. FLORIDA HEALTH SCIENCES CENTER, INC dba Tampa General Hospital Quarterly Report For The Fiscal Year Ended September 30, 2014 PRELIMINARY & UNAUDITED Release Date: October 30, 2014 FLORIDA HEALTH SCIENCES CENTER, INC dba Tampa General Hospital Quarterly Report Preliminary & Unaudited For The Fiscal Year Ended September 30, 2014 Release Date: October 30, 2014 Table of Contents Operating Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Utilization Indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Net Patient Services Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Cash Flow Statement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Liquidity Indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 FLORIDA HEALTH SCIENCES CENTER, INC. OPERATING RESULTS For The Fiscal Year Ended September 30, 2014 (in thousands of dollars) PRELIMINARY & UNAUDITED 1st Qtr Operating Revenues: Net Patient Services Revenue (1) Disproportionate Share Other Revenues Total Operating Revenues Operating Expenses: Salaries & Wages Employee Benefits Professional Fees Medical Supplies Other Supplies Purchased Services Utilities & Leases Assessments Medical Professional Costs Insurance Other Expenses Depreciation and Amortization Interest Total Operating Expenses Gain from Operations $ $ $ $ 96,421 25,298 8,431 56,385 5,080 20,592 4,779 3,341 8,158 7,336 3,068 10,237 4,037 253,164 $ 5,979 Non-Operating Activity Gain 244,877 5,778 8,488 259,143 2nd Qtr $ $ $ 249,559 5,793 10,009 265,361 $ 94,625 24,492 6,454 59,051 5,914 20,894 4,990 3,606 7,661 7,263 2,601 11,253 4,087 252,891 $ 12,470 5,452 3rd Qtr $ $ $ 249,157 5,793 13,662 268,612 4th Qtr $ $ $ 1,009,494 23,644 44,900 $ 1,078,038 954,890 23,637 39,251 $ 1,017,779 $ $ $ $ 99,854 27,779 11,156 59,809 7,550 28,356 5,596 3,615 9,070 1,596 3,086 11,260 4,103 272,830 $ 18,326 $ 12,092 27,795 Prior YTD 265,901 6,280 12,741 284,922 96,242 25,828 6,949 59,127 6,321 20,627 5,222 3,387 7,927 1,323 2,825 10,399 4,109 250,286 3,643 $ YTD 387,142 103,397 32,990 234,372 24,865 90,469 20,587 13,949 32,816 17,518 11,580 43,149 16,336 $ 1,029,170 $ 6,016 48,868 $ % Change 5.7% 0.0% 14.4% 5.9% $ 366,357 115,898 32,453 218,842 22,240 75,832 20,395 13,316 30,705 18,578 10,277 42,700 18,830 986,423 5.7% -10.8% 1.7% 7.1% 11.8% 19.3% 0.9% 4.8% 6.9% -5.7% 12.7% 1.1% -13.2% 4.3% $ 31,356 55.8% 15,075 184.6% 42,906 $ 11,431 $ 16,113 $ 46,121 $ 18,108 $ 91,774 $ 46,431 97.7% $ 36,325 $ 13,158 $ 31,659 $ 5,730 $ 86,872 $ 68,664 26.5% Including Unrealized Gains: Gain Excess Margin % EBIDA (2) 4.4% $ 25,705 6.1% $ 31,454 16.2% $ 60,629 (1) Net Patient Services Revenue, as defined. See Page 3. (2) EBIDA calculation excludes unrealized gains (losses). NOTE: These financial statements are presented in a format that is inconsistent with AICPA guidelines. This format is used for internal reporting purposes to our Board of Directors. Prior YTD components may be reclassified to provide more consistent comparison to current YTD activity. Page 1 6.5% $ 33,471 8.5% $ 151,259 4.6% $ 107,961 86.6% 40.1% FLORIDA HEALTH SCIENCES CENTER, INC. UTILIZATION INDICATORS For The Fiscal Year Ended September 30, 2014 PRELIMINARY & UNAUDITED 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD Prior YTD % Change Discharges (1) Adjusted Discharges (1) 11,573 16,659 11,481 16,316 11,575 16,778 12,162 17,761 46,791 67,514 46,696 65,523 0.2% 3.0% Patient Days (1) Adjusted Patient Days (1) 68,591 98,733 70,440 