<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------------------------
FORM 11-K
Pursuant to Section 15 (d) of the
Securities Exchange Act of 1934
-----------------------------
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF
1934 [FEE REQUIRED]
for the fiscal year ended December 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT
OF 1934 [NO FEE REQUIRED]
For the transition period from ___________ to __________
------------------------------------------------------------
Commission File No. 0-25078
A. Full Title of the Plan
PHAMIS INC. SALARY SAVINGS AND DEFERRAL PLAN
B. Name of the Issuer of the securities held pursuant to the Plan and the
address of its principal executive office:
IDX Systems Corporation
1400 Shelburne Road
Burlington, VT 05402
1
<PAGE>
REQUIRED INFORMATION
Financial Statements and Exhibit
Item (4) (a) Independent Auditors' Report
Financial Statements:
Statements of Net Assets Available for Benefits,
December 31, 1997 and 1996
Statements of Changes in Net Assets Available for Benefits,
years ended December 31, 1997 and 1996
Notes to Financial Statements
Schedule 1-Line 27a - Schedule of Assets Held for
Investment Purposes, December 31, 1997
Schedule 2-Line 27d - Schedule of Reportable
Transactions, year ended December 31, 1997
(b) Exhibit:
Consent of Independent Certified Public Accountants
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees have duly caused this annual report to be signed by the undersigned on
their behalf hereunto duly authorized.
PHAMIS Inc. Salary Savings and Deferral Plan
Date: June 26, 1998 BY: /s/ John A. Kane
------------- ---------------------------------------------
John A. Kane
Vice President, Finance, CFO and Treasurer
2
<PAGE>
INDEX OF FINANCIAL STATEMENTS AND EXHIBIT
<TABLE>
<CAPTION>
Sequentially
Item Description Numbered Page
- ---- -------------------------------------------------- -------------
<S> <C> <C>
4 (a) Independent Auditors' Report 4
Financial Statements:
Statements of Net Assets Available for Benefits, 5
December 31, 1997 and 1996
Statements of Changes in Net Assets Available 6
for Benefits, years ended December 31, 1997
and 1996
Notes to Financial Statements 7-15
Schedule 1-Line 27a-Schedule of Assets Held 16
for Investment Purposes, December 31, 1997
Schedule 2-Line 27d-Schedule of Reportable 17
Transactions, year ended December 31, 1997
(b) Exhibit:
Consent of Independent Certified Public Accountants 18
</TABLE>
3
<PAGE>
PHAMIS INC.
SALARY SAVINGS AND DEFERRAL PLAN
Financial Statements and Schedules
December 31, 1997 and 1996
(With Independent Auditors' Report Thereon)
<PAGE>
INDEPENDENT AUDITORS' REPORT
Plan Administration Committee
PHAMIS Inc. Salary Savings and Deferral Plan:
We have audited the accompanying statements of net assets available for benefits
of PHAMIS Inc. Salary Savings and Deferral Plan (Plan) as of December 31, 1997
and 1996, and the related statements of changes in net assets available for
benefits for the years then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits as of December 31,
1997 and 1996, and the changes in net assets available for benefits for the
years then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets
held for investment purposes at December 31, 1997 and reportable transactions
for the year ended December 31, 1997 are presented for the purpose of additional
analysis and are not a required part of the basic financial statements but are
supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. The supplemental schedules have been subjected to the
auditing procedures applied in the audit of the basic financial statements and,
in our opinion, are fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
/s/ KPMG Peat Marwick LLP
KPMG Peat Marwick LLP
Seattle Washington
May 15, 1998
4
<PAGE>
PHAMIS INC.
SALARY SAVINGS AND DEFERRAL PLAN
Statements of Net Assets Available for Benefits
December 31, 1997 and 1996
<TABLE>
<CAPTION>
1997 1996
-------------------- --------------------
<S> <C> <C>
Investments at fair value:
Money market funds $ 4,560 31,477
Common stock 3,891,749 1,763,334
Mutual funds 8,481,271 5,562,900
Self-directed investments of participants -- 537,365
Loans to participants 377,781 341,532
-------------------- --------------------
12,755,361 8,236,608
-------------------- --------------------
Receivables:
Sponsor 9,485 20,020
Participants 98,272 93,355
Other 4,543 25,664
-------------------- --------------------
112,300 139,039
-------------------- --------------------
Accrued interest and dividends 122,359 100,782
-------------------- --------------------
Net assets available for benefits $ 12,990,020 8,476,429
==================== ====================
</TABLE>
See accompanying notes to financial statements.
