Tenet Healthcare (THC) 8-K Tenet Reports Adjusted EBITDA of $646 Million

Exhibit 99.1

Tenet Reports Adjusted EBITDA of $646 Million

for the Quarter Ended December 31, 2014

DALLAS – February 23, 2015 –Tenet Healthcare Corporation (NYSE:THC) reported Adjusted EBITDA of $646 million for the fourth quarter ended December 31, 2014, an increase of $202 million, or 45.5 percent, compared to $444 million in the fourth quarter of 2013.

“Another quarter of robust earnings growth across our entire business capped off Tenet’s strongest year in a decade,” said Trevor Fetter, president and chief executive officer. “Our strategies to capture incremental market share, combined with an improving economy and expanded health coverage, generated admissions growth that was among the highest in the industry. Conifer also achieved record growth and continues to gain recognition as a leading provider of revenue cycle management and value-based care services. We are well-positioned to continue driving strong performance in 2015.”

Discussion of Results(Percentage changes in operating metrics compare Q4’14 to Q4’13 on a same-hospital basis unless otherwise noted.)

Tenet generated same-hospital growth in admissions and adjusted admissions of 4.0 percent and 4.5 percent, respectively, compared to the fourth quarter of 2013. In addition, the company achieved one of the strongest quarterly percentage increases in same-hospital commercial volumes in more than a decade. We achieved an increase in paying admissions of 6.1 percent, driven in part by growth in commercial admissions. Surgeries increased 7.5 percent and emergency department visits increased 7.2 percent. The company estimates that approximately 70 percent of its volume growth in the quarter is related to investments in service line development, quality improvements, and enhanced physician alignment. This is independent of growth attributable to expanded insurance coverage under the Affordable Care Act (ACA).

Tenet increased outpatient visits by 9.6 percent. Approximately 92 percent of this growth was organic. At the end of 2014, Tenet operated 210 outpatient facilities, an increase of 27 facilities over the prior year.

Payer mix improved in the quarter. In the five states that expanded Medicaid, uninsured plus charity admissions declined by 2,547 admissions, or 62.4 percent, and Medicaid admissions increased by 4,355 admissions, or 20.5 percent. Uninsured plus charity outpatient visits decreased by 23,336 visits, or 34.3 percent, and Medicaid outpatient visits grew by 67,252 visits, or 25.2 percent, in these same five states. Across the entire company, uninsured plus charity admissions decreased by 3,109 admissions, or 21.9 percent, and Medicaid admissions increased by 4,555 admissions, or 9.0 percent. There was a decline in charity and uninsured outpatient visits of 18,917 visits, or 10.3 percent, and an increase in Medicaid outpatient visits of 86,891 visits, or 17.9 percent.

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Tenet’s exchange volumes were 3,768 admissions and 32,133 outpatient visits in the fourth quarter. Compared to the third quarter of 2014, the company drove increases in exchange admissions and exchange outpatient visits of 11.0 percent and 7.4 percent, respectively.

Net operating revenues, after provision for doubtful accounts, grew by $583 million, or 15.0 percent, to $4.468 billion, compared to net operating revenues of $3.885 billion in the fourth quarter of 2013. Tenet drove revenue growth by increasing patient volumes, improving terms in commercial managed care contracts and growing the company’s Conifer services businesses. In addition, the California Provider Fee program contributed $165 million to net operating revenues in the fourth quarter of 2014, an increase of $146 million compared to $19 million in the fourth quarter of 2013, due to the 2014 program being approved in the fourth quarter of 2014. Including only the impact of the California Provider Fee program related to the fourth quarter of 2014, or $38 million on a same-hospital basis, Tenet increased patient revenue net of bad debt expense per adjusted admission by 4.9 percent. The company grew commercial managed care revenue by 6.7 percent per admission and 0.9 percent per outpatient visit. Tenet continued to increase its investments in urgent care centers, which have lower acuity and generate lower revenues and costs per patient encounter. This contributed to a smaller percentage increase in commercial outpatient pricing.

Selected operating expenses for hospital operations, defined as the sum of salaries, wages and benefits, supplies and other operating expenses, increased by 3.8 percent. The selected operating expense metric for hospital operations excludes the company’s Conifer services business, health plans, and a provider network in Southern California. Excluding incremental expenses related to increased physician employment, selected operating expenses per adjusted admission increased by 2.6 percent.

Tenet recorded $32 million in electronic health records incentives in the fourth quarter of 2014, a $16 million decrease compared to $48 million in the fourth quarter of 2013. Electronic health record incentive payments are recorded based on the timing of when the company’s hospitals achieve meaningful use criteria.

The company’s bad debt expense ratio was 7.4 percent of revenues before bad debt, a decrease of 80 basis points compared to 8.2 percent in the fourth quarter of 2013. This improvement reflects the benefits of healthcare reform.

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Conifer generated an increase in Adjusted EBITDA of $28 million, or 77.8 percent, to $64 million, compared to $36 million in the fourth quarter of 2013. Conifer’s revenue increased by $63 million, or 23.9 percent, to $327 million in the fourth quarter of 2014, compared to revenues of $264 million in the fourth quarter of 2013.

Tenet generated after-tax income from continuing operations in the fourth quarter of 2014 of $104 million, or $1.03 per diluted share. This excludes $43 million, or $0.42 per share in after-tax impairments, restructuring charges, acquisition-related costs, and litigation and investigation costs. The company reported income from continuing operations in the fourth quarter of 2013 of $43 million, or $0.43 per diluted share, excluding the comparable items which totaled $60 million after-tax, or $0.60 per share.