100,128 70,425 102,074 70,169 102,534 279,625 403,469 278,998 391,484 0.2% 3.1% Length of Stay Average Daily Census (2) 5.9 715 5.9 753 6.0 746 5.8 729 5.9 736 5.9 734 0.0% 0.3% 1.768 1.776 1.753 1.727 1.743 1.736 0.4% 22,089 7,397 1,347 21,980 7,354 1,258 23,021 7,350 1,238 23,859 7,349 1,438 90,949 29,450 5,281 87,632 28,844 5,209 3.8% 2.1% 1.4% Case Mix Index Emergency Room Visits Surgeries Number of Deliveries (1) Including newborns (2) Excluding newborns NOTE: These financial statements are presented in a format that is inconsistent with AICPA guidelines. This format is used for internal reporting purposes to our Board of Directors. Page 2 FLORIDA HEALTH SCIENCES CENTER, INC. NET PATIENT SERVICES REVENUE, AS DEFINED For The Fiscal Year Ended September 30, 2014 (in thousands of dollars) PRELIMINARY & UNAUDITED 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD Prior YTD % Change 918,995 413,294 $ 1,332,289 $899,579 415,504 $1,315,083 $3,678,646 1,629,252 $5,307,898 $3,558,108 1,434,550 $4,992,658 3.4% 13.6% 6.3% 8.6% -13.1% -23.5% 6.2% Gross Patient Services Revenue: Inpatient Outpatient Total $913,827 401,571 $1,315,398 $946,245 398,883 $1,345,128 $ Deductions from Revenue: Contractual Allowances Charity Bad Debt Expense Total $ 980,207 66,182 25,118 $ 1,071,507 $ 1,002,404 70,886 23,264 $ 1,096,554 $ 993,271 74,883 15,963 $ 1,084,117 $ 976,687 78,551 (5,071) $ 1,050,167 3,952,569 290,502 59,274 $ 4,302,345 $ 3,638,690 334,190 77,459 $ 4,050,339 Gross Revenue less Deductions $ $ $ $ 264,916 $ 1,005,553 $ 985 3,941 265,901 $ 1,009,494 Third Party Settlements Net Patient Services Revenue (1) (as defined) 243,891 985 $ 244,877 248,574 248,172 986 $ 249,560 985 $ 249,157 $ $ 942,318 6.7% 12,572 -68.7% 954,890 5.7% Payor Mix (based on gross revenues): Medicare and Medicare HMO Medicaid and Medicaid HMO Managed Care HCHCP Auto Other Total 41.6% 19.0% 24.8% 3.1% 1.4% 10.0% 43.1% 19.1% 25.1% 2.9% 1.6% 8.3% 40.3% 19.6% 26.3% 2.8% 1.9% 9.2% 39.8% 19.8% 26.9% 3.0% 1.5% 8.9% 41.2% 19.4% 25.8% 2.4% 1.6% 9.6% 41.3% 19.9% 24.8% 2.1% 1.5% 10.4% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% (1) See Page 1 NOTE: These financial statements are presented in a format that is inconsistent with AICPA guidelines. This format is used for internal reporting purposes to our Board of Directors. Page 3 FLORIDA HEALTH SCIENCES CENTER, INC. COMPARATIVE BALANCE SHEET For The Fiscal Year Ended September 30, 2014 (in thousands of dollars) PRELIMINARY & UNAUDITED ASSETS Cash & Cash Equivalents Short-Term Investments Patient Receivable, Net Inventories Other Current Assets Current Portion of Limited Use Assets Total Current Assets 9/30/2012 89,851 8,152 137,216 20,615 17,559 9,034 $ 282,427 $ Assets Limited As to Use: Internally Designated Held by Trustees Joint Ventures Assets Limited as to Use $ $ Goodwill Property, Plant & Equipment, Net Deferred Charges and Other Assets Total Assets LIABILITIES & NET ASSETS Accounts Payable Accrued Expenses Due to Third Party Programs Current Portion of Long-Term Debt Total Current Liabilities 396,385 103,287 499,672 9/30/2013 94,028 8,048 140,201 20,168 10,308 9,380 $ 282,132 $ $ $ 518,371 120,581 638,952 9/30/2014 90,518 30,102 121,035 20,554 52,325 14,169 $ 328,703 $ $ $ 631,870 87,054 819 719,742 6,041 459,278 4,090 5,437 449,020 3,976 4,833 453,897 3,814 $ 1,251,509 $ 1,379,517 $ 1,510,989 $ $ $ $ 80,889 94,476 69,673 7,681 252,719 $ 83,300 92,638 84,072 4,158 264,169 $ 