5
<PAGE>
PHAMIS INC.
SALARY SAVINGS AND DEFERRAL PLAN
Statements of Changes in Net Assets Available for Benefits
Years ended December 31, 1997 and 1996
<TABLE>
<CAPTION>
1997 1996
-------------------- --------------------
<S> <C> <C>
Additions to net assets available for benefits attributed to:
Investment income:
Dividends $ 498,217 172,477
Interest 33,992 55,722
Net appreciation (depreciation) in fair value of investments:
Common stock 2,182,597 (2,138,510)
Mutual funds 648,237 336,046
Self-directed investments of participants 14,369 274,014
-------------------- --------------------
2,845,203 (1,528,450)
-------------------- --------------------
3,377,412 (1,300,251)
-------------------- --------------------
Contributions:
Sponsor 338,672 319,578
Participants 1,682,065 1,638,304
-------------------- --------------------
2,020,737 1,957,882
-------------------- --------------------
Transfer from Data Breeze, Inc. 401(k) Plan 275,134 --
-------------------- --------------------
Total additions 5,673,283 657,631
Deductions from net assets available for benefits attributed to
benefits paid to participants 1,159,692 573,731
-------------------- --------------------
Net increase in net assets available for benefits 4,513,591 83,900
Net assets available for benefits at beginning of year 8,476,429 8,392,529
-------------------- --------------------
Net assets available for benefits at end of year $ 12,990,020 8,476,429
==================== ====================
</TABLE>
See accompanying notes to financial statements.
6
<PAGE>
PHAMIS INC.
SALARY SAVINGS AND DEFERRAL PLAN
Notes to Financial Statements
December 31, 1997 and 1996
(1) DESCRIPTION OF PLAN
The following description of the PHAMIS Inc. Salary Savings and Deferral
Plan (Plan) provides only general information. Participants should refer to
the Plan document for a more complete description of the Plan's provisions.
GENERAL
The Plan is a defined contribution plan established in 1984 to provide a
deferred income savings plan for employees of PHAMIS, Inc. The Plan's
provisions permit tax deferred contributions by participants pursuant to
section 401(k) of the Internal Revenue Code. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
On March 20, 1996, PHAMIS, Inc. merged with DataBreeze, Inc., which became
a wholly-owned subsidiary. On April 30, 1997, the DataBreeze, Inc. 401(k)
Plan merged with the Plan. On the date of the Plan merger, the DataBreeze,
Inc. 401(k) Plan had assets available for benefits of approximately
$275,000.
On March 25, 1997, PHAMIS, Inc. entered into a merger agreement with IDX
Systems Corporation (IDX or Sponsor). As a result of the merger, in July,
1997, the common stock in the PHAMIS, Inc. Stock Fund was converted to IDX
common stock at the exchange ratio used to effect the merger. The PHAMIS,
Inc. Stock Fund was replaced by the IDX Systems Corporation Stock fund. The
management of IDX intends to merge the Plan with the IDX Systems
Corporation Retirement Plan effective January 1, 1999.
PLAN ADMINISTRATION
The Sponsor is the Plan administrator and has appointed an administrative
committee to administer the Plan. The assets of the Plan are held by
Northwestern Trust and Investors Advisory Company (Northwestern Trust)
which also serves as trustee of the Plan. Certain services are performed by
Howard Johnson & Company based upon information provided by the Plan
administrator. Administrative expenses of the Plan are paid by the Sponsor.
ELIGIBILITY, CONTRIBUTIONS AND PARTICIPANT ACCOUNTS
All non-union employees who were employees of PHAMIS, Inc. prior to the IDX
merger or were hired at the Seattle location after the IDX merger who are
age 18 or older are eligible to participate in the Plan after completing
one hour of service, and become eligible for the employer matching
contribution on the first day of the calendar quarter immediately following
completion of one year of service (defined as a Plan year during which a
participant completes at least 1,000 hours of service). All eligible
employees are participants in the Plan whether or not actual contributions
are made.
Participants may contribute between 1% and 15% of their pretax salary,
limited by the Internal Revenue Code to $9,500 in 1997 and 1996. Pretax
contributions are matched by the Sponsor at 50% up to $1,500 per
participant per year.
7
<PAGE>
PHAMIS INC.
SALARY SAVINGS AND DEFERRAL PLAN
Notes to Financial Statements, Continued
VESTING
Participants are immediately vested in their contributions, the Sponsor
matching contributions and the earnings thereon.
