Ardent Health Reports First Quarter 2025 Results Brentwood, Tenn. (

Ardent Health Reports First Quarter 2025 Results

Brentwood, Tenn. (May 6, 2025) - Ardent Health Partners, Inc. (NYSE ARDT) ( Ardent Health or the Company ), a

leading provider of healthcare in growing mid-sized urban communities across the U.S., today announced results for the

quarter ended March 31, 2025.

First Quarter 2025 Operating and Financial Summary

All comparisons are versus the same prior year period. See the footnotes to the Operating Statistics table of this press

release for definitions of the metrics below and a full list of key operating metrics.

(1) Adjusted EBITDA and Adjusted EBITDAR are financial measures that have not been prepared in a manner that complies with U.S. generally accepted

accounting principles ( GAAP ). See Supplemental Non-GAAP Financial Information and reconciliations of non-GAAP measures to their most

comparable GAAP financial measures contained later in this press release.

1 Lease-adjusted net leverage ratio is defined as the Company's net debt as of March 31, 2025, plus 8x trailing twelve-month real estate investment trust

( REIT ) rent expense as of the end of the first quarter of 2025, divided by trailing twelve-month Adjusted EBITDAR as of March 31, 2025.

Financial Performance Summary

First quarter results do not include any benefit from the New Mexico state directed payment program, which is currently

awaiting approval from the Centers for Medicare Medicaid Services.

For the first quarter of 2025

Total revenue grew 4.0% year-over-year to $1,497 million. This revenue growth primarily resulted from a 2.7%

year-over-year increase in adjusted admissions and 1.2% year-over-year growth in net patient service revenue per

As a reminder, the Company made a strategic decision in May 2024 to transfer certain oncology and infusion

services to an academic health system partner. This transition resulted in a revenue reduction of more than $10

million in the first quarter of 2025 compared to the same prior year period, with no material change to Adjusted

EBITDA. Excluding this item, first quarter 2025 revenue and net patient service revenue per adjusted admission

growth would have been approximately 4.7% and 1.9%, respectively.

Net income attributable to Ardent Health was $41 million, or $0.29 per diluted share, compared to $27 million, or

$0.21 per diluted share, in the first quarter of 2024.

Adjusted EBITDA increased 2.5% year-over-year to $98 million.

Operating Performance Summary

The following table provides a summary of certain key operating metrics for the first quarter of 2025 compared to the same

prior year period. See the footnotes to the Operating Statistics table of this press release for definitions of the metrics

below and a full list of key operating metrics.

Admissions for the first quarter of 2025 increased 7.6% year-over-year, driven by solid inpatient surgery growth and

the heightened flu season.

Surgeries for the first quarter of 2025 decreased 0.7% year-over-year, reflecting inpatient surgery growth of 3.4% and

outpatient surgery decline of 2.3%. Results were impacted by timing of the leap year.

Balance Sheet, Cash Flow Liquidity Update

As of March 31, 2025, the Company had total cash and cash equivalents of $495 million and total debt of $1.1 billion. The

Company's net leverage ratio as of March 31, 2025 was 1.4x, as calculated under the Company's credit agreements, and its

lease-adjusted net leverage ratio1 was 3.0x. At the end of the first quarter, the Company's available liquidity was $790

During the first quarter of 2025, net cash used in operating activities was $25 million, compared to net cash used of $15

million in the same prior year period.

2025 Financial Guidance

The Company is reaffirming its full-year 2025 financial guidance. The outlook includes the financial benefit from the full-

year impact of the Oklahoma and New Mexico state directed payment programs. All guidance is current as of the time

provided and is subject to change.

The Company's forecasted guidance is based on current plans and expectations and is subject to a number of known and

unknown uncertainties and risks, including those set forth below under the heading Forward-Looking Statements. The

Company does not forecast the impact of items such as, but not limited to, losses (gains) on sales of facilities, losses on

retirement of debt, legal claim costs (benefits) and impairments of long-lived assets. The Company does not believe that it

can forecast these items with sufficient accuracy because of the inherent difficulty of forecasting the timing or amount of

various items that have not yet occurred and are out of the Company's control or cannot be reasonably predicted.

