Tenet Healthcare (THC) 8-K Tenet Reports Second Quarter 2010 Results

Exhibit 99.1

newsrelease

Tenet Reports Second Quarter 2010 Results

Diluted Earnings of $0.05 Per Share, Up from Loss of $0.03 Per Share Over Prior Year Period

Net Income Attributable to Common Shareholders of $25 Million,

Compared to a Net Loss of $15 Million in Prior Year Period

Net Operating Revenues Increase 3.3 Percent to $2.30 Billion

Key Metrics(All percentage changes compare Q2’10 to Q2’09 unless otherwise noted)

• Adjusted EBITDA of $268 million, an 8.9% increase

• Adjusted EBITDA margin of 11.6%, a 60 basis point increase

• Outlook for 2010 adjusted EBITDA confirmed at $1.035 billion to $1.100 billion

DALLAS – August 3, 2010 –Tenet Healthcare Corporation (NYSE: THC) today reported adjusted EBITDA of $268 million for the quarter ended June 30, 2010, an increase of $22 million, or 8.9 percent, as compared to $246 million for the second quarter of 2009. Net income attributable to common shareholders for the second quarter of 2010 was $25 million, or $0.05 per diluted share, compared to a net loss of $15 million, or $0.03 per diluted share, for the second quarter of 2009. Continuing operations earned $0.07 per diluted share in the second quarter of 2010 as compared to $0.01 per diluted share in the second quarter of 2009.

“Our earnings power continued to grow as we successfully converted an admissions decline of 2.0 percent into revenue growth of 3.3 percent and adjusted EBITDA growth of 8.9 percent,” said Trevor Fetter, president and chief executive officer. “This progression demonstrates our ability to address the challenges presented by the continuing soft macroeconomic environment to produce meaningful growth in value.”

Discussion of Results(All percentage changes compare Q2’10 to Q2’09. Same hospital and total company statistics are identical.)

Second quarter 2010 performance was driven by solid revenue growth and incremental cost efficiencies which more than offset the impact from soft volumes. Admissions and outpatient visits declined by 2.0 percent and 0.8 percent, respectively. Adjusted admissions declined by 0.6 percent. Commercial managed care admissions and outpatient visits declined by 7.2 percent and 5.4 percent, respectively. Higher commercial acuity, increased unit revenues, and improved commercial payer mix produced growth in commercial managed care revenues of 2.0 percent. This growth in commercial revenues contributed to an aggregate increase in net operating revenues of $74 million, or 3.3 percent. This increase in revenues was net of unfavorable adjustments of $28 million for the estimated impact on our Medicare disproportionate share hospital payments ($20 million) as a result of estimated lower Supplemental Security Income (SSI) percentages at certain of our hospitals and the portion of bad debt that will not be reimbursed by Medicare ($8 million).

Total controllable operating expense increased by $46 million, or 2.5 percent. This increase included a 2.1 percent increase in salaries, wages and benefits, primarily the result of salary and wage increases awarded to our broad employee population on October 1, 2009. Supplies expense was unchanged and other operating expense increased by 5.5 percent.

Bad debt expense increased by $6 million, or 3.6 percent. There was no change in the ratio of bad debt expense to net operating revenues which remained at 7.5 percent. Items that contributed to the increase in bad debt expense included increases of 1.5 percent and 2.4 percent in uninsured admissions and outpatient visits, respectively, and a 130 basis point decline in the self-pay collection rate to 29.5 percent. These adverse factors were partially offset by a $28 million favorable adjustment for Medicare bad debts that will be claimed on the Company’s cost reports. The impact of providing uncompensated care, which includes charity as well as

uninsured patients, was mitigated by a decline in charity volumes. This mitigating effect is evident in our estimated costs of providing care to charity and self-pay patients for the second quarters of 2010 and 2009, which were $126 million and $121 million, respectively.