INVESTMENT OPTIONS
Participants have the option of directing their contributions in 1%
increments into any one or more of the Plan's investment options. Prior to
July 11, 1997 the Sponsor matching contributions consisted of PHAMIS,
Inc.'s common stock. Subsequent to July 11, 1997, the Sponsor contribution
is made in cash and invested in accordance with the participant's
contributions elections.
A description of each of the available funds as of December 31, 1997
follows:
. IDX SYSTEMS CORPORATION STOCK FUND--Invests in IDX Systems
Corporation common stock.
. BOND FUND OF AMERICA--Invests at least 60% of its assets in
securities rated A or better by Moody's or Standard & Poor's bond
rating services and can invest in lower rated, higher risk securities
when appropriate, as well as in non-U.S. bonds.
. WASHINGTON MUTUAL INVESTORS FUND--Seeks current income and an
opportunity for growth of principal consistent with sound common
stock investing. The fund invests only in companies which satisfy
certain specifications regarding earnings, dividends, capital and
liquidity.
. AIM LIMITED MATURITY TREASURY--Invests in a diversified portfolio of
short-term U.S. Government Securities.
. AIM VALUE FUND--Invests in stocks of companies of various sizes,
focusing on companies with above average earnings growth that are
selling at or below market prices.
. KAUFMANN FUND--Invests in a diversified portfolio of small company
stocks. These investments generally assume higher risk in exchange
for the opportunity of higher returns.
. TEMPLETON FOREIGN FUND--Invests in the stocks of foreign companies in
both developed and underdeveloped countries.
. LOAN FUND--Allows participants to borrow up to 50% of their total
account balance subject to certain limitations.
Participants may change their investment options quarterly.
Through March 31, 1996, participants were allowed a self-directed
investment option where investments were made at the participant's
discretion. Effective April 1, 1996, the Sponsor eliminated the self-
directed investment option. Participants with self-directed investments
were required to transfer their investments into one or more of the
remaining available funds during 1996 and 1997.
8
<PAGE>
PHAMIS INC.
SALARY SAVINGS AND DEFERRAL PLAN
Notes to Financial Statements, Continued
On a quarterly basis, each participant's account is credited with an
allocation of each investment fund's earnings based on the participant's
weighted average account balance in each fund for the quarter. Self-
directed accounts are credited with the actual earnings from the
participant's investments.
PARTICIPANT NOTES RECEIVABLE
Participants may borrow from their fund accounts a minimum of $1,000 up to
a maximum of 50% of their account balance. Loan transactions are treated as
a transfer to (from) the investment fund from (to) the Loan Fund. Loan
terms range from 1 to 5 years or up to 30 years for the purchase of a
primary residence. The loans are secured by the balance in the
participant's account and bear interest at a rate of prime plus 1%.
Principal and interest are paid ratably through monthly payroll deductions.
Effective April 1, 1996, participants are limited to two outstanding loans
at any point in time.
PAYMENT OF BENEFITS
Participants are eligible to receive distributions upon termination of
employment, upon becoming permanently disabled, upon retirement, or upon
request for a hardship withdrawal prior to termination. Distributions are
paid in a single lump sum or, if the account balance exceeds $3,500 and at
the participant's election, by payment in monthly, quarterly or annual
installments over a fixed reasonable period of time not to exceed the
combined life expectancy of the participant and beneficiary.
FORFEITED ACCOUNTS
Amounts forfeited by participants in the PHAMIS, Inc. Employee Stock
Ownership Plan (ESOP), which merged with the Plan in 1995, who had
terminated employment prior to the merger of the ESOP may be reinstated
upon reemployment by the Sponsor within five years of the date of
termination or withdrawal from the Plan as provided by the Plan. Otherwise,
the forfeitures will be reallocated to the remaining participants.
Forfeitures subject to reinstatement under this provision were $0 and
$18,777 at December 31, 1997 and 1996, respectively.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The accompanying financial statements have been prepared on the accrual
basis of accounting.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles and the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974 requires the use of estimates and assumptions
that affect the reported amounts of assets, liabilities, and changes
therein, and disclosure of contingent assets and liabilities. Actual
results could differ from those estimates.
9
<PAGE>
PHAMIS INC.
SALARY SAVINGS AND DEFERRAL PLAN
Notes to Financial Statements, Continued
INVESTMENT VALUATION AND INCOME RECOGNITION
Investments other than loans to participants are stated at fair value based
on quoted market prices. Loans to participants are valued at cost, which
approximates fair value.
