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): October 29, 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 October 29, 2015, Molina Healthcare, Inc. issued a press release
announcing its financial results for the third quarter and nine months
ended September 30, 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 October 29, 2015, as
to financial results for the third quarter and nine months ended
September 30, 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:
|
October 29, 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 October 29, 2015,
as to financial results for the third quarter and nine months
ended September 30, 2015.
|
Exhibit 99.1
Molina
Healthcare Reports Third Quarter 2015 Results
LONG BEACH, Calif.--(BUSINESS WIRE)--October 29, 2015--Molina
Healthcare, Inc. (NYSE: MOH):
-
Net income per diluted share, continuing operations, of $0.77 for the
quarter, compared with $0.33 in 2014.
-
Adjusted net income per diluted share, continuing operations,1
of $0.89 for the quarter, compared with $0.48 for 2014.
-
Total revenue of $3.6 billion, up 45% over third quarter 2014 and 2%
over second quarter 2015.
Molina Healthcare, Inc. (NYSE: MOH) today reported its financial results
for the third quarter of 2015.
“Momentum in our business continues to grow as we execute on our
priorities of revenue growth, profit improvement and business
diversification,” said J. Mario Molina M.D., chief executive officer of
Molina Healthcare, Inc. “I am very proud of our performance so far this
year, and I look forward to welcoming the employees and patients of
Providence Human Services into the Molina family.” As previously
announced, the Company has agreed to acquire Providence Human Services,
LLC and Providence Community Services, LLC, both wholly owned
subsidiaries of The Providence Service Corporation, in an all-cash
transaction.
Overview of Financial Results, Continuing Operations
Financial results for the third quarter of 2015 improved significantly
over the same quarter of 2014 due to higher revenue, greater medical
cost efficiency, and full state reimbursement of the Affordable Care Act
Health Insurer Fee (HIF).
Income from continuing operations, before tax expense, increased to $98
million in the third quarter of 2015, from $24 million in the third
quarter of 2014.
Premium revenue increased approximately 46% in the third quarter of
2015, compared with the third quarter of 2014, due to increased Medicaid
expansion, integrated Medicare-Medicaid Plan and Marketplace enrollment,
growth in the Company’s Illinois health plan, and the start-up of the
Company’s Puerto Rico health plan earlier this year.
Medical care costs as a percent of premium revenue (the “medical care
ratio”) decreased to 89.3% in the third quarter of 2015, from 90.6% in
the third quarter of 2014.
General and administrative expenses as a percentage of total revenue
(the “general and administrative expense ratio”) increased to 8.0% in
the third quarter of 2015, from 7.2% in the third quarter of 2014,
primarily due to broker and exchange fees associated with the Company’s
Marketplace program.
Health Insurer Fee Update
The Company has secured full reimbursement for the Medicaid portion of
its expense under the HIF. During the third quarter of 2015, the Company
recognized as revenue certain amounts of HIF reimbursement due from
Michigan and Utah for prior periods. These amounts represented
approximately $8 million ($0.08 per diluted share) of HIF revenue
related to 2014 and approximately $17 million ($0.18 per diluted share)
related to the first two quarters of 2015.
The amount of HIF reimbursement not recognized in the third quarter of
2014 was approximately $6 million ($0.07 per diluted share) and
approximately $37 million ($0.49 per diluted share) for the nine months
ended September 30, 2014.
Texas Health Plan Quality Revenue Update
As previously disclosed, the Company has deferred recognition of that
portion of its quality related revenue in Texas that is based upon
measures for which the Company does not have historical information,
clear definitions, and clarity around minimum standards. Such revenue is
estimated to be approximately $20 million for all of 2014 and $17
million for the nine months ended September 30, 2015. The Company has
not recognized any of this revenue through September 30, 2015.
