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Fortune Sector Leaders: Health Care

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F500-2021-167-Tenet Healthcare

The health care services company operates 65 hospitals and approximately 450 other facilities in addition to providing health care support services to clients. In April, Tenet announced it completed the sale of its urgent care platform to FastMed for $80 million.

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This year's Fortune 500 marks the 66th running of the list.

F500-2020-174-Tenet-Healthcare

The Dallas-based health care company and its subsidiaries operate acute care and specialty hospitals, as well as ambulatory surgery centers and other health care facilities around the U.S.

Here are the World's Most Admired Companies for 2019 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 65th running of the list.

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This year's Fortune 500 marks the 62nd running of the list.

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Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

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Tenet Healthcare operates a network of hospitals, acute care centers, emergency departments, imaging centers, and ambulatory surgery centers through its subsidiaries and joint ventures, comprising one of the largest for-profit hospital chains in the U.S. Its Conifer Health Solutions subsidiary provides revenue cycle management to hospitals and health systems nationwide.

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Tenet Healthcare (THC): Company Profile, Stock Price, News, Rankings

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Tenet Healthcare

tenet healthcare

Good morning, and welcome to Tenant Healthcare's First Quarter twenty twenty five Earnings Conference Call. After the speakers' remarks, there will be a question and answer session for industry analysts. I'll now turn the call over to your host, Mr. Will McDowell, Vice President, Investor Relations. Mr.

Good morning, everyone, and thank you for joining today's call. I am Will McDowell, Vice President of Investor Relations. We're pleased to have you join us for a discussion of Tennant's first quarter twenty twenty five results as well as a discussion of our financial outlook. Tenet senior management participating in today's call will be Doctor. Saum Sattaria, Chairman and Chief Executive Officer and Sun Park, Executive Vice President and Chief Financial Officer.

Our webcast this morning includes a slide presentation, which has been posted to the Investor Relations section of our website tennorthealth.com. Listeners to this call are advised that certain statements made during our discussion today are forward looking and represent management's expectations based on currently available information. Actual results and plans could differ materially. Tennant is under no obligation to update any forward looking statements based on subsequent information. Investors should take note of the cautionary statement slide included in today's presentation as well as the risk factors discussed in our most recently filed Form 10 ks and other filings with the Securities and Exchange Commission.

And with that, I'll turn the call over to Saum.

Thank you, Will, and good morning, everyone. We reported first quarter twenty twenty five net operating revenues of $5,200,000,000 and consolidated EBITDA of $1,163,000,000 which represents growth of 14% over 2024. Adjusted EBITDA margin of 22.3% in first quarter twenty twenty five, a three twenty basis point improvement over the prior demonstrates our strong growth and continued operating discipline. USPI had a nice start to the year as we generated $456,000,000 in adjusted EBITDA, which represents 16% growth over first quarter twenty twenty four. Same facility revenues grew 6.8% in the first quarter and were highlighted by a 12% growth in total joint replacements in the ASCs over the prior year.

Turning to our Hospital segment. Adjusted EBITDA grew 12% to $7.00 $7,000,000 in the first quarter of twenty twenty five. Same store hospital admissions were up 4.4% as we continue to open up capacity to respond to the strong utilization environment. Acuity and payer mix remained strong with first quarter twenty twenty five revenue per adjusted admission up 2.8% over the prior year. In all, our first quarter results were above our expectations driven by fundamental outperformance, continued strength in the same store revenue growth due to customer demand, high acuity and effective cost management.

Regarding our 2025 full year guidance, we are not addressing the underlying outperformance in our business units during the first quarter. We're early in the year and while we are very pleased with both our fundamental outperformance services and momentum we carry into the balance of the year, we'll address our full year expectations in the future. Turning to capital deployment. We are well positioned to create value for shareholders through effective capital deployment of the cash flows that our portfolio of business generates. We have demonstrated an ability to flex our operations during challenging times, and our transformed portfolio is better positioned to handle economic stresses.

We continue to see significant opportunity for M and A in the ambulatory space and intend to invest a baseline of approximately $250,000,000 towards this opportunity each year. During the quarter, we added six including a strategic partnership with ChoiceCare Surgery Center in Midland, Texas. ChoiceCare is a 16,000 square foot state of the art multi specialty surgery center with a focus on orthopedic surgery and urology, among other service lines. Our cash flows have enabled us to make incremental investments in capital expenditures to fuel organic growth, such as our expanded L and D department at our Abrazo West Campus in Arizona. Our top tier medical professionals and latest medical technology reflect our commitment to delivering exceptional care to women and their families in one of the fast growing communities in The United States.

