Ardent Health, Inc. · NYSE:ARDT
Ardent Health — Q4 2024 Earnings Presentation
14 slides from Ardent Health's earnings presentation, Feb 27, 2025
Slide 1: 4Q24 Earnings Presentation
4Q24 Earnings Presentation February 26, 2025
Slide 2: Important Disclaimers: Forward-Looking Statements
Important Disclaimers Forward-Looking Statements Certain statements contained in this presentation regarding future operating results or performance or business plans or prospects of Ardent Health Partners, Inc. (collectively, "Ardent", "we," "us," "our," or the "Company") and any other statements n
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 and Adjusted EBITDAR. We define these ter
Slide 4: 4Q24 Results Summary
4Q24 Results Summary Strong finish to 2024 highlighted by 4Q24 revenue growth of 19% and Adjusted EBITDA growth of 200%+. Expanded Adjusted EBITDAR Margin by 240bps to 12.5% for FY24. 4Q24 FY2024 YoY % YoY % Amount Growth Amount Growth Total Revenue (in millions) $1,606 19.3% $5,966 10.3% Adjusted E
Slide 5: 4Q Financial Performance
4Q Financial Performance Adjusted EBITDAR Total Revenue Adjusted EBITDA (Pre-NCI) Margin +19.3% +212.9% +720bps Margin Y/Y % Growth Y/Y % Growth Improvement $1.61B $182.6M 15.6% $1.35B 8.4% $58.4M 4Q23 4Q24 4Q23 4Q24 4Q23 4Q24 See appendix for reconciliation of Non-GAAP financial metrics, including
Slide 6: 4Q Operating Highlights
4Q Operating Highlights Strong 4Q24 volume trends driven by broad-based operating performance and easier comparisons due to a cybersecurity incident that occurred in 4Q23 Adjusted Admissions Net Patient Service Revenue per Adjusted Admissions Net patient service revenue per adjusted admission +9.0%
Slide 7: Capital Structure to Support Opportunistic Growth
Capital Structure to Support Opportunistic Growth Strong balance sheet and ample liquidity to support growth strategy Available Liquidity Net Leverage Profile ABL Capacity Net Leverage 1 Total Cash Lease-Adjusted Net Leverage 2 $845M 4.4x $288M 2.9x 2.6x $557M 1.2x 12/31/2024 12/31/2023 12/31/2024 1
Slide 8: Operating Highlights: Payor Mix
Operating Highlights: Payor Mix Payor mix shifts driven by operational excellence initiatives, Medicaid redeterminations and Medicaid supplemental program changes 4Q24 Payor Mix 4Q23 Payor Mix FY24 Payor Mix FY23 Payor Mix % of Net Patient Service Revenue % of Net Patient Service Revenue % of Net Pa
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 Guidance Assumptions Net income attributable to Ardent Health Partners, Inc. $245 – $285 Outlook includes expected benefit from the full-year impact of Oklahoma and New Mexico sta
Slide 10: Long-Term Growth Algorithm after 2025
Long-Term Growth Algorithm after 2025 Organic Total (Including Capital Deployment) • Acute care hospital M&A (new and adjacent markets) Revenue • Split roughly evenly between volume • Ambulatory build-out (M&A & de novo) in MSDs HSDs Growth and rate existing markets, which also creates downstream in
Slide 11: Key Takeaways
Key Takeaways Ardent is well positioned to drive consistent, durable top- and bottom-line growth of MSD-HSDs in 2026+ EXPAND IMPROVE INVEST Attractive Assets/Footprint Margin Expansion Levers Capital Deployment Augments Growth • Strong footprint in eight growing mid- • Expect 100-200bps of core marg
Slide 12: Appendix
fy BAILEY web rover Conran Peery Litt Shae TI rrr: APPENDIX as Sor. &
Slide 13: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended December 31, Years Ended December 31, 2024 2023 2024 2023 (in thousands) Net income $ 140,891 $ 10,781 $ 299,708 $ 128,977 Income tax expense (benefit) 26,355 (1,954) 63,352 22,637 Interest expense 13,528 18,451 65,578 74,305 Depreciation and amortization
Slide 14: 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