CITY OF TORRANCE REVENUE BONDS SERIES 2010A, 20108, 2010C
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1 TORRANCE MEMORIAL MEDICAL CENTER Annual Financial Information & Operating Data FY 2016 (Rule 15c2-12) CITY OF TORRANCE REVENUE BONDS SERIES 2010A, 20108, 2010C
2 (i) TORRANCE MEMORIAL MEDICAL CENTER ANNUAL REPORT 2016 FACILITIES - Projected Capital Spending (in millions) Remaining Expected New Tower Project Related Costs - ( ) Routine Capital Equipment/Refurbishment ( ) Other Projects/Initiatives ( ) Total 6,726 52,500 92,801 Total Estimated Capital Spending ( ) 152,027 Annual201 OABCBondFiling2016a.xls
3 (i)(b) TORRANCE MEMORIAL MEDICAL CENTER ANNUAL REPORT 2016 FACILITIES - Funding Sources of Projected Capital Spending (in millions) Operating Cash Flow Capital Campaign Total Sources $ $ Annual201 OABCBondFiling2016a.xls
4 (ii) "SERVICE AREA AND COMPETITION - Market Share and Competition" Largest Hospitals Ranked by Acute Hospital Discharges South Bay Service Area 2016 Hospital Discharges Hospital 1. Torrance Memorial Medical Center 26, Providence Little Company of Mary Torrance 20, Los Angeles County Harbor/UCLA Medical Center 15, Kaiser Foundation Hospital - Harbor City 10, Memorial of Gardena 6, Providence Little Company of Mary San Pedro 6,347 Source: State of California Office of Statewide Health Planning & Development, Annual Utilization Report of Hospitals, 2016.
5 (ii)(b) "SERVICE AREA AND COMPETITION - Market Share and Competition" Acute Hospitals in Service Area Hospital Torrance Memorial Medical Center 37.5% 38.5% Providence Little Company of Mary Torrance 25.9% 24.5% Kaiser Foundation Hospital-Harbor City 7.5% 7.8% Los Angeles County Harbor/UCLA Medical Center 4.5% 4.3% Little Company of Mary - San Pedro 2.2% 2.3% Memorial Hospital of Gardena 0.7% 0.7% Cedars Sinai Medical Center 3.9% 4.1% % 25.6% 7.2% 3.5% 2.0% 0.5% 3.9% Source: lntellimed (Office of Statewide Health Planning & Development, State of California) Based on latest report as of 4th Qtr 2015.
6 (ii)(c) "SERVICE AREA AND COMPETITION - Utilization" Medical Center Utilization Statistics December ln1;2atient Activity Acute SNF Licensed Beds Acute SNF Available Beds (1 ) Acute 22,550 24,096 25,214 SNF 1,414 1, 142 1, 117 Discharges 23,964 25,238 26,331 Acute 84,392 95,894 97, 121 SNF 12,818 13,379 13,454 Patients Days 97, , ,575 Average Daily Census Average Length of Stay - Acute Occupancy rate (Licensed Beds) Occupancy Rate (Available Beds) Inpatient Surgery Cases 6,409 6,979 6,891 Out1;2atient Activity Hospital Outpatient Total 352, , ,471 Outpatient Surgery Cases (2) 10,787 9,825 9,544 Emergency Services 70,478 77,618 81,783 Source: Corporation (1) 24 licensed inpatient beds are not available for inpatient use because they are used for outpatient procedures and other non-acute services (2) Outpatient Surgery cases performed at the Medical Center
7 Torrance Memorial Medical Center Medical Staff by Specialty As of December 31, 2016 Primary Specialty Allerav Anesthesioloav Burn & Wound Cardioloav Cardiothoracic Surqerv Colon & Rectal Surqerv Dentistrv Dermatoloav Electroohvsioloav Emeraencv Medicine Endocrinoloav Familv Practice Gastroenteroloav General Suraerv Gvnecoloav Gvnecoloav Oncoloav Infectious Diseases lnfertilitv Internal Medicine lnterventional Cardioloqv Neonatoloqv Neohroloav Neuroloav Neurosuraerv OB/GYN Oncoloav Oohthalmoloav Oral Suraerv Orthooedics Otolarvnaoloav Pain Manaaement Palliative Care Patholoqv Pediatric Alerqv Pediatric