thereto). The consolidated operating results for the three months and year ended

Investor Contact: Kevin Hammons

Chief Financial Officer

COMMUNITY HEALTH SYSTEMS, INC. ANNOUNCES FOURTH QUARTER

AND YEAR ENDED DECEMBER 31, 2021 RESULTS AND 2022 GUIDANCE

FRANKLIN, Tenn. (February 16, 2022) Community Health Systems, Inc. (NYSE: CYH) (the Company ) today announced financial and operating

results for the three months and year ended December 31, 2021.

The following highlights the financial and operating results for the

three months ended December 31, 2021.

Net operating revenues for the three months ended

December 31, 2021, totaled $3.233 billion, a 3.7 percent increase compared with $3.119 billion for the same period in 2020.

Net income attributable to Community Health Systems, Inc. stockholders was $178 million, or $1.34 per share (diluted), for the three

months ended December 31, 2021, compared with $311 million, or $2.57 per share (diluted), for the same period in 2020. Excluding the adjusting items as presented in the table in footnote (e) on page 15, net income attributable to

Community Health Systems, Inc. stockholders was $1.15 per share (diluted) for the three months ended December 31, 2021, compared to $0.96 per share (diluted) for the same period in 2020. Payments received by the Company via the Coronavirus Aid,

Relief and Economic Security Act ( CARES Act ) and similar legislation as well as state and local pandemic relief programs, collectively referred to as pandemic relief funds, and as more specifically described below, had a

positive impact on net income attributable to Community Health Systems, Inc. stockholders (both on a consolidated and adjusted basis) of approximately $30 million, or $0.22 on a per share (diluted) basis, and approximately $115 million, or

$0.95 on a per share (diluted) basis, for the three months ended December 31, 2021 and 2020, respectively. Weighted-average shares outstanding (diluted) were 133 million and 121 million for the three months ended December 31,

2021 and 2020, respectively.

Adjusted EBITDA for the three months ended December 31, 2021, was $540 million compared with

$614 million for the same period in 2020. Pandemic relief funds had a positive impact on Adjusted EBITDA of approximately $46 million and $153 million for the three months ended December 31, 2021 and 2020, respectively.

CYH Announces Fourth Quarter and Year-End 2021 Results

The consolidated operating results for the three months ended December 31, 2021, reflect

a 7.3 percent decrease in admissions and a 2.1 percent decrease in adjusted admissions, compared with the same period in 2020. On a same-store basis, admissions decreased 3.9 percent and adjusted admissions increased 1.7 percent

for the three months ended December 31, 2021, compared with the same period in 2020. On a same-store basis, net operating revenues increased 6.7 percent for the three months ended December 31, 2021, compared with the same period in

Net operating revenues for the year ended December 31, 2021, totaled $12.368 billion, a 4.9 percent increase

compared with $11.789 billion for the same period in 2020.

Net income attributable to Community Health Systems, Inc. stockholders

was $230 million, or $1.76 per share (diluted), for the year ended December 31, 2021, compared with $511 million, or $4.39 per share (diluted), for the same period in 2020. Excluding the adjusting items as presented in the table in

footnote (e) on page 15, net income attributable to Community Health Systems, Inc. stockholders was $2.45 per share (diluted) for the year ended December 31, 2021, compared to $0.45 per share (diluted) for the same period in 2020. Pandemic

relief funds had a positive impact on net income attributable to Community Health Systems, Inc. stockholders (both on a consolidated and adjusted basis) of approximately $107 million, or $0.82 on a per share (diluted) basis, and approximately

$452 million, or $3.88 on a per share (diluted) basis, for the years ended December 31, 2021 and 2020, respectively. Weighted-average shares outstanding (diluted) were 131 million and 117 million for the years ended

December 31, 2021 and 2020, respectively.

Adjusted EBITDA for the year ended December 31, 2021, was $1.969 billion

compared with $1.809 billion for the same period in 2020. Pandemic relief funds had a positive impact on Adjusted EBITDA of approximately $148 million and $601 million for the years ended December 31, 2021 and 2020, respectively.