We have significantly deleveraged our balance sheet with a net debt to EBITDA minus NCI ratio of 3.1 as of 03/31/2025, competitive with our leading peers. We remain committed to a deleveraged balance sheet as it provides us the flexibility to actively deploy capital to create value. We believe that our current valuation is disjointed relative to our growth prospects, strong operating capabilities and transformed portfolio of businesses. We see this as an opportunity that we can capitalize repurchase. We repurchased 2,600,000.0 shares in the first quarter of twenty twenty five for $348,000,000 And going forward, we plan to be active repurchasers of our shares, particularly at our current valuation multiple, leveraging the significant cash flow generation of our business.

In summary, we've had a strong start to the year based on fundamental growth and cost management. We are executing effectively on our growth strategy with an intense focus on serving our patients and delivering value with our physician partners. Importantly, we are not altering our business strategy because of health care policy uncertainty that the industry is currently facing. We will steadily execute on our growth strategies with consistent capital investments and continued demonstration of our strong operating capabilities. We see significant opportunity for growth, which we believe translates into attractive free cash flow generation that we can deploy across our discussed priorities to generate value for shareholders.

And with that, Sun will provide a more detailed review of our financial results. Sun?

Thank you, Saum, and good morning, everyone. We're pleased to report another strong quarter to start off our fiscal twenty twenty five. We generated total net operating revenues of $5,200,000,000 and consolidated adjusted EBITDA of $1,163,000,000 a 14% increase over first quarter twenty twenty four. Our first quarter adjusted EBITDA margin was 22.3%, a three twenty basis point improvement over last year. Adjusted EBITDA was well above the high end of our guidance range, driven by strong fundamentals including same store revenue growth, continued high patient acuity, favorable payer mix and effective cost controls.

I would now like to highlight some key items for each of our segments, beginning with USPI, which again delivered strong operating results. In the first quarter, USPI's adjusted EBITDA grew 16% over last year with adjusted EBITDA margin at 38%. USPI delivered a 6.8% increase in same facility system wide revenues with net revenue per case up 9.1% and case volumes down 2.1%, reflecting our continued disciplined shift toward higher acuity services. Turning to our Hospital segment. First quarter twenty twenty five adjusted EBITDA was seven zero seven million dollars with margins up three ten basis points over last year at 17.5%.

Excluding the hospitals divested in 2024, our adjusted EBITDA grew 23% over first quarter twenty twenty four. Same hospital inpatient admissions increased 4.4% and revenue per adjusted admissions grew 2.8%. Our consolidated salary, wages and benefits in first quarter was 40.6% of our net revenues, a two sixty basis point improvement from prior year. And our consolidated contract labor expense was 2% of SWNB. In the first quarter of twenty twenty five, we recognized a $40,000,000 favorable pretax impact for additional Medicaid supplemental revenues related to prior years.

As a reminder, first quarter twenty twenty four results included a $44,000,000 favorable pretax impact for additional Medicaid revenues related to the prior year. Next, we will discuss our cash flow, balance sheet and capital structure. We generated $642,000,000 of free cash flow in the first quarter. And as of 03/31/2025, we had $3,000,000,000 of cash on hand with no borrowings outstanding under our 1,500,000,000 line of credit facility. Additionally, we have no significant debt maturities until 2027.

And finally, we repurchased 2,600,000.0 shares of our stock for $348,000,000 in the first quarter. Our leverage ratio as of quarter end was 2.46 times EBITDA or 3.14 times EBITDA less NCI, driven by our outstanding operational performance and continued focus on financial discipline. We are very pleased with our ongoing cash flow generation capabilities and have a commitment to a deleveraged balance sheet. We believe we have significant financial flexibility to support our capital allocation priorities and drive shareholder value. Let me now turn to our outlook for 2025.

As Saum noted, we are not making any adjustments to our full year 2025 outlook at this time. While we had strong fundamental outperformance in the first quarter and have continued confidence in our ability to achieve our full year targets, it is early in the year and we will revisit our full year guidance as needed in subsequent quarters. As such, we are reaffirming the full year 2025 guidance that we initially provided in February. A few items of note. Our outlook continues to assume $35,000,000 of net revenues associated with the Tennessee supplemental Medicaid programs, which have not yet been fully approved.