Tenet drove net income attributable to common shareholders of $61 million after-tax, or $0.61 per share in the fourth quarter of 2014, compared to a net loss of $24 million after-tax, or $0.24 per share, in the fourth quarter of 2013.

Cash and cash equivalents were $193 million at December 31, 2014, compared to $200 million at September 30, 2014. Net revenues related to the California Provider Fee program, the Texas Medicaid disproportionate share funding, and the Texas uncompensated care 1115 Waiver programs of approximately $300 million had not been received by the company as of December 31, 2014. Tenet’s outstanding borrowings on its credit line were $220 million as of December 31, 2014. Accounts receivable days increased by 0.2 days to 49.5 days at December 31, 2014, compared to 49.3 days at September 30, 2014.

Outlook for First Quarter and Full Year 2015 Adjusted EBITDA

The company confirmed its existing 2015 Outlook for Adjusted EBITDA to be in a range of $2.05 billion to $2.15 billion. The company expects 2015 earnings per share to be in a range of $1.32 to $2.40 per share. For the first quarter ending March 31, 2015, the company expects Adjusted EBITDA of $475 million to $525 million and earnings per share of $0.05 to $0.55 per share.

Management’s Webcast Discussion of Fourth Quarter Results

Tenet management will discuss the Company’s fourth quarter 2014 results on a webcast scheduled for 9:00 a.m. (CST) / 10:00 a.m. (EST) on February 24, 2015. Investors can access the webcast through Tenet’s website atwww.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, including detailed tabular operational data, is contained in its Form 10-K report, which will be filed with the Securities and Exchange Commission and posted on the Tenet website before the webcast. This press release includes certain non-GAAP measures, such as Adjusted EBITDA. A reconciliation of Adjusted EBITDA to net income attributable to Tenet common shareholders is included in the financial tables at the end of this release.

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Tenet Healthcare Corporation is a national, diversified healthcare services company with more than 109,000 employees united around a common mission: to help people live happier, healthier lives. The company operates 80 hospitals, 214 outpatient centers, six health plans and Conifer Health Solutions, a leading provider of healthcare business process services in the areas of revenue cycle management, value based care and patient communications. For more information, please visitwww.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.

###

Corporate Communications	Investor Relations
Steven Campanini	Thomas Rice
469-893-2640	469-893-6992
mediarelations@tenethealth.com	investorrelations@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,” “intend,” “plan,” “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, 2014 and other filings with the Securities and Exchange Commission. The information contained in this release is as of the date hereof. The company assumes no obligation to update forward-looking statements contained in this release as a result of new information or future events or developments.

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 December 31,
	2014			%			2013			%			Change
Net operating revenues:
Net operating revenues before provision for doubtful accounts	$	4,824					$	4,233						14.0	%
Less: Provision for doubtful accounts		356						348						2.3	%
Net operating revenues		4,468			100.0	%		3,885			100.0	%		15.0	%
Operating expenses:
Salaries, wages and benefits		2,118			47.4	%		1,872			48.2	%		13.1	%
Supplies		688			15.4	%		626			16.1	%		9.9	%
Other operating expenses, net		1,048			23.5	%		991			25.5	%		5.8	%
Electronic health record incentives		(32	)		(0.7	)%		(48	)		(1.2	)%		(33.3	)%
Depreciation and amortization		240			5.4	%		191			4.9	%		25.7	%
Impairment and restructuring charges, and acquisition-related costs		63			1.4	%		58			1.5	%
Litigation and investigation costs		6			0.1	%		28			0.7	%
Operating income		337			7.5	%		167			4.3	%
Interest expense		(196	)					(182	)
Income (loss) from continuing operations, before income taxes		141						(15	)
Income tax benefit (expense)		(60	)					8
Income (loss) from continuing operations, before discontinued operations		81						(7	)
Discontinued operations:
Loss from operations		—						—
Income tax expense		—						(7	)
Net loss from discontinued operations		—						(7	)
Net income (loss)		81						(14	)
Less: Net income attributable to noncontrolling interests		20						10
Net income (loss) attributable to Tenet Healthcare Corporation common shareholders	$	61					$	(24	)
Amounts attributable to Tenet Healthcare Corporation common shareholders
Income (loss) from continuing operations, net of tax	$	61					$	(17	)
Loss from discontinued operations, net of tax		—						(7	)
Net income (loss) attributable to Tenet Healthcare Corporation common shareholders	$	61					$	(24	)
Earnings (loss) per share attributable to Tenet Healthcare Corporation common shareholders:
Basic
Continuing operations	$	0.62					$	(0.17	)
Discontinued operations		—						(0.07	)
	$	0.62					$	(0.24	)
Diluted
Continuing operations	$	0.61					$	(0.17	)
Discontinued operations		—						(0.07	)
	$	0.61					$	(0.24	)
Weighted average shares and dilutive securities outstanding (in thousands):
Basic		98,331						98,586
Diluted*		101,279						98,586

* Had we generated income from continuing operations in the three months ended December 31, 2013, the effect of employee stock options, restricted stock units and deferred compensation units on the diluted shares calculation would have been an increase of 2,472 shares.

