Delaware | 001-31826 | 42-1406317 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
7700 Forsyth Blvd. St. Louis, Missouri | 63105 | |
(Address of Principal Executive Offices) | (Zip Code) |
CENTENE CORPORATION | ||||
Date: | October 27, 2015 | By: | /s/ William N. Scheffel | |
William N. Scheffel Executive Vice President & Chief Financial Officer |
Exhibit Number | Description | |
99.1 | Press release* of Centene Corporation issued October 27, 2015, as to financial results for the third quarter ended September 30, 2015. |
* | The press release is being furnished pursuant to Item 2.02, and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange of 1934, as amended. |
Contact: | Investor Relations Inquiries |
Edmund E. Kroll, Jr. | |
Senior Vice President, Finance & Investor Relations | |
(212) 759-0382 | |
Media Inquiries | |
Marcela Manjarrez-Hawn | |
Senior Vice President and Chief Communications Officer | |
(314) 445-0790 |
Premium and Service Revenues (in millions) | $ | 5,463 | ||
Consolidated Health Benefits Ratio | 89.0 | % | ||
General & Administrative expense ratio excluding Health Net merger related expenses | 8.2 | % | ||
Diluted earnings per share (EPS) | $ | 0.75 | ||
Diluted EPS excluding Health Net merger related expenses | $ | 0.84 | ||
Total cash flow from operations (in millions) | $ | 62 |
• | September 30, 2015 managed care membership of 4.8 million, an increase of 933,600 members, or 24% compared to the third quarter of 2014. |
• | Premium and service revenues for the third quarter of $5.5 billion, representing 31% growth compared to the third quarter of 2014. |
• | Health Benefits Ratio of 89.0% for the third quarter of 2015, compared to 89.7% in the third quarter of 2014 and 89.1% in the second quarter of 2015. |
• | General and Administrative expense ratio excluding Health Net merger related expenses of 8.2%, compared to 8.0% in the third quarter of 2014 and 8.5% in the second quarter of 2015. |
• | Operating cash flow of $62 million for the third quarter of 2015. Operating cash flow for the nine months ended September 30, 2015, was $457 million, or 1.9 times net earnings. |
• | Diluted EPS for the third quarter of 2015 of $0.75, or $0.84 excluding $0.09 of diluted EPS associated with Health Net merger related expenses, compared to $0.67 in 2014, or $0.61 excluding the impact associated with the health insurer fee, transaction costs, and a tax benefit associated with final regulations on the deduction of compensation. |
• | In October 2015, Centene's subsidiary, Superior HealthPlan, Inc., was awarded a contract by the Texas Health and Human Services Commission to serve seven delivery areas for STAR Kids Medicaid recipients, more than any other successful bidder. The new contract is expected to commence in the second half of 2016. |
• | In October 2015, Centene's subsidiary, Cenpatico Integrated Care, in partnership with University of Arizona Health Plan, began operating under a contract with the Arizona Department of Health Services/Division of Behavioral Health Services to be the Regional Behavioral Health Authority for the new southern geographic service area. |
• | In October 2015, Centene's subsidiary, Sunshine Health began operating under a two-year, statewide contract with the Florida Healthy Kids Corporation to manage healthcare services for children ages five through 18 in all 11 regions of Florida. |
• | In September 2015, Centene's subsidiary, Peach State Health Plan, was one of the Care Management Organizations selected to serve Medicaid recipients enrolled in the Georgia Families, PeachCare for Kids and Planning for Healthy Babies programs. The contract renewal is expected to commence in July 2016, pending regulatory approvals. |
