Investor Conference Call
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1 Investor Conference Call Quarter Ended June 30, 2015 August 24, 2015 Dennis Dahlen, Senior Vice President / Chief Financial Officer
2 2 Regarding Use of this Electronic Presentation Certain statements included, incorporated by reference or verbally discussed constitute projections or estimates of future events, generally known as forwardlooking statements. These statements are generally identifiable by the terminology used such as plan, expect, estimate, budget or other similar words. The achievement of certain results or other expectations contained in such forwardlooking statements involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements described to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. The corporation does not plan to issue any updates or revisions to those forward-looking statements if or when changes in its expectation, or events, conditions or circumstances on which such statements are based occur. THE PRINTING, COPYING, DOWNLOADING, OR DISTRIBUTION OF ANY PRESENTATION MATERIAL IS NOT PERMITTED.
3 3 Banner Health 27 Acute Care Hospitals (28 with Payson 8/1/15) Banner Health Network Banner Medical Group with approximately 1,080 doctors Banner Health Centers and Clinics Behavioral Hospital Outpatient Surgery Medical Education $5.4 billion in revenue, 2014 AA- bond rating $457 million in community benefit including $84 million in charity care, 2014
4 4 YTD Operating Income By Month $300 ($ in millions) $ $200 $150 $100 Same Store 2015 $50 $0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Same Store
5 5 Consolidated Operating Income & EBIDA $800 ($ in millions) 16.0% $ % 10.7% $ % $ % 4.0% $ Jun14 Jun15 Same Store Operating Income Operating EBIDA Operating Margin Operating EBIDA Margin 0.0%
6 6 Second Quarter Operating Performance Consolidated Income Statement Three Months Ending June 30 Six Months Ending June 30 ($ in thousands) Net Hlth Care and Oth Rev $ 1,517,737 $ 1,222,827 $ 2,919,357 $ 2,437,247 Medical ins premium rev 266, , , ,262 Total revenues 1,784,091 1,347,555 3,368,945 2,673,509 Total expenses 1,762,372 1,245,783 3,261,338 2,487,545 Operating income $ 21,719 $ 101,772 $ 107,607 $ 185,964 Investment income $ 40,174 $ 78,839 $ 109,943 $ 122,888 Interest rate swaps 74,825 (27,131) 33,713 (67,192) Minority interest/other (7,738) (7,858) (14,466) (14,177) Non-operating income $ 107,261 $ 43,850 $ 129,190 $ 41,519 Excess of rev over exp $ 128,980 $ 145,622 $ 236,797 $ 227,483 Operating EBIDA margin 8.7% 15.9% 10.7% 15.2% Operating margin 1.2% 7.6% 3.2% 7.0% Total EBIDA margin 13.9% 18.6% 14.0% 16.5% Total margin 6.8% 10.5% 6.8% 8.4%
7 Second Quarter Operating Performance Consolidated Same Store Income Statement Three Months Ending June 30 Six Months Ending June 30 ($ in thousands) 2015* 2015* Net Hlth Care and Oth Rev $ 1,262,492 $ 2,554,324 Medical ins premium rev 145, ,189 Total revenues 1,407,918 2,838,513 Total expenses 1,368,479 2,708,065 Operating income $ 39,439 $ 130,448 Investment income $ 40,707 $ 110,373 Interest rate swaps 74,825 33,713 Minority interest/other (7,718) (14,471) Non-operating income $ 107,814 $ 129,615 Excess of rev over exp $ 147,253 $ 260,063 Operating EBIDA margin 11.2% 12.7% Operating margin 2.8% 4.6% Total EBIDA margin 17.5% 16.5% Total margin 9.7% 8.8% * Excludes Casa Grande and operations formerly UAHN 7
8 Performance: Former UAHN Operations Consolidated Income Statement ($ in thousands) 04/01-06/30 02/28-06/30 Net Hlth Care and Oth Rev $ 235,460 $ 318,634 Medical ins premium rev 120, ,399 Total revenues 356, ,033 Total expenses 364, ,843 Operating income $ (8,463) $ (8,810) Investment income $ (533) $ (430) Interest rate swaps - - Minority interest/other (39) (14) Non-operating income $ (572) $ (444) Excess of rev over exp $ (9,035) $ (9,254) Operating EBIDA margin 1.4% 2.0% Operating margin -2.4% -1.8% Total EBIDA margin 1.3% 1.9% Total margin -2.5% -1.9%
