(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act. | |||||
☐ |
Exhibit No. | Description | ||||
99.1 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
MOLINA HEALTHCARE, INC. | |||||||||||
Date: | April 24, 2024 | By: | /s/ Jeff D. Barlow | ||||||||
Jeff D. Barlow | |||||||||||
Chief Legal Officer and Secretary |
Three months ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
(In millions, except per-share results) | |||||||||||
Premium Revenue | $9,504 | $7,885 | |||||||||
Total Revenue | $9,931 | $8,149 | |||||||||
GAAP: | |||||||||||
Net Income | $301 | $321 | |||||||||
EPS – Diluted | $5.17 | $5.52 | |||||||||
Medical Care Ratio (MCR) | 88.5 | % | 87.1 | % | |||||||
G&A Ratio | 7.2 | % | 7.2 | % | |||||||
After-tax Margin | 3.0 | % | 3.9 | % | |||||||
Adjusted: | |||||||||||
Net Income | $334 | $337 | |||||||||
EPS – Diluted | $5.73 | $5.81 | |||||||||
G&A Ratio | 7.1 | % | 7.2 | % | |||||||
After-tax Margin | 3.4 | % | 4.1 | % | |||||||
See the Reconciliation of Unaudited Non-GAAP Financial Measures at the end of this release. |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
(In millions, except per-share amounts) | |||||||||||
Revenue: | |||||||||||
Premium revenue | $ | 9,504 | $ | 7,885 | |||||||
Premium tax revenue | 297 | 172 | |||||||||
Investment income | 108 | 71 | |||||||||
Other revenue | 22 | 21 | |||||||||
Total revenue | 9,931 | 8,149 | |||||||||
Operating expenses: | |||||||||||
Medical care costs | 8,414 | 6,871 | |||||||||
General and administrative expenses | 711 | 591 | |||||||||
Premium tax expenses | 297 | 172 | |||||||||
Depreciation and amortization | 45 | 44 | |||||||||
Other | 38 | 16 | |||||||||
Total operating expenses | 9,505 | 7,694 | |||||||||
Operating income | 426 | 455 | |||||||||
Interest expense | 27 | 28 | |||||||||
Income before income tax expense | 399 | 427 | |||||||||
Income tax expense | 98 | 106 | |||||||||
Net income | $ | 301 | $ | 321 | |||||||
Net income per share – Diluted | $ | 5.17 | $ | 5.52 | |||||||
Diluted weighted average shares outstanding | 58.3 | 58.0 | |||||||||
March 31, | December 31, | ||||||||||
2024 | 2023 | ||||||||||
Unaudited | |||||||||||
(Dollars in millions, except per-share amounts) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 4,513 | $ | 4,848 | |||||||
Investments | 4,424 | 4,259 | |||||||||
Receivables | 3,350 | 3,104 | |||||||||
Prepaid expenses and other current assets | 381 | 331 | |||||||||
Total current assets | 12,668 | 12,542 | |||||||||
Property, equipment, and capitalized software, net | 295 | 270 | |||||||||
Goodwill and intangible assets, net | 1,927 | 1,449 | |||||||||
Restricted investments | 261 | 261 | |||||||||
Deferred income taxes, net | 228 | 227 | |||||||||
Other assets | 134 | 143 | |||||||||
Total assets | $ | 15,513 | $ | 14,892 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Medical claims and benefits payable | $ | 4,571 | $ | 4,204 | |||||||
Amounts due government agencies | 2,501 | 2,294 | |||||||||
Accounts payable, accrued liabilities and other | 1,114 | 1,252 | |||||||||
Deferred revenue | 328 | 418 | |||||||||
Total current liabilities | 8,514 | 8,168 | |||||||||
Long-term debt | 2,180 | 2,180 | |||||||||
Finance lease liabilities | 202 | 205 | |||||||||
Other long-term liabilities | 124 | 124 | |||||||||
Total liabilities | 11,020 | 10,677 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock, $0.001 par value, 150 million shares authorized; outstanding: 59 million shares at March 31, 2024, and 58 million at December 31, 2023 | — | — | |||||||||
Preferred stock, $0.001 par value; 20 million shares authorized, no shares issued and outstanding | — | — | |||||||||
Additional paid-in capital | 390 | 410 | |||||||||
Accumulated other comprehensive loss | (85) | (82) | |||||||||
Retained earnings | 4,188 | 3,887 | |||||||||
Total stockholders’ equity | 4,493 | 4,215 | |||||||||
Total liabilities and stockholders’ equity | $ | 15,513 | $ | 14,892 | |||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
(In millions) | |||||||||||
Operating activities: | |||||||||||
Net income | $ | 301 | $ | 321 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 45 | 44 | |||||||||
Deferred income taxes | 26 | 1 | |||||||||
Share-based compensation | 36 | 25 | |||||||||
Other, net | 2 | 5 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables | (123) | (234) | |||||||||
Prepaid expenses and other current assets | 8 | 7 | |||||||||
Medical claims and benefits payable | (24) | 296 | |||||||||
Amounts due government agencies | 183 | 270 | |||||||||
Accounts payable, accrued liabilities and other | (215) | (215) | |||||||||
Deferred revenue | (90) | 295 | |||||||||
Income taxes | 65 | 101 | |||||||||
Net cash provided by operating activities | 214 | 916 | |||||||||
Investing activities: | |||||||||||