Net appreciation or depreciation includes both realized and unrealized
gains and losses. Purchases and sales of investments are recorded on a
trade-date basis.
RECLASSIFICATIONS
Certain amounts reported in 1996 have been reclassified to conform to the
1997 presentation.
(3) PLAN TERMINATION
Although it has not expressed an intent to do so, the Sponsor has the right
under the Plan to discontinue matching contributions or to terminate the
Plan at any time subject to the provisions of ERISA. If terminated, Plan
assets would be distributed to participants according to their account
balances.
(4) TAX STATUS
The Internal Revenue Service has determined and informed the Sponsor by a
letter dated September 20, 1995 that the Plan and related trust are
designed in accordance with applicable sections of the Internal Revenue
Code (IRC). The Plan has been amended since receiving the determination
letter. However, the Plan administrator believes that the Plan is designed
and is currently being operated in compliance with the applicable
requirements of the IRC.
10
<PAGE>
PHAMIS INC.
SALARY SAVINGS AND DEFERRAL PLAN
Notes to Financial Statements, Continued
(5) INVESTMENTS
The following table presents the assets held for investment purposes at
December 31:
<TABLE>
<CAPTION>
1997 1996
-----------------------------------------------------------------
PRINCIPAL PRINCIPAL
AMOUNT OR AMOUNT OR
NUMBER OF INVESTMENT NUMBER OF INVESTMENT
SHARES VALUE SHARES VALUE
--------------- ------------- --------------- --------------
<S> <C> <C> <C> <C>
Money market funds:
Fidelity Institutional Cash Domestic Money
Market Class I 4,560 4,560 31,477 $ 31,477
------- ---------- ------- -------------
Common stock:
IDX Systems Corp. 105,182 3,891,749 -- --
PHAMIS, Inc. -- -- 136,958 1,763,334
------- ---------- ------- -------------
Mutual funds:
Bond Fund of America 30,419 425,863 22,666 319,282
Washington Mutual Investors Fund 80,006 2,428,180 58,904 1,489,042
AIM Limited Maturity Fund 58,171 585,783 55,250 554,157
AIM Value Fund A 717 23,237 71,937 2,080,413
AIM Value Fund Class B 87,632 2,794,602 -- --
Kaufmann Fund 218,166 1,389,644 129,703 757,467
Templeton Foreign Fund 83,815 833,962 34,994 362,539
---------- -------------
Total mutual funds 8,481,271 5,562,900
---------- -------------
Self-directed investments of participants -- 537,365
Loans to participants 377,781 341,532
---------- -------------
Total investments 12,755,361 $ 8,236,608
========== =============
</TABLE>
11
<PAGE>
PHAMIS INC.
SALARY SAVINGS AND DEFERRAL PLAN
Notes to Financial Statements
December 31, 1997 and 1996
(6) NET ASSETS AVAILABLE FOR BENEFITS AND CHANGES IN NET ASSETS AVAILABLE FOR
BENEFITS BY FUND
Net assets available for benefits as of December 31 and changes in net
assets available for benefits for the years then ended are allocated by fund as
follows:
<TABLE>
<CAPTION>
1997
------------------------------------------------------------------------------
WASHINGTON AIM
IDX SYSTEMS BOND MUTUAL LIMITED AIM
CORPORATION FUND OF INVESTORS MATURITY VALUE
STOCK FUND AMERICA FUND FUND FUND
------------- ----------- ------------ ---------- -----------
<S> <C> <C> <C> <C> <C>
Investments at fair value:
Money market funds $ 4,560 -- -- -- --
Common stock 3,891,749 -- -- -- --
Mutual funds -- 425,863 2,428,180 585,783 2,817,839
Self-directed investments of
participants -- -- -- -- --
Loans to participants -- -- -- -- --
------------- ----------- ------------ ---------- -----------
3,896,309 425,863 2,428,180 585,783 2,817,839
------------- ----------- ------------ ---------- -----------
Receivables:
Sponsor 395 538 2,784 534 2,285
Participants 4,148 5,538 22,790 4,233 29,410
Other 279 3,094 552 50 (106)
------------- ----------- ------------ ---------- -----------
4,822 9,170 26,126 4,817 31,589
------------- ----------- ------------ ---------- -----------
Accrued interest and dividends 740 3,917 -- 3,250 18,856
------------- ----------- ------------ ---------- -----------
Net assets available for benefits $ 3,901,871 438,950 2,454,306 593,850 2,868,284
============= ============ ============ ========== ===========
<CAPTION>
1997
-----------------------------------------------------------------------
TEMPLETON
KAUFMANN FOREIGN LOAN
FUND FUND FUND TOTAL
----------- ----------- --------- ------------
<S> <C> <C> <C> <C>
Investments at fair value:
Money market funds -- -- -- 4,560
Common stock -- -- -- 3,891,749
Mutual funds 1,389,644 833,962 -- 8,481,271
Self-directed investments of
participants -- -- -- --
Loans to participants -- -- 377,781 377,781
----------- ----------- --------- ------------
1,389,644 833,962 377,781 12,755,361
----------- ----------- --------- ------------
Receivables:
Sponsor 1,791 1,158 -- 9,485
Participants 19,854 12,299 -- 98,272
Other (662) 1,336 -- 4,543
----------- ----------- --------- ------------
20,983 14,793 -- 112,300
----------- ----------- --------- ------------
Accrued interest and dividends 89,476 6,120 -- 122,359
----------- ----------- --------- ------------
Net assets available for benefits 1,500,103 854,875 377,781 12,990,020
=========== =========== ========= ============
</TABLE>
12
<PAGE>
PHAMIS INC.