Adjusted net cash provided by operating activities from continuing operations was $198 million and adjusted free cash flow from continuing operations was $121 million, reflecting capital expenditures of $77 million. Cash and cash equivalents were $711 million at June 30, 2010, an increase of $122 million from March 31, 2010. In 2009’s second quarter, adjusted net cash provided by operating activities was $202 million. Net cash provided by operating activities was $191 million in the second quarter of 2010 compared to $170 million in the second quarter of 2009.

Management’s Webcast Discussion of Second Quarter Results

Tenet management will discuss second quarter 2010 results on a webcast scheduled for 10:00 AM (ET) on August 3, 2010. This webcast may be accessed through Tenet’s website atwww.tenethealth.com/investors. A set of slides, to which management intends to refer on the call, will be posted to the Company’s website at approximately 8:30 AM (ET).

Additional information regarding Tenet’s quarterly results of operations, including detailed tabular operational data, is contained in our Form 10-Q report, which will be filed with the Securities and Exchange Commission and posted on the Tenet investor relations website before today’s webcast. This press release includes certain non-GAAP measures, such as adjusted EBITDA and adjusted free cash flow. A reconciliation of these financial measures and the most directly comparable GAAP measure is included in the financial tables at the end of this release.

Tenet Healthcare Corporation is a health care services company whose subsidiaries and affiliates own and operate acute care hospitals, ambulatory surgery centers and diagnostic imaging centers. Tenet’s hospitals and related healthcare facilities are committed to providing high quality care to patients in the communities they serve. For more information, please visitwww.tenethealth.com.

Media: Rick Black (469) 893-2647	Investors: Thomas Rice (469) 893-2522
Rick.Black@tenethealth.com	Thomas.Rice@tenethealth.com

# # #

Some of the statements in this release may constitute forward-looking statements. Such forward-looking statements are based on our current expectations and could be affected by numerous factors and are subject to various risks and uncertainties discussed in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended Dec. 31, 2009, our quarterly reports on Form 10-Q, and periodic reports on Form 8-K. Do not rely on any forward-looking statement, as we cannot predict or control many of the factors that ultimately may affect our ability to achieve the results estimated. We make no promise to update any forward-looking statement, whether as a result of changes in underlying factors, new information, future events or otherwise.

Tenet uses its company web site 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 OPERATIONS DATA

(Unaudited)

(Dollars in millions except per share amounts)	Three Months Ended June 30,
	2010			%		2009			%		Change
Net operating revenues	$	2,303		100.0	%	$	2,229		100.0	%	3.3	%
Operating expenses:
Salaries, wages and benefits		969		42.1	%		949		42.6	%	2.1	%
Supplies		395		17.2	%		395		17.7	%	—	%
Provision for doubtful accounts		173		7.5	%		167		7.5	%	3.6	%
Other operating expenses, net		498		21.6	%		472		21.2	%	5.5	%
Depreciation and amortization		97		4.2	%		98		4.4	%	(1.0	)%
Impairment of long-lived assets and goodwill, and restructuring charges		(2	)	(0.1	)%		1		—	%
Litigation and investigation costs		2		0.1	%		9		0.4	%
Operating income		171		7.4	%		138		6.2	%
Interest expense		(107	)				(120	)
Loss from early extinguishment of debt		—					(21	)
Investment earnings (loss)		1					(5	)
Net gain on sales of investments		—					15
Income from continuing operations, before income taxes		65					7
Income tax expense		(20	)				(4	)
Income from continuing operations, before discontinued operations		45					3
Discontinued operations:
Loss from operations		(5	)				(11	)
Impairment of long-lived assets and goodwill, and restructuring charges, net		(3	)				(6	)
Income tax expense		(2	)				—
Loss from discontinued operations		(10	)				(17	)
Net income (loss)		35					(14	)
Less: Preferred stock dividends		6					—
Less: Net income attributable to noncontrolling interests		4					1
Net income (loss) attributable to Tenet Healthcare Corporation common shareholders	$	25				$	(15	)
Amounts attributable to Tenet Healthcare Corporation common shareholders
Income from continuing operations, net of tax	$	35				$	2
Loss from discontinued operations, net of tax		(10	)				(17	)
Net income (loss) attributable to Tenet Healthcare Corporation common shareholders	$	25				$	(15	)
Earnings (loss) per share attributable to Tenet Healthcare Corporation common shareholders
Basic
Continuing operations	$	0.07				$	0.01
Discontinued operations		(0.02	)				(0.04	)
	$	0.05				$	(0.03	)
Diluted
Continuing operations	$	0.07				$	0.01
Discontinued operations		(0.02	)				(0.04	)
	$	0.05				$	(0.03	)
Weighted average shares and dilutive securities outstanding (in thousands):
Basic		484,610					480,447
Diluted		502,549					488,244