9 9 Consolidated Year-to-Date 2015 Performance Consolidated Dashboard Consolidated ($ in 000s) Metric YTD Actual YTD Prior Year PY Var Operating Revenue Net Rev $3,368,945 $2,673, % Operating Expense Op Exp $3,261,338 $2,487, % Operating Income Op Inc $107,607 $185, % Volume Adj Admits 244, , % Bad Debt & Charity % of Pt Rev 9.8% 14.1% 30.5% Labor Cost SWB% of Rev 48.4% 50.5% 4.2% Labor Productivity FTE / AOB % Supply Expense SE% of Rev 16.2% 15.8% -2.3% Positive Trend Neutral Negative Trend Same Store ($ in 000s) Metric YTD Actual YTD Prior Year PY Var Operating Revenue Net Rev $2,838,513 $2,668, % Operating Expense Op Exp $2,708,065 $2,482, % Operating Income Op Inc $130,448 $186, % Volume Adj Admits 215, , % Bad Debt & Charity % of Pt Rev 9.3% 14.1% 34.3% Labor Cost SWB% of Rev 50.0% 50.5% 1.0% Labor Productivity FTE / AOB % Supply Expense SE% of Rev 16.3% 15.8% -3.1% Positive Trend Neutral Negative Trend
10 Consolidated Utilization and Volumes Consolidated Dashboard 2nd Quarter Ending Six Months Ending June 30 June 30 Hospital (acute care): Licensed beds* 5,144 4,544 5,144 4,544 Admissions (excl. newborns) 57,377 51, , ,654 Average length of stay Patient Days 248, , , ,329 Licensed beds occupancy %** 53.12% 52.00% 55.58% 55.86% Observation days 33,708 22,909 65,157 46,959 Emergency room visits*** 257, , , ,157 Outpatient visits (excl. ER) 274, , , ,654 Long-term care/behavioral/rehabilitation: Licensed beds* Resident days 41,744 43,327 81,143 86,357 Licensed beds occupancy %** 67.07% 72.25% 69.92% 72.03% Banner Medical Group Clinic Encounters 706, ,777 1,441,701 1,367,881 Banner Health Network Avg. Full Risk Lives 65,885 52,523 65,528 52,934 Banner Health Network Avg. Managed Lives 215, , , ,449 * Licensed beds at quarter-end ** Occupancy % adjusted for timing when beds went in service *** Includes outpatient and admitted, excludes patients who left without treatment. 10
11 Same Store Utilization and Volumes Key Utilization Indicators 2nd Quarter Ending Six Months Ending June 30 June 30 Hospital (acute care): Licensed beds* 4,372 4,367 4,372 4,367 Admissions (excl. newborns) 50,692 51, , ,654 Average length of stay Patient Days 212, , , ,329 Licensed beds occupancy %** 53.31% 53.40% 56.49% 56.24% Observation days 30,410 22,909 60,756 46,959 Emergency room visits*** 227, , , ,157 Outpatient visits (excl. ER) 233, , , ,654 Long-term care/behavioral/rehabilitation: Licensed beds* Resident days 36,698 43,327 74,272 86,357 Licensed beds occupancy %** 72.66% 72.25% 73.91% 72.03% Banner Medical Group Clinic Encounters 706, ,777 1,441,701 1,367,881 Banner Health Network Avg. Full Risk Lives 65,885 52,523 65,528 52,934 Banner Health Network Avg. Managed Lives 215, , , ,449 * Licensed beds at quarter-end (excludes facilities formerly UAHN and Casa Grande) ** Occupancy % adjusted for timing when beds went in service *** Includes outpatient and admitted, excludes patients who left without treatment. 11
12 12 Banner Health Network Income By Major Plan & Type Of Risk Contract ($ in thousands) Full Risk Six Months Ended June 30 Shared Rsk/Svg Total BHN Premium Revenue $ 284,189 $ - $ 284,189 Non Premium Rev ,318 18,568 Claims Expense (297,857) (143) (297,999) Plan Activity $ (13,418) $ 18,176 $ 4,758 Admin Expense (3,960) (11,440) (15,400) Operating Income $ (17,378) $ 6,735 $ (10,643) Investment Income $ - $ 3 $ 3 Net Income $ (17,378) $ 6,738 $ (10,640) Average Members 65, , ,461 Operating Margin -17.5% 36.8% -3.5%
13 13 Balance Sheet Strength Continues To Improve Selected Balance Sheet Ratios Ratio (S&P AA- Median*) YTD Jun 30 LT Debt to Capital (31.2%) Days Cash on Hand (252) Cash to LT Debt (168%) Actual Debt Service Coverage including facility leases (MADS 5.0) 49.1% 44.8% 44.5% 41.0% 35.3% 35.5% 33.8% % 105% 113% 129% 158% 160% 184% * U.S. Not-For-Profit-Healthcare System Fiscal 2013 Medians (published August 2014)