SALARY SAVINGS AND DEFERRAL PLAN
Notes to Financial Statements, Continued
<TABLE>
<CAPTION>
1997
---------------------------------------------------------------------
IDX WASHINGTON AIM
SYSTEMS BOND MUTUAL LIMITED AIM
CORPORATION FUND OF INVESTORS MATURITY VALUE
STOCK FUND AMERICA FUND FUND FUND
---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Additions to net assets available for benefits
attributed to:
Investment income:
Dividends $ -- 26,162 240,124 35,715 32,471
Interest 599 -- -- -- --
Net appreciation (depreciation) in fair value
of investments:
Common stock 2,182,597 -- -- -- --
Mutual funds -- 6,416 399,112 3,063 222,420
Self-directed investments of participants -- -- -- -- --
------------ ---------- ----------- --------- ----------
2,182,597 6,416 399,112 3,063 222,420
------------ ---------- ----------- --------- ----------
2,183,196 32,578 639,236 38,778 254,891
------------ ---------- ----------- --------- ----------
Contributions:
Sponsor 267,430 3,533 20,538 2,965 22,393
Participants 150,403 74,588 353,659 81,853 502,607
------------ ---------- ----------- --------- ----------
417,833 78,121 374,197 84,818 525,000
------------ ---------- ----------- --------- ----------
Transfer from DataBreeze, Inc. 401(k) Plan 18,815 3,976 42,725 16,573 29,000
------------ ---------- ----------- --------- ----------
Total additions 2,619,844 114,675 1,056,158 140,169 808,891
Net interfund transfers (227,362) 30,475 9,623 (79,753) 158,982
Deductions from net assets available for benefits
attributed to benefits paid to participants 327,717 33,852 133,288 25,306 296,949
------------ ---------- ----------- --------- ----------
Net increase in net assets available for
benefits 2,064,765 111,298 932,493 35,110 670,924
Net assets available for benefits at beginning of year 1,837,106 327,652 1,521,813 558,740 2,197,360
------------ ---------- ----------- --------- ----------
Net assets available for benefits at end of year $ 3,901,871 438,950 2,454,306 593,850 2,868,284
============ ========== =========== ========= ==========
<CAPTION>
1997
------------------------------------------------------------------------
TEMPLETON SELF-
KAUFMANN FOREIGN DIRECTED LOAN
FUND FUND FUND FUND TOTAL
---------- --------- --------- --------- -----------
<S> <C> <C> <C> <C> <C>
Additions to net assets available for benefits
attributed to:
Investment income:
Dividends 89,476 74,269 -- -- 498,217
Interest -- -- -- 33,393 33,992
Net appreciation (depreciation) in fair value
of investments:
Common stock -- -- -- -- 2,182,597
Mutual funds 89,315 (72,089) -- -- 648,237
Self-directed investments of participants -- -- 14,369 -- 14,369
---------- --------- --------- --------- -----------
89,315 (72,089) 14,369 -- 2,845,203
---------- --------- --------- --------- -----------
178,791 2,180 14,369 33,393 3,377,412
---------- --------- --------- --------- -----------
Contributions:
Sponsor 14,256 7,557 -- -- 338,672
Participants 318,778 200,177 -- -- 1,682,065
---------- --------- --------- --------- -----------
333,034 207,734 -- -- 2,020,737
---------- --------- --------- --------- -----------
Transfer from DataBreeze, Inc. 401(k) Plan 99,475 61,317 -- 3,253 275,134
---------- --------- --------- --------- -----------
Total additions 611,300 271,231 14,369 36,646 5,673,283
Net interfund transfers 299,916 220,730 (441,782) 29,171 --
Deductions from net assets available for benefits
attributed to benefits paid to participants 189,305 10,582 109,952 32,741 1,159,692
---------- --------- --------- --------- -----------
Net increase in net assets available for
benefits 721,911 481,379 (537,365) 33,076 4,513,591
Net assets available for benefits at beginning of year 778,192 373,496 537,365 344,705 8,476,429
---------- --------- --------- --------- -----------
Net assets available for benefits at end of year 1,500,103 854,875 -- 377,781 12,990,020
========== ========= ========= ========= ===========
</TABLE>
13
<PAGE>
PHAMIS INC.