The consolidated operating results for the year ended December 31, 2021, reflect a 5.9 percent decrease in admissions and a

2.3 percent decrease in adjusted admissions, compared with the same period in 2020. On a same-store basis, admissions increased 2.2 percent and adjusted admissions increased 5.9 percent for the year ended December 31, 2021,

compared with the same period in 2020. On a same-store basis, net operating revenues increased 12.5 percent for the year ended December 31, 2021, compared with the same period in 2020.

Commenting on the results, Tim L. Hingtgen, chief executive officer of Community Health Systems, Inc., said, The Company delivered a

solid year, with positive trends across a number of indicators, due to the successful advancement of multiple strategic and operational initiatives. During the fourth quarter, our healthcare providers and hospital leadership teams in our affiliated

markets continued to provide essential COVID and non-COVID care. We remain incredibly grateful for their continued dedication throughout the course of the pandemic. As we move forward, we expect the

Company s focused investments and operational initiatives to drive incremental growth and drive value for all stakeholders.

As a provider of healthcare services, the Company continues to be affected by the public health and economic effects of the COVID-19 pandemic. Net of amounts that have been repaid to the respective federal, state or local agency, the Company received approximately $54 million and $58 million in pandemic relief funds during the

three months and year ended December 31, 2021, respectively. Together with amounts received during the year ended December 31, 2020, approximately $763 million of pandemic relief funds have been received since the beginning of the COVID-19 pandemic.

CYH Announces Fourth Quarter and Year-End 2021 Results

Pandemic relief funds received pursuant to the CARES Act and similar legislation, as well as

state and local pandemic relief programs, have been recognized on the basis of lost revenues and incremental healthcare-related expenses incurred throughout the public health emergency. The Company recognized approximately $46 million and

$148 million of the pandemic relief funds eligible to be claimed as a reduction in operating costs and expenses during the three months and year ended December 31, 2021, respectively. Amounts recognized are denoted by the caption

pandemic relief funds in the condensed consolidated statements of income. Pandemic relief funds that have not yet been recognized as a reduction in operating costs and expenses or otherwise refunded to the U.S. Department of Health and

Human Services or the various state and local agencies as of December 31, 2021, totaled approximately $14 million and are reflected within accrued liabilities-other in the condensed consolidated balance sheet.

With respect to the Medicare Accelerated and Advanced Payment Program, the Company received Medicare accelerated payments of approximately

$1.2 billion in April 2020. No additional Medicare accelerated payments have been received by the Company since such time, and because the Centers for Medicare & Medicaid Services ( CMS ) is no longer accepting new

applications for accelerated payments, the Company does not expect to receive additional Medicare accelerated payments. CMS began recouping Medicare accelerated payments in April 2021. In October 2021, the Company made

lump-sum repayments to effect the full repayment of the then-outstanding balance of Medicare accelerated payments. As of December 31, 2021, all Medicare accelerated payments received by the Company have

been recouped or repaid to CMS or assumed by buyers related to hospitals that have been divested.

Financial and statistical data for 2020

and 2021 presented in this press release includes the operating results of divested or closed businesses for the periods prior to the consummation of the respective divestiture or closing. Same-store operating results exclude businesses divested or

closed in 2020 and 2021.