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TENET HEALTHCARE CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in millions except per share amounts)	Year Ended December 31,
	2014			%			2013			%			Change
Net operating revenues:
Net operating revenues before provision for doubtful accounts	$	17,920					$	12,074						48.4	%
Less: Provision for doubtful accounts		1,305						972						34.3	%
Net operating revenues		16,615			100.0	%		11,102			100.0	%		49.7	%
Operating expenses:
Salaries, wages and benefits		8,023			48.3	%		5,371			48.4	%		49.4	%
Supplies		2,630			15.8	%		1,784			16.1	%		47.4	%
Other operating expenses, net		4,114			24.8	%		2,701			24.3	%		52.3	%
Electronic health record incentives		(104	)		(0.7	)%		(96	)		(0.9	)%		8.3	%
Depreciation and amortization		849			5.1	%		545			4.9	%		55.8	%
Impairment and restructuring charges, and acquisition-related costs		153			0.9	%		103			0.9	%
Litigation and investigation costs		25			0.2	%		31			0.3	%
Operating income		925			5.6	%		663			6.0	%
Interest expense		(754	)					(474	)
Loss from early extinguishment of debt		(24	)					(348	)
Investment earnings		—						1
Income (loss) from continuing operations, before income taxes		147						(158	)
Income tax benefit (expense)		(49	)					65
Net income (loss) from continuing operations, before discontinued operations		98						(93	)
Discontinued operations:
Loss from operations		(17	)					(5	)
Litigation and investigation costs		(18	)					(2	)
Income tax benefit (expense)		13						(4	)
Loss from discontinued operations		(22	)					(11	)
Net income (loss)		76						(104	)
Less: Net income attributable to noncontrolling interests		64						30
Net income (loss) attributable to Tenet Healthcare Corporation common shareholders	$	12					$	(134	)
Amounts attributable to Tenet Healthcare Corporation common shareholders
Net income (loss) from continuing operations, net of tax	$	34					$	(123	)
Loss from discontinued operations, net of tax		(22	)					(11	)
Net income (loss) attributable to Tenet Healthcare Corporation common shareholders	$	12					$	(134	)
Net income (loss) per share attributable to Tenet Healthcare Corporation common shareholders:
Basic
Continuing operations	$	0.35					$	(1.21	)
Discontinued operations		(0.23	)					(0.11	)
	$	0.12					$	(1.32	)
Diluted
Continuing operations	$	0.34					$	(1.21	)
Discontinued operations		(0.22	)					(0.11	)
	$	0.12					$	(1.32	)
Weighted average shares and dilutive securities outstanding (in thousands):
Basic		97,801						101,648
Diluted*		100,287						101,648

* Had we generated income from continuing operations available to shareholders in the year ended December 31, 2013, the effect (in thousands) of employee stock options, restricted stock units and deferred compensation units on the diluted shares calculation would have been an increase in shares of 2,310 shares.

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TENET HEALTHCARE CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in millions)	December 31, 2014			December 31, 2013
ASSETS
Current assets:
Cash and cash equivalents	$	193		$	113
Accounts receivable, less allowance for doubtful accounts		2,404			1,890
Inventories of supplies, at cost		276			260
Income tax receivable		2			—
Current portion of deferred income taxes		747			692
Other current assets		1,095			737
Total current assets		4,717			3,692
Investments and other assets		384			357
Deferred income taxes, net of current portion		116			148
Property and equipment, at cost, less accumulated depreciation and amortization		7,733			7,582
Goodwill		3,913			3,566
Other intangible assets, at cost, less accumulated amortization		1,278			1,105
Total assets	$	18,141		$	16,450
LIABILITIES AND EQUITY
Current liabilities:
Current portion oflong-term debt	$	112		$	153
Accounts payable		1,179			1,085
Accrued compensation and benefits		852			622
Professional and general liability reserves		189			156
Accrued interest payable		194			198
Other current liabilities		1,051			879
Total current liabilities		3,577			3,093
Long-term debt, net of current portion		11,695			10,696
Professional and general liability reserves		492			555
Defined benefit plan obligations		633			398
Otherlong-term liabilities		558			490
Total liabilities		16,955			15,232
Commitments and contingencies
Redeemable noncontrolling interests in equity of consolidated subsidiaries		401			340
Equity:
Shareholders’ equity:
Common stock		7			7
Additionalpaid-in capital		4,614			4,572
Accumulated other comprehensive loss		(182	)		(24	)
Accumulated deficit		(1,410	)		(1,422	)
Common stock in treasury, at cost		(2,378	)		(2,378	)
Total shareholders’ equity		651			755
Noncontrolling interests		134			123
Total equity		785			878
Total liabilities and equity	$	18,141		$	16,450

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TENET HEALTHCARE CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Dollars in millions)	Year Ended December 31,
	2014			2013
Net income (loss)	$	76		$	(104	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		849			545
Provision for doubtful accounts		1,305			972
Deferred income tax benefit		30			(67	)
Stock-based compensation expense		51			36
Impairment and restructuring charges, and acquisition-related costs		153			103
Litigation and investigation costs		25			31
Loss from early extinguishment of debt		24			348
Amortization of debt discount and debt issuance costs		28			19
Pre-tax income from discontinued operations		35			7
Other items, net		(40	)		(33	)
Changes in cash from operating assets and liabilities:
Accounts receivable		(1,896	)		(987	)
Inventories and other current assets		(314	)		(203	)
Income taxes		3			—
Accounts payable, accrued expenses and other current liabilities		505			38
Otherlong-term liabilities		44			13
Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements		(168	)		(114	)
Net cash used in operating activities from discontinued operations, excluding income taxes		(23	)		(15	)
Net cash provided by operating activities		687			589
Cash flows from investing activities:
Purchases of property and equipment — continuing operations		(933	)		(691	)
Purchases of businesses or joint venture interests, net of cash acquired		(428	)		(1,515	)
Proceeds from sales of facilities and other assets — discontinued operations		6			16
Proceeds from sales of marketable securities, long-term investments and other assets		31			15
Other long-term assets		1			8
Other items, net		1			3
Net cash used in investing activities		(1,322	)		(2,164	)
Cash flows from financing activities:
Repayments of borrowings under credit facility		(2,430	)		(1,286	)
Proceeds from borrowings under credit facility		2,245			1,691
Repayments of other borrowings		(683	)		(5,133	)
Proceeds from other borrowings		1,608			6,507
Deferred debt issuance costs		(27	)		(154	)
Repurchases of common stock		—			(400	)
Distributions paid to noncontrolling interests		(45	)		(27	)
Contributions from noncontrolling interests		17			99
Proceeds from exercise of stock options		26			22
Other items, net		4			5
Net cash provided by financing activities		715			1,324
Net increase (decrease) in cash and cash equivalents		80			(251	)
Cash and cash equivalents at beginning of period		113			364
Cash and cash equivalents at end of period	$	193		$	113
Supplemental disclosures:
Interest paid, net of capitalized interest	$	(726	)	$	(426	)
Income tax payments, net	$	(8	)	$	(6	)

