Financial Ratio Calculations
v050522
				RATIO RESULTS
	( in ,000's)	( in ,000's)		Year	2016	2015
Financial Statement Field	2016	2015		Days in Accounts Receivables	40.2	34.0
Benefit Expense	$8,347,000	$25,363,000		Total Asset Turnover	0.68	0.77
Cash	$1,858,000	$9,426,000		Current Ratio	1.05	0.69
Current Assets (Total)	$166,524,000	$111,405,000		Quick Ratio	0.31	0.47
Current Liabilities (Total)	$158,848,000	$160,364,000		Days Cash on Hand	38.59	76.61
Depreciation and Amortization Expense	$15,246,000	$16,094,000		Operating Margin	3.8%	2.6%
Excess of Revenues over Expenses	$16,800,000	$21,646,000		Return on Assets	514.9%	143.5%
Interest Expense	$3,215,000	$1,756,000		Debt Service Coverage	4.24	7.53
Long-term debt	$56,238,000	$58,146,000		Long-term Debt to Net Assets	17.24	3.85
Long-term Investments	$2,500,000	$3,525,000		Salary and Benefits as % Total Expenses	9.6%	46.8%
Marketable Securities	$21,312,000	$41,520,200
Net Assets	$3,263,000	$15,087,000
Net Patient Accounts Receivable	$33,119,000	$45,732,000
Net Patient Revenues (Service)	$234,663,000	$263,491,000
Net Receivables	$25,852,000	$24,565,000
Operating Expense	$50,450,000	$52,350,000
Operating Income	$8,950,000	$6,525,000
Principal Payments	$1,500,000	$1,350,525
Salary Expense (Labor)	$16,514,000	$103,495,000
Total Assets	$347,376,000	$330,493,000
Total Operating Expenses	$258,013,000	$275,632,000
Total Operating Revenues	$237,092,000	$253,499,522
			2016	2015
	Net Pt Accounts Receivable
Days in Accounts Receivables	---------------------------	=	40.2	34.0
	(Net Patient Revenue / 365)
	Current Liabilities
Days in Accounts Payable	-------------------------------------------------------------------	=	4.51	4.42
	(Operating Expenses - Depreciation) / 365
	Total Revenue
Total Asset Turnover	------------------------------------------------------------------------------	=	0.68	0.77
	Total Asset
	Current Assets
Current Ratio	---------------------------	=	1.05	0.69
	Current Liabilities
	Cash + Marketable Securities + Receivables
Quick Ratio	-------------------------------------------------------------------	=	0.31	0.47
	Current Liabilities
	Cash + Marketable Securities + Long-term Investments
Days Cash on Hand	------------------------------------------------------------------------------	=	38.59	76.61
	(Operating Expenses - Bad Debts - Depreciation) / 365
	Total Net Income
Total Margin	---------------------------	=	#REF!
	Total Revenue
	Operating Income
Operating Margin	-------------------------------------------------------------------	=	3.8%	2.6%
	Operating Revenue
	Excess of Revenues over Expenses
Return on Assets	------------------------------------------------------------------------------	=	$5.15	$1.43
	Net Assets
	Excess of Revenues over Expenses + Interest Expense + Depreciation Expense
Debt Service Coverage	-------------------------------------------------------------------	=	4.24	7.53
	Interest Expense + Principal Payments
	Long-term Debt
Long-term Debt to Net Assets	------------------------------------------------------------------------------	=	17.24	3.85
	Net Assets
Salary and Benefits as % Total Expenses			9.6%	46.8%

Calculations to perform:

1. Calculate these 2 horizontal ratios ( from Operations sheet)
   • Net patient service revenue (2016 to 2015)
   • Net assets, end of year (2016 to 2015
2. Calculate these 2 vertical analysis (from balance sheet)
   • Total 2016 labor expense as a percentage of total operating expenses
   • 2016 current assets and 2016 current liabilities
3. Liquidity ratios (2016)
   1. Current ratio
   2. Days in accounts receivable
4. Revenue, expense and profitability ratios (2016)
   1. Operating margin
   2. Return on net assets
   3. Salary and benefit expense as a percentage of operating expense
5. Capital structure ratios (2016)
   1. Long-term debt to net asset ratio