UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
______________
FORM 8-K
______________
Current
Report
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): May 7, 2015
______________
MOLINA
HEALTHCARE, INC.
(Exact
name of registrant as specified in its charter)
Delaware
|
1-31719
|
13-4204626
|
(State of incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification Number)
|
______________
200 Oceangate, Suite 100, Long Beach, California 90802
|
(Address of principal executive offices)
|
Registrant’s
telephone number, including area code: (562) 435-3666
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On May 7, 2015, Molina Healthcare, Inc. issued a press
release announcing its financial results for the first quarter ended
March 31, 2015. The full text of the press release is included as
Exhibit 99.1 to this report. The information contained in the websites
cited in the press release is not part of this report.
The information in this Form 8-K and the exhibit attached
hereto shall not be deemed to be “filed” for purposes of Section 18 of
the Securities Exchange Act of 1934, as amended, or otherwise subject to
the liabilities of that section, nor shall it be deemed incorporated by
reference in any filing under the Securities Act of 1933, as amended, or
the Securities Exchange Act of 1934, as amended, except as expressly set
forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits:
Exhibit
No. Description
99.1 Press
release of Molina Healthcare, Inc. issued May 7, 2015, as to financial
results for the first quarter ended March 31, 2015.
SIGNATURE
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
|
MOLINA HEALTHCARE, INC.
|
|
|
|
Date:
|
May 7, 2015
|
By:
|
/s/ Jeff D. Barlow
|
|
|
Jeff D. Barlow
|
|
|
Chief Legal Officer and Secretary
|
EXHIBIT INDEX
Exhibit
|
|
No.
|
Description
|
|
|
99.1
|
Press release of Molina Healthcare, Inc. issued May 7, 2015, as to
financial results for the first quarter ended March 31, 2015.
|
Exhibit 99.1
Molina
Healthcare Reports First Quarter 2015 Results
LONG BEACH, Calif.--(BUSINESS WIRE)--May 7, 2015--Molina Healthcare,
Inc. (NYSE: MOH):
-
Net income per diluted share, continuing operations, of $0.56, a
significant increase over first quarter 2014 net income per diluted
share, continuing operations, of $0.10.
-
Adjusted net income per diluted share, continuing operations,1
of $0.71, a significant increase over first quarter 2014 adjusted net
income per diluted share, continuing operations,1 of $0.27.
-
Total revenue of $3.2 billion, up 53% over first quarter 2014.
-
Aggregate membership up 38% over first quarter 2014.
-
Unreimbursed health insurer fees and Texas quality revenue reduce
income before taxes by approximately $23 million, or $0.29 per diluted
share, in the first quarter of 2015.
Molina Healthcare, Inc. (NYSE: MOH) today reported its financial results
for the first quarter of 2015.
"We are very pleased with our first quarter results, which represent a
down payment on the improved profitability we committed to at our
investor day this past February," said J. Mario Molina, M.D., chief
executive officer of Molina Healthcare, Inc. "We are off to a very good
start in 2015, and remain confident that we can deliver both top-line
and bottom-line growth in 2015."
Overview of Financial Results, Continuing Operations
Financial results for the first quarter of 2015 improved markedly over
the first quarter of 2014 due to higher revenue, greater administrative
cost efficiency, and steady medical care costs. Both income from
continuing operations before income tax expense and net income per
diluted share, continuing operations, were approximately six times
greater in the first quarter of 2015 than in the first quarter of 2014.
Premium revenue increased approximately 53% in the first quarter of 2015
compared with the first quarter of 2014, resulting from:
-
An increase of over 38% in enrollment due to growth across all health
plan programs.
-
An increase of nearly 15% in premium revenue per member per month
(PMPM) due to membership growth in programs serving the needs of
members with more complex medical conditions for whom the Company
receives higher monthly premiums.
Medical care costs as a percent of premium revenue (the "medical care
ratio") were consistent with the first quarter of 2014 at 88.7% and
improved over the fourth quarter of 2014 medical care ratio of 89.4%.
Medical margin (defined as the excess of premium revenue over medical
care costs) increased 53% in 2015 over 2014.
General and administrative expenses as a percentage of total revenue
(the "general and administrative expense ratio") decreased significantly
to 8.1% in the first quarter of 2015 compared with 9.1% in the first
quarter of 2014. The decrease in the general and administrative expense
ratio would have been even greater but for expenses associated with the
start-up of the Company's Puerto Rico health plan, broker commissions
and Marketplace fees. Without these costs, the first quarter 2015
general and administrative expense ratio would have been approximately
7.4%.
Health Insurer Fee Update
The Company's results continue to be adversely affected by delays in
reimbursement of the Affordable Care Act's Health Insurer Fee (HIF) by
some states.
Due to progress made in securing agreements for the reimbursement of the
HIF with various state Medicaid agencies in 2014, the Company recognized
approximately 73% of the Medicaid-related reimbursement revenue
associated with HIF expense in the first quarter of 2015, compared with
only 51% in the first quarter of 2014.
Delay in recognition of the HIF expense reimbursement from California,
Michigan and Utah reduced income from continuing operations before
income tax expense by approximately $16 million, or $0.20 per diluted
share in the first quarter of 2015 (per-share amount is on a GAAP and
adjusted basis).
The comparable amount of HIF reimbursement not recognized in the first
quarter of 2014 was approximately $16 million, which reduced net income
per diluted share, continuing operations, by approximately $0.21 per
diluted share.
During the first quarter of 2015, the Company did not recognized any of
the $20 million of outstanding HIF reimbursement related to 2014.
Texas Health Plan Quality Revenue Update
The Company did not recognize approximately $7 million before income
taxes, or $0.09 per diluted share, of the approximately $9 million of
quality revenue for 2015 available to the Texas health plan in the first
quarter of 2015. This compares with approximately $6 million before
income taxes, or $0.08 per diluted share, of the approximately $9
million of quality revenue available to the Texas health plan in the
first quarter of 2014.
