THC · Tenet Health Q2 FY2026 earnings call record财报电话会记录

“USPI generated $542 million in adjusted EBITDA, which represents 9% growth over second quarter 2025 and 25% of our full-year 2026 adjusted EBITDA guidance for USPI.”

“Same-facility revenues grew 5%, as our high acuity strategy continues to yield benefits and is highlighted by 10% same-store volume growth in total joint replacements in the ASCs over prior year.”

“In light of the challenges that the decline in exchange enrollment presents, we are flexing our cost base and building an appropriate baseline on which to grow in the future with a focus on continued margin strength.”

“We have also capitalized on our compelling valuation and deployed $1.36 billion to repurchase 7 million shares in the first half of 2026 with 5.7 million of those shares repurchased in the second quarter.”

“USPI delivered a 5% increase in same facility system-wide revenues, with net revenue per case up 6.3% and same facility case volumes down 1.2%, reflecting our high acuity focus.”

“Turning to our hospital segment, second quarter 2026 adjusted EBITDA grew 22% to $762 million, resulting in an adjusted EBITDA margin of 18%.”

“In the second quarter of 2025, we had $70 million of favorable impact related to prior years.”

“Finally, during the second quarter, we repurchased 5.7 million shares of our stock for $1.04 billion.”

“Turning to our cash flows for 2026, we now expect adjusted free cash flow after NCI in the range of $1.825 billion-$2.055 billion, an increase of $225 million at the midpoint from our previous guidance range.”

“Excluding these tax payments, this would represent $2.1 billion of adjusted free cash flow after NCI at the midpoint of our 2026 outlook.”

“One is we did have out-of-period supplemental payments, like I said, of $92 million, but we had $70 million in the prior Q2 of 2025, so relatively small net impact.”

“Yeah, just all the comments prior to your release here, all these KOL calls pointing to weakness in volumes.”