Open the filing on EDGARFinancial Performance Summary 2026 Financial Guidance Investor Contact:Dave Styblo, CFAInvestor.Relations@ardenthealth.com(615) 296-3016Media Contact:Rebecca Kirkhamrebecca.kirkham@ardenthealth.com(615) 296-3000 Adjusted EBITDAR is a commonly used non-GAAP valuation measure used by our management, research analysts, competitive position; (8) inability to recruit and retain quality physicians and increased labor costs resulting from increased Ardent Health, Inc. Ardent Health, Inc. Ardent Health, Inc. Ardent Health, Inc. Ardent Health, Inc. Ardent Health, Inc. Ardent Health, Inc.
Ardent Health Reports First Quarter 2026 Results
competition for staffing or a continued or increased shortage of experienced nurses, as well as the loss of key personnel, investors and other interested parties to evaluate and compare the enterprise value of different companies in our Condensed Consolidated Income Statements Condensed Consolidated Statements of Cash Flows Condensed Consolidated Balance Sheets Operating Statistics Supplemental Non-GAAP Disclosures Supplemental Non-GAAP Disclosures Supplemental Non-GAAP Disclosures including key members of our management team; (9) changes to physician utilization practices and treatment The Company's first quarter 2026 results included a $10.9 million gain, included in other operating expenses, from an The Company is reaffirming its full-year 2026 financial guidance. All guidance is current as of the time provided and is industry. Adjusted EBITDAR excludes: (1) certain material noncash items and unusual or non-recurring items that we do (Unaudited; dollars in thousands, except per share amounts) (Unaudited; in thousands) (Unaudited; dollars in thousands, except per share amounts) (Unaudited) (Unaudited; in thousands) (Unaudited; in thousands) (Unaudited; in millions) methodologies and other factors outside our control that impact demand for medical services and may reduce our increase in the carrying value of an investment option it holds in a privately held company. subject to change. not expect to continue in the future; (2) certain other adjustments that do not impact our enterprise value; and (3) rent revenues and ability to grow profitability; (10) continued industry trends toward value-based purchasing, third party payor expense payable to our REITs. We operate 30 acute care hospitals, 12 of which we lease from two REITs, Ventas and Three Months Ended March 31, 20262025Cash flows from operating activities: Net income$58,488$58,965Adjustments to reconcile net income to net cash used in operating activities:Depreciation and amortization42,98636,201Other non-operating (gains) losses(1,886)217Amortization of deferred financing costs and debt discounts8111,237Deferred income taxes(429)(1,940)Equity-based compensation8,9299,263Income from non-consolidated affiliates(8,989)(1,229)Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:Accounts receivable32(30,717)Inventories(1,245)(5,192)Prepaid expenses and other current assets(79,130)36,049Accounts payable and other accrued expenses and liabilities(14,199)(46,695)Accrued salaries and benefits(65,590)(80,946)Net cash used in operating activities(60,222)(24,787)Cash flows from investing activities:Purchases of property and equipment(28,088)(22,908)Other187(214)Net cash used in investing activities(27,901)(23,122)Cash flows from financing activities:Proceeds from insurance financing arrangements17,03310,959Payments of principal on insurance financing arrangements(2,848)(3,104)Payments of principal on long-term debt(3,643)(1,387)Distributions to noncontrolling interests(21,314)(19,239)Other(1,014)(1,061)Net cash used in financing activities(11,786)(13,832)Net decrease in cash and cash equivalents(99,909)(61,741)Cash and cash equivalents at beginning of period709,601556,785Cash and cash equivalents at end of period$609,692$495,044 March 31, 2026(1)December 31, 2025 (1)AssetsCurrent assets:Cash and cash equivalents$609,692$709,601Accounts receivable685,988686,102Inventories119,838118,593Prepaid expenses166,489112,646Other current assets438,137431,882Total current assets2,020,1442,058,824Property and equipment, net922,806935,769Operating lease right of use assets307,388292,651Operating lease right of use assets, related party911,970915,599Goodwill879,262879,451Other intangible assets88,33689,335Deferred income taxes6,6466,888Other assets116,273111,691Total assets$5,252,825$5,290,208 Liabilities and EquityCurrent liabilities:Current installments of long-term debt$37,635$23,444Accounts payable419,723457,936Accrued salaries and benefits230,670296,260Other accrued expenses and liabilities263,456268,904Total current liabilities951,4841,046,544Long-term debt, less current installments1,072,7651,075,782Long-term operating lease liability274,680260,600Long-term operating lease liability, related party900,643904,632Self-insured liabilities255,987241,050Other long-term liabilities66,04976,636Total