The Company recognized no Texas quality revenue related to 2014 in the
first quarter of 2015. The Company has previously disclosed that
approximately $20 million of Texas quality revenue for 2014 has not been
recognized because the Company lacks sufficient information to calculate
how much it is owed. The Company may be able to recognize additional
revenue from 2014 Texas quality incentives in the future, but there can
be no assurances in this regard.
Classification of 1.125% Cash Convertible Senior Notes
The Company's 1.125% Notes met the stock price trigger in the quarter
ended March 31, 2015, and are convertible to cash through at least
June 30, 2015. Because the 1.125% Notes may be converted into cash
within 12 months, the $440 million carrying amount is reported in
current portion of long-term debt as of March 31, 2015. This has the
effect of increasing current liabilities.
Conference Call
The Company's management will host a conference call and webcast to
discuss its first quarter results at 5:00 p.m. Eastern time on Thursday,
May 7, 2015. The number to call for the interactive teleconference is
(212) 231-2905. A telephonic replay of the conference call will be
available from 7:00 p.m. Eastern time on Thursday, May 7, 2015, through
6:00 p.m. on Friday, May 8, 2015, by dialing (800) 633-8284 and entering
confirmation number 21766384. A live audio broadcast of Molina
Healthcare's conference call will be available on the Company's website, www.molinahealthcare.com.
A 30-day online replay will be available approximately an hour following
the conclusion of the live broadcast.
About Molina Healthcare
Molina Healthcare, Inc., a FORTUNE 500 company, provides managed health
care services under the Medicaid and Medicare programs and through the
state insurance marketplaces. Through our locally operated health plans
in 11 states across the nation and in the Commonwealth of Puerto Rico,
Molina currently serves over 3 million members. Dr. C. David Molina
founded our company in 1980 as a provider organization serving
low-income families in Southern California. Today, we continue his
mission of providing high quality and cost-effective health care to
those who need it most. For more information about Molina Healthcare,
please visit our website at www.molinahealthcare.com.
Notes:
1. Adjusted net income per diluted share, continuing operations, is a
non-GAAP financial measure used by management as a supplemental metric
in evaluating its financial performance, its financing and business
decisions, and in forecasting and planning for future periods. This
measure is not determined in accordance with accounting principles
generally accepted in the United States of America (GAAP) and should not
be viewed as a substitute for the most directly comparable GAAP measure,
which is diluted net income per share, continuing operations. See below
for reconciliations of the Company's non-GAAP measures to the most
directly comparable GAAP measures.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This earnings release contains “forward-looking
statements” regarding the Company’s plans, expectations, and anticipated
future events. Actual results could differ materially due to numerous
known and unknown risks and uncertainties. Those known risks and
uncertainties include, but are not limited to, the following:
-
continuing uncertainties associated with the implementation of the
Affordable Care Act, including the full grossed up reimbursement by
states of the non-deductible ACA health insurer fee, the Medicaid
expansion, the insurance marketplaces, the effect of various
implementing regulations, the King v. Burwell case now pending before
the Supreme Court, and uncertainties regarding the Medicare-Medicaid
dual eligible demonstration programs in California, Illinois,
Michigan, Ohio, South Carolina, and Texas;
-
management of our medical costs, including seasonal flu patterns
and rates of utilization that are consistent with our expectations,
and our ability to reduce over time the high medical costs commonly
associated with new patient populations;
-
federal or state medical cost expenditure floors, administrative
cost and profit ceilings, and profit sharing arrangements;
-
the interpretation and implementation of at-risk premium rules
regarding the achievement of certain quality measures, including 2014
and 2015 at-risk premium rules in the state of Texas;
-
cyber-attacks or other privacy or data security incidents resulting
in an inadvertent unauthorized disclosure of protected health
information;
-
the success of our new health plan in Puerto Rico;
-
newly FDA-approved specialty drugs such as Sovaldi, Olysio,
Harvoni, and other specialty drugs or generic drugs that are
exorbitantly priced but not factored into the calculation of our
capitated rates;
-
significant budget pressures on state governments and their
potential inability to maintain current rates, to implement expected
rate increases, or to maintain existing benefit packages or membership
eligibility thresholds or criteria;
-
the accurate estimation of incurred but not paid medical costs
across our health plans;
-
retroactive adjustments to premium revenue or accounting estimates
which require adjustment based upon subsequent developments, including
Medicaid pharmaceutical rebates or retroactive premium rate increases;
-
efforts by states to recoup previously paid amounts;
-
the success of our efforts to retain existing government contracts
and to obtain new government contracts in connection with state
requests for proposals (RFPs) in both existing and new states;
-
the continuation and renewal of the government contracts of both
our health plans and Molina Medicaid Solutions and the terms under
which such contracts are renewed;
-
complications, member confusion, or enrollment backlogs related to
the annual renewal of Medicaid coverage;
-
government audits and reviews, and any fine, enrollment freeze, or
monitoring program that may result therefrom;
-
changes with respect to our provider contracts and the loss of
providers;
-
approval by state regulators of dividends and distributions by our
health plan subsidiaries;
-
changes in funding under our contracts as a result of regulatory
changes, programmatic adjustments, or other reforms;
-
high dollar claims related to catastrophic illness;
-
the favorable or unfavorable resolution of litigation, arbitration,
or administrative proceedings, including pending qui tam actions in
Florida and California, and the litigation commenced against us by the
state of Louisiana alleging that Molina Medicaid Solutions and its
predecessors used an incorrect reimbursement formula for the payment
of pharmaceutical claims;
-
the relatively small number of states in which we operate health
plans;
-
our management of a portion of College Health Enterprises’ hospital
in Long Beach, California;
-
the availability of adequate financing on acceptable terms to fund
and capitalize our expansion and growth, repay our outstanding
indebtedness at maturity and meet our liquidity needs, including the
interest expense and other costs associated with such financing;
-
the failure of a state in which we operate to renew its federal
Medicaid waiver;
-
changes generally affecting the managed care or Medicaid management
information systems industries;
-
increases in government surcharges, taxes, and assessments;
-
public alarm associated with the Ebola virus, measles, or any
actual widespread epidemic;
-
changes in general economic conditions, including unemployment
rates;
-
increasing competition and consolidation in the Medicaid industry;
and numerous other risk factors, including those discussed in the
Company's periodic reports and filings with the Securities and Exchange
Commission. These reports can be accessed under the investor relations
tab of the Company's website or on the SEC's website at www.sec.gov.