As such, we did not record revenues associated with these programs in the first quarter of twenty twenty five. We expect second quarter consolidated adjusted EBITDA to be in the range of 24% to 25% of our full year consolidated adjusted EBITDA at the midpoint. We expect USPI's EBITDA in the second quarter to be in the range of 24.25 to 25.25% of our full year USPI adjusted EBITDA at the midpoint.

We continue to expect free cash flows in the range of $1,800,000,000 to $2,050,000,000 distributions to NCI in the range of $750,000,000 to $800,000,000 resulting in free cash flow after NCI in the range of $1,050,000,000 to $1,250,000,000 all consistent with our initial 2025 guidance. And finally, as a reminder, our capital deployment priorities have not changed. First, we will continue to prioritize capital investments to grow USPI through M and A. Second, we expect to continue to invest in key hospital growth opportunities, including our focus on higher acuity service offerings third, we will evaluate opportunities to retire and or refinance debt and finally, we'll have a balanced approach to share repurchases depending on market conditions and other investment opportunities. Given our attractive free cash flow profile and current valuations, we plan to continue to be active repurchasers of our stock in 2025.

We're pleased with our strong start to the year and are confident in our ability to deliver on our outlook for 2025 as we continue to provide high quality care for those in the communities we serve. And with that, we're ready to begin the Q and A. Operator?

Thank you. At this time, we'll be conducting a question and answer

Our first question comes from Steven Baxter with Wells Fargo. Please proceed with your question.

Hey, good morning. Just a couple of quick ones here. I just wanted to ask specifically understand the posture you're adopting on guidance. But I guess as we think about the first quarter itself, is there anything that you would kind of call out maybe besides the $40,000,000 of incremental Medicaid supplemental that you'd frame as potentially as an out of period item that we should think about bridging from Q1 to Q2? Then just on USPI, revenue per case growth, the highest we've seen for quite some time in a normal operating environment despite the total joint case growth being a little bit lower than it was this time last year.

Anything you kind of call out there as the driver of sort of the higher acuity, higher revenue intensity and potentially backfilling the total joint growth? Thank you.

Yes. Hey, Steve, Saum here. Thanks for the question or questions. Number on the first point, no, there's nothing else. I mean, we're just not addressing guidance this early in the year.

We recognize the fundamental outperformance. So there are no other items there. On the USPI side from a revenue per case growth standpoint, three factors, obviously our contracting platform, acuity. And we continue to take strategic opportunities, in particular accelerating some of what we've been working on for the last year or two on low acuity work. And I mean look the growth rates on joints and things like that, I mean as the platform gets bigger and bigger, obviously on a percentage basis, the growth rates will come down a bit.

But we're pleased with the joint the growth, the continued ongoing march forward in moving the joints into the outpatient setting. As we've said, we think that's a big opportunity this decade.

Our next question comes from Greg Hennenbach with Morgan Stanley Investment. Please proceed with your question.

Thank you. For USPI, can you just talk about the pipeline of potential acquisitions and just your confidence of being able to deploy the $250,000,000 in investment?

Yes. The pipeline looks good. I mean, dollars $250,000,000 is always kind of a goal range that we put. Obviously, we have been well, we've certainly been spending on average a lot more than that, almost double that because of some of the platforms over the past five, six years. But yes, that's still our goal and the pipeline looks healthy.

The number of de novos look healthy in terms of syndicated centers that will stand up from the ground up. The corollary question that often comes is the multiples aren't really changing very much from where they've been. Obviously, focus is a little bit more on some centers that have the potential for USPI to deploy its service line diversification capabilities and add things like ortho and whatnot that may not be necessarily part of those centers. But yes, we feel pretty good. I mean the USPI environment looks great, right?

And again, I'm sure it'll come up. But I'll remind you that we don't have as much exposure in that environment to certainly Medicaid. And while the exchanges are certainly relevant there, they're less relevant than the hospital segment.

Our next question comes from Joanna Gajuk with Bank of America. Please proceed with your question.

