2014 Q2 Form 10-Q Financial Statement

#000110465914056402 Filed on August 04, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q4 2013 Q2
Revenue $4.038B $3.885B $2.422B
YoY Change 66.72% 66.67% 6.93%
Cost Of Revenue $649.0M $626.0M $387.0M
YoY Change 67.7% 61.34% -0.51%
Gross Profit $3.389B $3.259B $2.035B
YoY Change 66.54% 67.73% 8.48%
Gross Profit Margin 83.93% 83.89% 84.02%
Selling, General & Admin $1.956B $1.872B $1.208B
YoY Change 61.92% 71.59% 14.61%
% of Gross Profit 57.72% 57.44% 59.36%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $209.0M $191.0M $121.0M
YoY Change 72.73% 64.66% 16.35%
% of Gross Profit 6.17% 5.86% 5.95%
Operating Expenses $3.142B $3.006B $1.820B
YoY Change 72.64% 74.46% 7.57%
Operating Profit $207.0M $253.0M $202.0M
YoY Change 2.48% 15.0% 12.22%
Interest Expense $190.0M -$182.0M $98.00M
YoY Change 93.88% 65.45% -3.92%
% of Operating Profit 91.79% -71.94% 48.51%
Other Income/Expense, Net
YoY Change
Pretax Income $17.00M -$15.00M -$66.00M
YoY Change -125.76% -115.46% -184.62%
Income Tax $8.000M -$8.000M -$20.00M
% Of Pretax Income 47.06%
Net Earnings -$7.000M -$24.00M -$43.00M
YoY Change -83.72% -148.98% 115.0%
Net Earnings / Revenue -0.17% -0.62% -1.78%
Basic Earnings Per Share -$0.27 -$0.49
Diluted Earnings Per Share -$0.27 -$243.4K -$0.49
COMMON SHARES
Basic Shares Outstanding 97.68M shares 99.23M shares 103.0M shares
Diluted Shares Outstanding 97.68M shares 103.0M shares

Balance Sheet

Concept 2014 Q2 2013 Q4 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $406.0M $113.0M $90.00M
YoY Change 351.11% -68.96% 9.76%
Cash & Equivalents $406.0M $113.0M $90.00M
Short-Term Investments
Other Short-Term Assets $700.0M $789.0M $600.0M
YoY Change 16.67% 72.27% -37.43%
Inventory $264.0M $262.0M $153.0M
Prepaid Expenses
Receivables $2.171B $1.965B $1.369B
Other Receivables $34.00M $0.00 $12.00M
Total Short-Term Assets $4.208B $3.710B $2.574B
YoY Change 63.48% 38.38% 0.39%
LONG-TERM ASSETS
Property, Plant & Equipment $7.771B $7.691B $4.326B
YoY Change 79.63% 79.15% 3.47%
Goodwill $3.200B $3.042B $970.0M
YoY Change 229.9% 232.1%
Intangibles
YoY Change
Long-Term Investments $362.0M $56.00M $166.0M
YoY Change 118.07% 154.55% 38.33%
Other Assets $328.0M $347.0M $504.0M
YoY Change -34.92% 1.46% 46.09%
Total Long-Term Assets $12.70B $12.42B $6.582B
YoY Change 92.94% 95.19% 11.16%
TOTAL ASSETS
Total Short-Term Assets $4.208B $3.710B $2.574B
Total Long-Term Assets $12.70B $12.42B $6.582B
Total Assets $16.91B $16.13B $9.156B
YoY Change 84.65% 78.35% 7.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.015B $1.075B $587.0M
YoY Change 72.91% 48.89% -8.85%
Accrued Expenses $876.0M $820.0M $493.0M
YoY Change 77.69% 51.85% 0.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $622.0M $153.0M $71.00M
YoY Change 776.06% 62.77% -70.04%
Total Short-Term Liabilities $3.384B $2.928B $1.658B
YoY Change 104.1% 66.08% -11.43%
LONG-TERM LIABILITIES
Long-Term Debt $10.94B $10.70B $5.564B
YoY Change 96.66% 107.37% 23.34%
Other Long-Term Liabilities $484.0M $446.0M $608.0M
YoY Change -20.39% 46.23% -29.05%
Total Long-Term Liabilities $484.0M $446.0M $608.0M
YoY Change -20.39% 46.23% -88.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.384B $2.928B $1.658B
Total Long-Term Liabilities $484.0M $446.0M $608.0M
Total Liabilities $15.76B $15.01B $8.095B
YoY Change 94.65% 92.13% 11.81%
SHAREHOLDERS EQUITY
Retained Earnings -$1.480B -$1.422B -$1.426B
YoY Change 3.79% 10.4%
Common Stock $7.000M $7.000M $7.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.378B $2.378B $2.170B
YoY Change 9.59% 20.16%
Treasury Stock Shares 47.20M shares 47.20M shares 42.17M shares
Shareholders Equity $723.0M $755.0M $895.0M
YoY Change
Total Liabilities & Shareholders Equity $16.91B $16.13B $9.156B
YoY Change 84.65% 78.35% 7.91%

