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Tenet Healthcare (THC)

Tenet Healthcare Corporation is a diversified healthcare services company headquartered in Dallas with 110,000 employees. Through an expansive care network that includes United Surgical Partners International, we operate 65 hospitals and approximately 550 other healthcare facilities, including surgical hospitals, ambulatory surgery centers, urgent care and imaging centers and other care sites and clinics. Tenet Healthcare Corporation also operates Conifer Health Solutions, which provides revenue cycle management and value-based care services to hospitals, health systems, physician practices, employers and other clients. Across the Tenet enterprise, we are united by our mission to deliver quality, compassionate care in the communities we serve.

Company profile

Ticker
THC
Exchange
CEO
Ronald Rittenmeyer
Employees
Incorporated
Location
Fiscal year end
Former names
NATIONAL MEDICAL ENTERPRISES INC /NV/
SEC CIK
Subsidiaries
601 N 30th Street I, L.L.C. • 601 N 30th Street II, L.L.C. • 601 N 30th Street III, Inc. • The 6300 West Roosevelt Partnership • Abrazo Health Network EP Clinical Services, LLC • Advantage Health Care Management Company, LLC • Advantage Health Network, Inc. • AHM Acquisition Co., Inc. • Alabama Cardiovascular Associates, L.L.C. • Alabama Hand and Sports Medicine, L.L.C. ...
IRS number
952557091

THC stock data

Calendar

29 Apr 22
26 Jun 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 1.41B 1.41B 1.41B 1.41B 1.41B 1.41B
Cash burn (monthly) 319.67M 61.33M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 917.62M 176.06M n/a n/a n/a n/a
Cash remaining 487.38M 1.23B n/a n/a n/a n/a
Runway (months of cash) 1.5 20.0 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
9 May 22 Bierman James L Common Stock Grant Acquire A No No 0 3,836 0 50,038
9 May 22 Fisher Richard W Common Stock Grant Acquire A No No 0 3,836 0 41,801
9 May 22 Fitzgerald Meghan Common Stock Grant Acquire A No No 0 3,836 0 31,587
9 May 22 Cecil D Haney Common Stock Grant Acquire A No No 0 3,836 0 10,853
9 May 22 Kerrey J Robert Common Stock Grant Acquire A No No 0 4,794 0 85,564
97.7% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 406 376 +8.0%
Opened positions 77 74 +4.1%
Closed positions 47 36 +30.6%
Increased positions 129 134 -3.7%
Reduced positions 134 113 +18.6%
13F shares Current Prev Q Change
Total value 8.98B 8.42B +6.7%
Total shares 105.19M 103.77M +1.4%
Total puts 1.99M 1.9M +5.0%
Total calls 1.52M 2.29M -33.4%
Total put/call ratio 1.3 0.8 +57.5%
Largest owners Shares Value Change
BLK Blackrock 12.53M $1.08B +3.8%
Vanguard 10.93M $939.78M +0.7%
Glenview Capital Management 6.38M $548.51M -12.9%
IVZ Invesco 5.97M $513.39M +7.5%
Harris Associates L P 5.91M $507.95M -1.5%
FMR 5.32M $456.91M +108.1%
STT State Street 3.38M $290.37M +2.4%
Viking Global Investors 2.23M $192M -30.4%
GS Goldman Sachs 2.18M $187.45M +23.6%
Geode Capital Management 1.96M $168.53M +0.4%
Largest transactions Shares Bought/sold Change
FMR 5.32M +2.76M +108.1%
Centerbridge Partners 0 -2.22M EXIT
Norges Bank 0 -1.34M EXIT
Viking Global Investors 2.23M -977.59K -30.4%
C Citigroup 1.1M +964.96K +730.0%
Glenview Capital Management 6.38M -946.07K -12.9%
Goldentree Asset Management 0 -657.28K EXIT
Lord, Abbett & Co. 843.29K +538.21K +176.4%
Camber Capital Management 675K -525K -43.8%
HealthCor Management 283.73K -498.45K -63.7%

