Net operating revenues

Adjusted EBITDA (c)

Income from continuing operations (d), (e), (f), (g), (h)

Net income attributable to Community Health Systems, Inc.

Basic earnings (loss) per share attributable to Community Health Systems, Inc. common stockholders (i):

Continuing operations

Discontinued operations

Net income

Diluted earnings (loss) per share attributable to Community Health Systems, Inc. common stockholders (i), (j):

Continuing operations

Discontinued operations

Net income

Weighted-average number of shares outstanding (j):

Basic

Diluted

Net cash provided by operating activities

Operating revenues (net of contractual allowances and discounts)

Provision for bad debts

Net operating revenues

Operating costs and expenses:

Salaries and benefits

Supplies

Other operating expenses

Electronic health records incentive reimbursement (f)

Rent

Depreciation and amortization

Total operating costs and expenses

Income from operations (d), (e), (f), (g), (h)

Interest expense, net

Loss from early extinguishment of debt

Equity in earnings of unconsolidated affiliates

Income from continuing operations before income taxes

Provision for income taxes

Income from continuing operations (d), (e), (f), (g), (h)

Discontinued operations, net of taxes:

Loss from operations of entities sold

Impairment of hospital sold

Loss on sale, net

Loss from discontinued operations, net of taxes

Net income

Less: Net income attributable to noncontrolling interests

Net income attributable to Community Health Systems, Inc.

Basic earnings (loss) per share attributable to Community Health Systems, Inc. common stockholders:

Continuing operations (d), (e), (f), (g), (h)

Discontinued operations

Net income

Diluted earnings (loss) per share attributable to Community Health Systems, Inc. common stockholders:

Continuing operations (d), (e), (f), (g), (h)

Discontinued operations

Net income

Weighted-average number of shares outstanding (i):

Basic

Diluted

Net income

Other comprehensive income, net of income taxes:

Net change in fair value of interest rate swaps

Net change in fair value of available-for-sale securities

Amortization and recognition of unrecognized pension cost components

Other comprehensive income

Comprehensive income

Less: Comprehensive income attributable to noncontrolling interests

Comprehensive income attributable to Community Health Systems, Inc.

Number of hospitals (at end of period)

Licensed beds (at end of period)

Beds in service (at end of period)

Admissions

Adjusted admissions

Patient days

Average length of stay (days)

Occupancy rate (average beds in service)

Net operating revenues

Net inpatient revenues as a % of total net operating revenues before provision for bad debts

Net outpatient revenues as a % of total net operating revenues before provision for bad debts

Income from operations

Income from operations as a % of net operating revenues

Depreciation and amortization

Equity in earnings of unconsolidated affiliates

Liquidity Data:

Adjusted EBITDA (c)

Adjusted EBITDA as a % of net operating revenues

Net cash provided by operating activities

Net cash provided by operating activities as a % of net operating revenues

ASSETS

Current assets

Cash and cash equivalents

Patient accounts receivable, net of allowance for doubtful accounts of $1,996,090 and $1,891,334 at March 31, 2012 and December 31, 2011, respectively

Supplies

Prepaid income taxes

Deferred income taxes

Prepaid expenses and taxes

Other current assets

Total current assets

Property and equipment

Less accumulated depreciation and amortization

Property and equipment, net

Goodwill

Other assets, net

Total assets

LIABILITIES AND EQUITY

Current liabilities

Current maturities of long-term debt

Accounts payable

Accrued interest

Accrued liabilities

Total current liabilities

Long-term debt

Deferred income taxes

Other long-term liabilities

Total liabilities

Redeemable noncontrolling interests in equity of consolidated subsidiaries

EQUITY

Community Health Systems, Inc. stockholders’ equity

Preferred stock, $.01 par value per share, 100,000,000 shares authorized; none issued

Common stock, $.01 par value per share, 300,000,000 shares authorized; 91,858,778 shares issued and 90,883,229 shares outstanding at March 31, 2012, and 91,547,079 shares issued and 90,571,530 shares outstanding at December 31, 2011

