(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 information from Molina Healthcare, Inc.’s Current Report on Form 8-K filed on October 27, 2021 formatted in iXBRL (Inline Extensible Business Reporting Language). |
MOLINA HEALTHCARE, INC. | |||||||||||
Date: | October 27, 2021 | By: | /s/ Jeff D. Barlow | ||||||||
Jeff D. Barlow | |||||||||||
Chief Legal Officer and Secretary |
Quarter ended | Nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions, except per-share results) | |||||||||||||||||||||||
Premium Revenue | $6,800 | $4,768 | $19,689 | $13,444 | |||||||||||||||||||
Total Revenue | $7,040 | $5,021 | $20,362 | $14,188 | |||||||||||||||||||
GAAP: | |||||||||||||||||||||||
Net Income | $143 | $185 | $556 | $639 | |||||||||||||||||||
EPS – Diluted | $2.46 | $3.10 | $9.51 | $10.65 | |||||||||||||||||||
Medical Care Ratio (MCR) | 88.9% | 85.9% | 88.1% | 84.9% | |||||||||||||||||||
G&A Ratio | 7.5% | 7.3% | 7.3% | 7.3% | |||||||||||||||||||
After-tax Margin | 2.0% | 3.7% | 2.7% | 4.5% | |||||||||||||||||||
Adjusted: | |||||||||||||||||||||||
Net Income | $164 | $201 | $623 | $670 | |||||||||||||||||||
EPS – Diluted | $2.83 | $3.36 | $10.66 | $11.15 | |||||||||||||||||||
G&A Ratio | 7.3% | 7.3% | 7.1% | 7.2% | |||||||||||||||||||
After-tax Margin | 2.3% | 4.0% | 3.1% | 4.7% | |||||||||||||||||||
See the Reconciliation of Unaudited Non-GAAP Financial Measures at the end of this release. |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions, except per-share amounts) | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Premium revenue | $ | 6,800 | $ | 4,768 | $ | 19,689 | $ | 13,444 | |||||||||||||||
Premium tax revenue | 204 | 170 | 576 | 477 | |||||||||||||||||||
Health insurer fees reimbursed | — | 69 | — | 206 | |||||||||||||||||||
Investment income | 20 | 10 | 39 | 48 | |||||||||||||||||||
Other revenue | 16 | 4 | 58 | 13 | |||||||||||||||||||
Total revenue | 7,040 | 5,021 | 20,362 | 14,188 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Medical care costs | 6,049 | 4,098 | 17,342 | 11,412 | |||||||||||||||||||
General and administrative expenses | 532 | 368 | 1,489 | 1,030 | |||||||||||||||||||
Premium tax expenses | 204 | 170 | 576 | 477 | |||||||||||||||||||
Health insurer fees | — | 70 | — | 209 | |||||||||||||||||||
Depreciation and amortization | 32 | 23 | 96 | 64 | |||||||||||||||||||
Other | 2 | 3 | 30 | 9 | |||||||||||||||||||
Total operating expenses | 6,819 | 4,732 | 19,533 | 13,201 | |||||||||||||||||||
Operating income | 221 | 289 | 829 | 987 | |||||||||||||||||||
Other expenses, net: | |||||||||||||||||||||||
Interest expense | 30 | 27 | 90 | 72 | |||||||||||||||||||
Other expense, net | — | — | — | 5 | |||||||||||||||||||
Total other expenses, net | 30 | 27 | 90 | 77 | |||||||||||||||||||
Income before income tax expense | 191 | 262 | 739 | 910 | |||||||||||||||||||
Income tax expense | 48 | 77 | 183 | 271 | |||||||||||||||||||
Net income | $ | 143 | $ | 185 | $ | 556 | $ | 639 | |||||||||||||||
Net income per share – Diluted | $ | 2.46 | $ | 3.10 | $ | 9.51 | $ | 10.65 | |||||||||||||||
Diluted weighted average shares outstanding | 58.5 | 59.6 | 58.5 | 60.0 | |||||||||||||||||||
Operating Statistics: | |||||||||||||||||||||||
Medical care ratio | 88.9 | % | 85.9 | % | 88.1 | % | 84.9 | % | |||||||||||||||
G&A ratio | 7.5 | % | 7.3 | % | 7.3 | % | 7.3 | % | |||||||||||||||
Premium tax ratio | 2.9 | % | 3.4 | % | 2.8 | % | 3.4 | % | |||||||||||||||
Effective income tax rate | 24.8 | % | 29.5 | % | 24.7 | % | 29.8 | % | |||||||||||||||
After-tax margin | 2.0 | % | 3.7 | % | 2.7 | % | 4.5 | % | |||||||||||||||
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Unaudited | |||||||||||
(Dollars in millions, except per-share amounts) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 4,357 | $ | 4,154 | |||||||
Investments | 2,900 | 1,875 | |||||||||
Receivables | 1,912 | 1,672 | |||||||||
Prepaid expenses and other current assets | 197 | 175 | |||||||||
Total current assets | 9,366 | 7,876 | |||||||||
Property, equipment, and capitalized software, net | 385 | 391 | |||||||||
Goodwill and intangible assets, net | 915 | 941 | |||||||||
Restricted investments | 156 | 136 | |||||||||
Deferred income taxes | 83 | 69 | |||||||||
