Tenet Q1 adj. EBITDA $882M (ex. grants) beats outlook; net income $139M; retired $824M debt

TENET HEALTHCARE CORP

2022-Q1 EPS reported $1.28 revenue$4,745,000,000

Net income from continuing ops $139M vs $97M YoY; adj. diluted EPS $1.93 vs $1.30.
Consolidated adj. EBITDA $888M ($882M ex. grants) exceeded Q1 outlook; Q1'21 $777M ($740M ex. grants).
Retired $824M of debt YTD including $700M 7.5% senior secured notes; expects $61M annual interest savings.
Same-facility ambulatory surgical cases +8.0% YoY; same-hospital adjusted admissions -1.4% due to Omicron.
Free cash flow $73M ($267M ex. Medicare advance repayments); maintained 2022 adj. EBITDA outlook.

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