Cardioloav Pediatric Critical Care Pediatric Dentistrv Pediatric Endocrinoloav Pediatric Gastroenteroloqv Pediatric Infectious Diseas Pediatric Oohthalmoloav Pediatric Orthooedic Pediatric Otolarvnaoloav Pediatric Pulmonoloav Pediatric Suraerv Pediatric Uroloav Pediatrics Perinatoloav Phvsical Medicine Plastic Suraerv Podiatrv Psvchiatrv Pulmonoloav Radiation Oncoloqv Radioloav Reoroductive Endocrinolo~ Reheumatoloqv Saine Surqerv Teleneuroloav Teleradioloav Thoracic Suraerv Uroloav Vascular Suraerv Grand Total ACTIVE OTHER TOTAL AVERAGE AGE
8 (iv) "SUMMARY OF OPERATIONS AND FINANCIAL POSITION" Corporation Summary Statements of Operations and Changes in Net Assets (dollars in thousands) Revenues Total unrestricted revenues ( 1) $509,720 Operating Expenses Salaries, wages, and employee benefits 259,891 Purchased services, supplies, and other costs 198,780 Depreciation 28,765 Interest 4,448 Total operating expenses 491,884 Income from Operations 17,836 Nonoperating income (loss): Investment income (loss): 15,731 Unrealized gain (loss) on trading portfolio (2) (3,559) Other (3,418} Excess (deficit) of revenues over 26,590 expenses Other changes in unrestricted net assets (3) p8,321) Increase in unrestricted net assets 8,269 Changes in restricted net assets {22,476} Total increase (decrease) in net assets (14,207) Fiscal year ended December 31 {audited) $578, , ,029 43,387 10, ,252 7,709 4,628 (7,380) (3,523} 1,434 1,880 3,314 2,786 6,100 (1) Provision for doubtful accounts is netted in Total Unrestricted Revenues (2) Represents Unrealized Gains and Losses in the Investment Portfolio (3) Changes to the Minimum Pension Liability and Foundation Transfers to the Corporation $620, , ,132 48,187 10, ,065 7,543 2,514 7,498 (2,640) 14,915 {3,034} 11,881 (4,168) 7,713 Annual201 OABCBondFiling2016a.xls
9 (iv)(b) "SUMMARY OF OPERATIONS AND FINANCIAL POSITION" Summary Statements of Financial Position Corporation Summary Balance Sheets {dollars in thousands) Assets Current Assets: Cash and cash equivalents Patient accounts receivable, net Assets limited as to use Other current assets Total current assets Assets limited as to use Property, plant and equipment, net Interest in net assets of Foundation Other assets Total assets 2014 $52,768 64,979 88,574 78, , , ,886 79,232 15,980 1,178,856 December 31, (audited) 2015 $41,666 71,520 89,529 31, , , ,867 80,691 12,934 1, 140, $35,096 66,416 88,332 40, , , , ,076 9,069 1,137,658 Liabilities and Net Assets Current liabilities Current portion of long-term debt Accounts payable and accrued liabilities Accrued salaries & other employee benefits Risk pool liabilities Self insurance liabilities Estimated third-party payer settlements Total current liabilities Liabilities for pension benefits Self insured liabilities Long-term debt, less current portion Total liabilities Net Assets: Un restricted Temporarily restricted Permanently restricted Total net assets Total liabilities and net assets 1,755 67,155 26, ,241 8,011 7, ,746 79,109 18, , , ,977 75,908 3, ,268 1, 178,856 4,405 39,616 29, , 143 6,737 3, ,442 77,230 14, , , ,291 78,759 3, ,368 1, 140,455 7,455 45,638 32, ,274 7,043 2, ,289 78,463 12, , , , ,596 3, ,081 1,137,658