liabilities3,521,6083,605,244Redeemable noncontrolling interests(3,763)(1,250)Equity:Preferred stock, par value $0.01 per share; 50,000,000 shares authorized; no shares issued and outstanding - - Common stock, par value $0.01 per share; 750,000,000 shares authorized; 143,133,825 and 142,864,171 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively1,4311,429Additional paid-in capital 796,385788,472Accumulated other comprehensive loss(2,446)(3,610)Retained earnings541,457501,607Equity attributable to Ardent Health, Inc.1,336,8271,287,898Noncontrolling interests398,153398,316Total equity1,734,9801,686,214Total liabilities and equity$5,252,825$5,290,208 Three Months Ended March 31, 2026% Change2025Total revenue (in thousands)$1,601,8707.0%$1,497,234Hospitals operated (at period end) (1)300.0%30Licensed beds (at period end) (2)4,2810.0%4,281Utilization of licensed beds (3)51%2.0%50%Admissions (4)40,932(1.1)%41,389Adjusted admissions (5)86,2442.0%84,536Inpatient surgeries (6)9,2560.1%9,250Outpatient surgeries (7)22,0861.7%21,712Total surgeries31,3421.2%30,962Emergency room visits (8)156,168(3.2)%161,249Patient days (9)197,1290.5%196,214Total encounters (10)1,564,1147.8%1,450,629Average length of stay (11)4.821.7%4.74Net patient service revenue per adjusted admission (12)$18,3675.5%$17,402 Three Months Ended March 31,20262025Net income$58,488$58,965Adjusted EBITDA Addbacks:Income tax expense16,10315,233Interest expense12,21114,176Depreciation and amortization42,98636,201Noncontrolling interest earnings(18,638)(17,582)Other non-operating losses (1) - 217Cybersecurity Incident recoveries, net (2) - (19,705)Certain legal matters and related costs2,002 - Other expenses, including development, restructuring and enterprise system conversion costs (3)7,7881,407Equity-based compensation8,9299,263(Income) loss from disposed operations(5,883)26Adjusted EBITDA$123,986$98,201Total revenue$1,601,870$1,497,234Adjusted EBITDA margin7.7%6.6% Three Months Ended March 31, 2026Net income$58,488Adjusted EBITDAR Addbacks:Income tax expense16,103Interest expense12,211Depreciation and amortization42,986Noncontrolling interest earnings(18,638)Certain legal matters and related costs2,002Other expenses, including development, restructuring and enterprise system conversion costs (1)7,788Equity-based compensation8,929Income from disposed operations(5,883)Rent expense payable to REITs (2)41,556Adjusted EBITDAR$165,542 Guidance for the Full Year Ending December 31, 2026LowHighNet income$221$280Adjusted EBITDA Addbacks:Income tax expense5873Interest expense5653Depreciation and amortization175170Noncontrolling interest earnings(92)(97)Cybersecurity Incident recoveries (1)(7)(7)Other expenses, including restructuring and enterprise system conversion costs2821Equity-based compensation4642Adjusted EBITDA$485$535 Three Months Ended March 31,20262025 Amount%Amount%Total revenue$1,601,870100.0%$1,497,234100.0%Expenses:Salaries and benefits661,43141.3%657,65243.9%Professional fees317,07019.8%280,85718.8%Supplies268,55316.8%258,85517.3%Rents and leases27,0811.7%27,7611.9%Rents and leases, related party38,6862.4%38,0502.5%Other operating expenses165,15110.2%130,7678.7%Interest expense12,2110.8%14,1760.9%Depreciation and amortization42,9862.7%36,2012.4%Other non-operating gains(5,890)(0.4)%(21,283)(1.4)%Total operating expenses1,527,27995.3%1,423,03695.0%Income before income taxes74,5914.7%74,1985.0%Income tax expense16,1031.0%15,2331.1%Net income58,4883.7%58,9653.9%Net income attributable to noncontrolling interests18,6381.2%17,5821.1%Net income attributable to Ardent Health, Inc.$39,8502.5%$41,3832.8%Net income per share:Basic$0.28$0.30Diluted$0.28$0.29Weighted-average common shares outstanding:Basic141,266,013140,062,284Diluted141,775,040140,704,075 consolidation and care coordination among healthcare providers; (11) inability to successfully complete acquisitions or For the first quarter of 2026: (Unaudited; dollars in millions, except per share amount)Full Year 2026 GuidanceTotal revenue$6,400 - $6,700Net income attributable to Ardent Health, Inc.$129 - $183Adjusted EBITDA$485 - $535Rent expense payable to REITs$168 - $168Diluted earnings per share$0.90 - $1.27Adjusted admissions growth1.5% - 2.5%Capital expenditures$225 - $265 MPT, pursuant to long-term lease agreements. Additionally, we lease 18 medical office buildings from Ventas pursuant Brentwood, Tenn. (May 5, 2026) - Ardent Health, Inc. (NYSE: ARDT) ("Ardent Health" or the "Company"), a leading strategic JVs or inability to realize all of the anticipated benefits; (12) liabilities because of professional liability and other to lease agreements with initial terms of 12 years and eight options to renew for additional five-year terms. Our provider of healthcare in growing mid-sized urban communities across the U.S., today announced results for the quarter claims brought against our hospitals, physician practices, outpatient facilities or other business operations; (13) exposure to