Information About Non-GAAP Financial Measures

This press release presents Adjusted EBITDA, a non-GAAP financial measure, which is EBITDA adjusted to

add back net income attributable to noncontrolling interests and to exclude loss (gain) from early extinguishment of debt, impairment and (gain) loss on sale of businesses, gain on sale of equity interests in Macon Healthcare, LLC, (income) expense

related to government and other legal settlements and related costs, expense incurred in the fourth quarter of 2020 related to the settlement of certain professional liability claims for which the third-party insurers obligation to insure the

Company against the underlying loss was being litigated along with income during the fourth quarter of 2021 associated with the settlement of such litigation for the recovery of amounts covered by such third-party insurance policies, expense related

to employee termination benefits and other restructuring charges, expense from settlement and fair value adjustments on the contingent value right agreement liability related to the Health Management Associates, Inc. ( HMA ) legal

proceedings and related legal expenses, the impact of changes in estimate to increase the professional liability claims accrual recorded during the second quarter of 2019 (which estimate was further revised in the third quarter of 2019 based on

updated actuarial analysis) with respect to claims incurred in 2016 and prior years, and expense related to the valuation allowance recorded in the second quarter of 2019 to reserve the outstanding balance of a promissory note received from the

buyer in connection with the sale of two of the Company s hospitals in 2017, as well as income from a reduction of the valuation allowance on the outstanding balance of a promissory note from the buyer of another hospital. For information

regarding why the Company believes Adjusted EBITDA provides useful information to investors, and for a reconciliation of Adjusted EBITDA to net income attributable to Community Health Systems, Inc. stockholders, see footnote (c) to the

Financial Highlights, Financial Statements and Selected Operating Data below.

Additionally, this press release presents adjusted net

income attributable to Community Health Systems, Inc. stockholders per share (diluted), a non-GAAP financial measure, to reflect the impact on net income attributable to Community Health Systems, Inc.

stockholders per share (diluted) from the selected items used in the calculation of Adjusted EBITDA. For information regarding why the Company believes this non-GAAP financial measure provides useful

information to investors, and for a reconciliation of this non-GAAP financial measure to net income attributable to Community Health Systems, Inc. stockholders per share (diluted), see footnote (e) to the

Financial Highlights, Financial Statements and Selected Operating Data below.

CYH Announces Fourth Quarter and Year-End 2021 Results

The non-GAAP financial measures set forth above are

not measurements of financial performance under U.S. GAAP, and should not be considered in isolation or as a substitute for any financial measure calculated in accordance with U.S. GAAP. Additionally, the calculation of these non-GAAP financial measures may not be comparable to similarly titled measures disclosed by other companies.

Included on pages 16, 17, 18, 19 and 20 of this press release are tables setting forth the Company s 2022 updated annual earnings

guidance. The 2022 guidance is based on the Company s historical operating performance, current trends and other assumptions that the Company believes are reasonable at this time as more specifically discussed below.

Community Health Systems, Inc. is one of the largest publicly traded providers of healthcare services in the United States and a leading

operator of general acute care hospitals and outpatient facilities in communities across the country. The Company, through its subsidiaries, owns or leases 83 affiliated hospitals in 16 states with an aggregate of approximately 13,000 licensed beds.

The Company s headquarters are located in Franklin, Tennessee, a suburb south of Nashville. Shares in Community Health Systems, Inc.

are traded on the New York Stock Exchange under the symbol CYH. More information about the Company can be found on its website at www.chs.net.

Community Health Systems, Inc. will hold a conference call on Thursday, February 17, 2022, at 10:00 a.m. Central, 11:00 a.m. Eastern, to

review financial and operating results for the fourth quarter and year ended December 31, 2021. Investors will have the opportunity to listen to a live internet broadcast of the conference call by clicking on the Investor Relations link of the

Company s website at www.chs.net. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will continue to be available for approximately 30 days. Copies of this press release and

conference call slide show, as well as the Company s Current Report on Form 8-K (including this press release), will be available on the Company s website at www.chs.net.

CYH Announces Fourth Quarter and Year-End 2021 Results

COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES

Financial Highlights (a)(b)

(In millions, except per share amounts)

footnotes, see pages 13, 14 and 15.

CYH Announces Fourth Quarter and Year-End 2021 Results

COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Income (a)(b)

(In millions, except per share amounts)

footnotes, see pages 13, 14 and 15.

CYH Announces Fourth Quarter and Year-End 2021 Results

COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Income (a)(b)