Given these risks and uncertainties, we can give no assurances that the
Company's forward-looking statements will prove to be accurate, or that
any other results or events projected or contemplated by the Company's
forward-looking statements will in fact occur, and we caution investors
not to place undue reliance on these statements. All forward-looking
statements in this release represent the Company's judgment as of May 7,
2015, and we disclaim any obligation to update any forward-looking
statements to conform the statement to actual results or changes in the
Company's expectations.
|
|
|
|
MOLINA HEALTHCARE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2015
|
|
|
2014
|
|
|
|
(Amounts in thousands, except net income
(loss) per share)
|
Revenue:
|
|
|
|
|
|
|
Premium revenue
|
|
|
$
|
2,970,652
|
|
|
|
$
|
1,940,337
|
|
Service revenue
|
|
|
51,858
|
|
|
|
53,630
|
|
Premium tax revenue
|
|
|
95,347
|
|
|
|
51,693
|
|
Health insurer fee revenue
|
|
|
47,948
|
|
|
|
18,696
|
|
Investment income
|
|
|
3,015
|
|
|
|
1,629
|
|
Other revenue
|
|
|
2,303
|
|
|
|
3,258
|
|
Total revenue
|
|
|
3,171,123
|
|
|
|
2,069,243
|
|
Operating expenses:
|
|
|
|
|
|
|
Medical care costs
|
|
|
2,635,784
|
|
|
|
1,721,658
|
|
Cost of service revenue
|
|
|
35,902
|
|
|
|
40,657
|
|
General and administrative expenses
|
|
|
256,090
|
|
|
|
188,087
|
|
Premium tax expenses
|
|
|
95,347
|
|
|
|
51,693
|
|
Health insurer fee expenses
|
|
|
40,778
|
|
|
|
22,190
|
|
Depreciation and amortization
|
|
|
24,992
|
|
|
|
20,691
|
|
Total operating expenses
|
|
|
3,088,893
|
|
|
|
2,044,976
|
|
Operating income
|
|
|
82,230
|
|
|
|
24,267
|
|
Other expenses, net:
|
|
|
|
|
|
|
Interest expense
|
|
|
14,876
|
|
|
|
13,822
|
|
Other income, net
|
|
|
(10
|
)
|
|
|
(44
|
)
|
Total other expenses, net
|
|
|
14,866
|
|
|
|
13,778
|
|
Income from continuing operations before income tax expense
|
|
|
67,364
|
|
|
|
10,489
|
|
Income tax expense
|
|
|
39,223
|
|
|
|
5,655
|
|
Income from continuing operations
|
|
|
28,141
|
|
|
|
4,834
|
|
Income (loss) from discontinued operations, net of tax
|
|
|
12
|
|
|
|
(336
|
)
|
Net income
|
|
|
$
|
28,153
|
|
|
|
$
|
4,498
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per share:
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
$
|
0.56
|
|
|
|
$
|
0.10
|
|
Loss from discontinued operations
|
|
|
—
|
|
|
|
(0.01
|
)
|
Diluted net income per share
|
|
|
$
|
0.56
|
|
|
|
$
|
0.09
|
|
|
|
|
|
|
|
|
Diluted weighted average shares outstanding
|
|
|
50,071
|
|
|
|
47,520
|
|
|
|
|
|
|
|
|
Operating Statistics, Continuing Operations:
|
|
|
|
|
|
|
Medical care ratio (1)
|
|
|
88.7
|
%
|
|
|
88.7
|
%
|
Service revenue ratio (2)
|
|
|
69.2
|
%
|
|
|
75.8
|
%
|
General and administrative expense ratio (3)
|
|
|
8.1
|
%
|
|
|
9.1
|
%
|
Premium tax ratio (1)
|
|
|
3.1
|
%
|
|
|
2.6
|
%
|
Effective tax rate
|
|
|
58.2
|
%
|
|
|
53.9
|
%
|
Net income, continuing operations (3)
|
|
|
0.9
|
%
|
|
|
0.2
|
%
|
|
|
|
|
|
|
|
|
|
|
____________
|
(1) Medical care ratio represents medical care costs as
a percentage of premium revenue; premium tax ratio represents
premium tax expenses as a percentage of premium revenue plus
premium tax revenue. Medical care costs include costs incurred for
providing long term services and supports (LTSS).
|
(2) Service revenue ratio represents cost of service
revenue as a percentage of service revenue.