10 (iv)(c) "SUMMARY OF OPERATIONS AND FINANCIAL POSITION- Sources of Revenue" Payor Mix HCP/ THIPA ---Full and Shared Risk (1) Medicare Managed Care (non Medicare) Medi-Cal Self Pay Other Workers' Compensation Total Fiscal Year ended December 31, % 36.6% 35.3% 28.0% 29.6% 29.2% 25.0% 23.3% 23.8% 5.3% 6.1% 7.5% 2.1% 1.7% 0.9% 2.7% 2.1% 2.8% 0.5% 0.7% 0.5% 100.0% 100.0% 100.0% (1) Represents total gross revenue from HCP and THIPA group members. The gross revenues represent patient charges to their members enrolled in full risk (capitated) agreements with the Corporation and shared risk agreements with Health Plans whereby the Corporation is paid by the Health Plans on a fee-for-service basis. Annual201 OABCBondFiling2016a.xls
11 (iv)(d) "SUMMARY OF OPERATIONS AND FINANCIAL POSITION- Capitalization" Corporation Capitalization (dollars in thousands) Long-Term Debt, including current portion Series 2001A Bonds Series 201 O Bonds Series 2016 Notes Total Long-Term Debt Unrestricted Net Assets (1) Total Capitalization Long-Term Debt to Capitalization Ratio , , , , , % December , , , , , % ,820 64, , , , % (1) Unrestricted Net Assets of the Corporation does not include Torrance Memorial Medical Center Health Care Foundation temporarily restricted assets or permanently restricted assets of $74,596 and $3,318, respectively for 2016.
12 Corporation Maximum Annual Debt Service Coverage (dollars in thousands) Historical: Excess (deficit) of revenues over expenses Plus: Depreciation Plus: Interest Plus: Unrealized loss (gain) on trading portfolio Plus: Loss (gain) on disposal of property and equipment (1) Fiscal Year Ended December $ 26,590 28,765 4,448 3,559 $ 1,434 $ 14,915 43,387 48,187 10,697 10,439 7,380 (7,498) 39 (369) Income Available for Debt Service Maximum annual debt service requirement Maximum annual debt service coverage ratio (2) 63,362 16, ,937 65,674 16,329 17,346 (3) (1) Represents Unrealized Gains and Losses in the Investment Portfolio. (2) For purposes of calculating interest on the Series 201 OA Bonds, the Series 201 OA Bonds actual rates were used. For purposes of calculating interest on the Series 2010B and Series 2010C Bonds, an assumed annual interest of 2.74% was used, which is the average of the SIFMA Index over the last twenty years. (3) For purposes of calculating Maximum annual debt service for 2016, a balloon payment for the Series 2016A Revenue Note of $15.3M due Dec. 31, 2026 was amortized through the end of 2031.
13 (v)(b) "LIQUIDITY AND CAPITAL RESOURCES" (1) Corporation Liquidity Position (dollars in thousands) December 31, Cash and cash equivalents (2) $ 79,443 $ 50,217 Short-term fixed income (3) 32,934 34,655 investments Long-term investments (4) 177, ,355 Total cash and investments 289, ,227 Less: Investments restricted as to 87,819 95, 167 use Total unrestricted cash and 201, ,060 investments Days cash on hand (5) $ ,848 48, , , , , Source: Corporation (1) The Corporation's Assets do not include Foundation investments. (2) Includes debt securities with maturities less than three months. Excludes investments restricted to use. (3) Includes fixed income investments with maturities less than one year. Excludes investments restricted to use. (4) Includes all fixed income investments with maturities greater than one year, mutual funds and equities. (5) Total unrestricted cash and investments, divided by the calculation of total operating expenses, minus depreciation, divided by 365.
CITY OF TORRANCE REVENUE BONDS SERIES 2010A, 20108, 2010C
TORRANCE MEMORIAL MEDICAL CENTER Annual Financial Information & Operating Data FY 2015 (Rule 15c2-12) CITY OF TORRANCE REVENUE BONDS SERIES 2010A, 20108, 2010C (i) TORRANCE MEMORIAL MEDICAL CENTER ANNUAL
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