• | In September 2015, the Company completed the acquisition of Agate Resources, Inc., a diversified holding company, that offers primarily Medicaid and other healthcare products and services to Oregon residents through Trillium Community Health Plan. |
• | In August 2015, Centene's subsidiary, Coordinated Care of Washington, was selected by the Washington State Health Care Authority as the sole provider for the Apple Health Foster Care contract. The new contract is expected to commence in the first quarter of 2016, pending regulatory approvals. |
• | In August 2015, the Company and Health Net announced early termination of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with the pending merger. In September 2015, the Company filed a definitive joint proxy statement with the Securities and Exchange Commission in connection with its previously announced merger with Health Net, Inc. On October 23, 2015, the Company held its special meeting of shareholders in which shareholders approved the merger and the proposal to increase the Company's authorized shares of common stock from 200 million to 400 million. |
September 30, | |||||
2015 | 2014 | ||||
Arizona | 223,600 | 202,500 | |||
Arkansas | 40,900 | 36,600 | |||
California | 183,900 | 144,700 | |||
Florida | 486,500 | 411,200 | |||
Georgia | 406,700 | 382,600 | |||
Illinois | 211,300 | 31,300 | |||
Indiana | 276,700 | 199,500 | |||
Kansas | 137,500 | 144,200 | |||
Louisiana | 358,800 | 150,800 | |||
Massachusetts | 63,700 | 46,600 | |||
Michigan | 6,600 | — | |||
Minnesota | 9,400 | 9,500 | |||
Mississippi | 301,000 | 99,300 | |||
Missouri | 88,400 | 64,900 | |||
New Hampshire | 71,900 | 56,600 | |||
Ohio | 308,100 | 261,000 | |||
Oregon | 99,800 | — | |||
South Carolina | 104,800 | 106,500 | |||
Tennessee | 20,200 | 21,200 | |||
Texas | 976,500 | 961,100 | |||
Vermont | 1,500 | — | |||
Washington | 208,600 | 192,500 | |||
Wisconsin | 78,100 | 74,700 | |||
Total at-risk membership | 4,664,500 | 3,597,300 | |||
Non-risk membership | 169,900 | 303,500 | |||
Total | 4,834,400 | 3,900,800 |
September 30, | |||||
2015 | 2014 | ||||
Medicaid | 3,469,800 | 2,578,300 | |||
CHIP & Foster Care | 245,200 | 247,700 | |||
ABD, Medicare & Duals | 444,100 | 383,400 | |||
Long Term Care (LTC) | 73,800 | 55,200 | |||
Health Insurance Marketplaces | 155,600 | 76,000 | |||
Hybrid Programs 1 | — | 19,900 | |||
Behavioral Health | 216,700 | 195,500 | |||
Correctional Healthcare Services | 59,300 | 41,300 | |||
Total at-risk membership | 4,664,500 | 3,597,300 | |||
Non-risk membership | 169,900 | 303,500 | |||
Total | 4,834,400 | 3,900,800 | |||
1 In February 2015, hybrid programs were converted to Medicaid expansion contracts. |
September 30, | |||||
2015 | 2014 | ||||
ABD | 107,400 | 119,300 | |||
LTC | 54,200 | 35,500 | |||
Medicare | 11,400 | 7,100 | |||
Medicaid / Medicare Duals | 27,900 | 2,700 | |||
Total | 200,900 | 164,600 |
Three Months Ended | |||||||||||
September 30, 2015 | September 30, 2014 | June 30, 2015 | |||||||||
($ in millions) | |||||||||||
Total Revenues | $ | 5,821 | $ | 4,352 | $ | 5,506 | |||||
Premium Tax and Health Insurer Fee Revenues | (358 | ) | (193 | ) | (322 | ) | |||||
Premium and Service Revenues | $ | 5,463 | $ | 4,159 | $ | 5,184 |
• | For the third quarter of 2015, Premium and Service Revenues increased 31% to $5.5 billion from $4.2 billion in the third quarter of 2014. The increase was primarily a result of the impact from expansions or new programs in many of our states, particularly Florida, Illinois, Louisiana, Mississippi, Ohio and Texas. |
• | Consolidated HBR of 89.0% for the third quarter of 2015 represents a decrease from 89.7% in the comparable period in 2014 and a decrease from 89.1% in the second quarter of 2015. The year over year HBR decrease is primarily attributable to a lower HBR associated with new Medicaid expansion programs, which had significant growth in membership over the prior year and have a lower HBR. |