|
(3) Computed as a percentage of total revenue.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOLINA HEALTHCARE, INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
March 31, 2015
|
|
|
December 31, 2014
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
(Amounts in thousands, except per-share
data)
|
ASSETS
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
1,870,024
|
|
|
|
$
|
1,539,063
|
|
Investments
|
|
|
1,203,866
|
|
|
|
1,019,462
|
|
Receivables
|
|
|
491,430
|
|
|
|
596,456
|
|
Deferred income taxes
|
|
|
42,631
|
|
|
|
39,532
|
|
Prepaid expenses and other current assets
|
|
|
193,498
|
|
|
|
50,884
|
|
Derivative asset
|
|
|
474,121
|
|
|
|
—
|
|
Total current assets
|
|
|
4,275,570
|
|
|
|
3,245,397
|
|
Property, equipment, and capitalized software, net
|
|
|
344,727
|
|
|
|
340,778
|
|
Deferred contract costs
|
|
|
57,314
|
|
|
|
53,675
|
|
Intangible assets, net
|
|
|
84,702
|
|
|
|
89,273
|
|
Goodwill
|
|
|
272,046
|
|
|
|
271,964
|
|
Restricted investments
|
|
|
101,366
|
|
|
|
102,479
|
|
Derivative asset
|
|
|
—
|
|
|
|
329,323
|
|
Other assets
|
|
|
34,064
|
|
|
|
44,326
|
|
|
|
|
$
|
5,169,789
|
|
|
|
$
|
4,477,215
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
Current liabilities:
|
|
|
|
|
|
|
Medical claims and benefits payable
|
|
|
$
|
1,448,132
|
|
|
|
$
|
1,200,522
|
|
Amounts due government agencies
|
|
|
622,158
|
|
|
|
527,193
|
|
Accounts payable and accrued liabilities
|
|
|
427,644
|
|
|
|
241,654
|
|
Deferred revenue
|
|
|
169,811
|
|
|
|
196,076
|
|
Income taxes payable
|
|
|
10,836
|
|
|
|
8,987
|
|
Current portion of long-term debt
|
|
|
440,632
|
|
|
|
341
|
|
Derivative liability
|
|
|
473,983
|
|
|
|
—
|
|
Total current liabilities
|
|
|
3,593,196
|
|
|
|
2,174,773
|
|
Convertible senior notes
|
|
|
270,836
|
|
|
|
704,097
|
|
Lease financing obligations
|
|
|
161,013
|
|
|
|
160,710
|
|
Lease financing obligations - related party
|
|
|
40,135
|
|
|
|
40,241
|
|
Deferred income taxes
|
|
|
29,267
|
|
|
|
24,271
|
|
Derivative liability
|
|
|
—
|
|
|
|
329,194
|
|
Other long-term liabilities
|
|
|
33,349
|
|
|
|
33,487
|
|
Total liabilities
|
|
|
4,127,796
|
|
|
|
3,466,773
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
Common stock, $0.001 par value; 150,000 shares authorized;
outstanding: 49,908 shares at March 31, 2015 and 49,727 shares at
December 31, 2014
|
|
|
50
|
|
|
|
50
|
|
Preferred stock, $0.001 par value; 20,000 shares authorized, no
shares issued and outstanding
|
|
|
—
|
|
|
|
—
|
|
Additional paid-in capital
|
|
|
398,141
|
|
|
|
396,059
|
|
Accumulated other comprehensive income (loss)
|
|
|
297
|
|
|
|
(1,019
|
)
|
Retained earnings
|
|
|
643,505
|
|
|
|
615,352
|
|
Total stockholders’ equity
|
|
|
1,041,993
|
|
|
|
1,010,442
|
|
|
|
|
$
|
5,169,789
|
|
|
|
$
|
4,477,215
|
|
|
|
|
|
MOLINA HEALTHCARE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS,
CONTINUING AND DISCONTINUED OPERATIONS
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
2015
|
|
|
2014
|
|
|
|
(Amounts in thousands)
|
Operating activities:
|
|
|
|
|
|
|
Net income
|
|
|
$
|
28,153
|
|
|
|
$
|
4,498
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
32,574
|
|
|
|
32,994
|
|
Deferred income taxes
|
|
|
1,097
|
|
|
|
(670
|
)
|
Share-based compensation
|
|
|
5,675
|
|
|
|
5,596
|
|
Amortization of convertible senior notes and lease financing
obligations
|
|
|
7,290
|
|
|
|
6,674
|
|
Other, net
|
|
|
3,564
|
|
|
|
(1,548
|
)
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
Receivables
|
|
|
105,026
|
|
|
|
(39,297
|
)
|
Prepaid expenses and other current assets
|
|
|
(137,278
|
)
|
|
|
(78,023
|
)
|
Medical claims and benefits payable
|
|
|
247,610
|
|
|
|
149,754
|
|
Amounts due government agencies
|
|
|
94,965
|
|
|
|
43,265
|
|
Accounts payable and accrued liabilities
|
|
|
189,373
|
|
|
|
58,952
|
|
Deferred revenue
|
|
|
(26,265
|
)
|
|
|
24,060
|
|
Income taxes
|
|
|
1,849
|
|
|
|
4,642
|
|
Net cash provided by operating activities
|
|
|
553,633
|
|
|
|
210,897
|
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
|
Purchases of investments
|
|
|
(438,591
|
)
|
|
|
(142,145
|
)
|
Proceeds from sales and maturities of investments
|
|
|
255,609
|
|
|
|
147,370
|
|
Purchases of property, equipment, and capitalized software
|
|
|
(24,974
|
)
|
|
|
(17,788
|
)
|
Increase in restricted investments
|
|
|
(4,612
|
)
|
|
|
(14,381
|
)
|
Net cash paid in business combinations
|
|
|
(8,006
|
)
|
|
|
—
|
|
Other, net
|
|
|
(7,216
|
)
|
|
|
(547
|
)
|
Net cash used in investing activities
|
|
|
(227,790
|
)
|
|
|
(27,491
|
)
|
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
|
Contingent consideration liabilities settled
|
|
|
—
|
|
|
|
(38,119
|
)
|
Proceeds from employee stock plans
|
|
|
1,089
|
|
|
|
1,330
|
|
Other, net
|
|
|
4,029
|
|
|
|
857
|
|
Net cash provided by (used in) financing activities
|
|
|
5,118
|
|
|
|
(35,932
|
)
|
Net increase in cash and cash equivalents
|
|
|
330,961
|
|
|
|
147,474
|
|
Cash and cash equivalents at beginning of period
|
|
|
1,539,063
|
|
|
|
935,895
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
1,870,024
|
|
|
|
$
|
1,083,369
|
|
|
|
|
|
|
|
|
|
|
|
|
MOLINA HEALTHCARE, INC.
UNAUDITED NON-GAAP FINANCIAL
MEASURES
The Company uses two non-GAAP financial measures as supplemental metrics
in evaluating its financial performance, making financing and business
decisions, and forecasting and planning for future periods. For these
reasons, management believes such measures are useful supplemental
measures to investors in comparing the Company's performance to the
performance of other public companies in the health care industry. These
non-GAAP financial measures should be considered as supplements to, and
not as substitutes for or superior to, GAAP measures.
The first of these non-GAAP measures is earnings before interest, taxes,
depreciation and amortization (EBITDA). The following table reconciles
net income, which the Company believes to be the most comparable GAAP
measure, to EBITDA.