107,592 102,201 90,904 7,276 307,973 Long-Term Debt, net of current portion Obligations under Capital Leases Deferred Revenue Other Long-Term Liabilities 364,912 32 227 165,936 396,832 41 99,966 389,556 104,866 Net Assets 467,683 618,509 708,595 $ 1,251,509 $ 1,379,517 $ 1,510,989 Total Liabilities & Net Assets NOTE: These financial statements are presented in a format that is inconsistent with AICPA guidelines. This format is used for internal reporting purposes to our Board of Directors. Page 4 FLORIDA HEALTH SCIENCES CENTER, INC. COMPARATIVE CASH FLOW STATEMENT For The Fiscal Year Ended September 30, 2014 (in thousands of dollars) PRELIMINARY & UNAUDITED For Fiscal Period Ended 9/30/2012 Operating Activities: Gain, including unrealized gains(losses) Depreciation and amortization Changes in operating assets and liabilities Net cash provided (used) by operating activities Investing Activities: Purchase of property, plant, and equipment Changes in other long-term assets Joint Ventures Net cash provided (used) in investing activities Financing Activities: Series 2003 Debt Extinquished Series 2012A Bonds Issued Series 2013 Bonds Issued Additional Borrowing Principal changes in long-term debt Net cash used by financing activities $ For Fiscal Year Ended 9/30/2013 48,192 43,509 19,410 111,111 $ (49,777) 9,474 (40,303) $ $ $ 5,285 (6,836) (1,551) Increase (decrease) in Cash and Cash Equivalents $ Cash & cash equivalents Short-term investments Internally designated limited use assets Bond construction fund Cash, cash equivalents and internally designated $ $ $ $ $ $ NOTE: These financial statements are presented in a format that is inconsistent with AICPA guidelines. This format is used for internal reporting purposes to our Board of Directors. Page 5 For Fiscal Period Ended 9/30/2014 68,664 42,700 22,533 133,897 $ (34,685) 28,811 (5,873) $ $ $ (176,270) 179,393 37,020 (11,778) 28,365 69,257 $ 156,388 $ 118,624 89,851 8,152 396,385 494,388 $ 94,028 8,048 518,371 30,329 650,777 $ 90,518 30,102 631,870 16,910 769,400 $ $ $ $ $ $ $ 86,872 43,149 10,480 140,500 (40,454) 23,736 (1,000) (17,718) (4,159) (4,159) FLORIDA HEALTH SCIENCES CENTER, INC. LIQUIDITY INDICATORS For The Fiscal Year Ended September 30, 2014 PRELIMINARY AND UNAUDITED September 30 September 30 September 30 2012 2013 2014 Liquidity Ratios Days Cash on Hand (1) 191.2 249.0 281.9 Days in Accounts Receivable (2) 46.4 44.4 38.9 Cushion Ratio (x) 17.9 24.4 28.8 Cash to Debt (%) 132.7 162.3 193.9 0.9 3.1 4.5 1.2 3.2 4.7 2.6 4.6 8.5 4.9 6.7 8.1 8.9 10.6 14.0 11.2 12.8 13.6 3.2 4.0 5.7 4.0 4.9 5.5 Debt to Capitalization (%) 44.7 39.6 36.2 Debt to Assets (%) 29.8 28.4 26.0 Profitability Ratios (%) (3) Operating Margin Including Unrealized Gain(Loss) Excess Margin Including Unrealized Gain(Loss) EBIDA Margin Including Unrealized Gain(Loss) Capital-Related Ratios MADS Coverage by EBIDA (x) Including Unrealized Gain(Loss) (1) Based on total unrestricted cash as defined by TGH Management and a rolling twelve month average of daily cash expense (2) Based on three-month rolling average revenue calculation (3) Profitability Ratios are derived by reclassing bad debt expense from operating revenues to operating expenses NOTE: These financial statements are presented in a format that is inconsistent with AICPA guidelines. This format is used for internal reporting purposes to our Board of Directors. Page 6
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