Additional paid-in capital

Treasury stock, at cost, 975,549 shares at March 31, 2012 and December 31, 2011

Accumulated other comprehensive loss

Retained earnings

Total Community Health Systems, Inc. stockholders’ equity

Noncontrolling interests in equity of consolidated subsidiaries

Total equity

Total liabilities and equity

Cash flows from operating activities

Net income

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

Stock-based compensation expense

Loss on sale, net

Impairment of hospital sold

Loss from early extinguishment of debt

Excess tax benefit relating to stock-based compensation

Other non-cash expenses, net

Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:

Patient accounts receivable

Supplies, prepaid expenses and other current assets

Accounts payable, accrued liabilities and income taxes

Other

Net cash provided by operating activities

Cash flows from investing activities

Acquisitions of facilities and other related equipment

Purchases of property and equipment

Proceeds from disposition of ancillary operations

Proceeds from sale of property and equipment

Increase in other investments

Net cash used in investing activities

Cash flows from financing activities

Proceeds from exercise of stock options

Repurchase of restricted stock shares for payroll tax withholding requirements

Deferred financing costs

Excess tax benefit relating to stock-based compensation

Proceeds from noncontrolling investors in joint ventures

Redemption of noncontrolling investments in joint ventures

Distributions to noncontrolling investors in joint ventures

Borrowings under credit agreements

Issuance of long-term debt

Proceeds from receivables facility

Repayments of long-term indebtedness

Net cash provided by (used in) financing activities

Net change in cash and cash equivalents

Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of period

Income from continuing operations attributable to Community Health Systems, Inc. common stockholders:

Income from continuing operations, net of taxes

Less: Income from continuing operations attributable to noncontrolling interests, net of taxes

Income from continuing operations attributable to Community Health Systems, Inc. common stockholders—basic and diluted

Loss from discontinued operations attributable to Community Health Systems, Inc. common stockholders:

Loss from discontinued operations, net of taxes

Less: Loss from discontinued operations attributable to noncontrolling interests, net of taxes

Loss from discontinued operations attributable to Community Health Systems, Inc. common stockholders—basic and diluted

Adjusted EBITDA

Interest expense, net

Provision for income taxes

Loss from operations of entities sold, net of taxes

Other non-cash expenses, net

Net changes in operating assets and liabilities, net of effects of acquisitions

Net cash provided by operating activities

Weighted-average number of shares outstanding—basic

Add effect of dilutive securities:

Stock awards and options

Weighted-average number of shares outstanding—diluted

Net operating revenues less provision for bad debts (in millions) *

Adjusted EBITDA (in millions)

Income from continuing operations per share—diluted

Same-store hospital annual adjusted admissions growth

Weighted-average diluted shares (in millions)

Effective January 1, 2012, the Company adopted Accounting Standards Update 2011-07, which requires the provision for bad debts expense associated with patient service revenue to be presented as an offset to the patient service revenue line item in the statement of operations. 2012 projection range and restated 2011 actual net operating revenues are presented net of projected and actual provision for bad debts, respectively.

The Company’s 2012 projection includes an aggregate $80 million of net operating revenues and $0.38 per share (diluted) of adjustments recognized in our operating results for the three months ended March 31, 2012, related to the Rural Floor Budget Neutrality Adjustment, the Supplemental Security Income payment update and the accrual of certain legal matters not previously included in our guidance.

Expressed as a percent of net operating revenues, Health Information Technology (HITECH) electronic health records incentive reimbursement for 2012 is projected to be approximately 0.6% to 0.8%. Electronic health records-related total costs and expenses for 2012, expressed as a percentage of net operating revenues, are projected to be approximately 0.3% to 0.5%, including depreciation and amortization, expressed as a percentage of net operating revenues, of approximately 0.2% to 0.3%. The projections related to HITECH incentive reimbursement and the related costs are based on the assumption that approximately one-third of our hospitals will be Stage 1 compliant by September 30, 2012. Delays in compliance until later in 2012 may defer recognition of the incentive reimbursement into future years without reducing the aggregate incentive we receive under this program. Accelerating compliance of additional hospitals during 2012 may result in additional expenses being incurred but may not accelerate the recognition of the incentive reimbursement into 2012.

