Ardent Health, Inc. · NYSE:ARDT
Ardent Health — Q2 2025 Earnings Presentation
12 slides from Ardent Health's earnings presentation, Aug 6, 2025
Slide 1: 2Q25 Earnings Presentation
2Q25 Earnings Presentation 0.12 August 2025 4
Slide 2: Important Disclaimers
Important Disclaimers Forward-Looking Statements This presentation may contain certain “forward-looking statements,” as that term is defined in the U.S. federal securities laws. These forward-looking statements include, but are not limited to, statements other than statements of historical facts, in
Slide 3: Important Disclaimers: Non-GAAP Financial Information
Important Disclaimers Non-GAAP Financial Information We have included certain financial measures in this presentation that have not been prepared in a manner that complies with U.S. generally accepted accounting principles ("GAAP"), including Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EBIT
Slide 4: 2Q25 Results Summary
2Q25 Results Summary Solid 2Q25 results reflect the successful execution of our strategic priorities and approval of the New Mexico directed payment program 2Q25 YTD 2Q25 Strong 2Q financial results: Revenue grew 12% YoY and Adjusted EBITDA YoY % YoY % Amount Growth Amount Growth grew 39% with 200bp
Slide 5: 2Q25 Financial Performance
2Q25 Financial Performance Adjusted EBITDA Total Revenue Adjusted EBITDA Margin +11.9% +38.9% +200bps Margin Y/Y % Growth Y/Y % Growth Expansion $1.65B $169.9M $1.47B 10.3% $122.3M 8.3% 2Q24 2Q25 2Q24 2Q25 2Q24 2Q25 See appendix for reconciliation of Non-GAAP financial metrics, including Adjusted EB
Slide 6: 2Q25 Operating Highlights
2Q25 Operating Highlights Overall volume trends were steady Adjusted Admissions Net Patient Service Revenue per Adjusted Admission Net patient service revenue per adjusted +1.6% admission increased 10.2% YoY, driven by +10.2% increased supplemental program revenue and reimbursement rates. Admissions
Slide 7: Operating Highlights: Payor Mix
Operating Highlights: Payor Mix 2Q25 Payor Mix 2Q24 Payor Mix % of Net Patient Service Revenue % of Net Patient Service Revenue 5.7% Self-Pay and Other 39.7% 5.4% 40.0% Medicare Self-Pay and Other Medicare 44.7% Managed Care 9.9% 43.9% 10.7% Medicaid Managed Care Medicaid Managed Care increased 80bp
Slide 8: Capital Structure to Support Opportunistic Growth
Capital Structure to Support Opportunistic Growth Strong balance sheet and ample liquidity to support growth strategy. Lease-adjusted net leverage improved to 2.7x in 2Q25 vs 3.0x in 1Q25 and 4.0x in 2Q24. Available Liquidity Net Leverage Ratio Profile ABL Capacity Net Leverage 1 Total Cash Lease-Ad
Slide 9: Full-Year 2025 Guidance
Full-Year 2025 Guidance Full Year 2025 Dollars in millions, except per share data Guidance Total revenue $6,200 – $6,450 Net income attributable to Ardent Health, Inc. $245 – $285 2025 guidance midpoint reflects revenue Adjusted EBITDA $575 – $615 growth of 6% YoY and adjusted EBITDA growth of 19% w
Slide 10: Appendix
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Slide 11: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (in thousands) Net income $ 95,701 $ 66,961 $ 154,666 $ 112,812 Income tax expense 26,291 15,222 41,524 25,935 Interest expense 14,729 18,160 28,905 37,421 Depreciation and amortization 39,309 36,312 7
Slide 12: Non-GAAP Reconciliation: Full-Year 2025 Guidance
Non-GAAP Reconciliation: Full-Year 2025 Guidance Full Year Ending December 31, 2025 Low High (in Millions) Net income $342 $386 Income tax expense 91 101 Interest expense, net 63 59 Depreciation and amortization 146 143 Noncontrolling interest earnings (97) (101) Cybersecurity Incident recoveries, n