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TENET HEALTHCARE CORPORATION

CONSOLIDATED OPERATIONS DATA

(Unaudited)

(Dollars in millions except per share amounts)	Six Months Ended June 30,
	2010			%		2009			%		Change
Net operating revenues	$	4,642		100.0	%	$	4,491		100.0	%	3.4	%
Operating expenses:
Salaries, wages and benefits		1,956		42.1	%		1,914		42.6	%	2.2	%
Supplies		793		17.1	%		786		17.5	%	0.9	%
Provision for doubtful accounts		362		7.8	%		323		7.2	%	12.1	%
Other operating expenses, net		965		20.8	%		944		21.1	%	2.2	%
Depreciation and amortization		192		4.1	%		194		4.3	%	(1.0	)%
Impairment of long-lived assets and goodwill, and restructuring charges		(2	)	—	%		6		0.1	%
Litigation and investigation costs		4		0.1	%		10		0.2	%
Operating income		372		8.0	%		314		7.0	%
Interest expense		(216	)				(230	)
Gain from early extinguishment of debt		—					113
Investment earnings (loss)		2					(3	)
Net gain on sales of investments		—					15
Income from continuing operations, before income taxes		158					209
Income tax expense		(23	)				(9	)
Income from continuing operations, before discontinued operations		135					200
Discontinued operations:
Loss from operations		—					(12	)
Impairment of long-lived assets and goodwill, and restructuring charges, net		(2	)				(15	)
Net losses on sales of facilities		—					(2	)
Income tax expense		(3	)				(2	)
Loss from discontinued operations		(5	)				(31	)
Net income		130					169
Less: Preferred stock dividends		12					—
Less: Net income attributable to noncontrolling interests		5					6
Net income attributable to Tenet Healthcare Corporation common shareholders	$	113				$	163
Amounts attributable to Tenet Healthcare Corporation common shareholders
Income from continuing operations, net of tax	$	118				$	195
Loss from discontinued operations, net of tax		(5	)				(32	)
Net income attributable to Tenet Healthcare Corporation common shareholders	$	113				$	163
Earnings (loss) per share attributable to Tenet Healthcare Corporation common shareholders
Basic
Continuing operations	$	0.24				$	0.41
Discontinued operations		(0.01	)				(0.07	)
	$	0.23				$	0.34
Diluted
Continuing operations	$	0.23				$	0.41
Discontinued operations		(0.01	)				(0.07	)
	$	0.22				$	0.34
Weighted average shares and dilutive securities outstanding (in thousands):
Basic		483,263					479,410
Diluted		560,376					483,878

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TENET HEALTHCARE CORPORATION

CONSOLIDATED BALANCE SHEET DATA

(Unaudited)