SALARY SAVINGS AND DEFERRAL PLAN
Notes to Financial Statements, Continued
<TABLE>
<CAPTION>
1996
----------------------------------------------------------------------------------
WASHINGTON AIM
PHAMIS, BOND MUTUAL LIMITED
INC. FUND OF INVESTORS MATURITY
STOCK FUND AMERICA FUND FUND
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investments at fair value:
Money market funds $ 31,477 -- -- --
Common stock 1,763,334 -- -- --
Mutual funds -- 319,282 1,489,042 554,157
Self-directed investments of participants -- -- -- --
Loans to participants -- -- -- --
------------ ------- --------- -------
1,794,811 319,282 1,489,042 554,157
------------ ------- --------- -------
Receivables:
Sponsor 20,020 -- -- --
Participants 13,256 5,027 20,772 4,583
Other 8,993 3,343 1,308 --
------------ ------- --------- -------
42,269 8,370 22,080 4,583
------------ ------- --------- -------
Accrued interest 26 -- 10,691 --
------------ ------- --------- -------
Net assets available for benefits $ 1,837,106 327,652 1,521,813 558,740
============ ======= ========= =======
<CAPTION>
1996
------------------------------------------------------------------------------------
TEMPLETON SELF-
AIM VALUE KAUFMANN FOREIGN DIRECTED LOAN
FUND FUND FUND FUND FUND TOTAL
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Investments at fair value:
Money market funds $ -- -- -- -- -- 31,477
Common stock -- -- -- -- -- 1,763,334
Mutual funds 2,080,413 757,467 362,539 -- -- 5,562,900
Self-directed investments of
participants -- -- -- 537,365 -- 537,365
Loans to participants -- -- -- -- 341,532 341,532
---------- ------- ------- ------- ------- ---------
2,080,413 757,467 362,539 537,365 341,532 8,236,608
---------- ------- ------- ------- ------- ---------
Receivables:
Sponsor -- -- -- -- -- 20,020
Participants 27,028 15,052 7,637 -- -- 93,355
Other 3,027 5,673 3,320 -- -- 25,664
---------- ------- -------- ------- ------- ---------
30,055 20,725 10,957 -- -- 139,039
---------- ------- -------- ------- ------- ---------
Accrued interest 86,892 -- -- -- 3,173 100,782
---------- ------- ------- ------- ------- ---------
Net assets available for benefits $2,197,360 778,192 373,496 537,365 344,705 8,476,429
========== ======= ======= ======= ======= =========
</TABLE>
14
<PAGE>
PHAMIS INC.