2012 projection includes four to five assumed hospital acquisitions after December 31, 2011, of which three hospital acquisitions closed during the three months ended March 31, 2012.

Projected 2012 same-store hospital annual adjusted admissions growth does not take into account service closures and other unusual events.

Expressed as a percentage of net operating revenues, depreciation and amortization is projected to be approximately 5.6% to 5.8% for 2012; however, this is a fixed cost and the percentages may vary as revenue varies. Such amounts exclude the possible impact of any future fair value adjustments to investments and hospital fixed asset impairments.

2012 projection includes an estimate of $0.04 to $0.06 per share (diluted) of acquisition costs that are required to be expensed.

The Company’s 2012 projection does not take into account resolution of government investigations or other significant legal settlements not resolved at April 26, 2012.

For the purpose of providing interest expense guidance, the Company assumes that the borrowing rate under the Company’s Senior Secured Credit Facility for 2012 will remain relatively stable with the rates existing currently, particularly since the Company is a party to interest rate swap agreements. Total fixed debt, including swaps, is expected to average approximately 72% to 77% of total debt. These swap agreements limit the effect of changes in interest rates. Based on these assumptions and the Company’s accounts receivable securitization program, which was entered into during the first quarter of 2012, interest expense, expressed as a percentage of net operating revenues, is projected to be approximately 4.7% to 4.9% for 2012; however, these percentages will vary as revenue and interest rates vary. The 2012 projection does not assume any significant changes to the financing terms of the Senior Secured Credit Facility or any significant new financing arrangements not announced prior to April 26, 2012.

On December 14, 2011, the Company adopted a new open market repurchase program for up to four million shares of the Company’s common stock, not to exceed $100 million in purchases. The new repurchase program will conclude at the earliest of three years, when the maximum number of shares has been repurchased, or when the maximum dollar amount has been reached. Through April 26, 2012, no shares have been purchased and retired under this repurchase plan.

Expressed as a percentage of net operating revenues, equity in earnings of unconsolidated affiliates is projected to be approximately 0.3% to 0.5% for 2012.

Expressed as a percentage of net operating revenues, net income attributable to noncontrolling interests is projected to be approximately 0.5% to 0.7% for 2012.

Expressed as a percentage of income from continuing operations before income taxes, provision for income tax is projected to be approximately 31.0% to 33.0% for 2012.

Capital expenditures are projected as follows (in millions):

Total

Net cash provided by operating activities is projected as follows (in millions):

Total

general economic and business conditions, both nationally and in the regions in which we operate;

implementation and effect of adopted and potential federal and state healthcare legislation;

risks associated with our substantial indebtedness, leverage, and debt service obligations;

demographic changes;

changes in, or the failure to comply with, governmental regulations;

potential adverse impact of known and unknown government investigations, audits, and Federal and State False Claims Act litigation and other legal proceedings;

our ability, where appropriate, to enter into and maintain managed care provider arrangements and the terms of these arrangements;

changes in, or the failure to comply with, managed care provider contracts could result in disputes and changes in reimbursement that could be applied retroactively;

changes in inpatient or outpatient Medicare and Medicaid payment levels;

increases in the amount and risk of collectability of patient accounts receivable;

increases in wages as a result of inflation or competition for highly technical positions and rising supply costs due to market pressure from pharmaceutical companies and new product releases;

liabilities and other claims asserted against us, including self-insured malpractice claims;

competition;

our ability to attract and retain, at reasonable employment costs, qualified personnel, key management, physicians, nurses and other health care workers;

trends toward treatment of patients in less acute or specialty healthcare settings, including ambulatory surgery centers or specialty hospitals;

changes in medical or other technology;

changes in U.S. generally accepted accounting principles;

the availability and terms of capital to fund additional acquisitions or replacement facilities;

our ability to successfully acquire additional hospitals or complete divestitures;

our ability to successfully integrate any acquired hospitals or to recognize expected synergies from such acquisitions;

our ability to obtain adequate levels of general and professional liability insurance;

timeliness of reimbursement payments received under government programs; and

the other risk factors set forth in our public filings with the Securities and Exchange Commission.