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TENET HEALTHCARE CORPORATION

SELECTED STATISTICS – CONTINUING SAME HOSPITALS INCLUDING VANGUARD PROFORMA FOR FULL YEAR 2013

(Unaudited)

(Dollars in millions except per patient day, per admission and per visit amounts)	Three Months Ended December 31,									Year Ended December 31,
	2014			2013			Change			2014			2013			Change
Net inpatient revenues	$	2,669		$	2,372			12.5	%	$	9,927		$	9,651			2.9	%
Net outpatient revenues	$	1,495		$	1,357			10.2	%	$	5,712		$	5,343			6.9	%
Number of acute care hospitals (at end of period)		77			77			—	*		77			77			—	*
Licensed beds (at end of period)		20,407			20,293			0.6	%		20,407			20,293			0.6	%
Average licensed beds		20,398			20,294			0.5	%		20,328			20,295			0.2	%
Utilization of licensed beds		49.1	%		47.2	%		1.9	%*		49.4	%		48.1	%		1.3	%*
Patient days – total		921,926			880,737			4.7	%		3,665,814			3,562,658			2.9	%
Adjusted patient days		1,562,581			1,481,407			5.5	%		6,201,568			5,971,291			3.9	%
Net inpatient revenue per patient day	$	2,895		$	2,693			7.5	%	$	2,708		$	2,709			—	%
Total admissions		198,219			190,506			4.0	%		783,268			764,695			2.4	%
Adjusted patient admissions		340,125			325,377			4.5	%		1,340,444			1,295,720			3.5	%
Charity and uninsured admissions		11,104			14,189			(21.7	)%		45,308			55,548			(18.4	)%
Net inpatient revenue per admission	$	13,465		$	12,451			8.1	%	$	12,674		$	12,621			0.4	%
Average length of stay (days)		4.65			4.62			0.6	%		4.68			4.66			0.4	%
Total surgeries		181,336			168,730			7.5	%		694,272			640,960			8.3	%
Admissions through emergency department		124,600			116,592			6.9	%		490,006			472,515			3.7	%
Emergency department visits		711,351			663,114			7.3	%		2,775,281			2,664,278			4.2	%
Total emergency department admissions and visits		835,951			779,706			7.2	%		3,265,287			3,136,793			4.1	%
Outpatient visits		2,100,683			1,916,932			9.6	%		8,198,002			7,646,969			7.2	%
Charity and uninsured outpatient visits		164,746			183,586			(10.3	)%		664,082			761,027			(12.7	)%
Net outpatient revenue per visit	$	712		$	708			0.6	%	$	697		$	699			(0.3	)%
Net patient revenue per adjusted patient admission	$	12,243		$	11,461			6.8	%	$	11,667		$	11,572			0.8	%
Net patient revenue per adjusted patient day	$	2,665		$	2,517			5.9	%	$	2,522		$	2,511			0.4	%
Net Patient Revenues from:
Medicare		20.9	%		21.8	%		(0.9	)%*		21.8	%		22.5	%		(0.7	)%*
Medicaid		10.9	%		9.3	%		1.6	%*		9.4	%		10.2	%		(0.8	)%*
Managed care		58.1	%		57.7	%		0.4	%*		58.6	%		56.0	%		2.6	%*
Indemnity, self-pay and other		10.1	%		11.2	%		(1.1	)%*		10.2	%		11.3	%		(1.1	)%*

* This change is the difference between the 2014 and 2013 amounts shown

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TENET HEALTHCARE CORPORATION

SELECTED STATISTICS – CONTINUING TOTAL HOSPITALS

(Unaudited)