SALARY SAVINGS AND DEFERRAL PLAN
Notes to Financial Statements, Continued
<TABLE>
<CAPTION>
1996
-----------------------------------------------------------------------------
PHAMIS, INC. GROWTH
MONEY MARKET STOCK BOND FUND OF FUND OF
FUND FUND AMERICA AMERICA
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Additions to net assets available for
benefits attributed to:
Investment income:
Dividends $ -- -- 22,815 --
Interest 1,229 (460) -- --
Net appreciation (depreciation) in
fair value of investments:
Common stock -- (2,138,510) -- --
Mutual funds -- -- (3,917) 58,445
Self-directed investments of
participants -- -- -- --
--------- ---------- ------- ----------
-- (2,138,510) (3,917) 58,445
--------- ---------- ------- ----------
1,229 (2,138,970) 18,898 58,445
--------- ---------- ------- ----------
Contributions:
Sponsor -- 319,578 -- --
Participants 15,999 138,064 82,865 158,389
Rollovers 3,659 17,738 15,639 36,557
--------- ---------- ------- ----------
19,658 475,380 98,504 194,946
--------- ---------- ------- ----------
Total additions 20,887 (1,663,590) 117,402 253,391
Net interfund transfers (196,897) 2,029,921 (40,863) (1,936,611)
Deductions from net assets available for
benefits attributed to benefits paid to
participants 3,804 265,565 50,048 22,374
--------- ---------- ------- ----------
Net increase (decrease) in net
assets available for benefits (179,814) 100,766 26,491 (1,705,594)
Net assets available for benefits at
beginning of year 179,814 1,736,340 301,161 1,705,594
--------- ---------- ------- ----------
Net assets available for benefits at end $ -- 1,837,106 327,652 --
of year ========= ========== ======= ==========
<CAPTION>
1996
-------------------------------------------------------------------------------
WASHINGTON AIM
MUTUAL LIMITED AIM
INVESTORS MATURITY VALUE KAUFMANN
FUND FUND FUND FUND
--------------- -------------- -------- --------------
<S> <C> <C> <C> <C>
Additions to net assets available for
benefits attributed to:
Investment income:
Dividends 32,084 6,009 85,921 17,092
Interest -- -- -- --
Net appreciation (depreciation) in
fair value of investments:
Common stock -- -- -- --
Mutual funds 131,976 73 110,552 23,106
Self-directed investments of
participants -- -- -- --
------- ------- --------- -------
131,976 73 110,552 23,106
------- ------- --------- -------
164,060 6,082 196,473 40,198
------- ------- --------- -------
Contributions:
Sponsor -- -- -- --
Participants 323,971 49,951 318,046 156,626
Rollovers 64,194 50 41,113 41,059
------- ------- --------- -------
388,165 50,001 359,159 197,685
------- ------- --------- -------
Total additions 552,225 56,083 555,632 237,883
Net interfund transfers 50,339 535,454 1,721,976 550,505
Deductions from net assets available for
benefits attributed to benefits paid to
participants 86,518 32,797 80,248 10,196
-------- ------- --------- -------
Net increase (decrease) in net
assets available for benefits 516,046 558,740 2,197,360 778,192
Net assets available for benefits at
beginning of year 1,005,767 -- -- --
--------- ------- --------- -------
Net assets available for benefits at end
of year 1,521,813 558,740 2,197,360 778,192
========= ======= ========= =======
<CAPTION>
1996
---------------------------------------------------------------------------------
TEMPLETON SELF-
FOREIGN DIRECTED LOAN ESOP
FUND FUND FUND FUND TOTAL
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Additions to net assets available for
benefits attributed to:
Investment income:
Dividends 8,556 -- -- -- 172,477
Interest -- 29,539 25,414 -- 55,722
Net appreciation (depreciation) in
fair value of investments:
Common stock -- -- -- -- (2,138,510)
Mutual funds 15,811 -- -- -- 336,046
Self-directed investments of
participants -- 274,014 -- -- 274,014
--------- ---------- -------- ---------- -----------
15,811 274,014 -- -- (1,528,450)
--------- ---------- -------- ---------- -----------
24,367 303,553 25,414 -- (1,300,251)
--------- ---------- -------- ---------- -----------
Contributions:
Sponsor -- -- -- -- 319,578
Participants 80,364 51,201 -- -- 1,375,476
Rollovers 24,717 16,680 1,422 -- 262,828
--------- ---------- -------- ---------- -----------
105,081 67,881 1,422 -- 1,957,882
--------- ---------- -------- ---------- -----------
Total additions 129,448 371,434 26,836 -- 657,631
Net interfund transfers 246,374 (1,061,573) 199,301 (2,097,926) --
Deductions from net assets available for
benefits attributed to benefits paid to
participants 2,326 17,861 1,994 -- 573,731
--------- ---------- -------- ---------- -----------
Net increase (decrease) in net
assets available for benefits 373,496 (708,000) 224,143 (2,097,926) 83,900
Net assets available for benefits at
beginning of year -- 1,245,365 120,562 2,097,926 8,392,529
---------- ---------- -------- ---------- -----------
Net assets available for benefits at end
of year $ 373,496 537,365 344,705 -- 8,476,429
========== ========== ======== ========== ===========
</TABLE>
15
<PAGE>
Schedule 1
----------
PHAMIS INC.