• | The following table compares the results for new business and existing business for the quarters ended September 30: |
2015 | 2014 | ||||
Premium and Service Revenue | |||||
New business | 21 | % | 27 | % | |
Existing business | 79 | % | 73 | % | |
HBR | |||||
New business | 88.7 | % | 91.4 | % | |
Existing business | 89.1 | % | 89.0 | % |
◦ | The new business HBR decreased compared to last year primarily due to the movement of the Florida MMA business, which operates at a higher HBR, into existing business during the quarter and the mix of new business being weighted towards Medicaid expansion which operates at a lower HBR. |
• | Consolidated G&A expense ratio for the third quarter of 2015 was 8.5%, compared to 8.0% in the prior year. The year over year increase in the G&A ratio primarily reflects the impact of Health Net merger related expenses. The G&A ratio for the three months ended September 30, 2015 was 8.2% excluding the impact of the Health Net merger related expenses. Excluding the impact of the Health Net merger related expenses, the increase in the G&A ratio is primarily due to the increase in performance based incentive compensation expense. |
• | Diluted earnings per share for the third quarter of 2015 of $0.75, or $0.84 excluding $0.09 of diluted EPS associated with Health Net merger related expenses. This compares to diluted EPS for the third quarter of 2014 of $0.67, or $0.61 excluding a $(0.08) impact associated with the health insurer fee, a $(0.03) impact from transaction costs and a $0.17 benefit associated with the final regulations on the deduction of compensation. |
Days in claims payable, June 30, 2015 | 45.5 | ||
Addition of Oregon | 0.9 | ||
Transfer of amounts due to states | (1.9 | ) | |
Days in claims payable, September 30, 2015 | 44.5 | ||
Full Year 2015 | |||||||||
Low | High | ||||||||
Premium and Service Revenues (in millions) | $ | 21,000 | $ | 21,300 | |||||
Diluted EPS (excluding Health Net merger related costs) | $ | 2.84 | $ | 2.90 | |||||
Consolidated Health Benefits Ratio | 89.2 | % | 89.4 | % | |||||
General & Administrative expense ratio (excluding Health Net merger related costs) | 8.2 | % | 8.4 | % | |||||
Effective Tax Rate | 48.0 | % | 50.0 | % | |||||
Diluted Shares Outstanding (in millions) | 123.0 | 123.5 | |||||||
September 30, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 1,665 | $ | 1,610 | |||
Premium and related receivables | 1,281 | 912 | |||||
Short term investments | 162 | 177 | |||||
Other current assets | 488 | 335 | |||||
Total current assets | 3,596 | 3,034 | |||||
Long term investments | 1,992 | 1,280 | |||||
Restricted deposits | 106 | 100 | |||||
Property, software and equipment, net | 488 | 445 | |||||
Goodwill | 849 | 754 | |||||
Intangible assets, net | 161 | 120 | |||||
Other long term assets | 130 | 91 | |||||
Total assets | $ | 7,322 | $ | 5,824 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Medical claims liability | $ | 2,144 | $ | 1,723 | |||
Accounts payable and accrued expenses | 1,035 | 768 | |||||
Return of premium payable | 313 | 236 | |||||
Unearned revenue | 66 | 168 | |||||
Current portion of long term debt | 5 | 5 | |||||
Total current liabilities | 3,563 | 2,900 | |||||
Long term debt | 1,276 | 874 | |||||
Other long term liabilities | 274 | 159 | |||||
Total liabilities | 5,113 | 3,933 | |||||
Commitments and contingencies | |||||||
Redeemable noncontrolling interests | 156 | 148 | |||||
Stockholders’ equity: | |||||||
Preferred stock, $0.001 par value; authorized 10,000,000 shares; no shares issued or outstanding at September 30, 2015 and December 31, 2014 | — | — | |||||
