{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6dc-0b4b29bc87ea", "slug": "ad16f67f6f75", "title": "Health Management Associates (HMA)", "subtitle": "Larry Robbins · 2013-07", "author": "Larry Robbins", "date": "2013-07-01 00:00:00", "pageCount": 54, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.2941177, "targetCompany": "Health Management Associates", "targetTicker": "HMA", "document": { "id": "019dd923-622b-71dc-a6dc-0b4b29bc87ea", "slug": "ad16f67f6f75", "title": "Health Management Associates (HMA)", "rawTitle": "HMA Presentation Jul 2013", "authorId": "12_Glenview", "authorName": "Larry Robbins", "authorDisplay": "Larry Robbins", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2013-07-Glenview-HMA-Presentation-Jul-2013.pdf", "sourceUrl": "https://www.10xebitda.com/wp-content/uploads/2016/11/Glenview-HMA-Presentation-Jul-2013.pdf", "sourceDate": "2013-07-15 00:00:00", "presentationDate": "2013-07-01 00:00:00", "ingestedAt": "2026-04-22 17:21:51+00", "status": "ready", "pageCount": 54, "orientation": "landscape", "aspectRatio": 1.2941177, "targetCompany": "Health Management Associates", "targetTicker": "HMA", "metadata": { "local_root": "/tmp/legacy-images/ad16f67f6f75", "activist_firm": "Glenview Capital Management", "origin_corpus": "contrarian", "extraction_seconds": 214.0213167667389 } }, "coverage": { "pageCount": 54, "pagesIndexed": 54, "pagesWithImages": 54, "pagesWithMetadata": 54, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 365, "chartCount": 18, "metricSlides": 0, "toolMatches": 18, "documentToolMatches": 4, "frameworkMatches": 37, "arcMatches": 1, "beatMatches": 3, "loopMatches": 3, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "d6f1279a-6a52-45ca-8a8e-98104ff68f52", "evidence": "The document follows a clear problem-agitate-solution structure, highlighting the problems with the current board and management, agitating the issues, and presenting a solution to revitalize HMA.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:53.970679+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 5, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 1, "name": "Problem", "beatId": "58b8bc22-abb2-4290-aaf3-612e2e57428f", "matchId": "d6f1279a-6a52-45ca-8a8e-98104ff68f52", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "The document identifies the problems with the current board and management, including underperformance, weak corporate governance, and suboptimal capital allocation policy.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. 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"activistThesis": { "tone": "adversarial", "notes": "Consent-solicitation proxy fight deck, not a first-look thesis — Glenview had been a holder for 2+ years and pivoted to activism after HMA adopted a poison pill on May 24, 2013. Definitive Consent Statement filed July 19, 2013. Unusual rhetorical devices: p13 stock chart annotated with 'CFO laughing' timestamps during April 10 earnings call; p34 resurrects 2007 Schoen quotes about fending off private equity as playbook for current entrenchment; p32 three-panel anatomy of the 'Rights Plan' poison pill language. Cover is unsigned; Larry Robbins named as principal in SEC filing on final page. Nine-nominee slate chaired by Steven Shulman (ex-Magellan CEO). No explicit target price or SOTP valuation — the value thesis is framed as peer-gap closure via governance and capital allocation reform rather than asset-level revaluation. Glenview self-describes as 'not an activist fund' — HMA is their first full board-replacement campaign.", "kpisCited": [ { "detail": "HMA 0.5% vs Hospital Group 39% vs S&P 500 99% (2003-2012)", "metric": "10-year total shareholder return" }, { "detail": "-104% (10yr), -40% (3yr), -26% (5yr), -20% (1yr)", "metric": "TSR underperformance vs Hospital Group" }, { "detail": "Missed low end 6 of 10 years; average miss 8% vs midpoint", "metric": "EBITDA guidance misses" }, { "detail": "Missed low end 7 of 10 years; average miss 14% vs midpoint", "metric": "EPS guidance misses" }, { "detail": "Board paid 108% of cash incentives despite missing all external guidance metrics", "metric": "2012 incentive compensation payout" }, { "detail": "HMA underperformed Hospital Group in 100% of last 4 quarters, 83% of last 12", "metric": "Same-store admissions growth" }, { "detail": "HMA 59% vs Hospital Competitors 17% (post-Feb 2014)", "metric": "Variable rate debt mix" }, { "detail": "HMA 16.9 years vs peers 6.8-11.0 years; S&P 500 average 8.6 years", "metric": "Average board tenure" }, { "detail": "HMA $0 vs HCA $1,503M, THC $792M, LPNT $270M, CYH $86M, UHS $80M", "metric": "Share repurchases 2011-2012" }, { "detail": "HMA 100% M&A / 0% buyback vs peer average 45% M&A / 28% buyback", "metric": "Capital allocation 2011-2012" }, { "detail": "86% EBITDA growth yielded only 0.5% total shareholder return", "metric": "EBITDA growth vs TSR 2002-2012" }, { "detail": "Missed consensus EBITDA by 21%, EPS by 43%, admissions by 570bps", "metric": "1Q13 results miss" } ], "closingAsk": "Execute the written consent to replace all eight independent directors with Glenview's blue-chip slate of nine nominees chaired by Steven Shulman.", "extraction": { "at": "2026-04-22 17:21:51+00", "model": "unknown-legacy", "runId": null, "seconds": 214.02132, "promptVersion": null }, "scqaReward": "Restored governance, compliance oversight, and per-share-focused capital allocation — opportunistic buybacks at