			100,612			100,812			100,945			100,592
Weighted average dilutive shares outstanding    (in thousands)	100,848			101,294			101,523			101,853			101,380

Page 27

TENET HEALTHCARE CORPORATION

Additional Supplemental Non-GAAP disclosures

Table #3 – Reconciliations of Net Cash Provided By Operating Activities to Free Cash Flow and Adjusted Free Cash Flow from Continuing Operations

(Unaudited)

(Dollars in millions)	2018
	1st Qtr			2nd Qtr			YTD
Net cash provided by operating activities	$	113		$	348		$	461
Purchases of property and equipment	(143		)	(125		)	(268		)
Free cash flow	$	(30	)	$	223		$	193
Net cash provided by (used in) investing activities	$	373		$	(148	)	$	225
Net cash used in financing activities	$	(123	)	$	(771	)	$	(894	)
Net cash provided by operating activities	$	113		$	348		$	461
Less: Payments for restructuring charges, acquisition-related costs, and litigation costs            and settlements	(33		)	(30		)	(63		)
Net cash provided by (used in) operating activities from discontinued operations	(1		)	(2		)	(3		)
Adjusted net cash provided by operating activities from continuing operations	147			380			527
Purchases of property and equipment	(143		)	(125		)	(268		)
Adjusted free cash flow – continuing operations	$	4		$	255		$	259

(Dollars in millions)	2017
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Total
Net cash provided by operating activities	$	186		$	215		$	308		$	491		$	1,200
Purchases of property and equipment	(198		)	(150		)	(144		)	(215		)	(707		)
Free cash flow	$	(12	)	$	65		$	164		$	276		$	493
Net cash provided by (used in) investing activities	$	(189	)	$	(119	)	$	535		$	(206	)	$	21
Net cash used in financing activities	$	(141	)	$	(193	)	$	(889	)	$	(103	)	$	(1,326	)
Net cash provided by operating activities	$	186		$	215		$	308		$	491		$	1,200
Less: Payments for restructuring charges,            acquisition-related costs, and litigation costs            and settlements	(24		)	(38		)	(26		)	(37		)	(125		)
Net cash provided by (used in) operating activities from discontinued operations	2			(4		)	(1		)	(2		)	(5		)
Adjusted net cash provided by operating activities from continuing operations	208			257			335			530			1,330
Purchases of property and equipment	(198		)	(150		)	(144		)	(215		)	(707		)
Adjusted free cash flow – continuing operations	$	10		$	107		$	191		$	315		$	623

Page 28

TENET HEALTHCARE CORPORATION

Additional Supplemental Non-GAAP disclosures

Table #4 – Reconciliation of Outlook Net Income Available (Loss Attributable) to Tenet Healthcare Corporation Common Shareholders to Outlook Adjusted EBITDA

(Unaudited)

(Dollars in millions)	Q3 2018						2018
	Low			High			Low			High
Net income available (loss attributable) to Tenet Healthcare Corporation common shareholders	$	(15	)	$	5		$	110		$	186
Less: Net income available to noncontrolling interests	(90		)	(100		)	(390		)	(410		)
Net loss from discontinued operations, net of tax	(5		)	—			(5		)	—
Income tax expense	(30		)	(35		)	(196		)	(215		)
Interest expense	(245		)	(255		)	(1,010		)	(1,020		)
Loss from early extinguishment of debt(1)	—			—			(2		)	(2		)
Other non-operating expense, net	—			(5		)	(5		)	(10		)
Net gains on sales, consolidation and deconsolidation of facilities(1)	—			—			118			118
Impairment and restructuring charges, acquisition-related costs, and litigation costs and settlements(2)	(25		)	(15		)	(150		)	(100		)
Depreciation and amortization	(195		)	(205		)	(790		)	(810		)
Loss from divested and closed businesses	—			(5		)	(10		)	(15		)
Adjusted EBITDA	$	575		$	625		$	2,550		$	2,650
Income (loss) from continuing operations	$	(10	)	$	5		$	115		$	186
Net operating revenues	$	4,300		$	4,500		$	17,900		$	18,300
Income (loss) from continuing operations as a % of operating revenues	(0.2		)%	0.1		%	0.6		%	1.0		%
Adjusted EBITDA as a % of net operating revenues (Adjusted EBITDA margin)	13.4		%	13.9		%	14.2		%	14.5		%

(1) The Company does not generally forecast losses from the early extinguishment of debt or net gains (losses) on sales, consolidation and deconsolidation of facilities because the Company does not believe that it can forecast these items with sufficient accuracy since some of these items are indeterminable at the time the Company provides its financial Outlook. The figures shown represent the Company's actual year-to-date results for these items.