(Dollars in millions except per patient day, per admission and per visit amounts)	Three Months Ended December 31,									Year Ended December 31,
	2014			2013			Change			2014			2013			Change
Net inpatient revenues	$	2,719		$	2,372			14.6	%	$	10,015		$	6,952			44.1	%
Net outpatient revenues	$	1,539		$	1,357			13.4	%	$	5,774		$	3,859			49.6	%
Number of acute care hospitals (at end of period)		80			77			3	*		80			77			3	*
Licensed beds (at end of period)		20,814			20,293			2.6	%		20,814			20,293			2.6	%
Average licensed beds		20,805			20,294			2.5	%		20,531			14,963			37.2	%
Utilization of licensed beds		49.0	%		47.2	%		1.8	%*		49.3	%		48.0	%		1.3	%*
Patient days – total		937,803			880,737			6.5	%		3,695,288			2,621,245			41.0	%
Adjusted patient days		1,592,166			1,481,291			7.5	%		6,255,572			4,243,334			47.4	%
Net inpatient revenue per patient day	$	2,899		$	2,693			7.6	%	$	2,710		$	2,652			2.2	%
Total admissions		202,337			190,506			6.2	%		791,165			558,726			41.6	%
Adjusted patient admissions		347,790			325,410			6.9	%		1,354,896			915,276			48.0	%
Charity and uninsured admissions		11,256			14,190			(20.7	)%		45,703			40,487			12.9	%
Net inpatient revenue per admission	$	13,438		$	12,451			7.9	%	$	12,659		$	12,443			1.7	%
Average length of stay (days)		4.63			4.62			0.2	%		4,67			4.69			(0.4	)%
Total surgeries		183,250			168,730			8.6	%		697,635			489,867			42.4	%
Admissions through emergency department		127,361			116,592			9.2	%		495,195			347,920			42.3	%
Emergency department visits		737,680			663,114			11.2	%		2,824,526			1,865,239			51.4	%
Total emergency department admissions and visits		865,041			779,706			10.9	%		3,319,721			2,213,159			50.0	%
Outpatient visits		2,145,138			1,916,932			11.9	%		8,283,878			5,115,854			61.9	%
Charity and uninsured outpatient visits		168,284			183,587			(8.3	)%		673,320			522,781			28.8	%
Net outpatient revenue per visit	$	717		$	708			1.3	%	$	697		$	754			(7.6	)%
Net patient revenue per adjusted patient admission	$	12,243		$	11,459			6.8	%	$	11,653		$	11,812			(1.3	)%
Net patient revenue per adjusted patient day	$	2,674		$	2,517			6.2	%	$	2,524		$	2,548			(0.9	)%
Net Patient Revenues from:
Medicare		20.9	%		21.8	%		(0.9	)%*		21.9	%		21.8	%		0.1	%*
Medicaid		11.1	%		9.3	%		1.8	%*		9.4	%		9.0	%		0.4	%*
Managed care		57.9	%		57.7	%		0.2	%*		58.6	%		58.1	%		0.5	%*
Indemnity, self-pay and other		10.1	%		11.2	%		(1.1	)%*		10.1	%		11.1	%		(1.0	)%*

* This change is the difference between the 2014 and 2013 amounts shown

Page 10

TENET HEALTHCARE CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in millions except per share amounts)	Three Months Ended												Year Ended 12/31/14
	03/31/14			06/30/14			09/30/14			12/31/14
Net operating revenues:
Net operating revenues before provision for doubtful accounts	$	4,306		$	4,362		$	4,428		$	4,824		$	17,920
Less: Provision for doubtful accounts		380			320			249			356			1,305
Net operating revenues		3,926			4,042			4,179			4,468			16,615
Operating expenses:
Salaries, wages and benefits		1,921			1,956			2,028			2,118			8,023
Supplies		628			649			665			688			2,630
Other operating expenses, net		999			1,035			1,032			1,048			4,114
Electronic health record incentives		(9	)		(58	)		(5	)		(32	)		(104	)
Depreciation and amortization		193			209			207			240			849
Impairment and restructuring charges, and acquisition-related costs		21			32			37			63			153
Litigation and investigation costs		3			12			4			6			25
Operating income		170			207			211			337			925
Interest expense		(182	)		(190	)		(186	)		(196	)		(754	)
Loss from early extinguishment of debt		—			—			(24	)		—			(24	)
Income (loss) from continuing operations, before income taxes		(12	)		17			1			141			147
Income tax benefit (expense)		1			(8	)		18			(60	)		(49	)
Income (loss) from continuing operations, before discontinued operations		(11	)		9			19			81			98
Discontinued operations:
Loss from operations		(8	)		(7	)		(2	)		—			(17	)
Litigation and investigation costs		—			(18	)		—			—			(18	)
Income tax benefit		3			9			1			—			13
Net loss from discontinued operations		(5	)		(16	)		(1	)		—			(22	)
Net income (loss)		(16	)		(7	)		18			81			76
Less: Net income attributable to noncontrolling interests		16			19			9			20			64
Net income (loss) attributable to Tenet Healthcare Corporation common shareholders	$	(32	)	$	(26	)	$	9		$	61		$	12
Amounts attributable to Tenet Healthcare Corporation common shareholders
Income (loss) from continuing operations, net of tax	$	(27	)	$	(10	)	$	10		$	61		$	34
Loss from discontinued operations, net of tax		(5	)		(16	)		(1	)		—			(22	)
Net income (loss) attributable to Tenet Healthcare Corporation common shareholders	$	(32	)	$	(26	)	$	9		$	61		$	12
Net income (loss) per share attributable to Tenet Healthcare Corporation common shareholders:
Basic
Continuing operations	$	(0.28	)	$	(0.11	)	$	0.10		$	0.61		$	0.35
Discontinued operations		(0.05	)		(0.16	)		(0.01	)		—			(0.23	)
	$	(0.33	)	$	(0.27	)	$	0.09		$	0.61		$	0.12
Diluted
Continuing operations	$	(0.28	)	$	(0.11	)	$	0.10		$	0.61		$	0.34
Discontinued operations		(0.05	)		(0.16	)		(0.01	)		—			(0.22	)
	$	(0.33	)	$	(0.27	)	$	0.09		$	0.61		$	0.12
Weighted average shares and dilutive securities outstanding (in thousands):
Basic		97,161			97,677			98,036			98,331			97,801
Diluted		97,161			97,677			100,926			101,279			100,287

Page 11

TENET HEALTHCARE CORPORATION

SELECTED STATISTICS – CONTINUING SAME HOSPITALS INCLUDING VANGUARD

(Unaudited)

