~;Joseph's Healthcare Syste1n
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1 Consolidated Financial Statements Table of Contents September 2017 Consolidated Balance Sheets 1 Consolidated Statement of Operations 2 Consolidated Statement of Changes in Net Assets 3 Consolidated Statement of Cash Flows 4 Bond Covenant Compliance 5 Utilization Statistics 6 ~;Joseph's Healthcare Syste1n
2 Consolidating Balance Sheet Assets Current Assets: Cash and cash equivalents Investments Current portion of assets whose use is limited Patient accounts receivable, net Grants, notes, and other receivables Unconditional promises to give, net Supplies Prepaid expenses and other current assets Due from affiliates Total current assets As of September 2017 (In Thousands) I SJRMC I Paterson I Wayne I VHS. I 200 Hosp I Hosoitals Foundation Foundation Mana11:ement Plaza Coro. $125,575 $5,265 Sl,598 $813 $ ,471 2,001 2,121 4,458 1,835 87,709 1,048 22, , , , ,368 7,585 3,778 3,999 2,277 St. Joseph's I SJHS I Total Total Healthcare Insurance September December Inc. LTD Eliminations $133,471 $139, , ,44 1 6,916 13,209 15,894 88,757 91,097 3,413 (4,550) 21,470 8,532 1,774 2,896 10,688 10, (71) 4,797 3,663 (755) 0 11,128 (5,376) 480, ,421 Assets whose use is limited net of current portion Unconditional promises to give, net Due from affiliates Beneficial interest in trust Notes receivable net of current Property and equipment net Interest in net assets of foundations Investment in Joint Ventures Estimated insurance recoveries Other assets Total Liabilities and net assets Current liabilities Current portion oflongterrn debt Accounts payable Accrued salaries and expenses Accrued interest payable Due to affiliates Deferred revenue Estimated thirdparty payer settlements Total current liabilities Long tenn debt net of current Estimated thirdparty payer settlements, net of current Accrued pension liability Estimated professional liability claims payable Deferred revenuenet of current portion Other noncurrent liabilities Total liabilities Net assets: Unrestricted St Joseph's healthcare system and affiliates Noncontrolling interests in joint ventures Total unrestricted net assets Temporarily restricted Permanently restricted Total net assets Total net assets and liabilities 12,024 3, ,233 1, , , , ,528 23,770 28,785 10, $ $19,241 $5,543 $4,407 $33,038 $5,063 $655 38, , , , , , ,727 25,664 7, , ,206 10, $ $779 $153 $1 246 $ ,974 6,743 3,621 3,161 5,949 4, ,908 6,743 3,621 3,161 5,949 13,970 6, , $197,527 $18,462 $5,390 $3 161 $5 949 $ $ $5,543 $4 407 $ ,380 47,477 53,055 1,387 1,387 5,711 5,711 1,038 1, , ,327 (23,770) 28,785 24,644 (10,404) 3,178 {3,178) 12,579 13,482 S3 178 $ ($42.728) $ $ $5,718 $7,077 4,595 (4,550) 38,856 40,719 6,916 62, ,549 3,176 4,052 (826) ,020 3,374 11,511 (5,376) 113, , , ,125 7,555 8, , ,061 18,84 1 ( 10,404) 24,643 23, ,537 $ ($15.780) $ $668,815 3,178 5,156 (13,542) 185, ,821 4, ,178 5,156 (13,542) 190, ,641 (7.568) 14,052 15,096 (5,838) ,649 $3,178 $5 156 ($26,948) $2 I l 875 $205,386 $3 178 $35,508 ($42,728) $ $874,201 Page I