First Quarter 2025 Results Conference Call

The Company will host a conference call to discuss its first quarter financial results on May 7, 2025, at 10 00 a.m. Eastern

Time. A webcast of the conference call will be available in the Investor Relations section of the Company's corporate

website at https ir.ardenthealth.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled

start time in order to register, download, and install any necessary audio software.

To participate in the live teleconference

United States Live 1-888-596-4144

International Live 1-646-968-2525

To listen to a replay of the teleconference, which will be available through May 21, 2025

United States Replay 1-800-770-2030

International Replay 1-609-800-9909

Ardent Health (NYSE ARDT) is a leading provider of healthcare in growing mid-sized urban communities across the U.S.

With a focus on people and investments in innovative services and technologies, Ardent Health is passionate about making

healthcare better and easier to access. Through its subsidiaries, Ardent Health delivers care through a system of 30 acute

care hospitals and approximately 280 sites of care with over 1,800 employed and affiliated providers across six states. For

more information, please visit www.ardenthealth.com.

Supplemental Non-GAAP Financial Information

We have included certain non-GAAP financial measures in this press release, including Adjusted EBITDA and Adjusted

EBITDAR. We define these terms as follows

Adjusted EBITDA. Adjusted EBITDA is defined as net income plus (i) provision for income taxes, (ii) interest expense and

(iii) depreciation and amortization expense (or EBITDA), as adjusted to deduct noncontrolling interest earnings, and

excludes the effects of other non-operating losses recoveries from the cybersecurity incident in November 2023 (the

Cybersecurity Incident ), net of incremental information technology and litigation costs restructuring, exit and

acquisition-related costs expenses incurred in connection with the implementation of Epic Systems ("Epic"), our

integrated health information technology system equity-based compensation expense and loss from disposed

Adjusted EBITDA is a non-GAAP performance measure used by our management and external users of our financial

statements, such as investors, analysts, lenders, rating agencies and other interested parties, to evaluate companies in

our industry. Adjusted EBITDA is a performance measure that is not prepared in accordance with GAAP and is

presented in this press release because our management considers it an important analytical indicator that is

commonly used within the healthcare industry to evaluate financial performance and allocate resources. Further, our

management believes that Adjusted EBITDA is a useful financial metric to assess our operating performance from

period to period by excluding certain material non-cash items and unusual or non-recurring items that we do not

expect to continue in the future and certain other adjustments we believe are not reflective of our ongoing operations

and our performance.

Because not all companies use identical calculations, our presentation of Adjusted EBITDA may not be comparable to

other similarly titled measures of other companies. While we believe this is a useful supplemental performance

measure for investors and other users of our financial information, you should not consider Adjusted EBITDA in

isolation or as a substitute for net income or any other items calculated in accordance with GAAP. Adjusted EBITDA has

inherent material limitations as a performance measure, because it adds back certain expenses to net income, resulting

in those expenses not being taken into account in the performance measure. We have borrowed money, so interest

expense is a necessary element of our costs. Because we have material capital and intangible assets, depreciation and

amortization expense are necessary elements of our costs. Likewise, the payment of taxes is a necessary element of

our operations. Because Adjusted EBITDA excludes these and other items, it has material limitations as a measure of

Adjusted EBITDAR. Adjusted EBITDAR is defined as Adjusted EBITDA further adjusted to add back rent expense payable

to REITs, which consists of rent expense pursuant to the master lease agreement (the Ventas Master Lease ) with

Ventas, Inc. ( Ventas ), lease agreements associated with the MOB Transactions (defined below) and a lease

arrangement with Medical Properties Trust, Inc. ( MPT ) for the Hackensack Meridian Mountainside Medical Center.