(Dollars in millions)	June 30, 2010			December 31, 2009
ASSETS
Current assets:
Cash and cash equivalents	$	711		$	690
Investments in Reserve Yield Plus Fund		1			2
Investments in marketable securities		1			11
Accounts receivable, less allowance for doubtful accounts		1,160			1,158
Inventories of supplies, at cost		152			153
Income tax receivable		13			35
Deferred income taxes		107			108
Assets held for sale		19			29
Other current assets		271			286
Total current assets		2,435			2,472
Investments and other assets		180			182
Property and equipment, at cost, less accumulated depreciation and amortization		4,211			4,313
Goodwill		609			607
Other intangible assets, at cost, less accumulated amortization		399			379
Total assets	$	7,834		$	7,953
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$	2		$	2
Accounts payable		615			739
Accrued compensation and benefits		343			370
Professional and general liability reserves		104			106
Accrued interest payable		123			127
Accrued legal settlement costs		31			76
Other current liabilities		340			363
Total current liabilities		1,558			1,783
Long-term debt, net of current portion		4,272			4,272
Professional and general liability reserves		427			466
Accrued legal settlement costs		19			19
Other long-term liabilities		572			568
Deferred income taxes		160			148
Total liabilities		7,008			7,256
Commitments and contingencies
Equity:
Shareholders’ equity:
Preferred stock		334			334
Common stock		27			27
Additional paid-in capital		4,461			4,461
Accumulated other comprehensive loss		(31	)		(32	)
Accumulated deficit		(2,540	)		(2,665	)
Less common stock in treasury, at cost		(1,479	)		(1,479	)
Total shareholders’ equity		772			646
Noncontrolling interests		54			51
Total equity		826			697
Total liabilities and equity	$	7,834		$	7,953

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TENET HEALTHCARE CORPORATION

CONSOLIDATED CASH FLOW DATA

(Unaudited)

(Dollars in millions)	Six Months Ended June 30,
	2010			2009
Net income	$	130		$	169
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		192			194
Provision for doubtful accounts		362			323
Net gain on sales of investments		—			(15	)
Deferred income tax expense		12			11
Stock-based compensation expense		13			13
Impairment of long-lived assets and goodwill, and restructuring charges		(2	)		6
Fair market value adjustments related to interest rate swap and LIBOR cap agreements		3			3
Litigation and investigation costs		4			10
Gain from early extinguishment of debt		—			(113	)
Pretax loss from discontinued operations		2			29
Other items, net		16			6
Changes in cash from changes in operating assets and liabilities:
Accounts receivable		(377	)		(319	)
Inventories and other current assets		(8	)		(16	)
Income taxes		50			21
Accounts payable, accrued expenses and other current liabilities		(164	)		(119	)
Other long-term liabilities		(18	)		(11	)
Payments against reserves for restructuring charges and litigation costs		(51	)		(56	)
Net cash provided by operating activities from discontinued operations, excluding income taxes		5			28
Net cash provided by operating activities		169			164
Cash flows from investing activities:
Purchases of property and equipment—continuing operations		(148	)		(138	)
Purchases of property and equipment—discontinued operations		—			(1	)
Construction of new and replacement hospitals		(12	)		(34	)
Purchase of business or joint venture interest		(2	)		—
Proceeds from sales of facilities and other assets – discontinued operations		18			221
Proceeds from sales of marketable securities, long-term investments and other assets		16			49
Proceeds from hospital authority bonds		—			49
Purchase of marketable securities		—			(6	)
Distributions received from investments in Reserve Yield Plus Fund		1			8
Other items, net		1			2
Net cash provided by (used in) investing activities		(126	)		150
Cash flows from financing activities:
Repayments of borrowings		(12	)		(901	)
Proceeds from borrowings		1			885
Deferred debt issuance costs		—			(46	)
Cash dividends on preferred stock		(12	)		—
Contributions from noncontrolling interests		1			—
Distributions paid to noncontrolling interests		(3	)		(3	)
Other items, net		3			2
Net cash used in financing activities		(22	)		(63	)
Net increase in cash and cash equivalents		21			251
Cash and cash equivalents at beginning of period		690			507
Cash and cash equivalents at end of period	$	711		$	758
Supplemental disclosures:
Interest paid, net of capitalized interest	$	(201	)	$	(240	)
Income tax refunds, net	$	34		$	22

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TENET HEALTHCARE CORPORATION

SELECTED STATISTICS – CONTINUING HOSPITALS

(Unaudited)