3 Consolidating Statement of Operations YTD September 30, 2017 (In thousands) Revenues: Net patient service revenue Provision for Bad Debts Net patient service revenue (net of bad debt) Other revenue Net assets released from restrictions for operations SJRMC Hospitals $585,718 (59, 177) 526,541 65, Hosp Paterson Wayne VHS Plaza Foundation Foundation Manafement Corp. $2,820 (102) 2,718 3, ,906 1, St. Joseph's Healthcare Inc. SJHS Insurance LTD 2,275 Eliminations (3,550) Total $588,538 (59,279) 529,259 71, Total revenue $592,371 $4,816 $1,007 $2,745 $2,906 $2,275 ($3,550)!602,570 Expenses: Salaries and wages Employee benefits Physicians fees Supplies and other Bad Debt Interest Depreciation and amortization $285,225 63,303 16, ,709 9, 141 ~101 $453 $285 $1, , ,063 ($710) (175) (2,665) $287,172 63,891 16, , ,057 25,347 Total expenses $586,992 $4,251 $7 13 $3,454 $32038 $4,063 {$3,550) $598,961 Excess of revenues over expenses $5,379 $565 $294 ($709) ($132) ($1,788) $3,609 Loss on early extinguishment of debt Investment Income Adjusted excess (deficiency) of rev over exp 3,850 $9, (34) 13 $599 $351 ($743) ($119) 676 ($1,112) 4,596 $8,205 Less: net gain attributable to noncontrolling interests in joint ventures Excess (deficiency) of revenues over expenses $ 3,653 5,576 $ 599 $ 35 1 $ (743) $ (1 19) $ $ (1,11 2) $ 3,653 $ 4,552 Changes in net unrealized gains and losses on investments Changes in interest in unrestricted net assets of: SJHMC foundation St. Joseph's Wayne foundation Net assets released from restrictions for capital acquisitions Investment Income and Grants (816) (481) 1, Increase (decrease) in unrestricted net assets $ 7, $8 15 =$==== {$695) ($119) $0 ($671) ($1,297) $6,417 I 0/18/2017 Page2
4 SJRMC Hospitals Unrestricted net assets: Increase in unrestricted net assets $7,904 Temporarily restricted net assets: Contributions, grants, investment income and other support 793 Change in interest in temporarily restricted net assets of St. Joseph's Hospital and Medical Center foundation (l,018) Change in interest in temporarily restricted net assets of St. Joseph's Wayne Hospital foundation (41) Foundation cap campaign contributions Net assets released from restrictions Operations Net assets released from restrictions Capital acquisitions (776) Increase in temporarily restricted net assets ($1,042) Restr icted Net Assets: Change in beneficial interest in trusts Increase in temporarily restricted net assets $ Noncontrolling interests in joint ventures: Net gain attributable to noncontrolling interests in joint ventures 3,653 Distributions to noncontrolling interests in joint ventures (2,705) Contributions from noncontrolling interests in joint ventures 166 Increase (decrease) in noncontrolling interests 1,114 Increase (decrease) in net assets 7,976 Net assets beginning of year 189,551 Net assetsend of year $197,527 St. Joseph's Healthcare System Consolidated Schedule of Net Assets YTD September 30, 2017 (In thousands) Paterson Wayne VHS Foundation Foundation Mi?mt $815 $480 ($695) (1,630) (141) ($1,018) ($41) $ $ $ (203) 439 (695) 18,665 4,951 3,856 $18,462 $5,390 $3, Hosp St. Joseph's SJHS Plaza Healthcare Insurance Corp. Inc. LTD Eliminations Total {$ 119) $0 ($671) ($1,297) $6,4 17 1,018 1,505 0 (1,771) (776) $1,059 ($1,042) $ $ $ $ $ 41 3,653 (2,705) 166 1,114 (I 19) 0 (671) (238) 6,489 6,068 3,178 5,827 (26,7102 _ 205,386 $5,949 $3,178 $5,156 ($26,948) $211,875 Page 3