Financial report summary

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Risks
  • The COVID-19 pandemic has significantly affected our operations and financial condition, and it continues to do so; moreover, our liquidity could be negatively impacted, particularly if the U.S. economy remains volatile for a significant period of time.
  • Changes to existing COVID-19-related relief measures may have an adverse impact on our business, financial condition, results of operations or cash flows, and we cannot predict whether we will qualify for, apply for, receive or benefit from additional financial assistance in the future, if any, or how any future laws and regulations related to or in response to the COVID-19 pandemic will impact our operations.
  • We cannot predict the impact that future modifications of the Affordable Care Act may have on our business, financial condition, results of operations or cash flows.
  • Future changes in the Medicare and Medicaid programs or other government healthcare programs, including reductions in scale and scope, could have an adverse effect on our business.
  • Violations of existing regulations or failure to comply with new or changed regulations could harm our business and financial results.
  • We could be subject to substantial uninsured liabilities or increased insurance costs as a result of significant legal actions.
  • If we are unable to enter into, maintain and renew managed care contractual arrangements on competitive terms, if we experience material reductions in the contracted rates we receive from managed care payers or if we have difficulty collecting from managed care payers, our results of operations could be adversely affected.
  • The industry trends toward value-based purchasing and alternative payment models may negatively impact our revenues.
  • Our hospitals, outpatient centers and other healthcare businesses operate in competitive environments, and competition in our markets can adversely affect patient volumes and other aspects of our operations.
  • It is essential to our ongoing business that we attract an appropriate number of quality physicians in the specialties required to support our services and that we maintain good relations with those physicians.
  • Our labor costs have been, and we expect will continue to be, adversely affected by competition for staffing, the shortage of experienced nurses and labor union activity.
  • Employee vaccine mandates may adversely impact our business.
  • Our business could be significantly and negatively impacted by security threats, catastrophic events and other disruptions affecting our information technology and related systems.
  • Any future cost-reduction initiatives may not deliver the benefits we expect, and actions taken may adversely affect our business.
  • Trends affecting our actual or anticipated results may require us to record charges that may negatively impact our results of operations.
  • The utilization of our tax losses could be substantially limited if we experience an ownership change as defined in the Internal Revenue Code.
  • When we acquire new assets or businesses, we become subject to various risks and uncertainties that could adversely affect our results of operations and financial condition.
  • We cannot provide any assurances that we will be successful in divesting assets we wish to sell.
  • USPI and our hospital-based joint ventures depend on existing relationships with key health system partners. If we are unable to maintain historical relationships with these systems, or enter into new relationships, we may be unable to implement our business strategies successfully.
  • The remaining put/call arrangements associated with USPI, if settled in cash, will require us to utilize our cash flow or incur additional indebtedness to satisfy the payment obligations in respect of such arrangements.
  • Our joint venture arrangements are subject to a number of operational risks that could have a material adverse effect on our business, results of operations and financial condition.
  • We cannot provide any assurances that we will be successful in completing the proposed spin-off of Conifer.
  • A spin-off of Conifer could adversely affect our earnings and cash flows.
  • Conifer operates in a highly competitive industry, and its current or future competitors may be able to compete more effectively than Conifer does, which could have a material adverse effect on Conifer’s margins, growth rate and market share.
  • Violations of existing regulations or failure to comply with new or changed regulations could harm Conifer’s business and financial results.
  • Our level of indebtedness could, among other things, adversely affect our ability to raise additional capital to fund our operations, limit our ability to react to changes in the economy or our industry, and prevent us from meeting our obligations under the agreements relating to our indebtedness.
  • We may not be able to generate sufficient cash to service all of our indebtedness, and we may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful.
  • Restrictive covenants in the agreements governing our indebtedness may adversely affect us.
  • Despite current indebtedness levels, we have the ability and may decide to incur substantially more debt or otherwise increase our leverage. This could further exacerbate the risks described above.
Management Discussion
  • •Conifer, which provides revenue cycle management and value‑based care services to hospitals, health systems, physician practices, employers and other clients.
  • Same‑hospital net operating revenues increased $1.496 billion, or 11.3%, during the year ended December 31, 2021 compared to the year ended December 31, 2020, primarily due to increased patient and surgical volumes, higher patient acuity, a more favorable payer mix and negotiated commercial rate increases. Our Hospital Operations segment also recognized grant income from federal, state and local grants totaling $142 million and $823 million in the years ended December 31, 2021 and 2020, respectively, which is not included in net operating revenues. Same‑hospital admissions during the year ended December 31, 2021 were consistent with the year ended December 31, 2020, while outpatient visits increased 15.7% and same‑hospital adjusted admissions increased 2.4% year‑over‑year.
  • Collection of accounts receivable has been a key area of focus, particularly over the past several years. At December 31, 2021, our Hospital Operations segment collection rate on self‑pay accounts was approximately 26.5%. Our self‑pay collection rate includes payments made by patients, including co‑pays, co‑insurance amounts and deductibles paid by patients with insurance. Based on our accounts receivable from uninsured patients and co‑pays, co‑insurance amounts and deductibles owed to us by patients with insurance at December 31, 2021, a 10% decrease or increase in our self‑pay collection rate, or approximately 3%, which we believe could be a reasonably likely change, would result in an unfavorable or favorable adjustment to patient accounts receivable of approximately $9 million. There are various factors that can impact collection trends, such as changes in the economy, which in turn have an impact on unemployment rates and the number of uninsured and

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