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Form10-K ýAnnual report pursuant to Section13 or 15(d)of the Securities Exchange Act of 1934 for the fiscal year endedDecember31, 2024 OR¨Transition report pursuant to Section13 or 15(d)of the Securities Exchange Act of 1934 for the transition period fromto Commission File Number1-7293 TENET HEALTHCARE CORPORATION (Exact name of Registrant as specified in its charter) Indicate by check mark if the Registrant is not required to file reports pursuant to Section13 or Section15(d)of the Exchange Act. Yes¨Noý Indicate by check mark whether the Registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Exchange Act during the preceding 12months, and (2)has beensubject to such filing requirements for the past 90 days.YesýNo¨ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T during the preceding12 months.YesýNo¨ Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company (each asdefined in Exchange Act Rule12b-2). Large accelerated filerý Non-accelerated filer¨ Accelerated filer¨ Smaller reporting company☐ If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accountingstandards provided pursuant to Section 13(a) of the Exchange Act.¨ Indicate by check mark whether the Registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting underSection 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.ý If securities are registered pursuant to Section 12(b) of the Exchange Act, indicate by check mark whether the financial statements of the Registrant included in the filing reflect the correctionof an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the Registrant’s executiveofficers during the relevant recovery period pursuant to §240.10D-1(b).¨ Indicate by check mark whether the Registrant is a shell company (as defined in Exchange Act Rule12b-2). Yes¨Noý As of June30, 2024, the aggregate market value of the shares of common stock held by non-affiliates of the Registrant (treating directors, executive officers who were SECreporting persons,and holders of 10% or more of the common stock outstanding as of that date, for this purpose, as affiliates) was approximately $9.97billion based on the closing price of the Registrant’sshares on the New York Stock Exchange on Friday, June 28, 2024. As of January31,2025, there were95,121shares (in thousands) of common stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s definitive proxy statement for the 2025 annual meeting of shareholders are incorporated by reference into PartIII of this Form10-K. TABLE OF CONTENTS PART IItem 1.Business1Item 1A.Risk Factors15Item 1B.Unresolved Staff Comments28Item 1C.Cybersecurity28Item 2.Properties29Item 3.Legal Proceedings29Item 4.Mine Safety Disclosures29 Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities30Item 6.Reserved31Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations31Item 7A.Quantitative and Qualitative Disclosures About Market Risk69Item 8.Financial Statements and Supplementary Data70Consolidated Financial Statements74Notes to Consolidated Financial Statements79Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure118Item 9A.Controls and Procedures118Item 9B.Other Information118Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections118 Item 10.Directors, Executive Officers and Corporate Governance119Item 11.Executive Compensation119Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters119Item 13.Certain Relationships and Related Transactions, and Director Independence119Item 14.Principal Accounting Fees and Services119 Item 15.ExhibitsandFinancial Statement Schedules120Item 16.Form 10-K Summary125Signatures126 PART I. ITEM 1. BUSINESS OVERVIEW Tenet Healthcare Corporation (“Tenet”) is a diversified healthcare services company with its headquarters in Dallas, Texas, and aGlobal Business Center (“GBC”) in the Philippines, that supports various enterprise-wide administrative functions. We operate our expansive,nationwide care delivery network through direct and indirect subsidiaries, as well as downstream partnerships and joint ventures; the terms“we,” “our” and “us,” as