5 , Inc. Consolidated Statements of Cash Flows (Ju Tltousands) Cash flows from operations (Decrease) increase in net assets Adjustments to reconcile increase in net assets to net cash Depreciation and amortization Amortization of deferred financing costs Accounts receivables Grants notes and other receivables Estimated thirdparty payers settlements Supplies Prepaid expenses and other current assets Assets held by related organization (Foundations) Benefical Interests in trusts Other assets Accounts payable Accrued salaries and expenses Accrued bond interest Accrued Pension liability Defened Revenue Due to 3 rd Parties/Deferred Revenue current Other liabilities Cash flows provided by operating activities 9 Months Ended September 2017 $6,490 24,101 2,340 (9,566) (1,983) (219) (3,353) (1,822) (8,018) (876) (35,824) ($26,960) 12 Months Ended December 2016 ($12,620) 36,812 2,275 (5,453) (395) (5,943) (1,960) (524) (6) ( 1,960) (3,044) (1,884) 11,356 (3,490) 12,359 (118) 2, 175 $27,580 Cash flows from investing activities Acquisition of property, building and equipment Proceeds from Sales of Investments Net change in restricted cash Cash flows from investing activities (28,148) (32,293) 8,264 ($52,178) (28,700) (24,724) 14,820 ($38,604) Cash flows from financing activities Issuance of longterm debt Repayment of longtenn debt/notes receivable Temporarily restricted contributions, investment income & other Change in due from affiliates Cash flows from by financing activities Increase (decrease) in cash and cash equivalents Beginning cash and cash equivalents Ending cash and cash equivalents 81,200 (8,157) 211 (74) $73,181 (5,958) 139,429 $133, ,505 (223,755) 4,715 $52, ,441 97,988 $139,429 Page4
6 Financial Covenant Compliance (In Thousands) Series 2016 and 2017 Bonds (Calculated on Obligated Group) Loan Guarantor Yes a. Cushion ratio b. Debt service coverage ratio Trigger event only ratios* c. Days cash on hand (as of2016 Audit) * Only required if both 11 required ratios" are not maintained for two consecutive quarters. as of Sept 2017 Bond Requirements Variance Series 2010 Bonds (200 Hospital Plaza) d. Debt service coverage ratio e. Rate Coverage ratio Yes Blue Moon 51 % JV Term Loan Fixed rate d. Debt service coverage ratio (tested annually) Surgery Management 62% JV Loan Agreement d. Debt service coverage ratio (Effective June, 2015, tested annually) Yes No Definitions: a. Unrestricted cash and investments divided by maxinnnn annual debt service lb. Fiscal year end net income plus interest, deprec, arnort, and all other noncash expenses including asset impairment divided by maximum annual debt service c. Unrestricted cash divided by 12/31/2016 audited operating expenses (net of deprec, Interest, bad debt) divided by 366 days. d. Annualized net income plus interest, deprec, amort, and all other noncash expenses divided by maximum annual debt service e. Annualized net income plus interest, deprec, amort, and all other noncash expenses, plus Operating Reserve Fund, divided by maximum annual debt service Page 5