(Dollars in millions except per patient days, per admission and per visit amounts)	Three Months Ended												Year Ended 12/31/14
	03/31/14			06/30/14			09/30/14			12/31/14
Net inpatient revenues	$	2,440		$	2,400		$	2,418		$	2,669		$	9,927
Net outpatient revenues	$	1,346		$	1,436		$	1,435		$	1,495		$	5,712
Number of acute care hospitals (at end of period)		77			77			77			77			77
Licensed beds (at end of period)		20,255			20,355			20,355			20,407			20,407
Average licensed beds		20,255			20,304			20,355			20,398			20,328
Utilization of licensed beds		51.0	%		49.0	%		48.5	%		49.1	%		49.4	%
Patient days – total		929,164			905,839			908,885			921,926			3,665,814
Adjusted patient days		1,535,545			1,551,263			1,552,179			1,562,581			6,201,568
Net inpatient revenue per patient day	$	2,626		$	2,649		$	2,660		$	2,895		$	2,708
Total admissions		194,273			194,167			196,609			198,219			783,268
Adjusted patient admissions		324,475			335,991			339,853			340,125			1,340,444
Charity and uninsured admissions		12,530			10,900			10,774			11,104			45,308
Net inpatient revenue per admission	$	12,560		$	12,360		$	12,299		$	13,465		$	12,674
Average length of stay (days)		4.78			4.67			4.62			4.65			4.68
Total surgeries		162,282			173,463			177,191			181,336			694,272
Admissions through emergency department		122,601			121,872			120,933			124,600			490,006
Emergency department visits		665,002			699,423			699,505			711,351			2,775,281
Total emergency department admissions and visits		787,603			821,295			820,438			835,951			3,265,287
Outpatient visits		1,947,687			2,063,026			2,086,606			2,100,683			8,198,002
Charity and uninsured outpatient visits		165,248			168,967			165,121			164,746			664,082
Net outpatient revenue per visit	$	691		$	696		$	688		$	712		$	697
Net patient revenue per adjusted patient admission	$	11,668		$	11,417		$	11,337		$	12,243		$	11,667
Net patient revenue per adjusted patient day	$	2,466		$	2,473		$	2,482		$	2,665		$	2,522
Net Patient Revenues from:
Medicare		22.6	%		22.5	%		21.3	%		20.9	%		21.8	%
Medicaid		7.7	%		9.9	%		8.8	%		10.9	%		9.4	%
Managed care		57.8	%		58.0	%		60.8	%		58.1	%		58.6	%
Indemnity, self-pay and other		11.9	%		9.6	%		9.1	%		10.1	%		10.2	%

Page 12

TENET HEALTHCARE CORPORATION

SELECTED STATISTICS – CONTINUING SAME HOSPITALS INCLUDING VANGUARD PROFORMA FOR FULL YEAR 2013

(Unaudited)

(Dollars in millions except per patient days, per admission and per visit amounts)	Three Months Ended												Year Ended
	03/31/13			06/30/13			09/30/13			12/31/13			12/31/13
Net inpatient revenues	$	2,404		$	2,436		$	2,439		$	2,372		$	9,651
Net outpatient revenues	$	1,295		$	1,346		$	1,345		$	1,357		$	5,343
Number of acute care hospitals (at end of period)		77			77			77			77			77
Licensed beds (at end of period)		20,295			20,295			20,295			20,293			20,293
Average licensed beds		20,295			20,295			20,295			20,294			14,963
Utilization of licensed beds		51.0	%		47.3	%		47.0	%		47.2	%		48.0	%
Patient days – total		931,291			873,643			876,987			880,737			3,562,658
Adjusted patient days		1,525,151			1,479,667			1,485,066			1,481,407			5,971,291
Net inpatient revenue per patient day	$	2,581		$	2,788		$	2,781		$	2,693		$	2,709
Total admissions		196,102			188,789			189,298			190,506			764,695
Adjusted patient admissions		323,496			323,000			323,847			325,377			1,295,720
Charity and uninsured admissions		13,217			13,931			14,211			14,189			55,548
Net inpatient revenue per admission	$	12,259		$	12,903		$	12,884		$	12,451		$	12,621
Average length of stay (days)		4.75			4.63			4.63			4.62			4.66
Total surgeries		150,716			160,192			161,322			168,730			640,960
Admissions through emergency department		123,063			117,194			115,666			116,592			472,515
Emergency department visits		669,774			666,261			665,129			663,114			2,664,278
Total emergency department admissions and visits		792,837			783,455			780,795			779,706			3,136,793
Outpatient visits		1,880,002			1,926,196			1,923,839			1,916,932			7,646,969
Charity and uninsured outpatient visits		188,112			193,974			195,354			183,586			761,027
Net outpatient revenue per visit	$	689		$	699		$	699		$	708		$	699
Net patient revenue per adjusted patient admission	$	11,434		$	11,709		$	11,685		$	11,461		$	11,572
Net patient revenue per adjusted patient day	$	2,425		$	2,556		$	2,548		$	2,517		$	2,511
Net Patient Revenues from:
Medicare		24.0	%		22.1	%		22.0	%		21.8	%		22.5	%
Medicaid		9.3	%		11.7	%		10.7	%		9.3	%		10.2	%
Managed care		55.9	%		55.0	%		55.5	%		57.7	%		56.0	%
Indemnity, self-pay and other		10.8	%		11.2	%		11.8	%		11.2	%		11.3	%

Page 13

TENET HEALTHCARE CORPORATION

SELECTED STATISTICS – CONTINUING TOTAL HOSPITALS

(Unaudited)

