Tenet Healthcare (THC) Q4 FY2023 earnings: revenue $5.4 billion, up 7.8% on the year

Tenet Healthcare Corp. (THC) reported revenue of $5.4 billion for Q4 FY2023, the quarter ended 31 December 2023, up 7.8% on the same quarter a year earlier. Net income was $244 million, up 139.2% on the year, and diluted earnings per share $2.30. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue$5.4 billionup 7.8%

Net income$244 millionup 139.2%

Diluted EPS$2.30

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	5,379	5,066	n/a	n/a
Operating income	735	568	n/a	n/a
Operating margin	13.7%	11.2%	n/a
Interest expense	227	227	n/a	n/a
Pre-tax income	519	345	n/a	n/a
Income tax	63.0	79.0	n/a	n/a
Effective tax rate	12.1%	22.9%	n/a
Net income	244	101	n/a	n/a
Net margin	4.5%	2.0%	n/a
Diluted EPS	$2.30	$0.94	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	824	503	n/a	n/a
Capital expenditure	208	176	n/a	n/a
Free cash flow	616	327	n/a	n/a
Free cash flow margin	11.5%	6.5%	n/a
Cash from investing	-333	-169	n/a	n/a
Cash from financing	-317	-214	n/a	n/a
Depreciation and amortisation	216	224	n/a	n/a
Share-based compensation	18.0	15.0	n/a	n/a
Buybacks	110	0.0	n/a	n/a
Diluted shares, weighted	105m	104m	n/a	n/a
Shares outstanding at period end	100m	102m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,608	1,464	n/a	n/a
Non-controlling interest	1,509	1,414	n/a	n/a
Redeemable equity	2,391	2,303	n/a	n/a
Debt	14,882	14,901	n/a	n/a
Operating lease liabilities	1,007	n/a	n/a	n/a
Finance lease liabilities	120	n/a	n/a	n/a
Other liabilities	6,795	7,508	n/a	n/a
Total liabilities and equity	28,312	27,590	n/a	n/a
Goodwill	10,307	10,415	n/a	n/a
Intangible assets	1,368	1,400	n/a	n/a
Investments	48.0	n/a	n/a	n/a
Cash and equivalents	1,228	1,054	n/a	n/a
Receivables	2,914	2,897	n/a	n/a
Inventory	411	413	n/a	n/a
Other assets	12,036	11,411	n/a	n/a
Total assets	28,312	27,590	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	5,066	5,379	5,368	5,103	5,122	5,072	5,223	5,271	5,289	5,527	5,368	5,628
Operating income	568	735	3,285	761	1,089	821	943	823	889	853	1,296	1,501
Operating margin	11%	14%	61%	15%	21%	16%	18%	16%	17%	15%	24%	27%
Interest expense	227	227	218	203	202	203	204	206	206	205	205	204
Pre-tax income	345	519	3,084	587	922	655	765	642	712	681	1,132	1,340
Tax rate	23%	12%	24%	19%	26%	13%	19%	19%	19%	5%	20%	22%
Net income	101	244	2,151	259	472	318	406	288	342	371	702	826
Net margin	2%	5%	40%	5%	9%	6%	8%	5%	6%	7%	13%	15%
Diluted EPS	$0.94	$2.30	$21.38	$2.64	$4.89	$3.32	$4.27	$3.14	$3.86	$4.22	$8.01	$9.84
Operating cash flow	503	824	586	747	1,045	-331	815	936	1,058	731	1,641	585
Capital expenditure	176	208	240	145	216	330	173	193	280	364	180	168
Free cash flow	327	616	346	602	829	-661	642	743	778	367	1,461	417
Buybacks	0.0	110	278	270	124	0.0	348	747	93.0	198	318	1,042
Shares outstanding	102m	100m	98m	96m	95m	95m	93m	88m	88m	87m	86m	81m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 16 February 2024, accession 0000070318-24-000016: the filing on EDGAR. All of Tenet Healthcare Corp.'s filings: EDGAR company page.

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