7 St. Joseph's Regional Medical Center PATERSON AND WAYNE CAMPUSES Consolidated Comparative Statistics Month to Date Sct>17 Sep17 Actual Budi:et Inpatient Discharges 2,797 2,918 Observation Discharges Total 3,012 3,137 Patient Days (a) 15,799 15,511 Average Daily Census Length of Stay (b) Medicare CMl Paterson Medicare CMI Wayne CMI Paterson CMI Wayne IP Gross ('000) 231, ,293 OP Gross ('000) ,512 Total Gross 310, ,805 l/p Dischari:es lb) ~ ~ Medicare % % Medicare Mgd Care /o % Medicaid J33 5% 263 9% Medicaid Mgd Care % % Other Mgd Care incl. BC % % Commercial & Other 150 5% 143 5% Charity Care 172 6% 190 7% Self Pay 179 6% 66 2% Total 2, % 2,9J8 100% Sep17 Sep17 Variance Actual Budget (121) 25,904 26,713 (4) 2,075 1,803 ( 125) 27,979 28, , ,069 JO (2,879) 2,132,760 2,140,862 4, ,657 J,928 2,861,051 2,823,519 ~ ~ ( J J9) J5% 6,590 25% 7, J% 2,492 10% 2,051 (130) 50% 2,213 9% 2,411 (8) 1% 7,435 29% 7,609 (JO) 3% 3,632 14% 3, % 1,267 5% 1,340 ( 18) 9% 1,668 6% 1, % 607 2% 539 ( 12 1) 4% 25, % 26,713 Year to Date Sep16 CYfPY Variance Actual Variance (809) 26,375 (471) (537) 28,270 cmi 3, ,868 5, (8,102) 2,061,744 71,016 45, ,944 37,532 2,733, ,960 ~ ~ ~ ~ 28% (764) 10% 7,172 27% (582) 8% 8% 44 J 22% 1,975 7% % 9 /o (198) 8% 2,342 9% (129) 6% 28% (174) 2% 7,539 29% (104) 1% 14% (50) 1% 3,674 J4% (42) 1% 5% (73) 5% J,341 5% (74) 6% 6% (59) 3% 1,708 6% (40) 2% 2% 68 13% 624 2% (1 7) 3% 100% (809) 3% 26, % (471) 2% l/p Patient Da~s Cb\.% ~ Medicare 4,398 29% 5,248 34% Medicare Mgd Care 1,771 12% J,344 9% Medicaid 869 6% J,261 8% Medicaid Mgd Care 3,956 26% 3,759 24% Other Mgd Care incl. BC 1, % J,840 J2% Commercial & Other 907 6% 699 5% Charity Care 1,090 7% 1,138 7% Self Pay 696 5% 221 1% Total 15, % 15, % l/p Len2th of Stay Cb\ Medicare Medicare Mgd Care Medicaid Medicaid Mgd Care Other Mgd Care incl. BC Commercial & Other Charity Care Self Pay ~ 3.33 Total (Average LOS).2 l w ~ ~ (850) 1 6% 46,280 32% 48, % 16,728 12% J2,878 (392) 3 1% 11,480 8% 11, % 35,467 25% 33,662 (162) 9% 16,544 12% 17, % 6,121 4% 6,704 (48) 4% 8,951 6% 10, % 2,230 2% J,758 (1 46) J% J43, % 142,069 (0.08) (0.29) ~ Ml ~ ~ ~ ~ ~ ~ 34% ( 1,840) 4% 46,939 33% (659) 1% 9% 3,850 30% 12,495 9% 4,233 34% 8% 109 1% 11,073 8% 407 4% 24% 1,805 5% 33,760 24% 1,707 5% J2% (849) 5% 17,878 13% (1,334) 7% 5% (583) 9% 6,910 5% (789) 11% 7% ( 1,232) 12% 10,524 7% (1,573) 15% 1% % % % 100% 1,732 1% 141, % 2,272 2% (0.17) 4.87 (0.31) (0.17) 5.15 (0.32) (0.53) (0.80) Ml ill uz llj2 Other Key Statistics Emergency Room Admits J,805 1,869 Treat & Release 13,293 14,136 15,098 16,005 Surgeries OR Inpatient Cases Same Day OR Outpatient Cases /PMinor 5 5 1,171 1,246 Cardiac Catheterizations Inpatient Cases Outpatient Cases z47 Total Deliveries 283 ~ (64) 16,998 17,932 ~ 123, ~ ,928 ( 124) 5,062 5, ,131 5, (75) 11,252 10,884 (26) 1,032 1,163 (16) 910 1,062 (42) 1,942 2,225 (5) 2,582 2,621 (934) 17,31 4 (316) ~ 125,233 ~ ~ 142,547 (J,773) (263) 5,367 (305) 659 6,318 (187) (28) 83 ~ m (516) (131) 1,181 (149) (152) I 025 ~ (283) 2,206 (264) (39) 2,657 (75) Notes: (a) Patient Days in this row are based on Census Days (b) Inpatient statistics are calculated based on discharged days not census days. The prior year payor mix retlects tile cunent updated financial classification. i.e., many cases cwtently categorized as self pay will be subsequently qualified and reclassified as Medicaid or Charity Care. Page6
~;Joseph's Healthcare System
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