(Dollars in millions except per patient days, per admission and per visit amounts)	Three Months Ended												Year Ended
	03/31/14			06/30/14			09/30/14			12/30/14			12/31/14
Net inpatient revenues	$	2,440		$	2,393		$	2,463		$	2,719		$	10,015
Net outpatient revenues	$	1,346		$	1,448		$	1,441		$	1,539		$	5,774
Number of acute care hospitals (at end of period)		77			79			80			80			80
Licensed beds (at end of period)		20,279			20,553			20,762			20,814			20,814
Average licensed beds		20,263			20,370			20,692			20,805			20,531
Utilization of licensed beds		51.0	%		48.9	%		48.4	%		49.0	%		49.3	%
Patient days – total		929,164			907,093			921,228			937,803			3,695,288
Adjusted patient days		1,535,545			1,553,515			1,574,346			1,592,166			6,255,572
Net inpatient revenue per patient day	$	2,626		$	2,638		$	2,674		$	2,899		$	2,710
Total admissions		194,273			194,641			199,914			202,337			791,165
Adjusted patient admissions		324,475			336,844			345,787			347,790			1,354,896
Charity and uninsured admissions		12,530			10,927			10,990			11,256			45,703
Net inpatient revenue per admission	$	12,560		$	12,294		$	12,320		$	13,438		$	12,659
Average length of stay (days)		4.78			4.66			4.61			4.63			4,67
Total surgeries		162,282			173,664			178,439			183,250			697,635
Admissions through emergency department		122,601			122,086			123,147			127,361			495,195
Emergency department visits		665,002			702,009			719,835			737,680			2,824,526
Total emergency department admissions and visits		787,603			824,095			842,982			865,041			3,319,721
Outpatient visits		1,947,687			2,066,051			2,125,002			2,145,138			8,283,878
Charity and uninsured outpatient visits		165,248			169,766			170,022			168,284			673,320
Net outpatient revenue per visit	$	691		$	701		$	678		$	717		$	697
Net patient revenue per adjusted patient admission	$	11,692		$	11,380		$	11,290		$	12,243		$	11,653
Net patient revenue per adjusted patient day	$	2,482		$	2,456		$	2,480		$	2,674		$	2,524
Net Patient Revenues from:
Medicare		22.6	%		22.5	%		21.5	%		20.9	%		21.9	%
Medicaid		7.7	%		9.9	%		8.7	%		11.1	%		9.4	%
Managed care		57.8	%		58.0	%		60.7	%		57.9	%		58.6	%
Indemnity, self-pay and other		11.9	%		9.6	%		9.1	%		10.1	%		10.1	%

Page 14

TENET HEALTHCARE CORPORATION

SEGMENT REPORTING

(Unaudited)

	December 31, 2014		December 31, 2013
Assets
Hospital Operations and other	$	17,212	$	15,865
Conifer		929		585
Total	$	18,141	$	16,450

	Three Months Ended December 31,						Year Ended December 31,
	2014			2013			2014			2013
Capital expenditures:
Hospital Operations and other	$	191		$	283		$	908		$	670
Conifer		8			10			25			21
Total	$	199		$	293		$	933		$	691
Net operating revenues:
Hospital Operations and other	$	4,306		$	3,747		$	16,013		$	10,587
Conifer
Tenet		165			126			591			404
Other customers		162			138			602			515
		4,633			4,011			17,206			11,506
Intercompany eliminations		(165	)		(126	)		(591	)		(404	)
Total	$	4,468		$	3,885		$	16,615		$	11,102
Adjusted EBITDA:
Hospital Operations and other	$	582		$	408		$	1,749		$	1,210
Conifer		64			36			203			132
Total	$	646		$	444		$	1,952		$	1,342
Depreciation and amortization:
Hospital Operations and other	$	230		$	187		$	824		$	526
Conifer		10			4			25			19
Total	$	240		$	191		$	849		$	545
Adjusted EBITDA	$	646		$	444		$	1,952		$	1,342
Depreciation and amortization		(240	)		(191	)		(849	)		(545	)
Impairments and restructuring charges, and acquisition-related costs		(63	)		(58	)		(153	)		(103	)
Litigation and investigation costs		(6	)		(28	)		(25	)		(31	)
Interest expense		(196	)		(182	)		(754	)		(474	)
Loss from early extinguishment of debt		—			—			(24	)		(348	)
Investment earnings		—			—			—			1
Income (loss) from continuing operations before income taxes	$	141		$	(15	)	$	147		$	(158	)

Page 15

(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 loss (income) attributable to noncontrolling interests; (3) preferred stock dividends; (4) income (loss) from discontinued operations, net of tax; (5) income tax benefit (expense); (6) investment earnings (loss); (7) gain (loss) from early extinguishment of debt; (8) net gain (loss) on sales of investments; (9) interest expense; (10) litigation and investigation benefit (costs), net of insurance recoveries; (11) hurricane insurance recoveries, net of costs; (12) impairment and restructuring charges and acquisition-related costs; 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. In addition, from time to time we use this measure to define certain performance targets under our compensation programs. 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 twelve months ended December 31, 2014 and 2013.

For certain pro financial information of the Company as if the Vanguard acquisition had occurred at January 1, 2013, see Note 19 of the notes to the consolidated financial statements in the Company’s Form 10-K for the year ended December 31, 2014.