14 14 Interest Rate Swaps Reflect Market Trends Inception To Date: Mark to Market & Collateral Posting (%) Historical 30-year LIBOR Swap Rates and 30-year Treasury Rates June 30, 2005 June 30, Jun-2005 Jun-2006 Jun-2007 Jun-2008 Jun-2009 Jun-2010 Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun Y LIBOR Swap Source Morgan Stanley Matrix 30Y Treasury
15 Interest Rate Swaps Management Collateral Position Improved On May 22 Banner novated portions of the System s interest rate swap exposure to new Counterparties with the objective to free up collateral Morgan BAML Stanley Prior Novation Counterparty Summary PNC Bank Wells Fargo Union Bank US Bank Total Total Exposure (142,785,743) (148,566,519) (39,320,227) (36,781,390) (367,453,879) Collateral Threshold 35,000,000 35,000,000 75,000,000 75,000,000 Collateral Posted (107,785,743) (113,566,519) - - (221,352,262) Post Novation Counterparty Summary Total Exposure (75,757,834) (82,816,519) (39,320,227) (36,781,390) (67,027,909) (65,750,000) (367,453,879) Collateral Threshold 35,000,000 35,000,000 75,000,000 75,000,000 75,000,000 75,000,000 Collateral Posted (40,757,834) (47,816,519) (88,574,353) Cash Returned (67,027,909) (65,750,000) * (132,777,909) *Invested in Consolidated Investment Portfolio expected to return 4.5% or approximately $3.7M for the remainder of
16 16 Banner University Medicine Summary of Synergies In-Scope Areas Benchmarked Functions (~31% of Clinical OpEx) Assumption-Based Functions (~20% of Clinical OpEx) Unquantified Opportunities (~49% of Clinical OpEx) Biomedical Engineering Executive / Management Case Management Combined Strategic Planning, Marketing, Community Relations Revenue Cycle Clinical Labor EVS and Dietary Information Technology Consolidation/Asset Rationalization Facility Services Human Resources & Benefits Other Support Services General Accounting and Finance Laboratory Services Length of Stay $30-40M Research $1-2M Legal Services Utilities $500K Medical Staff Office Depreciation and Amortization Supply Chain Services Supply Expenses Identified Synergy Opportunity: $ M $ M $ TBD Benchmarked and Assumption-Based Functions represent $53.3M $75.6M in total synergy opportunity by Year 5
17 17 Banner University Medicine Synergies and Opportunities Shared Services $100 million overhead target by 2018; $50 million in 2016 Convert IT systems to Banner infrastructure Expand strategic relationships with commercial payers to Tucson market Delivery System Enhance revenue cycle operations to increase yield (unknown) Supply chain and purchased services savings ($16M+ annually) Productivity improvements ($10M+ annually) Improve throughput and clinical care to reduce length of stay and create free capacity ($30-40M annually)
18 18 Banner University Medicine Market Opportunities Tucson & Phoenix Tucson Service Growth Cardiology Gastroenterology Neurosciences OB/WIS Orthopedics Pediatrics Behavioral (South Campus) Market Opportunities Re-engage community providers: Ambulatory expansion Phoenix Service Growth Emergency Medicine / Trauma Neurosciences Oncology Orthopedics Rehabilitation (Inpatient) Market Opportunities Re-engage community providers Establish first AMC in Phoenix Create highly-coordinated destination areas (institutes) for the treatment of highly complex diagnoses
19 19 Strategic Projects Capital Expenditures 2015 UAHN - $700 million, February 27 acquisition. Financed with short-term loan from Mizuho. Banner Fort Collins Medical Center - $93 million, opened April. Financed with Series 2014A. Payson Regional Medical Center - $60 million, August 1 acquisition. Financed with Bank of America line of credit.