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2015
|
|
|
2014
|
|
|
|
(Amounts in thousands)
|
Net income
|
|
|
$
|
28,153
|
|
|
|
$
|
4,498
|
Adjustments:
|
|
|
|
|
|
|
Depreciation, and amortization of intangible assets and capitalized
software
|
|
|
29,110
|
|
|
|
25,914
|
Interest expense
|
|
|
14,876
|
|
|
|
13,822
|
Income tax expense
|
|
|
39,240
|
|
|
|
5,237
|
EBITDA
|
|
|
$
|
111,379
|
|
|
|
$
|
49,471
|
|
|
|
|
|
|
|
|
|
|
The second of these non-GAAP measures is adjusted net income, continuing
operations (including adjusted net income per diluted share). Effective
for the first quarter of 2015, the Company has revised its calculation
of adjusted net income, continuing operations. The Company no longer
subtracts "depreciation, and amortization of capitalized software" and
"share-based compensation" from net income, continuing operations to
arrive at adjusted net income, continuing operations. The Company has
made this change to better reflect the way in which it evaluates its
financial performance, makes financing and business decisions, and
forecasts and plans for future periods. All periods presented below
conform to this presentation.
The following tables reconcile net income from continuing operations,
which the Company believes to be the most comparable GAAP measure, to
adjusted net income, continuing operations.
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
2015
|
|
|
2014
|
|
|
|
(In thousands, except per diluted share amounts)
|
Net income, continuing operations
|
|
|
$
|
28,141
|
|
|
|
$
|
0.56
|
|
|
|
$
|
4,834
|
|
|
|
$
|
0.10
|
Adjustments, net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of convertible senior notes and lease financing
obligations
|
|
|
4,593
|
|
|
|
0.09
|
|
|
|
4,205
|
|
|
|
0.10
|
Amortization of intangible assets
|
|
|
2,877
|
|
|
|
0.06
|
|
|
|
3,329
|
|
|
|
0.07
|
Adjusted net income, continuing operations
|
|
|
$
|
35,611
|
|
|
|
$
|
0.71
|
|
|
|
$
|
12,368
|
|
|
|
$
|
0.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOLINA HEALTHCARE, INC.
UNAUDITED HEALTH PLANS SEGMENT MEMBERSHIP, CONTINUING OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2015
|
|
|
December 31, 2014
|
|
|
March 31, 2014
|
Ending Membership by Health Plan:
|
|
|
|
|
|
|
|
|
|
California
|
|
|
574,000
|
|
|
|
531,000
|
|
|
|
418,000
|
Florida
|
|
|
352,000
|
|
|
|
164,000
|
|
|
|
91,000
|
Illinois
|
|
|
102,000
|
|
|
|
100,000
|
|
|
|
5,000
|
Michigan
|
|
|
256,000
|
|
|
|
242,000
|
|
|
|
218,000
|
New Mexico
|
|
|
222,000
|
|
|
|
212,000
|
|
|
|
183,000
|
Ohio
|
|
|
350,000
|
|
|
|
347,000
|
|
|
|
260,000
|
South Carolina
|
|
|
111,000
|
|
|
|
118,000
|
|
|
|
126,000
|
Texas
|
|
|
268,000
|
|
|
|
245,000
|
|
|
|
246,000
|
Utah
|
|
|
90,000
|
|
|
|
83,000
|
|
|
|
80,000
|
Washington
|
|
|
533,000
|
|
|
|
497,000
|
|
|
|
434,000
|
Wisconsin
|
|
|
107,000
|
|
|
|
84,000
|
|
|
|
90,000
|
|
|
|
2,965,000
|
|
|
|
2,623,000
|
|
|
|
2,151,000
|
Ending Membership by Program:
|
|
|
|
|
|
|
|
|
|
Temporary Assistance for Needy Families (TANF), CHIP(1)
|
|
|
1,825,000
|
|
|
|
1,809,000
|
|
|
|
1,659,000
|
Medicaid Expansion(2)
|
|
|
437,000
|
|
|
|
385,000
|
|
|
|
133,000
|
Aged, Blind or Disabled (ABD)
|
|
|
358,000
|
|
|
|
347,000
|
|
|
|
310,000
|
Marketplace(2)
|
|
|
266,000
|
|
|
|
15,000
|
|
|
|
8,000
|
Medicare Special Needs Plans
|
|
|
45,000
|
|
|
|
49,000
|
|
|
|
41,000
|
Medicare-Medicaid Plan (MMP) - Integrated(3)
|
|
|
34,000
|
|
|
|
18,000
|
|
|
|
—
|
|
|
|
2,965,000
|
|
|
|
2,623,000
|
|
|
|
2,151,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______________________
|
(1) CHIP stands for Children's Health Insurance Program.
|
(2) Medicaid Expansion membership phased in, and
Marketplace became available for consumers to access coverage,
beginning January 1, 2014.
|
(3) MMP members who receive both Medicaid and Medicare
coverage from the Company. The Company began serving members under
this program in the second quarter of 2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOLINA HEALTHCARE, INC.