SALARY SAVINGS AND DEFERRAL PLAN
Line 27a--Schedule of Assets Held for Investment Purposes
December 31, 1997
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, DESCRIPTION OF INVESTMENT, INCLUDING
BORROWER, LESSOR, OR MATURITY DATE, RATE OF INTEREST, CURRENT
SIMILAR PARTY COLLATERAL, PAR OR MATURITY VALUE COST VALUE
- --------------------------- -------------------------------------------- --------------- ----------------
<S> <C> <C> <C>
American Funds Bond Fund of America, 30,419 shares $ 415,490 425,863
American Funds Washington Mutual Investors Fund,
80,006 shares 1,827,069 2,428,180
Fidelity Management and Fidelity Institutional Cash Domestic
Research Money Market Class I, 4,560 shares 4,560 4,560
AIM Investment Securities AIM Limited Maturity Treasury Shares,
Funds 58,171 shares 644,532 585,783
AIM Investment Securities AIM Value Fund A, 717 shares
Funds 23,865 23,237
AIM Investment Securities AIM Value Fund Class B 87,632 shares
Funds 2,519,201 2,794,602
Kaufmann Fund, Inc. Kaufmann Fund, 218,166 shares 1,314,949 1,389,644
Franklin Templeton Group Templeton Foreign Fund, 83,815 shares 893,371 833,962
*IDX Systems Corp. Common stock, 105,182 shares 1,492,962 3,891,749
Various Participant loans, 7% to 10% -- 377,781
</TABLE>
* Party-in-interest of the Plan as defined by Section 3(14) of ERISA.
16
<PAGE>
Schedule 2
----------
PHAMIS INC.
SALARY SAVINGS AND DEFERRAL PLAN
Line 27d--Schedule of Reportable Transactions(1)
Year ended December 31, 1997
<TABLE>
<CAPTION>
CURRENT VALUE
OF ASSET ON NET
PURCHASE SELLING COST OF TRANSACTION GAIN OR
IDENTITY OF PARTY INVOLVED DESCRIPTION OF ASSET PRICE PRICE ASSET DATE (LOSS)
- ------------------------------- ----------------------------- ----------- ------------ ---------- ------------- ---------
<S> <C> <C> <C> <C> <C> <C>
Series of transactions:
Kaufmann Fund, Inc. Kaufmann Fund $ 742,688 742,688 742,688 --
Kaufmann Fund, Inc. Kaufmann Fund 294,984 275,675 294,984 19,309
AIM Investment Securities Funds AIM Value Fund Class B 860,925 860,925 860,925 --
AIM Investment Securities Funds AIM Value Fund Class B 326,064 318,935 326,064 7,129
AIM Investment Securities Funds AIM Limited Maturity Fund 419,844 419,844 419,844 --
AIM Investment Securities Funds AIM Limited Maturity Fund 406,255 344,322 406,255 61,933
American Funds WM Investors Fund 823,576 823,576 823,576 --
American Funds WM Investors Fund 249,566 189,881 249,566 59,685
Franklin Templeton Group Templeton Funds 516,979 516,979 516,979 --
Franklin Templeton Group Templeton Funds 35,736 32,712 35,736 3,024
</TABLE>
(1) Reportable transactions as defined in the Department of Labor's reporting
regulations consist of (a) a single transaction in excess of 5% of the
current value of Plan assets, (b) a series of transactions with or in
conjunction with the same person, involving property other than securities,
which amount in the aggregate to more than 5% of the current value of Plan
assets, (c) a series of transactions with respect to securities of the same
issue which amount in the aggregate to more than 5% of the current value of
total Plan assets and (d) any transaction with respect to securities with or
in conjunction with a person if a prior or subsequent single transaction has
occurred with respect to securities with or in conjunction with that same
person in an amount in excess of 5% of the current value of Plan assets.
The current value of Plan assets, to apply the definition of reportable
transactions, is determined at the beginning of the Plan year.
17
<PAGE>
EXHIBIT 23
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
The Board Of Directors
IDX Systems Corporation
We consent to incorporation by reference in the registration statement (No.
333-31045) on Form S-8 of IDX Systems Corporation of our report dated May 15,
1998 relating to the Statements of Net Assets Available for Benefits of PHAMIS
Inc. Salary Savings and Deferral Plan as of December 31, 1997 and 1996, and the
Statements of Changes in Net Assets Available for Benefits for the years then
ended, and the related supplementary schedules as of and for the year ended
December 31, 1997, which report appears in the December 31, 1997 annual report
on Form 11-K of PHAMIS Inc. Salary Savings and Deferral Plan.
/s/ KPMG Peat Marwick LLP
KPMG Peat Marwick LLP
Seattle, Washington
June 26, 1998
18