- Total revenue grew 7.0% year-over-year to $1,602 million, driven primarily by a 2.0% increase in adjusted management views the long-term lease agreements with Ventas and MPT, as more like financing arrangements than ended March 31, 2026. certain risks and uncertainties by the JVs through which we conduct a significant portion of our operations, including admissions and a 5.5% increase in net patient service revenue per adjusted admission. true operating leases, with the rent payable to such REITs being similar to interest expense. As a result, our capital anticipated synergies of past acquisitions and the risk that transactions may not receive necessary government clearances; structure is different than many of our competitors, especially those whose real estate portfolio is predominately (14) failure to obtain drugs and medical supplies at favorable prices or sufficient volumes; (15) operational, legal and
- Net income attributable to Ardent Health was $40 million, or $0.28 per diluted share, compared to net income owned and not leased. Excluding the rent payable to such REITs allows investors to compare our enterprise value to financial risks associated with outsourcing functions to third parties; (16) our facilities are heavily concentrated in Texas and First Quarter 2026 Operating and Financial Summary attributable to Ardent Health of $41 million, or $0.29 per diluted share, in the first quarter of 2025. those of other healthcare companies without regard to differences in capital structures, leasing arrangements and Oklahoma, which makes us sensitive to regulatory, economic and competitive conditions and changes in those states; (17) All comparisons are versus the same prior year period. See the footnotes to the Operating Statistics table of this press Supplemental Non-GAAP Financial Information
- Adjusted EBITDA increased 26.3% year-over-year to $124 million. Excluding the $10.9 million gain discussed above, geographic markets, which can vary significantly among companies. Our management also uses Adjusted EBITDAR as negative impact of severe weather, climate change, and other factors beyond our control, which could restrict patient release for definitions of the metrics below and a full list of key operating metrics. adjusted EBITDA grew 15%. one measure in determining the value of prospective acquisitions or divestitures. Finally, financial covenants in certain access to care or cause one or more facilities to close temporarily or permanently; (18) risks related to the Master Lease We have included certain non-GAAP financial measures in this press release, including Adjusted EBITDA, Adjusted EBITDA of our lease agreements, including the Ventas Master Lease, use Adjusted EBITDAR as a measure of compliance. with Ventas (“Ventas Master Lease”) and its restrictions and limitations on our business; (19) the impact of our significant Total Revenue$1.60 billion7.0% growth Y/YNet Income Attributable to Ardent Health $40 million Adjusted EBITDA(1)$124 million 26.3% growth Y/YAdjusted EBITDAR(1)$166 millionAdmissionsDecrease of 1.1% Y/YAdjusted Admissions 2.0% growth Y/YTotal Surgeries1.2% growth Y/YReaffirming Full-Year 2026 GuidanceTotal Revenue: $6,400 - $6,700 millionAdjusted EBITDA(1): $485 - $535 million margin, and Adjusted EBITDAR. We define these terms as follows: indebtedness and the ability to refinance such indebtedness on acceptable terms; (20) our failure to comply with complex Adjusted EBITDAR does not reflect our cash requirements for leasing commitments. As such, our presentation of laws and regulations applicable to the healthcare industry or to adjust our operations in response to changing laws and Operating Performance Summary Adjusted EBITDAR should not be construed as a performance or liquidity measure. regulations; (21) the impact of governmental claims or governmental investigations, payor audits and litigation brought •Adjusted EBITDA and Adjusted EBITDA Margin. Adjusted EBITDA is defined as net income plus (i) provision for income The Company’s guidance is based on current plans and expectations and is subject to a number of known and unknown against our hospitals, physician practices, outpatient facilities or other business operations; (22) actual or perceived failures taxes, (ii) interest expense and (iii) depreciation and amortization expense (or EBITDA), as adjusted to deduct uncertainties and risks, including those set forth below under the heading "Forward-Looking Statements." The Company The following table provides a summary of certain key operating metrics for the first quarter of 2026 compared to the same Because not all companies use identical calculations, our presentation of Adjusted EBITDAR may not be comparable to to comply with applicable data protection, privacy and security laws, regulations, standards and other requirements; (23) noncontrolling interest earnings, and excludes the effects of other non-operating losses; recoveries from the does not