UNAUDITED SELECTED HEALTH PLANS SEGMENT FINANCIAL DATA,
CONTINUING OPERATIONS
(In thousands, except percentages and per-member per-month
amounts)
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2015
|
|
|
|
Member
Months(1)
|
|
|
Premium Revenue
|
|
|
Medical Care Costs
|
|
|
MCR(2)
|
|
|
Medical Margin
|
|
|
|
|
|
Total
|
|
|
PMPM
|
|
|
Total
|
|
|
PMPM
|
|
|
|
|
California
|
|
|
1,673
|
|
|
|
$
|
510,544
|
|
|
|
$
|
305.10
|
|
|
|
$
|
452,435
|
|
|
|
$
|
270.37
|
|
|
|
88.6
|
%
|
|
|
$
|
58,109
|
|
Florida
|
|
|
897
|
|
|
|
310,971
|
|
|
|
346.46
|
|
|
|
281,389
|
|
|
|
313.51
|
|
|
|
90.5
|
|
|
|
29,582
|
|
Illinois
|
|
|
305
|
|
|
|
104,145
|
|
|
|
341.86
|
|
|
|
89,437
|
|
|
|
293.58
|
|
|
|
85.9
|
|
|
|
14,708
|
|
Michigan
|
|
|
756
|
|
|
|
219,525
|
|
|
|
290.29
|
|
|
|
184,763
|
|
|
|
244.32
|
|
|
|
84.2
|
|
|
|
34,762
|
|
New Mexico
|
|
|
684
|
|
|
|
313,656
|
|
|
|
458.75
|
|
|
|
291,826
|
|
|
|
426.82
|
|
|
|
93.0
|
|
|
|
21,830
|
|
Ohio
|
|
|
1,055
|
|
|
|
515,087
|
|
|
|
488.26
|
|
|
|
413,074
|
|
|
|
391.56
|
|
|
|
80.2
|
|
|
|
102,013
|
|
South Carolina
|
|
|
343
|
|
|
|
91,326
|
|
|
|
266.42
|
|
|
|
74,269
|
|
|
|
216.67
|
|
|
|
81.3
|
|
|
|
17,057
|
|
Texas
|
|
|
775
|
|
|
|
381,785
|
|
|
|
492.38
|
|
|
|
351,478
|
|
|
|
453.30
|
|
|
|
92.1
|
|
|
|
30,307
|
|
Utah
|
|
|
266
|
|
|
|
77,142
|
|
|
|
290.27
|
|
|
|
74,144
|
|
|
|
278.99
|
|
|
|
96.1
|
|
|
|
2,998
|
|
Washington
|
|
|
1,563
|
|
|
|
376,350
|
|
|
|
240.83
|
|
|
|
352,374
|
|
|
|
225.49
|
|
|
|
93.6
|
|
|
|
23,976
|
|
Wisconsin
|
|
|
302
|
|
|
|
60,342
|
|
|
|
199.61
|
|
|
|
48,709
|
|
|
|
161.13
|
|
|
|
80.7
|
|
|
|
11,633
|
|
Other(3)
|
|
|
—
|
|
|
|
9,779
|
|
|
|
—
|
|
|
|
21,886
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(12,107
|
)
|
|
|
|
8,619
|
|
|
|
$
|
2,970,652
|
|
|
|
$
|
344.65
|
|
|
|
$
|
2,635,784
|
|
|
|
$
|
305.80
|
|
|
|
88.7
|
%
|
|
|
$
|
334,868
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2014
|
|
|
|
Member
Months(1)
|
|
|
Premium Revenue
|
|
|
Medical Care Costs
|
|
|
MCR(2)
|
|
|
Medical Margin
|
|
|
|
|
Total
|
|
|
PMPM
|
|
|
Total
|
|
|
PMPM
|
|
|
|
|
California
|
|
|
1,254
|
|
|
|
$
|
277,642
|
|
|
|
$
|
221.42
|
|
|
|
$
|
237,344
|
|
|
|
$
|
189.28
|
|
|
|
85.5
|
%
|
|
|
$
|
40,298
|
|
Florida
|
|
|
270
|
|
|
|
105,166
|
|
|
|
389.67
|
|
|
|
93,461
|
|
|
|
346.30
|
|
|
|
88.9
|
|
|
|
11,705
|
|
Illinois
|
|
|
14
|
|
|
|
15,171
|
|
|
|
1,078.41
|
|
|
|
14,494
|
|
|
|
1,030.28
|
|
|
|
95.5
|
|
|
|
677
|
|
Michigan
|
|
|
648
|
|
|
|
173,496
|
|
|
|
267.58
|
|
|
|
135,320
|
|
|
|
208.70
|
|
|
|
78.0
|
|
|
|
38,176
|
|
New Mexico
|
|
|
549
|
|
|
|
225,068
|
|
|
|
410.00
|
|
|
|
196,409
|
|
|
|
357.79
|
|
|
|
87.3
|
|
|
|
28,659
|
|
Ohio
|
|
|
772
|
|
|
|
278,295
|
|
|
|
360.62
|
|
|
|
237,328
|
|
|
|
307.53
|
|
|
|
85.3
|
|
|
|
40,967
|
|
South Carolina
|
|
|
394
|
|
|
|
96,020
|
|
|
|
243.41
|
|
|
|
90,262
|
|
|
|
228.82
|
|
|
|
94.0
|
|
|
|
5,758
|
|
Texas
|
|
|
749
|
|
|
|
320,096
|
|
|
|
427.27
|
|
|
|
292,958
|
|
|
|
391.05
|
|
|
|
91.5
|
|
|
|
27,138
|
|
Utah
|
|
|
246
|
|
|
|
78,654
|
|
|
|
319.96
|
|
|
|
67,200
|
|
|
|
273.37
|
|
|
|
85.4
|
|
|
|
11,454
|
|
Washington
|
|
|
1,276
|
|
|
|
323,461
|
|
|
|
253.48
|
|
|
|
298,107
|
|
|
|
233.61
|
|
|
|
92.2
|
|
|
|
25,354
|
|
Wisconsin
|
|
|
274
|
|
|
|
38,528
|
|
|
|
140.67
|
|
|
|
28,809
|
|
|
|
105.19
|
|
|
|
74.8
|
|
|
|
9,719
|
|
Other(3)
|
|
|
—
|
|
|
|
8,740
|
|
|
|
—
|
|
|
|
29,966
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(21,226
|
)
|
|
|
|
6,446
|
|
|
|
$
|
1,940,337
|
|
|
|
$
|
301.00
|
|
|
|
$
|
1,721,658
|
|
|
|
$
|
267.08
|
|
|
|
88.7
|
%
|
|
|
$
|
218,679
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
____________
|
(1) A member month is defined as the aggregate of each
month's ending membership for the period presented.
|
(2) The MCR represents medical costs as a percentage of
premium revenue.
|
(3) "Other" medical care costs include primarily
medically related administrative costs at the parent company, and
direct delivery costs.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOLINA HEALTHCARE, INC.
