TENET HEALTHCARE CORP (THC) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Hospital Operations and other Core Services					16,260	16,904
Ambulatory Care	2,718	2,072	2,158	2,085	1,940	1,797
Conifer	1,267	1,306	1,372	1,533	1,597	1,571	1,413
Other	15,500	14,262	14,949	14,695			18,698
Total revenues [+]	19,485	17,640	18,479	18,313	19,179	19,621	20,111	17,908
Healthcare							20,111	17,908
Revenue growth [+]	10.5%	-4.5%	0.9%	-4.5%	-2.3%	-2.4%	12.3%	48.5%
Hospital Operations and other Core Services					-3.8%
Ambulatory Care	31.2%	-4.0%	3.5%	7.5%	8.0%
Conifer	-3.0%	-4.8%	-10.5%	-4.0%	1.7%	11.2%
Cost of goods sold [+]	8,878	8,418	8,698	8,633	9,274	9,328	16,508	14,767
Labor costs							8,990	8,023
Other cost of sales								4,114
Supplies costs							2,963	2,630
Other direct costs							4,555	4,114
Gross profit	10,607	9,222	9,781	9,680	9,905	10,293	3,603	3,141
Gross margin	54.4%	52.3%	52.9%	52.9%	51.6%	52.5%	17.9%	17.5%
Selling, general and administrative [+]	3,328	2,982	3,057	3,004	3,085	3,124	1,406	849
General and administrative	3,328	2,982	3,057	3,004	3,085	3,124
Equity in earnings	218	169	175	150	144	131	99	12
Other operating expenses	3,437	3,350	4,196	4,199	4,814	4,577	-286	321
EBITDA [+]	4,060	3,059	2,703	2,627	2,150	2,723	2,582	1,983
EBITDA growth	32.7%	13.2%	2.9%	22.2%	-21.0%	5.5%	30.2%	45.9%
EBITDA margin	20.8%	17.3%	14.6%	14.3%	11.2%	13.9%	12.8%	11.1%
Depreciation	667	685	662	617	698	698	653	849
EBITA	3,393	2,374	2,041	2,010	1,452	2,025	1,929	1,134
EBITA margin	17.4%	13.5%	11.0%	11.0%	7.6%	10.3%	9.6%	6.3%
Amortization of intangibles	188	172	188	185	172	152	144
EBIT [+]	3,205	2,202	1,853	1,825	1,280	1,873	1,785	1,134
EBIT growth	45.5%	18.8%	1.5%	42.6%	-31.7%	4.9%	57.4%	39.3%
EBIT margin	16.4%	12.5%	10.0%	10.0%	6.7%	9.5%	8.9%	6.3%
Non-recurring items [+]	116	44	141	38	23	495	609	197
Asset impairment						202	318	153
Legal settlement	116	44	141	38	23	293	291	25
Interest expense	923	1,003	985	1,004	1,028	979	912	754
Interest expense	923	1,003	985	1,004	1,028	979	912	754
Other income (expense), net [+]	-278	-484	-407	-154	-330	-151	-120	-36
Gain (loss) on debt retirement	-74	-316	-227	1	-164		-1	-24
Other non-ooperating expenses					-22	-20	-20
Other	14	1	-5	-5			20
Pre-tax income	1,888	671	320	629	-101	248	144	147
Income taxes	411	-97	160	173	219	67	68	49
Tax rate	21.8%		50.0%	27.5%		27.0%	47.2%	33.3%
Minority interest	562	369	386	355	384	368	218	64
Earnings from continuing ops	915	399	-226	101	-704	-187	-142	34
Earnings from discontinued ops	-1		11	3		-5	2	-22
Net income	914	399	-215	104	-704	-192	-140	12
Net margin	4.7%	2.3%	-1.2%	0.6%	-3.7%	-1.0%	-0.7%	0.1%

Basic EPS [+]	$8.56	$3.80	($2.19)	$0.99	($7.00)	($1.88)	($1.43)	$0.35
Growth	125.4%	-273.8%	-321.0%	-114.1%	271.7%	31.5%	-511.9%	-128.7%
Diluted EPS [+]	$8.43	$3.75	($2.19)	$0.97	($7.00)	($1.88)	($1.43)	$0.34
Growth	124.4%	-271.8%	-324.8%	-113.9%	271.7%	31.5%	-522.4%	-128.0%

Shares outstanding (basic) [+]	107	105	103	102	101	99	99	98
Growth	1.7%	1.6%	1.3%	1.5%	1.3%	0.2%	1.4%	-3.8%
Shares outstanding (diluted) [+]	109	106	103	104	101	99	99	100
Growth	2.2%	2.8%	-0.5%	3.3%	1.3%	0.2%	-1.1%	-1.3%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.