(Dollars in millions except per patient day,
per admission and per visit amounts)	Three Months Ended June 30,								Six Months Ended June 30,
	2010			2009			Change		2010			2009			Change
Net inpatient revenues	$	1,478		$	1,441		2.6	%	$	3,022		$	2,955		2.3	%
Net outpatient revenues	$	733		$	702		4.4	%	$	1,439		$	1,370		5.0	%
Number of general hospitals (at end of period)		49			49		—			49			49		—	*
Licensed beds (at end of period)		13,420			13,419		—	%		13,420			13,419		—	%
Average licensed beds		13,435			13,411		0.2	%		13,433			13,411		0.2	%
Utilization of licensed beds		50.3	%		51.6	%	(1.3	)%		52.1	%		53.7	%	(1.6	)%*
Patient days		614,365			629,714		(2.4	)%		1,267,317			1,302,350		(2.7	)%
Adjusted patient days		929,186			940,472		(1.2	)%		1,887,434			1,919,313		(1.7	)%
Net inpatient revenue per patient day	$	2,406		$	2,288		5.2	%	$	2,385		$	2,269		5.1	%
Admissions		127,751			130,308		(2.0	)%		260,350			265,643		(2.0	)%
Adjusted patient admissions		194,828			195,962		(0.6	)%		390,737			394,059		(0.8	)%
Net inpatient revenue per admission	$	11,569		$	11,058		4.6	%	$	11,607		$	11,124		4.3	%
Average length of stay (days)		4.8			4.8		—			4.9			4.9		—	*
Surgeries		91,285			92,166		(1.0	)%		179,283			181,806		(1.4	)%
Net outpatient revenue per visit	$	741		$	704		5.3	%	$	741		$	697		6.3	%
Outpatient visits		988,706			996,468		(0.8	)%		1,941,621			1,966,787		(1.3	)%
Sources of net patient revenue
Medicare		23.2	%		24.0	%	(0.8	)%		24.2	%		25.4	%	(1.2	)%*
Medicaid		9.3	%		8.3	%	1.0	%		9.0	%		8.1	%	0.9	%*
Managed care governmental		15.1	%		14.9	%	0.2	%		15.0	%		14.8	%	0.2	%*
Managed care commercial		41.4	%		41.9	%	(0.5	)%		41.0	%		41.2	%	(0.2	)%*
Indemnity, self-pay and other		11.0	%		10.9	%	0.1	%		10.8	%		10.5	%	0.3	%*

* This change is the difference between the 2010 and 2009 amounts shown

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TENET HEALTHCARE CORPORATION

CONSOLIDATED OPERATIONS DATA

Fiscal 2010 by Calendar Quarter

(Unaudited)

							Six Months
(Dollars in millions except per share amounts)	Three Months Ended						Ended
	3/31/10			6/30/10			06/30/10
Net operating revenues	$	2,339		$	2,303		$	4,642
Operating expenses:
Salaries, wages and benefits		987			969			1,956
Supplies		398			395			793
Provision for doubtful accounts		189			173			362
Other operating expenses, net		467			498			965
Depreciation and amortization		95			97			192
Impairment of long-lived assets and goodwill, and restructuring charges		—			(2	)		(2	)
Litigation and investigation costs		2			2			4
Operating income		201			171			372
Interest expense		(109	)		(107	)		(216	)
Investment earnings		1			1			2
Income from continuing operations, before income taxes		93			65			158
Income tax expense		(3	)		(20	)		(23	)
Income from continuing operations, before discontinued operations		90			45			135
Discontinued operations:
Income (loss) from operations		5			(5	)		—
Impairment of long-lived assets and goodwill, and restructuring charges, net		1			(3	)		(2	)
Income tax expense		(1	)		(2	)		(3	)
Income (loss) from discontinued operations		5			(10	)		(5	)
Net income		95			35			130
Less: Preferred stock dividends		6			6			12
Less: Net income attributable to noncontrolling interests		1			4			5
Net income attributable to Tenet Healthcare Corporation common shareholders	$	88		$	25		$	113
Earnings (loss) per share attributable to Tenet Healthcare Corporation common shareholders
Basic
Continuing operations	$	0.17		$	0.07		$	0.24
Discontinued operations		0.01			(0.02	)		(0.01	)
	$	0.18		$	0.05		$	0.23
Diluted
Continuing operations	$	0.16		$	0.07		$	0.23
Discontinued operations		0.01			(0.02	)		(0.01	)
	$	0.17		$	0.05		$	0.22
Weighted average shares and dilutive securities outstanding (in thousands):
Basic		481,917			484,610			483,263
Diluted		559,228			502,549			560,376