forecast the impact of items such as, but not limited to, losses (gains) on sales of facilities, losses on retirement of prior year period. See the footnotes to the Operating Statistics table of this press release for definitions of the metrics other similarly titled measures of other companies. While we believe this is a useful supplemental valuation measure the impact of a deterioration of public health conditions associated with a future pandemic, epidemic or outbreak of cybersecurity incident in November 2023 (the "Cybersecurity Incident"), net of incremental information technology and debt, legal claim costs (benefits) and impairments of long-lived assets. The Company does not believe that it can forecast below and a full list of key operating metrics. for investors and other users of our financial information, you should not consider Adjusted EBITDAR in isolation or as a infectious disease; (24) actual or perceived failures to comply with applicable data protection, privacy and security laws, (1)Cybersecurity Incident recoveries represent insurance recovery proceeds associated with the Cybersecurity Incident. litigation costs; certain legal matters and related costs; other expenses, including development, restructuring and these items with sufficient accuracy because of the inherent difficulty of forecasting the timing or amount of various items substitute for net income or any other items calculated in accordance with GAAP. Adjusted EBITDAR has inherent regulations, standards and other requirements could adversely affect our business, results of operations and financial enterprise system conversion costs; equity-based compensation expense; and (income) loss from disposed operations. that have not yet occurred and are out of the Company’s control or cannot be reasonably predicted. Three Months Ended March 31,(Unaudited)20262025% ChangeAdjusted admissions86,24484,5362.0%Admissions40,93241,389(1.1%)Inpatient surgeries9,2569,2500.1%Outpatient surgeries22,08621,7121.7%Total surgeries31,34230,9621.2%Emergency room visits156,168161,249(3.2%)Net patient service revenue per adjusted admission$18,367$17,4025.5% material limitations as a valuation measure, because it adds back certain expenses to net income, resulting in those condition; (25) inability to or delay in building, acquiring, selling, renovating or expanding our healthcare facilities; (26) Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total revenue. expenses not being taken into account in the valuation measure. The payment of rent is a necessary element of our failure to comply with federal and state laws relating to Medicare and Medicaid enrollment, permit, licensing and (1)Other expenses, including development, restructuring and enterprise system conversion costs include (i) salaries and benefits of $4.3 million, (ii) valuation. Because Adjusted EBITDAR excludes this and other items, it has material limitations as a measure of our professional fees of $3.3 million, and (iii) other expenses of $0.2 million. accreditation requirements; (27) the results of our efforts to use technology, including artificial intelligence (“AI”) and Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP performance measures used by our management and First Quarter 2026 Results Conference Call valuation. machine learning, to drive efficiencies, better outcomes and an enhanced patient experience; (28) our status as a controlled (1)Hospitals operated (at period end). This metric represents the total number of hospitals operated by us at the end of the applicable period, irrespective of (2)Rent expense payable to REITs consists of rent expense of $38.7 million related to the Ventas Master Lease and other lease agreements with Ventas for external users of our financial statements, such as investors, analysts, lenders, rating agencies and other interested whether the hospital real estate is (i) owned by us, (ii) leased by us or (iii) held through a controlling interest in a JV. This metric includes the managed company; (29) conflicts of interest between our controlling stockholder and other holders of our common stock; and (30) medical office buildings and rent expense of $2.9 million related to a lease arrangement with MPT for the lease of Hackensack Meridian Mountainside clinical operations of the hospital at UT Health North Campus in Tyler, Texas ("UT Health North Campus Tyler"), a hospital owned by The University of parties, to evaluate companies in our industry. Adjusted EBITDA and Adjusted EBITDA margin are performance Medical Center. The Company will host a conference call to discuss its first quarter financial results on May 6, 2026, at 10:00 a.m. Eastern other risk factors described in our filings with the Securities and Exchange Commission. (1)Other non-operating losses include losses realized on certain non-recurring events or events that are non-operational in nature. Texas Health Science Center at Tyler ("UTHSCT"), an affiliate of The