Common stock, $.001 par value; authorized 200,000,000 shares; 124,940,103 issued and 119,201,560 outstanding at September 30, 2015, and 124,274,864 issued and 118,433,416 outstanding at December 31, 2014 | — | — | |||||
Additional paid-in capital | 909 | 840 | |||||
Accumulated other comprehensive loss | (2 | ) | (1 | ) | |||
Retained earnings | 1,247 | 1,003 | |||||
Treasury stock, at cost (5,738,543 and 5,841,448 shares, respectively) | (103 | ) | (98 | ) | |||
Total Centene stockholders’ equity | 2,051 | 1,744 | |||||
Noncontrolling interest | 2 | (1 | ) | ||||
Total stockholders’ equity | 2,053 | 1,743 | |||||
Total liabilities and stockholders’ equity | $ | 7,322 | $ | 5,824 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenues: | |||||||||||||||
Premium | $ | 4,983 | $ | 3,780 | $ | 13,974 | $ | 10,182 | |||||||
Service | 480 | 379 | 1,434 | 1,070 | |||||||||||
Premium and service revenues | 5,463 | 4,159 | 15,408 | 11,252 | |||||||||||
Premium tax and health insurer fee | 358 | 193 | 1,050 | 584 | |||||||||||
Total revenues | 5,821 | 4,352 | 16,458 | 11,836 | |||||||||||
Expenses: | |||||||||||||||
Medical costs | 4,433 | 3,390 | 12,475 | 9,093 | |||||||||||
Cost of services | 413 | 327 | 1,234 | 935 | |||||||||||
General and administrative expenses | 464 | 334 | 1,309 | 951 | |||||||||||
Premium tax expense | 274 | 161 | 794 | 492 | |||||||||||
Health insurer fee expense | 54 | 32 | 161 | 94 | |||||||||||
Total operating expenses | 5,638 | 4,244 | 15,973 | 11,565 | |||||||||||
Earnings from operations | 183 | 108 | 485 | 271 | |||||||||||
Other income (expense): | |||||||||||||||
Investment and other income | 8 | 6 | 27 | 18 | |||||||||||
Interest expense | (11 | ) | (9 | ) | (32 | ) | (25 | ) | |||||||
Earnings from continuing operations, before income tax expense | 180 | 105 | 480 | 264 | |||||||||||
Income tax expense | 87 | 27 | 234 | 107 | |||||||||||
Earnings from continuing operations, net of income tax expense | 93 | 78 | 246 | 157 | |||||||||||
Discontinued operations, net of income tax expense of $0, $0, $0, and $1, respectively | 1 | 1 | — | 2 | |||||||||||
Net earnings | 94 | 79 | 246 | 159 | |||||||||||
(Earnings) loss attributable to noncontrolling interests | (1 | ) | 3 | (2 | ) | 5 | |||||||||
Net earnings attributable to Centene Corporation | $ | 93 | $ | 82 | $ | 244 | $ | 164 | |||||||
Amounts attributable to Centene Corporation common shareholders: | |||||||||||||||
Earnings from continuing operations, net of income tax expense | $ | 92 | $ | 81 | $ | 244 | $ | 162 | |||||||
Discontinued operations, net of income tax expense | 1 | 1 | — | 2 | |||||||||||
Net earnings | $ | 93 | $ | 82 | $ | 244 | $ | 164 | |||||||
Net earnings per common share attributable to Centene Corporation: | |||||||||||||||
Basic: | |||||||||||||||
Continuing operations | $ | 0.77 | $ | 0.69 | $ | 2.05 | $ | 1.40 | |||||||
Discontinued operations | 0.01 | 0.01 | — | 0.01 | |||||||||||
Basic earnings per common share | $ | 0.78 | $ | 0.70 | $ | 2.05 | $ | 1.41 | |||||||
Diluted: | |||||||||||||||
Continuing operations | $ | 0.75 | $ | 0.67 | $ | 1.99 | $ | 1.35 | |||||||
Discontinued operations | 0.01 | 0.01 | — | 0.02 | |||||||||||
Diluted earnings per common share | $ | 0.76 | $ | 0.68 | $ | 1.99 | $ | 1.37 | |||||||
Weighted average number of common shares outstanding: | |||||||||||||||
Basic | 119,121,524 | 117,226,968 | 118,970,853 | 115,912,304 | |||||||||||
Diluted | 123,131,810 | 121,363,750 | 122,904,476 | 119,873,398 |
Nine Months Ended September 30, | |||||||
2015 | 2014 | ||||||
Cash flows from operating activities: | |||||||
Net earnings | $ | 246 | $ | 159 | |||
Adjustments to reconcile net earnings to net cash provided by operating activities | |||||||
Depreciation and amortization | 82 | 65 | |||||