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TENET HEALTHCARE CORPORATION

SELECTED STATISTICS – CONTINUING HOSPITALS

Fiscal 2010 by Calendar Quarter

(Unaudited)

(Dollars in millions except per patient day, per							Six Months
admission and per visit amounts)	Three Months Ended						Ended
	03/31/10			06/30/10			06/30/10
Net inpatient revenues	$	1,544		$	1,478		$	3,022
Net outpatient revenues	$	706		$	733		$	1,439
Number of general hospitals (at end of period)		49			49			49
Licensed beds (at end of period)		13,430			13,420			13,420
Average licensed beds		13,431			13,435			13,433
Utilization of licensed beds		54.0	%		50.3	%		52.1	%
Patient days		652,952			614,365			1,267,317
Adjusted patient days		958,248			929,186			1,887,434
Net inpatient revenue per patient day	$	2,365		$	2,406		$	2,385
Admissions		132,599			127,751			260,350
Adjusted patient admissions		195,909			194,828			390,737
Net inpatient revenue per admission	$	11,644		$	11,569		$	11,607
Average length of stay (days)		4.9			4.8			4.9
Surgeries		87,998			91,285			179,283
Net outpatient revenue per visit	$	741		$	741		$	741
Outpatient visits		952,915			988,706			1,941,621
Sources of net patient revenue
Medicare		25.1	%		23.2	%		24.2	%
Medicaid		8.7	%		9.3	%		9.0	%
Managed care governmental		14.8	%		15.1	%		15.0	%
Managed care commercial		40.5	%		41.4	%		41.0	%
Indemnity, self-pay and other		10.9	%		11.0	%		10.8	%

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(1) Reconciliation of Adjusted EBITDA

Adjusted EBITDA, a non-GAAP term, is defined by the Company as net income (loss) attributable to Tenet Healthcare Corporation common shareholders before (1) the cumulative effect of changes in accounting principle, net of tax, (2) net income attributable to noncontrolling interests, (3) preferred stock dividends, (4) income (loss) from discontinued operations, net of tax, (5) income tax (expense) benefit, (6) net gain (loss) on sales of investments, (7) investment earnings (loss), (8) gain (loss) from early extinguishment of debt, (9) interest expense, (10) litigation and investigation (costs) benefit, net of insurance recoveries, (11) hurricane insurance recoveries, net of costs, (12) impairment of long-lived assets and goodwill and restructuring charges, net of insurance recoveries, and (13) depreciation and amortization. The Company’s Adjusted EBITDA may not be comparable to EBITDA reported by other companies.

The Company provides this information as a supplement to GAAP information to assist itself and investors in understanding the impact of various items on its financial statements, some of which are recurring or involve cash payments. The Company uses this information in its analysis of the performance of its business excluding items that it does not consider as relevant in the performance of its hospitals in continuing operations. Adjusted EBITDA is not a measure of liquidity, but is a measure of operating performance that management uses in its business as an alternative to net income (loss) attributable to Tenet Healthcare Corporation common shareholders. Because Adjusted EBITDA excludes many items that are included in our financial statements, it does not provide a complete measure of our operating performance. Accordingly, investors are encouraged to use GAAP measures when evaluating the Company’s financial performance.

The reconciliation of net income (loss) attributable to Tenet Healthcare Corporation common shareholders, the most comparable GAAP term, to Adjusted EBITDA, is set forth in the first table below for the three and six months ended June 30, 2010 and 2009.