University of Texas System. Since we only manage the clinical operations of UT Health measures that are not prepared in accordance with GAAP and are presented in this press release because our Time. A webcast of the conference call will be available in the Investor Relations section of the Company’s corporate Forward-Looking Statements North Campus Tyler, the financial results of such entity are not consolidated under Ardent Health, Inc. (2)Cybersecurity Incident recoveries, net represent insurance recovery proceeds associated with the Cybersecurity Incident, net of incremental information management considers them important analytical indicators commonly used within the healthcare industry to evaluate website at https://ir.ardenthealth.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled Many of the important factors that will determine these results are beyond our ability to control or predict. You are technology and litigation costs. (2)Licensed beds (at period end). This metric represents the total number of beds for which the appropriate state agency licenses a facility, regardless of financial performance and allocate resources. Further, our management believes that Adjusted EBITDA and Adjusted start time in order to register, download, and install any necessary audio software. This press release may contain "forward-looking statements," as that term is defined in the U.S. federal securities laws. cautioned not to put undue reliance on any forward-looking statements, which speak only as of the date of this press whether the beds are actually available for patient use. (1) Adjusted EBITDA and Adjusted EBITDAR are financial measures that have not been prepared in a manner that complies with U.S. generally accepted (3)Other expenses, including development, restructuring and enterprise system conversion costs include (i) salaries and benefits of $4.3 million for the three EBITDA margin are useful financial metrics to assess our operating performance from period to period by excluding These forward-looking statements include, but are not limited to, statements other than statements of historical facts, release. Except as otherwise required by law, we do not assume any obligation to publicly update or release any revisions to months ended March 31, 2026, (ii) professional fees of $3.3 million and $1.2 million for the three months ended March 31, 2026 and 2025, respectively, and accounting principles ("GAAP"). See "Supplemental Non-GAAP Financial Information" and reconciliations of non-GAAP measures to their most (3)Utilization of licensed beds. This metric represents a measure of the actual utilization of our inpatient facilities, computed by (i) dividing patient days by certain material non-cash items and unusual or non-recurring items that we do not expect to continue in the future and To participate in the live teleconference: including, among others, statements relating to our future financial performance, our business prospects and strategy, (iii) other expenses of $0.2 million for each of the three months ended March 31, 2026 and 2025. these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect the comparable GAAP financial measures contained later in this press release. the number of days in each period, and (ii) further dividing that number by average licensed beds, which is calculated by dividing total licensed beds (at certain other adjustments we believe are not reflective of our ongoing operations and our performance. anticipated financial position, liquidity and capital needs, the industry in which we operate and other similar matters. period end) by the number of days in the period, multiplied by the number of days in the period the licensed beds were in existence. occurrence of unanticipated events. All references to "Company," "Ardent Health," "Ardent," "we," "our" and "us" as used United States Live: 1-888-596-4144 Words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "could," "would," throughout this release refer to Ardent Health, Inc. and its affiliates, unless stated otherwise or indicated by context. Strong First Quarter Execution; Reaffirming 2026 Guidance •"I'm pleased with our strong first quarter financial and operating results, underscored by adjusted EBITDA growth of 26% and an adjusted admissions increase of 2.0%," stated Marty Bonick, President and Chief Executive Officer of Ardent Health. "While seasonal volumes were impacted by transient factors - including severe weather in multiple markets and a lighter respiratory season - we delivered solid operating performance, driven by disciplined execution, effective cost management and the ability to respond decisively in a dynamic environment.” •"Execution against our IMPACT program continued to deliver tangible results in the first quarter, and we remain on track to generate $55 million of savings this year,” said Bonick. “For a second consecutive quarter, we achieved significant SWB expense improvement, particularly in contract labor, while payor denial trends remained stable and professional fee expenses developed as expected."