20 20 Permanent Financing Considerations Summary Target permanent financing before the end of calendar year 2015 Estimated amount of $400-$500 million to be permanently financed TBD on structure: tax-exempt or taxable, pending UAHN asset valuation analysis of tax-exempt eligible assets Potential funding of Payson assets Anticipate a variable rate issuance given existing over-hedged position of approximately $425 million Balance of $200 - $300 million Mizuho loan to be paid via Banner equity Contingency plan if Banner market access is restricted due to market conditions Mizuho willing to extend term of borrowing upon formal request of Banner Obtain other interim financing to replace Mizuho
21 21 Long Term Debt Product Mix June 30, 2015 Direct Purchase synthetic fixed 7% 172,800,000 VRDO synthetic fixed 14% 347,955,000 Tax-exempt fixed rate 60% 1,448,560,000 Index Floater synthetic fixed 16% 400,000,000 Taxable fixed rate 3% 81,615,000
22 22 Long Term Debt Portfolio June 30, 2015 SERIES DEBT RATE TYPE LIQUIDITY SWAP 2007A $125,460, % Fixed 2007B $400,000,000 Synthetic Fixed Yes 2008A $207,040, % Fixed 2008B $86,400,000 Synthetic Fixed/ Direct Purchase Yes 2008C $84,400,000 Synthetic Fixed/Direct Purchase Yes 2008D $736,370, % Fixed 2008E $108,780,000 Synthetic Fixed Bank of America Yes 2008F $89,215,000 Synthetic Fixed JPMorgan Chase Yes 2008G $84,180,000 Synthetic Fixed Wells Fargo Yes 2008H $65,780,000 Synthetic Fixed Northern Trust Yes 2012A $179,090, % Fixed 2012B $67,840, % Fixed (Taxable) 2012 Term $13,775, % Fixed (Taxable) 2014A $200,600, % Fixed Total $2,450,930,000 $347,955,000
23 23 New Debt Issue Series 2015 November, 2015 SERIES DEBT RATE TYPE LIQUIDITY SWAP 2007A $125,460, % Fixed 2007B $400,000,000 Synthetic Fixed Yes 2008A $207,040, % Fixed 2008B $86,400,000 Synthetic Fixed/ Direct Purchase Yes 2008C $84,400,000 Synthetic Fixed/Direct Purchase Yes 2008D $736,370, % Fixed Series 2015 $400M - 500M tax-exempt revenue bonds or taxable Projected to Close Oct/Nov 2015 Rates TBD 2008E $108,780,000 Synthetic Fixed Bank of America Yes 2008F $89,215,000 Synthetic Fixed JPMorgan Chase Yes 2008G $84,180,000 Synthetic Fixed Wells Fargo Yes 2008H $65,780,000 Synthetic Fixed Northern Trust Yes 2012A $179,090, % Fixed 2012B $67,840, % Fixed (Taxable) 2012 Term $13,775, % Fixed (Taxable) 2014A $200,600, % Fixed 2015 $400M - $500M Total $2.9B $3.0B $347,955,000
24 24 Summary Points Banner s financial position is strong Fitch affirmed Banner s AA- rating; stable outlook on July 28, 2015 Banner s market position remains strong and is enhanced with the UAHN acquisition and UA affiliation Integration synergies and growth opportunities provide enough yield to make UAHN operations accretive but not in 2016 Capital spending will increase over the next 5 years but at a rate that is manageable
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