TENET HEALTHCARE CORPORATION

Additional Supplemental Non-GAAP Disclosures

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

(Unaudited)

(Dollars in millions)	Three Months Ended December 31,						Year Ended December 31,
	2014			2013			2014			2013
Net income (loss) attributable to Tenet Healthcare Corporation common shareholders	$	61		$	(24	)	$	12		$	(134	)
Less: Net (income) attributable to noncontrolling interests		(20	)		(10	)		(64	)		(30	)
Loss from discontinued operations, net of tax		—			(7	)		(22	)		(11	)
Income (loss) from continuing operations		81			(7	)		98			(93	)
Income tax benefit (expense)		(60	)		8			(49	)		65
Investment earnings		—			—			—			1
Loss from early extinguishment of debt		—			—			(24	)		(348	)
Interest expense		(196	)		(182	)		(754	)		(474	)
Operating income		337			167			925			663
Litigation and investigation costs		(6	)		(28	)		(25	)		(31	)
Impairment and restructuring charges, and acquisition-related costs		(63	)		(58	)		(153	)		(103	)
Depreciation and amortization		(240	)		(191	)		(849	)		(545	)
Adjusted EBITDA	$	646		$	444		$	1,952		$	1,342
Net operating revenues	$	4,468		$	3,885		$	16,615		$	11,102
Adjusted EBITDA as % of net operating revenues (Adjusted EBITDA margin)		14.5	%		11.4	%		11.7	%		12.1	%

Page 16

TENET HEALTHCARE CORPORATION

Additional Supplemental Non-GAAP Disclosures

Table #2 – Reconciliation of Adjusted Free Cash Flow

(Unaudited)

(Dollars in millions)	Three Months Ended December 31,						Year Ended December 31,
	2014			2013			2014			2013
Net cash provided by operating activities	$	219		$	255		$	687		$	589
Less:
Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements		(53	)		(78	)		(168	)		(114	)
Net cash provided by (used in) operating activities from discontinued operations		(7	)		(10	)		(23	)		(15	)
Adjusted net cash provided by operating activities – continuing operations		279			343			878			718
Purchases of property and equipment – continuing operations		(199	)		(293	)		(933	)		(691	)
Adjusted free cash flow – continuing operations	$	80		$	50		$	(55	)	$	(27	)

TENET HEALTHCARE CORPORATION

Additional Supplemental Non-GAAP Disclosures

Table #3 – Reconciliation of Outlook Adjusted EBITDA to

Outlook Net Income Attributable to Tenet Healthcare Corporation Common Shareholders

for the Year Ending December 31, 2015

(Unaudited)

(Dollars in millions)	Q1 2015						2015
	Low			High			Low			High
Net income attributable to Tenet Healthcare Corporation common shareholders	$	3		$	55		$	130		$	245
Less: Net (income) attributable to noncontrolling interests		(30	)		(25	)		(120	)		(100	)
Loss from discontinued operations, net of tax		(2	)		0			(5	)		0
Income from continuing operations	$	35		$	80		$	255		$	345
Income tax (expense)		(10	)		(45	)		(95	)		(175	)
Income from continuing operations, before income taxes	$	45		$	125		$	350		$	520
Interest expense, net		(200	)		(190	)		(800	)		(770	)
Operating income	$	245		$	315		$	1,150		$	1,290
Impairment and restructuring charges, acquisition-related costs and litigation costs and settlements(a)		0			0			0			0
Depreciation and amortization		(230	)		(210	)		(900	)		(860	)
Adjusted EBITDA	$	475		$	525		$	2,050		$	2,150
Net operating revenues	$	4,300		$	4,500		$	17,400		$	17,700
Adjusted EBITDA as % of net operating revenues (Adjusted EBITDA margin)		11.0	%		11.7	%		11.8	%		12.1	%

^(a)  Company does not forecast impairment and restructuring charges, acquisition-related and litigation costs and settlements

Page 17

TENET HEALTHCARE CORPORATION

Additional Supplemental Non-GAAP Disclosures

Table #4 – Reconciliation of Outlook Adjusted EBITDA to

Outlook Normalized Income from Continuing Operations

for the Year Ending December 31, 2015

(Unaudited)

(Dollars in millions)	Q1 2015						2015
	Low			High			Low			High
Adjusted EBITDA	$	475		$	525		$	2,050		$	2,150
Depreciation and amortization		(230	)		(210	)		(900	)		(860	)
Interest expense, net		(200	)		(190	)		(800	)		(770	)
Income from continuing operations before income taxes	$	45		$	125		$	350		$	520
Income tax (expense)		(10	)		(45	)		(95	)		(175	)
Normalized income from continuing operations	$	35		$	80		$	255		$	345
Net (income) attributable to noncontrolling interests		(30	)		(25	)		(120	)		(100	)
Net income attributable to common shareholders		5			55			135			245
Fully diluted weighted average share outstanding (in millions)		100			100			102			102
Normalized fully diluted earnings per share – continuing operations	$	0.05		$	0.55		$	1.32		$	2.40

TENET HEALTHCARE CORPORATION

Additional Supplemental Non-GAAP Disclosures

Table #5 – Reconciliation of Outlook Adjusted Free Cash Flow

for the Year Ending December 31, 2015

(Unaudited)

(Dollars in millions)	2015
	Low			High
Net cash provided by operating activities	$	1,130		$	1,240
Less:
Payments for restructuring charges, acquisition-related costs and litigation costs and settlements(a)		0			0
Net cash used in operating activities from discontinued operations		(20	)		(10	)
Adjusted net cash provided by operating activities – continuing operations	$	1,150		$	1,250
Purchases of property and equipment – continuing operations		(1,000	)		(900	)
Adjusted free cash flow – continuing operations	$	150		$	350

^(a)  Company does not forecast impairment and restructuring charges, acquisition-related and litigation costs and settlements

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