•"Today, we are reaffirming 2026 guidance," continued Bonick. “We are pleased with our strong start to the year, but remain vigilant as the Exchange market dynamics continue to evolve." International Live: 1-646-968-2525 (4)Admissions. This metric represents the number of patients admitted for inpatient treatment during the applicable period. "will," "may," "can," "continue," "potential," "should" and the negative of these terms or other comparable terminology Because not all companies use identical calculations, our presentation of Adjusted EBITDA and Adjusted EBITDA margin Access Code: 4437657 •Admissions for the first quarter of 2026 decreased 1.1% year-over-year and were impacted by severe weather in (5)Adjusted admissions. This metric is used by management as a general measure of combined inpatient and outpatient volume. Adjusted admissions often identify forward-looking statements. When reviewing this press release, you should keep in mind the substantive risk may not be comparable to other similarly titled measures of other companies. While we believe these are useful certain markets and a lighter respiratory season. provides management with a key performance indicator that considers both inpatient and outpatient volumes by applying an inpatient volume measure and uncertainties that could impact our business. These forward-looking statements are not guarantees of future supplemental performance measures for investors and other users of our financial information, you should not (admissions) to a ratio of gross inpatient and outpatient revenue to gross inpatient revenue. Gross inpatient and outpatient revenue reflect gross inpatient To listen to a replay of the teleconference, which will be available through May 20, 2026: performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results •Surgeries for the first quarter of 2026 increased 1.2% year-over-year. The increase in total surgeries reflected and outpatient charges prior to estimated contractual adjustments, uninsured discounts, implicit price concessions, and other discounts. The calculation of consider Adjusted EBITDA and Adjusted EBITDA margin in isolation or as a substitute for net income or any other items United States Replay: 1-800-770-2030 contemplated by the forward-looking statements. These risks and uncertainties could cause actual results to differ adjusted admissions is summarized as follows: outpatient surgery growth of 1.7% and an inpatient surgery increase of 0.1%. calculated in accordance with GAAP. Adjusted EBITDA and Adjusted EBITDA margin have inherent material limitations Adjusted Admissions=Admissionsx(Gross Inpatient Revenue + Gross Outpatient Revenue)Gross Inpatient Revenue International Replay: 1-647-362-9199 materially from those projected in forward-looking statements contained in this press release or implied by past results and as performance measures, because they add back certain expenses to net income, resulting in those expenses not trends. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Access Code: 4437657 being taken into account in the performance measures. We have borrowed money, so interest expense is a necessary Factors, risks, and uncertainties that could cause actual outcomes and results to be materially different from those (6)Inpatient surgeries. This metric represents the number of surgeries performed on patients who have been admitted to our hospitals. Pain management, c- element of our costs. Because we have material capital and intangible assets, depreciation and amortization expense Balance Sheet, Cash Flow & Liquidity Update contemplated include, among others: (1) general economic and business conditions, both nationally and in the regions in sections, and certain diagnostic procedures are excluded from inpatient surgeries. are necessary elements of our costs. Likewise, the payment of taxes is a necessary element of our operations. Because which we operate, including the impact of challenging macroeconomic conditions and inflationary pressures, current About Ardent Health Supplemental Cash Flow Information:Non-cash purchases of property and equipment$936$6,662 (7)Outpatient surgeries. This metric represents the number of surgeries performed on patients who have not been admitted to our hospitals. Pain Adjusted EBITDA and Adjusted EBITDA margin exclude these and other items, they have material limitations as geopolitical instability, and impacts from the imposition of, or changes in, tariffs, as well as the potential impact on us of As of March 31, 2026, the Company had total cash and cash equivalents of $610 million and total debt of $1.1 billion. The management, c-sections, and certain diagnostic procedures are excluded from outpatient surgeries. measures of our performance. uncertain political, financial, credit and capital conditions; (2) possible