UNAUDITED SELECTED HEALTH PLANS SEGMENT FINANCIAL DATA,
CONTINUING OPERATIONS
(In thousands, except percentages and per-member per-month
amounts)
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2015(1)
|
|
|
|
Member
Months(2)
|
|
|
Premium Revenue
|
|
|
Medical Care Costs
|
|
|
MCR(3)
|
|
|
Medical Margin
|
|
|
|
|
|
Total
|
|
|
PMPM
|
|
|
Total
|
|
|
PMPM
|
|
|
|
|
TANF and CHIP
|
|
|
5,479
|
|
|
|
$
|
972,039
|
|
|
|
$
|
177.40
|
|
|
|
$
|
896,826
|
|
|
|
$
|
163.67
|
|
|
|
92.3
|
%
|
|
|
$
|
75,213
|
Medicaid Expansion
|
|
|
1,274
|
|
|
|
506,896
|
|
|
|
397.99
|
|
|
|
393,031
|
|
|
|
308.59
|
|
|
|
77.5
|
|
|
|
113,865
|
ABD
|
|
|
1,051
|
|
|
|
940,268
|
|
|
|
894.70
|
|
|
|
862,520
|
|
|
|
820.72
|
|
|
|
91.7
|
|
|
|
77,748
|
Marketplace
|
|
|
582
|
|
|
|
193,511
|
|
|
|
332.52
|
|
|
|
156,314
|
|
|
|
268.60
|
|
|
|
80.8
|
|
|
|
37,197
|
Medicare
|
|
|
131
|
|
|
|
133,335
|
|
|
|
1,013.66
|
|
|
|
128,497
|
|
|
|
977.09
|
|
|
|
96.4
|
|
|
|
4,838
|
MMP
|
|
|
102
|
|
|
|
224,603
|
|
|
|
2,206.17
|
|
|
|
198,596
|
|
|
|
1,950.71
|
|
|
|
88.4
|
|
|
|
26,007
|
|
|
|
8,619
|
|
|
|
$
|
2,970,652
|
|
|
|
$
|
344.65
|
|
|
|
$
|
2,635,784
|
|
|
|
$
|
305.80
|
|
|
|
88.7
|
%
|
|
|
$
|
334,868
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______________________
|
(1) Three months ended March 31, 2014 data not
presented due to lack of comparability.
|
(2) A member month is defined as the aggregate of each
month's ending membership for the period presented.
|
(3) The MCR represents medical costs as a percentage of
premium revenue
|
|
|
|
|
The following tables provide the details of the Company’s medical
care costs from continuing operations for the periods indicated:
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
2015
|
|
|
2014
|
|
|
|
Amount
|
|
|
PMPM
|
|
|
% of
Total
|
|
|
Amount
|
|
|
PMPM
|
|
|
% of
Total
|
Fee for service
|
|
|
$
|
1,948,305
|
|
|
|
$
|
226.04
|
|
|
|
73.9
|
%
|
|
|
$
|
1,181,061
|
|
|
|
$
|
183.21
|
|
|
|
68.6
|
%
|
Pharmacy
|
|
|
351,198
|
|
|
|
40.75
|
|
|
|
13.3
|
|
|
|
286,628
|
|
|
|
44.46
|
|
|
|
16.7
|
|
Capitation
|
|
|
216,325
|
|
|
|
25.10
|
|
|
|
8.2
|
|
|
|
169,439
|
|
|
|
26.28
|
|
|
|
9.8
|
|
Direct delivery
|
|
|
26,771
|
|
|
|
3.11
|
|
|
|
1.0
|
|
|
|
22,021
|
|
|
|
3.42
|
|
|
|
1.3
|
|
Other
|
|
|
93,185
|
|
|
|
10.80
|
|
|
|
3.6
|
|
|
|
62,509
|
|
|
|
9.71
|
|
|
|
3.6
|
|
|
|
|
$
|
2,635,784
|
|
|
|
$
|
305.80
|
|
|
|
100.0
|
%
|
|
|
$
|
1,721,658
|
|
|
|
$
|
267.08
|
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
The following table provides the details of the Company's medical
claims and benefits payable as of the dates indicated:
|
|
|
|
|
|
|
|
|
|
|
March 31, 2015
|
|
|
December 31, 2014
|
Fee-for-service claims incurred but not paid (IBNP)
|
|
|
$
|
1,089,903
|
|
|
|
$
|
870,429
|
Pharmacy payable
|
|
|
84,180
|
|
|
|
71,412
|
Capitation payable
|
|
|
47,171
|
|
|
|
28,150
|
Other (1)
|
|
|
226,878
|
|
|
|
230,531
|
|
|
|
$
|
1,448,132
|
|
|
|
$
|
1,200,522
|
|
|
|
|
|
|
|
|
|
|
|
______________________
|
(1) “Other” medical claims and benefits payable include
amounts payable to certain providers for which the Company acts as
an intermediary on behalf of various state agencies without
assuming financial risk. Such receipts and payments do not impact
the Company’s unaudited consolidated statements of income. As of
March 31, 2015 and December 31, 2014, the Company had recorded
non-risk provider payables of approximately $105.4 million and
$119.3 million, respectively.
|
|
|
|
|
|
|
|
|
|
|
MOLINA HEALTHCARE, INC.