Cashflow Statement

Concept 2014 Q2 2013 Q4 2013 Q2
OPERATING ACTIVITIES
Net Income -$7.000M -$24.00M -$43.00M
YoY Change -83.72% -148.98% 115.0%
Depreciation, Depletion And Amortization $209.0M $191.0M $121.0M
YoY Change 72.73% 64.66% 16.35%
Cash From Operating Activities $266.0M $255.0M $160.0M
YoY Change 66.25% -0.39% -34.16%
INVESTING ACTIVITIES
Capital Expenditures -$242.0M -$293.0M -$123.0M
YoY Change 96.75% 97.97% 6.96%
Acquisitions
YoY Change
Other Investing Activities -$43.00M -$1.362B -$33.00M
YoY Change 30.3% 710.71% -1200.0%
Cash From Investing Activities -$285.0M -$1.655B -$156.0M
YoY Change 82.69% 423.73% 39.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 284.0M 1.431B -9.000M
YoY Change -3255.56% 319.65% -94.12%
NET CHANGE
Cash From Operating Activities 266.0M 255.0M 160.0M
Cash From Investing Activities -285.0M -1.655B -156.0M
Cash From Financing Activities 284.0M 1.431B -9.000M
Net Change In Cash 265.0M 31.00M -5.000M
YoY Change -5400.0% -88.97% -77.27%
FREE CASH FLOW
Cash From Operating Activities $266.0M $255.0M $160.0M
Capital Expenditures -$242.0M -$293.0M -$123.0M
Free Cash Flow $508.0M $548.0M $283.0M
YoY Change 79.51% 35.64% -20.95%

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CY2014Q2 us-gaap Available For Sale Securities
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CY2014Q2 us-gaap Investments Fair Value Disclosure
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CY2013Q4 thc Estimated Fair Value Of Debt Instrument As Percentage Of Carrying Value
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thc Business Combination Acquisition Transaction Related Costs
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thc Number Of Hospitals Owned By Subsidiaries
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thc Number Of Licensed Beds In Hospitals Operated By The Subsidiaries
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CY2014Q2 us-gaap Assets
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CY2013Q4 us-gaap Assets
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CY2014Q2 thc Capital Expenditure
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336000000 USD
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CY2014Q2 us-gaap Gain Loss Related To Litigation Settlement
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CY2013Q2 us-gaap Gain Loss Related To Litigation Settlement
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CY2013Q2 us-gaap Gain Loss On Investments
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us-gaap Gain Loss On Investments
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1000000 USD
CY2014Q2 us-gaap Operating Income Loss
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207000000 USD
CY2013Q2 us-gaap Operating Income Loss
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202000000 USD
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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17000000 USD
CY2014Q2 us-gaap Other Assets Current
OtherAssetsCurrent
700000000 USD
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us-gaap Net Cash Provided By Used In Operating Activities
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dei Entity Registrant Name
EntityRegistrantName
TENET HEALTHCARE CORP
dei Entity Central Index Key
EntityCentralIndexKey
0000070318
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
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dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
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CY2014Q2 us-gaap Liabilities
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CY2013Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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CY2013Q4 us-gaap Commitments And Contingencies
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CY2014Q2 us-gaap Commitments And Contingencies
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us-gaap Provision For Doubtful Accounts
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CY2014Q2 thc Electronic Health Record Incentives
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us-gaap Operating Income Loss
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us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax
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us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax
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CY2014Q2 thc Litigation And Investigation Costs
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CY2013Q2 thc Litigation And Investigation Costs
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thc Litigation And Investigation Costs
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CY2014Q2 us-gaap Profit Loss
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CY2013Q2 us-gaap Profit Loss
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CY2014Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2013Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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445000000 USD
thc Increase Decrease In Inventories And Other Assets Current
IncreaseDecreaseInInventoriesAndOtherAssetsCurrent
-78000000 USD
thc Increase Decrease In Inventories And Other Assets Current
IncreaseDecreaseInInventoriesAndOtherAssetsCurrent
166000000 USD
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
17000000 USD
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
4000000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-32000000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
128000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
523000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
256000000 USD
thc Payments For Restructuring And Litigation Costs
PaymentsForRestructuringAndLitigationCosts
19000000 USD
us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
-12000000 USD
us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
-7000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
42000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
16000000 USD
thc Proceeds From Sale Of Marketable Securities Long Term Investments And Other Assets
ProceedsFromSaleOfMarketableSecuritiesLongTermInvestmentsAndOtherAssets
3000000 USD
thc Proceeds From Sale Of Marketable Securities Long Term Investments And Other Assets
ProceedsFromSaleOfMarketableSecuritiesLongTermInvestmentsAndOtherAssets
3000000 USD
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
14000000 USD
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
-6000000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
11000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-3000000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-576000000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-260000000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
1300000000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
620000000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
895000000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
653000000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
68000000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
1967000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt And Capital Securities Net
ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet
1108000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt And Capital Securities Net
ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet
1907000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
192000000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
19000000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
30000000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
20000000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
10000000 USD
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
13000000 USD
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
98000000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
21000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
2000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-2000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
622000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-142000000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
293000000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-274000000 USD
us-gaap Interest Paid Net
InterestPaidNet
360000000 USD
us-gaap Interest Paid Net
InterestPaidNet
226000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-19000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-8000000 USD
CY2013Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
90000000 USD
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
364000000 USD
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
2000000 USD
us-gaap Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
22000000 USD
thc Loss Contingency Reserves Assumed In Acquisition
LossContingencyReservesAssumedInAcquisition
-3000000 USD
thc Loss Contingency Reserves Assumed In Acquisition
LossContingencyReservesAssumedInAcquisition
0 USD
CY2014Q2 thc Gain Loss Related To Litigation Settlement From Discontinued Operations
GainLossRelatedToLitigationSettlementFromDiscontinuedOperations
-18000000 USD
us-gaap Restructuring Charges
RestructuringCharges
18000000 USD
CY2014Q2 thc Finite Lived Estimated Intangible Assets Net
FiniteLivedEstimatedIntangibleAssetsNet
1151000000 USD

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