Stock compensation expense | 48 | 35 | |||||
Deferred income taxes | (14 | ) | (65 | ) | |||
Gain on settlement of contingent consideration | (37 | ) | — | ||||
Goodwill and intangible adjustment | 28 | — | |||||
Changes in assets and liabilities | |||||||
Premium and related receivables | (360 | ) | (243 | ) | |||
Other current assets | (103 | ) | (25 | ) | |||
Other assets | (40 | ) | (51 | ) | |||
Medical claims liabilities | 394 | 476 | |||||
Unearned revenue | (104 | ) | 54 | ||||
Accounts payable and accrued expenses | 209 | 427 | |||||
Other long term liabilities | 101 | 17 | |||||
Other operating activities | 7 | 4 | |||||
Net cash provided by operating activities | 457 | 853 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (101 | ) | (69 | ) | |||
Purchases of investments | (1,077 | ) | (738 | ) | |||
Sales and maturities of investments | 418 | 320 | |||||
Proceeds from asset sale | 7 | — | |||||
Investments in acquisitions, net of cash acquired | (16 | ) | (94 | ) | |||
Net cash used in investing activities | (769 | ) | (581 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from exercise of stock options | 5 | 6 | |||||
Proceeds from borrowings | 1,305 | 1,385 | |||||
Payment of long term debt | (910 | ) | (1,118 | ) | |||
Excess tax benefits from stock compensation | 7 | 7 | |||||
Common stock repurchases | (9 | ) | (6 | ) | |||
Contribution from noncontrolling interest | 2 | 5 | |||||
Debt issue costs | (4 | ) | (6 | ) | |||
Payment of contingent consideration obligation | (29 | ) | — | ||||
Net cash provided by financing activities | 367 | 273 | |||||
Net increase in cash and cash equivalents | 55 | 545 | |||||
Cash and cash equivalents, beginning of period | 1,610 | 1,038 | |||||
Cash and cash equivalents, end of period | $ | 1,665 | $ | 1,583 | |||
Supplemental disclosures of cash flow information: | |||||||
Interest paid | $ | 28 | $ | 18 | |||
Health insurer fee paid | $ | 213 | $ | 126 | |||
Income taxes paid | $ | 229 | $ | 167 | |||
Equity issued in connection with acquisitions | $ | 12 | $ | 190 |
Q3 | Q2 | Q1 | Q4 | Q3 | |||||||||||||||
2015 | 2015 | 2015 | 2014 | 2014 | |||||||||||||||
MANAGED CARE MEMBERSHIP | |||||||||||||||||||
Arizona | 223,600 | 210,900 | 202,200 | 204,000 | 202,500 | ||||||||||||||
Arkansas | 40,900 | 45,400 | 43,200 | 38,400 | 36,600 | ||||||||||||||
California | 183,900 | 178,700 | 171,200 | 163,900 | 144,700 | ||||||||||||||
Florida | 486,500 | 470,300 | 463,100 | 425,700 | 411,200 | ||||||||||||||
Georgia | 406,700 | 405,000 | 405,600 | 389,100 | 382,600 | ||||||||||||||
Illinois | 211,300 | 209,100 | 184,800 | 87,800 | 31,300 | ||||||||||||||
Indiana | 276,700 | 250,400 | 227,700 | 197,700 | 199,500 | ||||||||||||||
Kansas | 137,500 | 143,000 | 143,700 | 143,300 | 144,200 | ||||||||||||||
Louisiana | 358,800 | 358,900 | 359,500 | 152,900 | 150,800 | ||||||||||||||
Massachusetts | 63,700 | 61,500 | 64,500 | 48,400 | 46,600 | ||||||||||||||
Michigan | 6,600 | 2,700 | — | — | — | ||||||||||||||
Minnesota | 9,400 | 10,900 | 9,500 | 9,500 | 9,500 | ||||||||||||||
Mississippi | 301,000 | 250,600 | 141,900 | 108,700 | 99,300 | ||||||||||||||
Missouri | 88,400 | 82,600 | 75,600 | 71,000 | 64,900 | ||||||||||||||
New Hampshire | 71,900 | 70,800 | 67,500 | 62,700 | 56,600 | ||||||||||||||
Ohio | 308,100 | 287,100 | 296,000 | 280,100 | 261,000 | ||||||||||||||
Oregon | 99,800 | — | — | — | — | ||||||||||||||
South Carolina | 104,800 | 112,600 | 106,000 | 109,700 | 106,500 | ||||||||||||||
Tennessee | 20,200 | 21,400 | 20,800 | 21,000 | 21,200 | ||||||||||||||
Texas | 976,500 | 969,700 | 974,900 | 971,000 | 961,100 | ||||||||||||||
Vermont | 1,500 | 2,800 | 1,600 | — | — | ||||||||||||||
Washington | 208,600 | 214,100 | 207,100 | 194,400 | 192,500 | ||||||||||||||