(2) Adjusted Free Cash Flow

Adjusted Free Cash Flow, a non-GAAP term, is defined by the Company as cash provided by (used in) operating activities less income tax refunds (payments), payments against reserves for restructuring charges and litigation costs, operating cash flows from discontinued operations, excluding income taxes, capital expenditures in continuing operations, and new hospital construction expenditures. The Company believes the use of Adjusted Free Cash Flow is meaningful as the use of this financial measure provides the Company and the users of its financial statements with supplemental information about the impact on the Company’s cash flows from the items specified above. The Company provides this information as a supplement to GAAP information to assist itself and investors in understanding the impact of various items on its cash flows, some of which are recurring. The Company uses this information in its analysis of its cash flows excluding items that it does not consider relevant to the liquidity of its hospitals in continuing operations. Adjusted Free Cash Flow is a measure of liquidity that management uses in its business as an alternative to net cash provided by (used in) operating activities. Because Adjusted Free Cash Flow excludes many items that are included in our financial statements, it does not provide a complete measure of our liquidity. Accordingly, investors are encouraged to use GAAP measures when evaluating the Company’s financial performance or liquidity. The reconciliation of net cash provided by operating activities, the most comparable GAAP term, to Adjusted Free Cash Flow is set forth in the second table below for the three and six months ended June 30, 2010 and 2009.

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TENET HEALTHCARE CORPORATION

Additional Supplemental Non-GAAP Disclosures

Table #1 - Reconciliation of Adjusted EBITDA to Net Income Attributable to Tenet Healthcare Corporation Common Shareholders

(Unaudited)

(Dollars in millions)	Three Months Ended June 30,						Six Months Ended June 30,
	2010			2009			2010			2009
Net income (loss) attributable to Tenet Healthcare Corporation common shareholders	$	25		$	(15	)	$	113		$	163
Less: Net income attributable to noncontrolling interests		(4	)		(1	)		(5	)		(6	)
Preferred stock dividends		(6	)		—			(12	)		—
Loss from discontinued operations, net of tax		(10	)		(17	)		(5	)		(31	)
Income from continuing operations		45			3			135			200
Income tax expense		(20	)		(4	)		(23	)		(9	)
Investment earnings (loss)		1			(5	)		2			(3	)
Gain (loss) from early extinguishment of debt		—			(21	)		—			113
Net gain on sales of investments		—			15			—			15
Interest expense		(107	)		(120	)		(216	)		(230	)
Operating income		171			138			372			314
Litigation and investigation costs		(2	)		(9	)		(4	)		(10	)
Impairment of long-lived assets and goodwill, and restructuring charges		2			(1	)		2			(6	)
Depreciation and amortization		(97	)		(98	)		(192	)		(194	)
Adjusted EBITDA	$	268		$	246		$	566		$	524
Net operating revenues	$	2,303		$	2,229		$	4,642		$	4,491
Adjusted EBITDA as % of net operating revenues (Adjusted EBITDA margin)		11.6	%		11.0	%		12.2	%		11.7	%

Additional Supplemental Non-GAAP Disclosures

Table #2 Reconciliation of Adjusted Free Cash Flow to Net Cash

Provided by Operating Activities

(Unaudited)

(Dollars in millions)	Three Months Ended June 30,						Six Months Ended June 30,
	2010			2009			2010			2009
Net cash provided by operating activities	$	191		$	170		$	169		$	164
Less:
Income tax refunds, net		17			22			34			22
Payments against reserves for restructuring charges and litigation costs		(27	)		(28	)		(51	)		(56	)
Net cash provided by (used in) operating activities from discontinued operations, excluding income taxes		3			(26	)		5			28
Adjusted net cash provided by operating activities – continuing operations		198			202			181			170
Purchases of property and equipment – continuing operations		(70	)		(53	)		(148	)		(138	)
Construction of new and replacement hospitals		(7	)		(18	)		(12	)		(34	)
Adjusted Free Cash Flow – continuing operations	$	121		$	131		$	21		$	(2	)

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