Other assets | 128 | 119 | |||||||||
Total assets | $ | 11,033 | $ | 9,532 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Medical claims and benefits payable | $ | 3,191 | $ | 2,696 | |||||||
Amounts due government agencies | 2,081 | 1,253 | |||||||||
Accounts payable, accrued liabilities and other | 797 | 641 | |||||||||
Deferred revenue | 1 | 375 | |||||||||
Total current liabilities | 6,070 | 4,965 | |||||||||
Long-term debt | 2,130 | 2,127 | |||||||||
Finance lease liabilities | 220 | 225 | |||||||||
Other long-term liabilities | 95 | 119 | |||||||||
Total liabilities | 8,515 | 7,436 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock, $0.001 par value, 150 million shares authorized; outstanding: 58 million shares at September 30, 2021, and 59 million shares at December 31, 2020 | — | — | |||||||||
Preferred stock, $0.001 par value; 20 million shares authorized, no shares issued and outstanding | — | — | |||||||||
Additional paid-in capital | 205 | 199 | |||||||||
Accumulated other comprehensive income | 17 | 37 | |||||||||
Retained earnings | 2,296 | 1,860 | |||||||||
Total stockholders’ equity | 2,518 | 2,096 | |||||||||
Total liabilities and stockholders’ equity | $ | 11,033 | $ | 9,532 | |||||||
Nine Months Ended | |||||||||||
September 30, | |||||||||||
2021 | 2020 | ||||||||||
(in millions) | |||||||||||
Operating activities: | |||||||||||
Net income | $ | 556 | $ | 639 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 96 | 64 | |||||||||
Deferred income taxes | (8) | (3) | |||||||||
Share-based compensation | 49 | 43 | |||||||||
Loss on debt repayment | — | 5 | |||||||||
Other, net | 9 | 2 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables | (247) | (369) | |||||||||
Prepaid expenses and other current assets | (43) | (98) | |||||||||
Medical claims and benefits payable | 522 | 431 | |||||||||
Amounts due government agencies | 810 | (24) | |||||||||
Accounts payable, accrued liabilities and other | 129 | 63 | |||||||||
Deferred revenue | (374) | (188) | |||||||||
Income taxes | 23 | 34 | |||||||||
Net cash provided by operating activities | 1,522 | 599 | |||||||||
Investing activities: | |||||||||||
Purchases of investments | (2,018) | (670) | |||||||||
Proceeds from sales and maturities of investments | 965 | 891 | |||||||||
Purchases of property, equipment, and capitalized software | (56) | (64) | |||||||||
Net cash paid in business combinations | — | (62) | |||||||||
Other, net | 3 | 3 | |||||||||
Net cash (used in) provided by investing activities | (1,106) | 98 | |||||||||
Financing activities: | |||||||||||
Common stock purchases | (128) | (453) | |||||||||
Common stock withheld to settle employee tax obligations | (52) | (8) | |||||||||
Contingent consideration liabilities settled | (20) | — | |||||||||
Proceeds from senior notes offering, net of issuance costs | — | 789 | |||||||||
Repayment of term loan facility | — | (600) | |||||||||
Proceeds from borrowings under term loan facility | — | 380 | |||||||||
Other, net | (4) | (47) | |||||||||
Net cash (used in) provided by financing activities | (204) | 61 | |||||||||
Net increase in cash, cash equivalents, and restricted cash and cash equivalents | 212 | 758 | |||||||||
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period | 4,223 | 2,508 | |||||||||
Cash, cash equivalents, and restricted cash and cash equivalents at end of period | $ | 4,435 | $ | 3,266 | |||||||
September 30, | December 31, | September 30, | ||||||||||||||||||
2021 (1) | 2020 | 2020 | ||||||||||||||||||
Ending Membership by Segment: | ||||||||||||||||||||
Medicaid | 3,981,000 | 3,599,000 | 3,595,000 | |||||||||||||||||
Medicare | 138,000 | 115,000 | 113,000 | |||||||||||||||||
Marketplace | 719,000 | 318,000 | 325,000 | |||||||||||||||||
Total | 4,838,000 | 4,032,000 | 4,033,000 | |||||||||||||||||
(1)Approximately 200,000 members, from the Magellan Complete Care acquisition that closed on December 31, 2020, are included in the totals as of September 30, 2021, but not in prior periods. |
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Premium Revenue | Medical Margin | MCR (1) | Premium Revenue | Medical Margin | MCR (1) | ||||||||||||||||||||||||||||||