Wisconsin | 78,100 | 78,600 | 82,100 | 83,200 | 74,700 | ||||||||||||||
Total at-risk membership | 4,664,500 | 4,437,100 | 4,248,500 | 3,762,500 | 3,597,300 | ||||||||||||||
Non-risk membership | 169,900 | 176,600 | 153,200 | 298,400 | 303,500 | ||||||||||||||
TOTAL | 4,834,400 | 4,613,700 | 4,401,700 | 4,060,900 | 3,900,800 | ||||||||||||||
Medicaid | 3,469,800 | 3,300,600 | 3,133,900 | 2,754,900 | 2,578,300 | ||||||||||||||
CHIP & Foster Care | 245,200 | 230,500 | 233,600 | 222,700 | 247,700 | ||||||||||||||
ABD, Medicare & Duals | 444,100 | 414,300 | 410,400 | 392,700 | 383,400 | ||||||||||||||
LTC | 73,800 | 72,800 | 71,200 | 60,800 | 55,200 | ||||||||||||||
Health Insurance Marketplaces | 155,600 | 167,400 | 161,700 | 74,500 | 76,000 | ||||||||||||||
Hybrid Programs | — | — | — | 18,900 | 19,900 | ||||||||||||||
Behavioral Health | 216,700 | 203,900 | 195,100 | 197,000 | 195,500 | ||||||||||||||
Correctional Healthcare Services | 59,300 | 47,600 | 42,600 | 41,000 | 41,300 | ||||||||||||||
Total at-risk membership | 4,664,500 | 4,437,100 | 4,248,500 | 3,762,500 | 3,597,300 | ||||||||||||||
Non-risk membership | 169,900 | 176,600 | 153,200 | 298,400 | 303,500 | ||||||||||||||
TOTAL | 4,834,400 | 4,613,700 | 4,401,700 | 4,060,900 | 3,900,800 | ||||||||||||||
REVENUE PER MEMBER PER MONTH(a) | $ | 361 | $ | 356 | $ | 349 | $ | 360 | $ | 354 | |||||||||
CLAIMS(a) | |||||||||||||||||||
Period-end inventory | 1,564,000 | 1,501,600 | 1,217,000 | 1,086,600 | 1,021,200 | ||||||||||||||
Average inventory | 989,300 | 946,500 | 841,000 | 806,000 | 660,200 | ||||||||||||||
Period-end inventory per member | 0.34 | 0.34 | 0.29 | 0.29 | 0.28 | ||||||||||||||
(a) Revenue per member and claims information are presented for the Managed Care at-risk members. | |||||||||||||||||||
NUMBER OF EMPLOYEES | 17,100 | 15,800 | 14,800 | 13,400 | 12,900 |
Q3 | Q2 | Q1 | Q4 | Q3 | |||||||||||||||
2015 | 2015 | 2015 | 2014 | 2014 | |||||||||||||||
DAYS IN CLAIMS PAYABLE (b) | 44.5 | 45.5 | 45.5 | 44.2 | 43.1 | ||||||||||||||
(b) Days in Claims Payable is a calculation of Medical Claims Liabilities at the end of the period divided by average claims expense per calendar day for such period. | |||||||||||||||||||
CASH, INVESTMENTS AND RESTRICTED DEPOSITS (in millions) | |||||||||||||||||||
Regulated | $ | 3,834 | $ | 3,667 | $ | 3,345 | $ | 3,082 | $ | 2,829 | |||||||||
Unregulated | 91 | 82 | 97 | 85 | 70 | ||||||||||||||
TOTAL | $ | 3,925 | $ | 3,749 | $ | 3,442 | $ | 3,167 | $ | 2,899 | |||||||||
DEBT TO CAPITALIZATION | 38.4 | % | 37.1 | % | 38.0 | % | 33.5 | % | 36.4 | % | |||||||||
DEBT TO CAPITALIZATION EXCLUDING NON-RECOURSE DEBT(c) | 37.1 | % | 35.7 | % | 36.6 | % | 31.7 | % | 34.6 | % | |||||||||
(c) The non-recourse debt represents the Company's mortgage note payable ($68 million at September 30, 2015). | |||||||||||||||||||
Debt to Capitalization is calculated as follows: total debt divided by (total debt + total equity). |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||
Health Benefits Ratios: | |||||||||||
Medicaid, CHIP, Foster Care & Health Insurance Marketplaces | 85.7 | % | 86.5 | % | 86.2 | % | 86.1 | % | |||
ABD, LTC & Medicare | 93.3 | 93.9 | 93.3 | 94.0 | |||||||
Specialty Services | 84.8 | 86.8 | 85.6 | 84.9 | |||||||
Total | 89.0 | 89.7 | 89.3 | 89.3 | |||||||
Total General & Administrative Expense Ratio | 8.5 | % | 8.0 | % | 8.5 | % | 8.5 | % |
Balance, September 30, 2014 | $ | 1,589 | ||
Acquisitions | 69 | |||
Incurred related to: | ||||
Current period | 16,237 | |||
Prior period | (177 | ) | ||
Total incurred | 16,060 | |||
Paid related to: | ||||
Current period | 14,188 | |||
Prior period | 1,386 | |||
Total paid | 15,574 | |||
Balance, September 30, 2015 | $ | 2,144 |
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