Hi, good morning. Thanks so much for taking the question. So maybe I guess I want to follow-up actually the first question around just the strength in the quarter. I understand that you want to be conservative and you don't want to update all the elements early in the year. But just walk us through because the hospital segment, right, in particular, those margins were much better.

And even if you exclude the $40,000,000 call out of period. So is there something else in that segment that came in much better than internal expectations? Thank you.

Hey, it's Saum again and Sun can comment just so that we're both consistent on this. I don't see I mean, we had a good quarter. I mean, we had a bunch of things in motion from last year regarding expense management. You can maybe you can review some of those statistics. Obviously, started to think about various policy changes and other things that could be out there or could be part of the discussion, we were thinking about expense management very carefully coming into 2025, the growth environment has been good.

We've been able to accommodate volume without adding a lot of contract labor where we have been expanding capacity. Our recruiting of staff in nursing has been good. Our retention rates have improved. Yes, I don't I mean, I know it I understand the question. Is there something else in there, but there's not.

It's just we put together three or four good things together in the same quarter and it ended up generating better results than we might have expected. Sun?

Yes. I'll just add. Look the $40,000,000 of out of period you mentioned, obviously that's balanced with about the same amount, 44,000,000 of out of period adjustments we had in Q1 of last year. So that's kind of even. And then as Saum said, I think it really was operational strength.

Our acuity, our payer mix remained strong. Our net revenue per adjusted admissions of 2.8% compares very favorably to our OpEx per adjusted admissions of about 50 bps, I believe it was. And then as Tom said, we are very focused on operating discipline, especially labor. We had a over 200 basis point improvement in SWB in the hospital segment between Q1 of last year and Q1 of this year. That reflects not only the contract labor discipline, but just a stable wage environment overall as well as other operating discipline from our field force.

And then I would say finally, we remain very focused on our other lines as well. You look at our supplies, if you look at our other OpEx line items, we've demonstrated some incremental improvement there as well. Not just this quarter versus Q1 of last year, but if you look our 2024 results, we've been working hard at this quarter by quarter making some incremental improvements. So I think all those things have contributed to a very strong Q1.

Our next question comes from Ryan Langston with TD Cowen. Please proceed with your question.

Great. Thanks. Good morning. You mentioned a couple of times, obviously, the first quarter we saw really tight labor management. I guess, how much more room do you think you can actually improve that labor performance?

And then maybe just give us a sense on what types of initiatives you guys have put in place and or are working on to kind of keep up that level of performance?

Well, if I improve, we're referring specifically to the narrow issue of the percentage of contract labor. I'm not sure that necessarily decreasing that further is an improvement, right? Because obviously there are times where you would utilize contract labor in order to open up capacity for things that you may be doing, which are accretive. I think what we've said all along was that our strategy was to reduce contract labor, have our full time employees that provide good care, leverage all the nursing school and other relationships, techs and other things that we built during COVID in order to help train graduates that then might choose to stay within our system and positively impact our retention rates, because there's a degree of familiarity there. And of course, the net consequence of all that is that we can return to following our overall SWB inflation rather than just being focused on the narrow topic of contract labor expenses.

So that's kind of the journey that we've been on as you can imagine and appreciate from our comments over the past couple of years. So I think look, the importance in the next year or two is really on recruiting and retention of the staff necessary to build and grow the business. I think the contract labor is fine where it is.

Our next question comes from Brian Tanquilut with Jefferies. Please proceed with your question.

Good morning, guys. This is Megan Holtz on for Brian and congrats on the quarter. I guess just picking off Thank you. Pigging off Joanne's question on the hospital business, can you provide some color in the acuity, the payer mix, what drove that revenue per adjusted admission? Some of your peers have spoken to exchange volume growth.

Are you seeing the same growth? And can you quantify that growth?

Hey, Megan. Thanks for the question. Yes, I think a couple of pieces. So I'll repeat our statement that we saw continued acuity strength as well as strong payer mix. I think if you look at our stats in terms of total managed care as a percent of our net patient revenues, it remains around 70%, very consistent with kind of what we had last year.

And then our acuity strategy is again very consistent with last year. On the exchange growth, we agreed that was a continued strength for us. In Q1 of twenty five, we saw a 35% increase in exchange admissions. And at this point, our revenues from exchange is about 7% of total consolidated revenues. So a little higher I think than fiscal twenty twenty where we ended in fiscal twenty twenty four.