Medicaid | $ | 5,034 | $ | 551 | 89.0 | % | $ | 3,375 | $ | 553 | 83.6 | % | |||||||||||||||||||||||
Medicare | 814 | 101 | 87.6 | 630 | 125 | 80.0 | |||||||||||||||||||||||||||||
Marketplace | 735 | 112 | 84.8 | 367 | 96 | 74.0 | |||||||||||||||||||||||||||||
Consolidated | $ | 6,583 | $ | 764 | 88.4 | % | $ | 4,372 | $ | 774 | 82.3 | % | |||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Premium Revenue | Medical Margin | MCR (1) | Premium Revenue | Medical Margin | MCR (1) | ||||||||||||||||||||||||||||||
Medicaid | $ | 5,146 | $ | 532 | 89.6 | % | $ | 3,754 | $ | 509 | 86.4 | % | |||||||||||||||||||||||
Medicare | 875 | 151 | 82.8 | 632 | 91 | 85.6 | |||||||||||||||||||||||||||||
Marketplace | 779 | 68 | 91.3 | 382 | 70 | 81.6 | |||||||||||||||||||||||||||||
Consolidated | $ | 6,800 | $ | 751 | 88.9 | % | $ | 4,768 | $ | 670 | 85.9 | % | |||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Premium Revenue | Medical Margin | MCR (1) | Premium Revenue | Medical Margin | MCR (1) | ||||||||||||||||||||||||||||||
Medicaid | $ | 15,020 | $ | 1,687 | 88.8 | % | $ | 10,415 | $ | 1,427 | 86.3 | % | |||||||||||||||||||||||
Medicare | 2,488 | 329 | 86.8 | 1,896 | 333 | 82.4 | |||||||||||||||||||||||||||||
Marketplace | 2,181 | 331 | 84.8 | 1,133 | 272 | 76.0 | |||||||||||||||||||||||||||||
Consolidated | $ | 19,689 | $ | 2,347 | 88.1 | % | $ | 13,444 | $ | 2,032 | 84.9 | % | |||||||||||||||||||||||
(1)The MCR represents medical costs as a percentage of premium revenue. |
Nine Months Ended | |||||||||||
September 30, | |||||||||||
2021 | 2020 | ||||||||||
Unaudited | |||||||||||
Medical claims and benefits payable, beginning balance | $ | 2,696 | $ | 1,854 | |||||||
Components of medical care costs related to: | |||||||||||
Current year | 17,558 | 11,478 | |||||||||
Prior year | (216) | (66) | |||||||||
Total medical care costs | 17,342 | 11,412 | |||||||||
Payments for medical care costs related to: | |||||||||||
Current year | 14,880 | 9,500 | |||||||||
Prior year | 2,008 | 1,527 | |||||||||
Total paid | 16,888 | 11,027 | |||||||||
Change in acquired balances | (27) | — | |||||||||
Change in non-risk and other provider payables | 68 | 50 | |||||||||
Medical claims and benefits payable, ending balance | $ | 3,191 | $ | 2,289 | |||||||
Days in claims payable, fee for service (1) | 49 | 52 | |||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Amount | Per Diluted Share | Amount | Per Diluted Share | Amount | Per Diluted Share | Amount | Per Diluted Share | ||||||||||||||||||||||||||||||||||||||||
Net income | $ | 143 | $ | 2.46 | $ | 185 | $ | 3.10 | $ | 556 | $ | 9.51 | $ | 639 | $ | 10.65 | |||||||||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related expenses (1) | 17 | 0.28 | 4 | 0.07 | 44 | 0.75 | 4 | 0.06 | |||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | 11 | 0.20 | 4 | 0.06 | 35 | 0.60 | 12 | 0.19 | |||||||||||||||||||||||||||||||||||||||
Loss on debt repayment | — | — | — | — | — | — | 5 | 0.08 | |||||||||||||||||||||||||||||||||||||||
Other (2) | — | — | 13 | 0.21 | 9 | 0.16 | 19 | 0.32 | |||||||||||||||||||||||||||||||||||||||
Subtotal, adjustments | 28 | 0.48 | 21 | 0.34 | 88 | 1.51 | 40 | 0.65 | |||||||||||||||||||||||||||||||||||||||
Income tax effect | (7) | (0.11) | (5) | (0.08) | (21) | (0.36) | (9) | (0.15) | |||||||||||||||||||||||||||||||||||||||
Adjustments, net of tax | 21 | 0.37 | 16 | 0.26 | 67 | 1.15 | 31 | 0.50 | |||||||||||||||||||||||||||||||||||||||
Adjusted net income | $ | 164 | $ | 2.83 | $ | 201 | $ | 3.36 | $ | 623 | $ | 10.66 | $ | 670 | $ | 11.15 | |||||||||||||||||||||||||||||||
Net income per diluted share (1) | $ | 11.61 | |||
Adjustments: | |||||
Acquisition-related expenses | 1.18 | ||||
Amortization of intangible assets | 0.81 | ||||
Other | 0.16 | ||||
Subtotal, adjustments | 2.15 | ||||
Income tax effect (2) | (0.51) | ||||
Adjustments, net of tax | 1.64 | ||||
Adjusted net income per diluted share | $ | 13.25 | |||
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Cover Page Document |
Oct. 27, 2021 |
---|---|
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 | Oct. 27, 2021 |
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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