Purchases of investments | (380) | (646) | |||||||||
Proceeds from sales and maturities of investments | 211 | 371 | |||||||||
Net cash paid in business combinations | (295) | — | |||||||||
Purchases of property, equipment, and capitalized software | (27) | (32) | |||||||||
Other, net | 3 | 5 | |||||||||
Net cash used in investing activities | (488) | (302) | |||||||||
Financing activities: | |||||||||||
Common stock withheld to settle employee tax obligations | (56) | (58) | |||||||||
Other, net | (6) | (7) | |||||||||
Net cash used in financing activities | (62) | (65) | |||||||||
Net (decrease) increase in cash, cash equivalents, and restricted cash and cash equivalents | (336) | 549 | |||||||||
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period | 4,908 | 4,048 | |||||||||
Cash, cash equivalents, and restricted cash and cash equivalents at end of period | $ | 4,572 | $ | 4,597 | |||||||
March 31, | December 31, | March 31, | ||||||||||||||||||
2024 | 2023 | 2023 | ||||||||||||||||||
Ending Membership by Segment: | ||||||||||||||||||||
Medicaid | 5,123,000 | 4,542,000 | 4,834,000 | |||||||||||||||||
Medicare | 258,000 | 172,000 | 161,000 | |||||||||||||||||
Marketplace | 346,000 | 281,000 | 271,000 | |||||||||||||||||
Total | 5,727,000 | 4,995,000 | 5,266,000 | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||||||||
Premium Revenue | Medical Margin | MCR (1) | Premium Revenue | Medical Margin | MCR (1) | ||||||||||||||||||||||||||||||
Medicaid | $ | 7,492 | $ | 775 | 89.7 | % | $ | 6,349 | $ | 734 | 88.4 | % | |||||||||||||||||||||||
Medicare | 1,442 | 163 | 88.7 | 1,046 | 126 | 88.0 | |||||||||||||||||||||||||||||
Marketplace | 570 | 152 | 73.3 | 490 | 154 | 68.6 | |||||||||||||||||||||||||||||
Consolidated | $ | 9,504 | $ | 1,090 | 88.5 | % | $ | 7,885 | $ | 1,014 | 87.1 | % | |||||||||||||||||||||||
(1)The MCR represents medical costs as a percentage of premium revenue. |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Unaudited | |||||||||||
Medical claims and benefits payable, beginning balance | $ | 4,204 | $ | 3,528 | |||||||
Components of medical care costs related to: | |||||||||||
Current year | 8,748 | 7,169 | |||||||||
Prior year | (334) | (298) | |||||||||
Total medical care costs | 8,414 | 6,871 | |||||||||
Payments for medical care costs related to: | |||||||||||
Current year | 5,409 | 4,487 | |||||||||
Prior year | 2,879 | 2,358 | |||||||||
Total paid | 8,288 | 6,845 | |||||||||
Acquired balances, net of post-acquisition adjustments | 391 | — | |||||||||
Change in non-risk and other payables | (150) | 270 | |||||||||
Medical claims and benefits payable, ending balance | $ | 4,571 | $ | 3,824 | |||||||
Days in Claims Payable (1) | 49 | 48 | |||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Amount | Per Diluted Share | Amount | Per Diluted Share | ||||||||||||||||||||
GAAP Net income | $ | 301 | $ | 5.17 | $ | 321 | $ | 5.52 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Amortization of intangible assets | $ | 20 | $ | 0.35 | $ | 21 | $ | 0.38 | |||||||||||||||
Acquisition-related expenses (1) | 17 | 0.29 | — | — | |||||||||||||||||||
Other (2) | 6 | 0.10 | — | — | |||||||||||||||||||
Subtotal, adjustments | 43 | 0.74 | 21 | 0.38 | |||||||||||||||||||
Income tax effect | (10) | (0.18) | (5) | (0.09) | |||||||||||||||||||
Adjustments, net of tax | 33 | 0.56 | 16 | 0.29 | |||||||||||||||||||
Adjusted net income | $ | 334 | $ | 5.73 | $ | 337 | $ | 5.81 | |||||||||||||||
Amount | Per Diluted Share (2) | ||||||||||
GAAP Net income | $ | 1,266 | $ | 21.79 | |||||||
Adjustments: | |||||||||||
Amortization of intangible assets | 92 | 1.57 | |||||||||
Acquisition-related expenses | 33 | 0.58 | |||||||||
Other | 6 | 0.10 | |||||||||
Subtotal, adjustments | 131 | 2.25 | |||||||||
Income tax effect (1) | (31) | (0.54) | |||||||||
Adjustments, net of tax | 100 | 1.71 | |||||||||
Adjusted net income | $ | 1,366 | $ | 23.50 | |||||||
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Cover Page Document |
Apr. 24, 2024 |
---|---|
Cover [Abstract] | |
Entity Central Index Key | 0001179929 |
Document Type | 8-K |
Entity Emerging Growth Company | false |
Title of 12(b) Security | Common Stock, $0.001 Par Value |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-31719 |
Entity Tax Identification Number | 13-4204626 |
Trading Symbol | MOH |
Security Exchange Name | NYSE |
Document Period End Date | Apr. 24, 2024 |
Entity Registrant Name | MOLINA HEALTHCARE, INC. |
City Area Code | 562 |
Local Phone Number | 435-3666 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Amendment Flag | false |
Entity Address, Address Line One | 200 Oceangate, Suite 100, |
Entity Address, City or Town | Long Beach, |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 90802 |
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