depressed prices, fixed-rate debt, cost discipline — would close the ~40% underperformance gap versus hospital peers and halt further value destruction.", "thesisTypes": [ "governance_board", "management_change", "capital_return", "operational_turnaround" ], "top3Reasons": [ "Lost Decade: HMA returned <1% TSR vs peers' 39% and S&P's 99% (2003-2012)", "Board paid 108% bonuses despite missing guidance; 17-year average tenure, insular, poison pill adopter", "Only hospital company with zero buybacks; 100% of $656M capital allocation went to M&A" ], "scqaSituation": "HMA is a non-urban hospital operator with ~$1bn EBITDA, overseen by a board where seven of eight independent directors have served through the entire decade of underperformance, chaired since 1983 by founder William Schoen.", "thesisSummary": "Health Management Associates delivered less than 1% total shareholder return over the 2003-2012 Lost Decade, trailing hospital peers by 39% and the S&P 500 by roughly 99%, even as the board grew EBITDA 86% through a $1.2bn M&A spree. Glenview, which owns 14.6%, argues this gap reflects structural failures: an insular board averaging 17 years' tenure, a CFO who has missed guidance for three straight years and was recorded laughing through bad-news calls, incentive plans that paid 108% bonuses against missed external targets, zero share repurchases versus peers' buyback programs, and a 59% variable-rate debt load into a rising-rate environment. 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First, what was the internal EBITDA target for Q1, that you embedded in the original 2013 guidance?” CFO, HMA: “A different number than yours. 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Rather, in the one communication directly from the CEO and Chairman each year to shareholders, the only operating data that they speak to is Revenue, Operating Income, EPS, and Cash from Continuing Operations – no mention at all to EBITDA growth – the sole metric used to pay incentive compensation", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:28:49.358+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "39cee28e-7677-4e61-8e26-d3fe2b25ed8b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“For 2012, the compensation committee used Adjusted EBITDA as the sole performance metric under the annual and long-term incentive compensation programs because it believes that Adjusted EBITDA provides a simple and understandable measure of our recurring profitability and it is highly correlated to our stock price performance” — 2012 Proxy", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b3-7229-bef3-19a66883145a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.06, "y": 0.87 }, "kind": "source-note", "text": "Source: Bloomberg total shareholder return analysis assuming dividends reinvested in security. 1. “Hospital Group” includes HCA, THC, CYH, LPNT, and UHS except where indicated. HCA reflects total compounded shareholder return from 1/1/03 to 11/17/06 (leveraged buyout date) and 3/10/11 (initial public offering date) to 12/31/12 per Bloomberg analysis.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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However, the external guidance to Wall Street investors of $875-925M explicitly excluded the benefit of $90-120M of expected HITECH revenue\nStep 2: To then make the Board $924M number comparable to guidance provided to investors, excluding $90-120M from this $924M yields an internal Board and Management EBITDA target of only $804-834M—8-10% lower than external guidance\nStep 3: Applying the same approach in Step 2 to EPS guidance yields an internal Board and Management EPS target of 59-67c—this is 26% below external guidance", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:34.926+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5581d625-62d7-4ba3-8370-cc121b88be7f", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EBITDA guidance: 26%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b3-7229-bef4-4a8f1a2db489", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "at the time the 2012 profit plan was established, the compensation committee believed that it was challenging;\" or the Board's belief that its \"executive compensation programs are founded on the belief that there should be a substantial and meaningful connection between the compensation of our named executive officers and the amount and quality of our earnings\" — HMA's Proxy", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b3-7229-bef4-464ce144766f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.58, "x": 0.06, "y": 0.93 }, "kind": "source-note", "text": "Source: Company filings including 2012 proxy statement, press releases, earnings calls and Morgan Stanley equity research.