And we'll see for the rest of the year. We think the environment continues to be strong across our different payer areas. And we'll update our guidance as we go.

Our next question comes from Justin Lake with Wolfe Research. Please proceed with your question.

Thanks. Good morning. Just wanted to follow-up on the SWB discussion. It certainly kind of jumped off the page on the hospital side. Is beyond the contract labor, is there anything else special going on in the quarter?

And if not, is this a reasonable kind of run rate to be thinking about whether it's SWB per adjusted admission or the ratio itself? And just to follow-up on that, like if it is, what would have to go wrong for you not to materially outperform? I mean, certainly seems like I guess the question would be, if your is this what you is this ratio what you embedded in your hospital EBITDA guidance or is it running materially better? Thanks.

Hey, Justin. I mean a couple of things. I mean we're not really updating guidance, right? I mean, there's a few things. Obviously, the more we diversify the business into the ambulatory side that helps in terms of the USPI component and in particular the impact on salary wages and benefits.

So, look, I think without some discontinuity in the environment, we feel pretty good about the various aspects of labor management that we are undertaking in this environment. And at the same time, again, I can't emphasize enough from my perspective, the importance of having our own workforce that knows our physicians and knows our environment and doing better and better on retention of that staff is a really important part of our strategic goal to expand capacity in a high quality way. And that's kind of the balance that we're looking for right now.

Our next question comes from Pito Chickering with Deutsche Bank. Please proceed with your question.

Hey guys. Great job this quarter. I guess you're going see a trend here. I'm going hit the S and P leverage maybe a slightly different way here. Your average length of stay was down sort of two point three days percent on a same store basis.

Is that due to flu or is that just better productivity? And as you think about where average length of stay can trend, do think

this leverage due to uncompensated care, which looks to be down this quarter despite revenues going up? It looks like this is due to implicit price concessions and charity write offs down. So any thoughts around uncompensated care reductions down this year and how that impacts your margins? Thanks.

Well, let's go in reverse order. The uncompensated care piece is not same store, right? I mean, remember we divested a bunch of assets in many cases that were in markets with less favorable payer mix. So I don't think you can look at that decline necessarily on a same store type of basis, if that helps. And then do you want to take the other?

Yes. So, on some of your other questions, look, I mean, on the length of stay, yes, there probably was some flu impact. But I think overall, again, it comes back down to operating discipline and trying to make sure we balance the right patient care as well as our workflows efficiency, right? So we're working hard on that. And then I think your general question around kind of sustainable sustainment of kind of these pieces.

Look, I think it all comes back onto two things that we mentioned. It's a stable external environment in terms of wages and fees. We've and then we focused a lot on our operating discipline, which is showing up in our metrics. One final kind of footnote to Saum's answer on the uncompensated care number. I think you're absolutely I think Saum's right.

It's not same store. So I think that distorts the comparison. And then I think, obviously, if you look at the individual line items, while some are going up and some are going down versus 24%, you kind have to take that all together. And if you look at the total uncompensated care percentage as revenues, we've been pretty consistent 24% to 25%. So I don't think that's driving the margins.

Our next question comes from Ben Hendrix with RBC Capital Markets. Please proceed with your question.

Great. Thank you very much. Just a quick question back to ambulatory rate growth, the strong 9.1% growth. I appreciate the commentary about the continued mix shift in M and A towards higher acuity specialties. I I noticed that one of your ASC peers has started to see in the last couple of quarters a more balanced mix of rate and volume growth overall in the ambulatory.

Just wondering just based on your M and A plans and based on the shift you're seeing towards higher acuity, how persistent you think this rate momentum is over the next couple of years? Thanks.

Well, I mean projecting out over the next couple of years on ASC rates is a little bit tough. I mean, I think that if you think about what we have been doing and it's a fair criticism by the way if that's what it is that our rate guidance has been under what we have been actually achieving for a couple of years. That's fair. Our guidance obviously is much more long term in terms of the revenue growth combination of volume and rate. Our near term impact is driven a lot by what we have been doing around not only growing higher acuity, but at the same time working actively to create capacity to re syndicate some of our partnerships and other things with certain low acuity business moving out of the ASC environment.