reductions or other changes in Medicare, Medicaid Company’s net leverage ratio was 1.0x and its lease-adjusted net leverage ratio was 2.6x as of March 31, 2026, an Ardent Health (NYSE: ARDT) is a leading provider of healthcare in growing mid-sized urban communities across the U.S. (8)Emergency room visits. This metric represents the total number of patients provided with emergency room treatment during the applicable period. and other state programs, including Medicaid supplemental payment programs, Medicaid waiver programs or state improvement from 3.0x as of March 31, 2025. At the end of the first quarter, the Company’s available liquidity was $0.9 With a focus on people and investments in innovative services and technologies, Ardent is passionate about making
- Adjusted EBITDAR. Adjusted EBITDAR is defined as Adjusted EBITDA further adjusted to add back rent expense payable directed payments, that could have an adverse effect on our revenues and business; (3) reduction in the reimbursement (9)Patient days. This metric represents the total number of days of care provided to patients admitted to our hospitals during the applicable period. billion. healthcare better and easier to access. Through its subsidiaries, the Company delivers care through a system of 30 acute to real estate investment trusts ("REITs"), which consists of rent expense pursuant to the master lease agreement (the rates paid by commercial payors, increased reimbursement denials or payment delays by commercial payors, our inability (10)Total encounters. This metric represents the total number of events where healthcare services are rendered resulting in a billable event during the care hospitals, more than 280 sites of care, and over 2,000 employed and affiliated providers across six states. For more "Ventas Master Lease") with Ventas, Inc. ("Ventas"), lease agreements with Ventas for 18 medical office buildings and a to retain and negotiate favorable contracts with private third party payors, or an increasing volume of uninsured or applicable period. This includes both hospital and ambulatory patient interactions. During the first quarter of 2026, net cash used in operating activities was $60 million, compared to $25 million used in the information, please visit ardenthealth.com. lease arrangement with Medical Properties Trust, Inc. ("MPT") for the Hackensack Meridian Mountainside Medical underinsured patients; (4) effects of changes in healthcare policy or legislation, including the One Big Beautiful Bill Act (the same prior year period. (11)Average length of stay. This metric represents the average number of days admitted patients stay in our hospitals. Center. "OBBBA") and any other reforms that have or may be undertaken by the current presidential administration, and legal and regulatory restrictions on our hospitals that have physician owners; (5) the ability to achieve operating and financial targets, (12)Net patient service revenue per adjusted admission. This metric represents net patient service revenue divided by adjusted admissions for the applicable period. Net patient service revenue reflects gross inpatient and outpatient charges less estimated contractual adjustments, uninsured discounts, implicit (1)As of March 31, 2026 and December 31, 2025, the consolidated balance sheets included total liabilities of consolidated variable interest entities of $341.8 million and develop and execute mitigation plans to offset to the extent possible impacts from the OBBBA, the expiration of temporary $335.1 million, respectively. Refer to Note 2 of the Company's unaudited condensed consolidated financial statements included in its Quarterly Report on Form 10-Q price concessions, and other discounts. enhanced subsidies for individuals eligible to purchase insurance coverage through health insurance marketplaces and for the three months ended March 31, 2026 for further discussion. imposition of tariffs, attain expected levels of patient volumes and revenues, and control the costs of providing services; (6) security threats, catastrophic events and other disruptions affecting our, our service providers’ or our joint venture ("JV") partners’ information technology and related systems, which have adversely affected, and could in the future adversely affect, our relationships with patients and business partners and subject us to legal claims and liabilities, reputational harm and business disruption and adversely affect our financial condition; (7) the highly competitive nature of the healthcare Lease-adjusted net leverage ratio is defined as the Company's net debt as of March 31, 2026, plus 8x trailing twelve-month real estate investment trust ("REIT") rent expense as of the end of the first quarter of 2026, divided by trailing twelve-month Adjusted EBITDAR as of March 31, 2026. industry and continued industry trends towards clinical transparency and value-based purchasing may impact our 1 2 3 4 5 6 7 8 9 10 11 12 13