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Meanwhile, HMA's total shareholder return over that period lags the hospital group by ~39%", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:33.293+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a5ed09ab-49bc-421e-9e6b-5230697e8533", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Total Shareholder Returns: 0.5%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b3-7229-bef3-ecc81151f298", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.84, "x": 0.08, "y": 0.16 }, "kind": "paragraph", "text": "According to a recent HMA proxy, the Board \"believes that Adjusted EBITDA provides a simple and understandable measure of our recurring profitability and it is highly correlated to our stock price performance\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:33.293+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b7ce6c2-a48f-4cbb-9fe6-59f9eb628d5d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"believes that Adjusted EBITDA provides a simple and understandable measure of our recurring profitability and it is highly correlated to our stock price performance\" — HMA Proxy", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b3-7229-bef3-eafe8060e773", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.88, "x": 0.06, "y": 0.89 }, "kind": "source-note", "text": "Source: Company data and Morgan Stanley equity research. 1. 2002 and 2012 EBITDA based on company filings and Morgan Stanley equity research. 2. Reflects share price as of 1/2/2003. 3. Adjusted share price for dividend reinvestment, from Bloomberg, as of 12/31/2012. 4. Market cap as of 5/6/2013. Includes announced deals. 5. Hospital group includes HCA, THC, CYH, LPNT, and UHS.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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HMA's acquisition strategy hasn't been consistent in its approach and the company recently admitted to problems with both its historical acquisition strategy and its execution of recent deals", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:33.138+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d756fe98-5640-4ed9-882c-802ff9e5c303", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Share Repurchase: $0", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b3-7229-bef4-ef194e9c3bfc", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.06, "y": 0.89 }, "kind": "source-note", "text": "Source: Company filings, press releases, earnings calls and Morgan Stanley equity research. 1. Includes $292M of preferred convertibles. 2. Adjusted for THC 4:1 reverse stock split in 2012. 3. Based on “unaffected price” of $10.73 prior to Glenview filing 13-D after market close on May 6, 2013.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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EBITDA estimates reflect the mid-point of HMA's guidance respectively. 2. Balance sheet stats as of 1Q12 actual. 3. Balance sheet stats as of 3Q12 actual.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We absolutely did, and we had several conversations with several people regarding that. And we came to the conclusion because of our extraordinary, outstanding balance sheet, that it would be a better approach -- the directors felt it would be a better approach to go ahead and give this cash dividend to our shareholders and then allow our shareholders to continue in the growth of our Company.\" — Bill Schoen, HMA Chairman. \"In a bold move, Schoen fended off private-equity investors that have snapped up rival hospital companies, such as HCA last year, by using some of the same tactics.\" — Business Observer.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b3-7229-bef5-958206119e75", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "1. Per Bloomberg assuming divided reinvestment. 2. Note that the total shareholder return assuming dividends reinvested in security from 1/17/2007 through 5/6/2013 has been 0.2%.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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(“HMA” OR “THE COMPANY”) IN CONNECTION WITH GLENVIEW’S INTENT TO TAKE CORPORATE ACTION BY WRITTEN CONSENT. ALL STOCKHOLDERS OF THE COMPANY ARE ADVISED TO READ THE DEFINITIVE CONSENT STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION OF WRITTEN CONSENTS FROM THE STOCKHOLDERS OF THE COMPANY BY THE PARTICIPANTS BECAUSE THEY CONTAIN IMPORTANT INFORMATION. INFORMATION RELATING TO THE PARTICIPANTS IS CONTAINED IN THE DEFINITIVE CONSENT STATEMENT FILED ON JULY 19, 2013. THE DEFINITIVE CONSENT STATEMENT AND FORM OF WRITTEN CONSENT ARE BEING FURNISHED TO SOME OR ALL OF THE STOCKHOLDERS OF THE COMPANY AND ARE, ALONG WITH OTHER RELEVANT DOCUMENTS, AVAILABLE AT NO CHARGE ON THE SEC’S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, GLENVIEW WILL PROVIDE COPIES OF THE DEFINITIVE CONSENT STATEMENT AND ACCOMPANYING CONSENT CARD (WHEN AVAILABLE) WITHOUT CHARGE UPON REQUEST TO OKAPI PARTNERS LLC, TELEPHONE: (877) 869-0171.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:37.69+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "152426dc-7e79-4766-b464-ca133901bfe6", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.88, "x": 0.06, "y": 0.59 }, "kind": "disclaimer", "text": "This presentation may include “forward-looking statements” that reflect current views of future events. Statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “anticipate,” “will,” “may,” “would” and similar statements of a future or forward-looking nature are often used to identify forward-looking statements. Similarly, statements that describe our objectives, plans or goals are forward-looking. Glenview’s forward-looking statements are based on its current intent, belief, expectations, estimates and projections regarding the Company and projections regarding the industry in which it operates. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other factors that are difficult to predict and that could cause actual results to differ materially. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. 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