And it took us a while to get that balance right, but I think we've got that balance a lot better. And then when you add on top of that the fact that most of what we're doing in the ASC costs 30% to 50% less than the same acute care setting, our contracting strategies have been helpful because there is a desire by all stakeholders to move things into a lower cost setting including providing fair rates in the ASC environment, which we've able to achieve. So when you put all that together, I don't disagree with the premise at all that we should see momentum on the net revenue per case in the ASC environment for some time to come. And that's a good thing. And that's and the ASC should be the leading edge of innovation of getting appropriate higher acuity care into a lower cost setting.

Our next question comes from Whit Mayo with Leerink Partners. Please proceed with your question.

Hey, thanks. So when you talked about opening up capacity on the acute care side, just any numbers around this to frame maybe what the year over year increase was from those initiatives?

Well, I think the numbers what I was referring to is specifically the same store hospital growth numbers included capacity expansion as one of the reasons that they were so robust. I mean, haven't quantified how many if you're asking how many beds or something like that, we haven't quantified that. Although and not to be honest with you, I'm not even sure I could tell you sitting here right now exactly how many beds we opened up.

Right. Maybe just another question just around USPI and the commentary around physician additions, recruiting efforts. You talked about re syndication efforts as well. Just wondering if there's anything to share about what those numbers mean in terms of year over year increase versus maybe history?

I would say that the physician activity is on a numbers basis, gross numbers basis very similar to in the past. I mean, the ASC environment is an environment where you have to be constantly engaged in renewing, refreshing and resyndicating partnerships. What I was referring to before on the resyndication piece directly tied to the commentary about net revenue per case is that sometimes that's a specialty shift, right? I mean, in many ASCs, you're renewing, refreshing, etcetera, the same specialties. But if you're making service line shifts and transitions towards higher acuity, you may be re syndicating with different specialists than were in the ASCs before.

And that's what I was referring to. And that obviously takes a lot more work to get done. You have to identify new individuals, perhaps practices that join an existing ASC versus simply working with your existing practices to add doctors when they may have retirements or departures or whatever the case may be. So it's the service line transition work that we've undertaken in the last few years, it's a lot of work. And it's and again, as you know, we it took us a while to get admittedly the balance right and how been doing it.

We feel much better about it now. It's been much more consistent for the last couple of years and it's driving earnings growth above our expectations and above USPI's long term trends which is terrific because it's a momentum driver for that business.

Our next question comes from Ann Hynes with Mizuho. Please proceed with your question.

Hi, good morning. Thank you. Again, I want to focus on the Q1 beat because it was so meaningful. I know you said that it was better than your internal expectations. Can you just go through what was the main driver?

What surprised you most about the quarter internally? And also, I get this question a lot just because the macroeconomic environment is very volatile. People are concerned about a recession. Do you think there is any type of like front loading of volumes if people are worried that they might lose their jobs? Thanks.

You want to take the first part and then?

Ann. I'll take the first part and then hand off to Saum. On the Q1 beat, listen, mean, I think we covered a lot of the dynamics that we talked about in terms of what we assumed in our guidance versus what we're showing up. I mean, obviously, we mentioned before the strength in exchange patients growing thirty five percent admissions. We weren't quite sure how what that number would be in Q1.

We figured it would be relatively strong. But again, compared to last year, we expect it to go down. So we weren't quite sure how that would turn up, but we were very pleased to see that. And I think that's reflective of not only the coverage and payer environment, but also of our continued networking strategy of being broad access to these exchange populations. So I think we're pleased to see that.

Other than that, don't know that we have anything else to point out that we haven't covered already. So I'll hand off back to Saum on the other question.

Yes. I don't I mean I don't how can one tell honestly if there's a surge in demand that's coming. I mean we necessarily see in our for example, our physician practice offices or other things significant changes. Sometimes you see changes at USPI and cancellation rates We haven't really seen much of a difference there.

I know that there's anything I could point to affirmatively say that people are trying to utilize their coverage out of a fear of losing it. I don't we probably have to think a little bit more about how to track some things that might give us a sense that that's happening.

Our next question comes from Benjamin Rossi with JPMorgan Chase. Please proceed with your question.

Great. Thanks for taking my question here. So I appreciate the unknown here, but regarding tariffs, been getting some commentary from your peers on framing exposure on finished goods supply spend, particularly outside of The U. S. Do have any additional context on framing there?

Tenet Healthcare (THC) Q1 2025 Earnings Call Transcript

Company Participants