Tenet Healthcare Corporation (NYSE:THC) Q1 2023 Earnings Conference Call April 25, 2023 10:00 AM ET
Company Participants
Will McDowell - Vice President, Investor Relations
Saum Sutaria - Chief Executive Officer
Daniel Cancelmi - Chief Financial Officer
Conference Call Participants
Brian Tanquilut - Jefferies Group LLC
Pito Chickering - Deutsche Bank AG
Calvin Sternick - JPMorgan Chase & Co.
Kevin Fischbeck - Bank of America
A.J. Rice - Credit Suisse
Joshua Raskin - Nephron Research LLC
Ann Hynes - Mizuho Securities Co., Ltd.
John Ransom - Raymond James
Sarah James - Cantor Fitzgerald
Ben Hendrix - RBC Capital Markets
Andrew Mok - UBS Group AG
Jason Cassorla - Citigroup Inc.
Stephen Baxter - Wells Fargo & Company
Operator
Good morning, and welcome to the Tenet Healthcare First quarter 2023 Earnings Conference Call. After the speaker’s remarks, there will be a question-and-answer session for industry analysts. [Operator Instructions]
I’ll now turn the call over to your host, Mr. Will McDowell, Vice President, Investor Relations. Mr. McDowell, you may begin.
Will McDowell
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 Tenet’s first quarter 2023 results, as well as a discussion of our financial outlook.
Tenet senior management participating in today’s call will be Dr. Saum Sutaria, Chief Executive Officer; and Dan Cancelmi, 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 tenethealth.com.
Listeners to this call are advised that certain statements made during our discussion today are forward-looking and represents management’s expectations based on currently available information. Actual results and plans could differ materially. Tenet 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 recent Form 10-K and other filings with the Securities and Exchange Commission.
With that, I’ll turn the call over to Saum.
Saum Sutaria
Thank you, Will, and good morning, everyone. We’re off to a nice start for 2023. Strong volumes support good results in all three business units. USPI’s performance continues to accelerate given our focus on organic growth and is ahead of our expectations so far. In the first quarter, we delivered net operating revenues of $5 billion and consolidated adjusted EBITDA of $832 million, which translates into an attractive 16.6% margin. As a result of our strong performance in the first quarter, we are now raising our full year guidance, which demonstrates the confidence we have in our operations.