UNAUDITED CHANGE IN MEDICAL CLAIMS
AND BENEFITS PAYABLE
(Dollars in thousands, except
per-member amounts)
The Company’s claims liability includes an allowance for adverse claims
deviation based on historical experience and other factors including,
but not limited to, variations in claims payment patterns, changes in
utilization and cost trends, known outbreaks of disease, and large
claims. The Company’s reserving methodology is consistently applied
across all periods presented. The amounts displayed for “Components of
medical care costs related to: Prior period” represent the amount by
which the Company’s original estimate of claims and benefits payable at
the beginning of the period were more than the actual amount of the
liability based on information (principally the payment of claims)
developed since that liability was first reported. The following table
presents the components of the change in medical claims and benefits
payable from continuing and discontinued operations combined for the
periods indicated:
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
Year Ended December 31, 2014
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
Medical claims and benefits payable, beginning balance
|
|
|
$
|
1,200,522
|
|
|
|
$
|
669,787
|
|
|
|
$
|
669,787
|
|
Components of medical care costs related to:
|
|
|
|
|
|
|
|
|
|
Current period
|
|
|
2,771,588
|
|
|
|
1,773,332
|
|
|
|
8,122,885
|
|
Prior period (1)
|
|
|
(135,833
|
)
|
|
|
(50,904
|
)
|
|
|
(45,979
|
)
|
Total medical care costs
|
|
|
2,635,755
|
|
|
|
1,722,428
|
|
|
|
8,076,906
|
|
|
|
|
|
|
|
|
|
|
|
Change in non-risk provider payables
|
|
|
(13,914
|
)
|
|
|
(28,560
|
)
|
|
|
(31,973
|
)
|
Payments for medical care costs related to:
|
|
|
|
|
|
|
|
|
|
Current period
|
|
|
1,647,981
|
|
|
|
1,172,672
|
|
|
|
7,064,427
|
|
Prior period
|
|
|
726,250
|
|
|
|
371,442
|
|
|
|
449,771
|
|
Total paid
|
|
|
2,374,231
|
|
|
|
1,544,114
|
|
|
|
7,514,198
|
|
Medical claims and benefits payable, ending balance
|
|
|
$
|
1,448,132
|
|
|
|
$
|
819,541
|
|
|
|
$
|
1,200,522
|
|
|
|
|
|
|
|
|
|
|
|
Benefit from prior period as a percentage of:
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
|
|
11.3
|
%
|
|
|
7.6
|
%
|
|
|
6.9
|
%
|
Premium revenue, trailing twelve months
|
|
|
1.4
|
%
|
|
|
0.8
|
%
|
|
|
0.5
|
%
|
Medical care costs, trailing twelve months
|
|
|
1.5
|
%
|
|
|
0.9
|
%
|
|
|
0.6
|
%
|
|
|
|
|
|
|
|
|
|
|
Fee-For-Service Claims Data:
|
|
|
|
|
|
|
|
|
|
Days in claims payable, fee for service
|
|
|
51
|
|
|
|
46
|
|
|
|
49
|
|
Number of members at end of year
|
|
|
2,965,000
|
|
|
|
2,151,000
|
|
|
|
2,623,000
|
|
Number of claims in inventory at end of year
|
|
|
319,300
|
|
|
|
287,300
|
|
|
|
307,700
|
|
Billed charges of claims in inventory at end of year
|
|
|
$
|
848,200
|
|
|
|
$
|
517,300
|
|
|
|
$
|
718,500
|
|
Claims in inventory per member at end of year
|
|
|
0.11
|
|
|
|
0.13
|
|
|
|
0.12
|
|
Billed charges of claims in inventory per member at end of year
|
|
|
$
|
286.07
|
|
|
|
$
|
240.49
|
|
|
|
$
|
273.92
|
|
Number of claims received during the year
|
|
|
8,635,500
|
|
|
|
5,986,000
|
|
|
|
27,597,000
|
|
Billed charges of claims received during the year
|
|
|
$
|
9,891,800
|
|
|
|
$
|
6,354,000
|
|
|
|
$
|
30,315,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_________________
|
(1) The benefit from prior period development of
medical claims and benefits payable for the three months ended
March 31, 2015, included approximately $25 million relating to
programs that contain medical cost floor or corridor provisions.
Accordingly, premium revenue for the three months ended March 31,
2015, was reduced by the same amount.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOLINA HEALTHCARE, INC.
HEALTH INSURER FEE DETAILS BY HEALTH PLAN
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
HIF Reimbursement Revenue, Gross(1)
|
|
|
|
Three Months Ended March 31, 2015
|
|
|
Year Ended Dec. 31, 2015
|
|
|
Recognized
|
|
|
Necessary for Full Reimbursement
|
|
|
Necessary for Full Reimbursement
|
2015 HIF:
|
|
|
|
|
|
|
California
|
|
|
$
|
—
|
|
|
|
$
|
7,724
|
|
|
|
$
|
30,898
|
Florida
|
|
|
2,027
|
|
|
|
2,027
|
|
|
|
8,108
|
Illinois
|
|
|
965
|
|
|
|
965
|
|
|
|
3,861
|
Michigan
|
|
|
—
|
|
|
|
6,998
|
|
|
|
27,993
|
New Mexico
|
|
|
7,539
|
|
|
|
7,539
|
|
|
|
30,157
|
Ohio
|
|
|
11,936
|
|
|
|
11,936
|
|
|
|
47,743
|
South Carolina
|
|
|
3,053
|
|
|
|
3,053
|
|
|
|
12,214
|
Texas
|
|
|
5,839
|
|
|
|
5,839
|
|
|
|
23,357
|
Utah
|
|
|
—
|
|
|
|
1,453
|
|
|
|
5,813
|
Washington
|
|
|
10,951
|
|
|
|
10,951
|
|
|
|
43,802
|
Wisconsin
|
|
|
1,126
|
|
|
|
1,126
|
|
|
|
4,505
|
Subtotal, Medicaid
|
|
|
43,436
|
|
|
|
59,611
|
|
|
|
238,451
|
Marketplace
|
|
|
398
|
|
|
|
398
|
|
|
|
1,586
|
Medicare
|
|
|
5,702
|
|
|
|
5,702
|
|
|
|
22,801
|
|
|
|
$
|
49,536
|
|
|
|
$
|
65,711
|
|
|
|
$
|
262,838
|
|
|
|
|
|
|
|
|
|
|
Recognized in:
|
|
|
|
|
|
|
|
|
|
Health insurer fee revenue
|
|
|
$
|
47,948
|
|
|
|
|
|
|
|
Premium tax revenue
|
|
|
1,588
|
|
|
|
|
|
|
|
|
|
|
$
|
49,536
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_____________
|
|
|
|
(1) Amounts in the table include the Company's estimate
of the full economic impact of the excise tax including premium
tax and the income tax effect.
|
|
|
|
|
|
|
|
CONTACT:
Molina Healthcare, Inc.
Investor Relations:
Juan José
Orellana, 562-435-3666, ext. 111143
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