UNAUDITED COMBINED FINANCIAL STATEMENTS

Transcription

1 UNAUDITED COMBINED FINANCIAL STATEMENTS Gundersen Health System Obligated Group (consisting of Gundersen Clinic, Ltd.; Gundersen Lutheran Medical Center, Inc.; Gundersen Lutheran Administrative Services, Inc.; and Gundersen Lutheran Medical Foundation, Inc., which comprise an Obligated Group) Periods ended December 2016 and 2015

2 31-Dec 31-Dec Assets Current assets Cash and cash equivalents $ 189,561 $ 164,621 Investments 596, ,178 Current portion of investments whose use is limited 7,171 7,491 Patient accounts receivable, net 144, ,080 Current portion of notes receivable from affiliates 320 1,542 Other current assets 46,822 50,266 Total current assets 985, ,178 Investments whose use is limited 22,167 31,767 Notes receivable from affiliates, net of current portion 4,237 7,926 Property and equipment, net 545, ,437 Other noncurrent assets 16,086 20,566 Total assets $ 1,573,645 $ 1,501,874 Liabilities and net assets Gundersen Health System Obligated Group Combined Balance Sheets Current liabilities Accounts payable $ 16,952 $ 22,269 Accrued payroll 54,177 49,267 Accrued liabilities 74,261 68,936 Current maturities of long-term debt and capital lease obligations 9,228 7,426 Other current liabilities 10,623 7,788 Total current liabilities 165, ,686 Long-term debt and capital lease obligations, net of current maturities 383, ,449 Obligation under swap contracts 29,388 33,831 Other noncurrent liabilities 15,527 16,494 Total liabilities 593, ,460 Net Assets Unrestricted 954, ,879 Temporarily restricted 8,008 9,278 Permanently restricted 17,840 16,257 Total net assets 980, ,414 Total liabilities and net assets $ 1,573,645 $ 1,501,874

3 Combined Statements of Operations Operating revenue: Net patient revenue before provision for uncollectible accounts $ 774,574 $ 762,269 Provision for uncollectible accounts (29,446) (31,393) Net patient revenue 745, ,876 Capitation revenue 271, ,574 Other revenue 36,858 33,169 Total operating revenue 1,053,143 1,011,619 Operating Expenses: Salaries, wages and benefits $ 589,388 $ 562,672 Supplies 133, ,322 Purchased health services 99,848 85,122 Depreciation and amortization 55,213 54,377 Facilities 27,422 25,627 Purchased services 37,281 35,564 Interest 17,285 17,563 Other operating expenses 44,655 48,702 Total operating expenses 1,004, ,949 Operating Income 48,517 54, % 5.40% Investment return 39,352 (1,349) Change in fair value of swap contracts 4, Other nonoperating losses, net (15) (407) Revenue in excess of expenses 92,297 53,346

4 Combined Statements of Changes in Net Assets Unrestricted net assets: Revenue in excess of expenses $ 92,297 $ 53,346 Net assets released from restrictions to purchase property and equipment 2,230 3,234 Transfers to affiliates (15,949) (34) Amortization related to swap contracts prior to de-designation (67) (77) Increase in unrestricted net assets 78,511 56,469 Temporarily restricted net assets: Contributions 4,077 3,378 Investment income 1,516 1,128 Net change in unrealized (losses) gains on investments (393) (1,069) Net assets released from restriction (6,320) (6,653) (Decrease) Increase in temporarily restricted net assets (1,120) (3,216) Permanently restricted net assets: Contributions 1, Investment gain (61) (99) Net change in unrealized (losses) gains on investments 122 (353) Increase in permanently restricted net assets 1,584 (256) Increase in net assets 78,975 52,997 Net assets at beginning of year 901, ,417 Net assets at end of year $ 980,389 $ 901,414

5 Combined Statements of Cash Flows Operating Activities Increase in net assets $ 78,975 $ 52,997 Adjustments to reconcile increase in net assets to net cash provided by operating activities: Depreciation and amortization 55,213 54,377 Impairment and loss on disposal of equipment 115 (156) Provision for uncollectible accounts 29,446 31,393 Change in fair value of swap contracts (4,443) (431) Unrealized gains on investments, net (14,594) (19,580) Transfer to affiliates (15,949) 34 Restricted contributions (5,600) (3,574) Changes in operating assets and liabilities: Patient accounts receivable (43,280) (41,716) Other current assets 3,444 (5,600) Accounts payable, accrued and other current liabilities 7,753 6,226 Other noncurrent assets and liabilities (34) 6,039 Net cash provided by operating activities 91,046 80,009 Cash Flows From Investing Activities Purchases of property and equipment, net (57,398) (43,847) Net purchases of investments (29,168) (25,288) Transfer to affiliates 15,949 (34) Net notes receivables loaned to affiliates 4,911 (946) Net cash used in investing activities (65,706) (70,115) Cash Flows From Financing Activities Proceeds from issuance of bonds 40,000 12,000 Principal payments on long-term debt and capital lease obligations (46,000) (6,772) Restricted contributions 5,600 3,574 Net cash provided by (used in) financing activities (400) 8,802 Net increase in cash and cash equivalents 24,940 18,696 Cash and cash equivalents at beginning of year 164, ,925 Cash and cash equivalents at end of year $ 189,561 $ 164,621 Supplemental Disclosures of Cash Flow Information Interest paid, net of capitalized interest of $323 in 2016 and $12 in 2015 $ 16,874 $ 17,000