(2) The Company has provided an estimate of restructuring charges and related payments that it anticipates in 2018. The figures shown represent the Company's estimate for restructuring charges plus the actual year-to-date results for impairment charges, acquisition-related costs, and litigation costs and settlements. The Company does not generally forecast impairment charges, acquisition-related costs, litigation costs and settlements because the Company does not believe that it can forecast these items with sufficient accuracy since some of these items are indeterminable at the time the Company provides its financial Outlook.

Page 29

TENET HEALTHCARE CORPORATION

Additional Supplemental Non-GAAP disclosures

Table #5 – Reconciliation of Outlook Net Income Available (Loss Attributable) to Tenet Healthcare Corporation Common Shareholders to Outlook Adjusted Net Income Available from Continuing Operations to Common Shareholders

(Unaudited)

(Dollars in millions except per share amounts)	Q3 2018						2018
	Low			High			Low			High
Net income available (loss attributable) to Tenet Healthcare Corporation common shareholders	$	(15	)	$	5		$	110		$	186
Net loss from discontinued operations, net of tax	(5		)	$	—		(5		)	—
Net income (loss) from continuing operations	(10		)	5			115			186
Less: Impairment and restructuring charges, acquisition-related costs, and litigation costs and settlements	(25		)	(15		)	(150		)	(100		)
Net gains on sales, consolidation and deconsolidation of facilities	—			—			118			118
Loss from early extinguishment of debt	—			—			(2		)	(2		)
Loss from divested and closed businesses	—			(5		)	(10		)	(15		)
Tax impact of above items	5			—			(1		)	(10		)
Adjusted net income available from continuing operations to common shareholders	$	10		$	25		$	160		$	195
Diluted earnings (loss) per share from continuing operations	$	(0.10	)	$	0.05		$	1.11		$	1.79
Less: Impairment and restructuring charges, acquisition-related costs, and litigation costs and settlements	(0.25		)	(0.14		)	(1.44		)	(0.96		)
Net gains on sales, consolidation and deconsolidation of facilities	—			—			1.13			1.13
Loss from early extinguishment of debt	—			—			(0.02		)	(0.02		)
Loss from divested and closed businesses	—			(0.05		)	(0.09		)	(0.14		)
Tax impact of above items	0.05			—			(0.01		)	(0.10		)
Adjusted diluted earnings per share from continuing operations	$	0.10		$	0.24		$	1.54		$	1.88
Weighted average basic shares outstanding (in thousands)	102,000			102,000			102,000			102,000
Weighted average dilutive shares outstanding (in thousands)	104,000			104,000			104,000			104,000

TENET HEALTHCARE CORPORATION

Additional Supplemental Non-GAAP disclosures

Table #6 – Reconciliation of Outlook Net Cash Provided by Operating Activities to Outlook Adjusted Free Cash Flow from Continuing Operations

(Dollars in millions)	2018
	Low			High
Net cash provided by operating activities	$	1,220		$	1,525
Less: Payments for restructuring charges, acquisition-related costs and litigation costs and settlements(1)	(125		)	(75		)
Net cash used in operating activities from discontinued operations	(5		)	—
Adjusted net cash provided by operating activities – continuing operations	1,350			1,600
Purchases of property and equipment – continuing operations	(625		)	(675		)
Adjusted free cash flow – continuing operations(2)	$	725		$	925

(1) The Company has provided an estimate of payments that it anticipates in 2018 related to restructuring charges. The Company does not generally forecast payments related to acquisition-related costs and litigation costs and settlements because the Company does not believe that it can forecast these items with sufficient accuracy since some of these items may be indeterminable at the time the Company provides its financial Outlook.

(2) The Company's definition of Adjusted Free Cash Flow does not include other important uses of cash including (1) cash used to purchase businesses or joint venture interests, or (2) any items that are classified as Cash Flows From Financing Activities on the Company's Consolidated Statement of Cash Flows, including items such as (i) cash used to repay borrowings, (ii) distributions paid to noncontrolling interests, or (iii) payments under the Put/Call Agreement for USPI redeemable noncontrolling interests, which are recorded on the Statement of Cash Flows as the purchase of noncontrolling interests.

Page 30