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Dec 31, 2020
Tenet Healthcare Q4 2020 Earnings Report
Tenet Healthcare reported fourth quarter 2020 results, announced a plan to retire $478 million of debt, and provided 2021 financial guidance.
Key Takeaways
Tenet Healthcare Corporation reported a net income from continuing operations available to common shareholders of $414 million in Q4 2020, compared to a net loss of $3 million in Q4 2019. Adjusted EBITDA for Q4 2020 was $832 million excluding grant income, or $1.278 billion including grant income. The company plans to retire $478 million of debt and anticipates annual interest savings of approximately $33 million.
Net income from continuing operations available to common shareholders in 4Q20 was $414 million, compared to a net loss of $3 million in 4Q19.
Consolidated Adjusted EBITDA in 4Q20 was $832 million excluding $446 million of COVID stimulus grant income, or $1.278 billion including the grant income, versus $799 million in 4Q19.
Diluted earnings per share from continuing operations available to common shareholders in 4Q20 was $3.86 compared to a loss per share of $0.03 in 4Q19; Adjusted diluted earnings per share from continuing operations was $4.72 in 4Q20 compared to $0.95 in 4Q19.
The company plans to retire $478 million of 7% senior unsecured notes due 2025, expecting annual interest savings of approximately $33 million.
Revenue by Segment
Forward Guidance
Tenet’s Outlook for FY 2021 and 1Q21 anticipates continuing recovery from the pandemic and growth from operational improvements.
Positive Outlook
- Net operating revenues are projected to be between $19.2 billion and $19.6 billion.
- Adjusted EBITDA is expected to be in the range of $2.9 billion to $3.1 billion.
- Diluted income per common share from continuing operations is estimated to be between $2.09 and $3.81.
- Adjusted net income from continuing operations is projected to be between $380 million and $520 million.
- Adjusted free cash flow is anticipated to be between $525 million and $725 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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