Conference Call
The Company’s management will host a conference call and webcast to
discuss its third quarter results at 5:00 p.m. Eastern time on Thursday,
October 29, 2015. The number to call for the interactive teleconference
is (212) 231-2926. A telephonic replay of the conference call will be
available from 7:00 p.m. Eastern time on Thursday, October 29, 2015,
through 6:00 p.m. on Friday, October 30, 2015, by dialing (800) 633-8284
and entering confirmation number 21777769. A live audio broadcast of
Molina Healthcare’s conference call will be available on the Company’s
website, 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 approximately 3.5 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 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:
-
uncertainties associated with the implementation of the Affordable
Care Act, the Medicaid expansion, the insurance marketplaces, the
effect of various implementing regulations, 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, premium stabilization programs, profit
sharing arrangements, and conflicting interpretations thereof;
-
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, including the
successful resolution of the Puerto Rico debt crisis and the payment
of all amounts due under our Medicaid contract;
-
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, including the resolution of the
Illinois budget impasse and continued payment of our Illinois health
plan;
-
the accurate estimation of incurred but not reported or 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 a pending qui tam action in
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 effect on our Los Angeles County subcontract of Centene’s
acquisition of Health Net;
-
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;
-
newly emergent viruses or widespread epidemics, and associated
public alarm;
-
changes in general economic conditions, including unemployment
rates;
-
the sufficiency of our funds on hand to pay the amounts due upon
conversion of our outstanding notes;
-
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 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 October 29, 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
|
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
(Amounts in thousands, except net income per share)
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium revenue
|
|
|
|
$
|
3,377,030
|
|
|
|
$
|
2,316,759
|
|
|
|
$
|
9,652,054
|
|
|
|
$
|
6,424,238
|
|
Service revenue
|
|
|
|
47,551
|
|
|
|
52,557
|
|
|
|
146,652
|
|
|
|
156,419
|
|
Premium tax revenue
|
|
|
|
99,047
|
|
|
|
81,240
|
|
|
|
289,003
|
|
|
|
203,053
|
|
Health insurer fee revenue
|
|
|
|
81,158
|
|
|
|
29,427
|
|
|
|
202,996
|
|
|
|
67,785
|
|
Investment income
|
|
|
|
4,832
|
|
|
|
2,041
|
|
|
|
11,675
|
|
|
|
5,615
|
|
Other revenue
|
|
|
|
1,745
|
|
|
|
2,327
|
|
|
|
4,996
|
|
|
|
8,523
|
|
Total revenue
|
|
|
|
3,611,363
|
|
|
|
2,484,351
|
|
|
|
10,307,376
|
|
|
|
6,865,633
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical care costs
|
|
|
|
3,015,371
|
|
|
|
2,097,836
|
|
|
|
8,580,689
|
|
|
|
5,753,793
|
|
Cost of service revenue
|
|
|
|
34,573
|
|
|
|
40,067
|
|
|
|
103,294
|
|
|
|
117,831
|
|
General and administrative expenses
|
|
|
|
287,691
|
|
|
|
178,879
|
|
|
|
830,277
|
|
|
|
560,205
|
|
Premium tax expenses
|
|
|
|
99,047
|
|
|
|
81,240
|
|
|
|
289,003
|
|
|
|
203,053
|
|
Health insurer fee expenses
|
|
|
|
35,985
|
|
|
|
22,308
|
|
|
|
117,415
|
|
|
|
66,443
|
|
Depreciation and amortization
|
|
|
|
25,843
|
|
|
|
24,242
|
|
|
|
75,987
|
|
|
|
67,835
|
|
Total operating expenses
|
|
|
|
3,498,510
|
|
|
|
2,444,572
|
|
|
|
9,996,665
|
|
|
|
6,769,160
|
|
Operating income
|
|
|
|
112,853
|
|
|
|
39,779
|
|
|
|
310,711
|
|
|
|
96,473
|
|
Other expenses, net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
15,269
|
|
|
|
14,419
|
|
|
|
45,091
|
|
|
|
42,234
|
|
Other (income) expense, net
|
|
|
|
(40
|
)
|
|
|
863
|
|
|
|
(82
|
)
|
|
|
810
|
|
Total other expenses, net
|
|
|
|
15,229
|
|
|
|
15,282
|
|
|
|
45,009
|
|
|
|
43,044
|
|
Income from continuing operations before income tax expense
|
|
|
|
97,624
|
|
|
|
24,497
|
|
|
|
265,702
|
|
|
|
53,429
|
|
Income tax expense
|
|
|
|
51,329
|
|
|
|
8,427
|
|
|
|
152,335
|
|
|
|
24,784
|
|
Income from continuing operations
|
|
|
|
46,295
|
|
|
|
16,070
|
|
|
|
113,367
|
|
|
|
28,645
|
|
Income (loss) from discontinued operations, net of tax
|
|
|
|
4
|
|
|
|
52
|
|
|
|
28
|
|
|
|
(214
|
)
|
Net income
|
|
|
|
$
|
46,299
|
|
|
|
$
|
16,122
|
|
|
|
$
|
113,395
|
|
|
|
$
|
28,431
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
|
$
|
0.77
|
|
|
|
$
|
0.33
|
|
|
|
$
|
2.07
|
|
|
|
$
|
0.60
|
|
Loss from discontinued operations
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.01
|
)
|
Diluted net income per share
|
|
|
|
$
|
0.77
|
|
|
|
$
|
0.33
|
|
|
|
$
|
2.07
|
|
|
|
$
|
0.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average shares outstanding
|
|
|
|
59,978
|
|
|
|
48,644
|
|
|
|
54,699
|
|
|
|
48,088
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Statistics, Continuing Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical care ratio(1)
|
|
|
|
89.3
|
%
|
|
|
90.6
|
%
|
|
|
88.9
|
%
|
|
|
89.6
|
%
|
Service revenue ratio(2)
|
|
|
|
72.7
|
%
|
|
|
76.2
|
%
|
|
|
70.4
|
%
|
|
|
75.3
|
%
|
General and administrative expense ratio(3)
|
|
|
|
8.0
|
%
|
|
|
7.2
|
%
|
|
|
8.1
|
%
|
|
|
8.2
|
%
|
Premium tax ratio(1)
|
|
|
|
2.8
|
%
|
|
|
3.4
|
%
|
|
|
2.9
|
%
|
|
|
3.1
|
%
|
Effective tax rate
|
|
|
|
52.6
|
%
|
|
|
34.4
|
%
|
|
|
57.3
|
%
|
|
|
46.4
|
%
|
Net profit margin, continuing operations(3)
|
|
|
|
1.3
|
%
|
|
|
0.6
|
%
|
|
|
1.1
|
%
|
|
|
0.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_____________
|
(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
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2015
|
|
|
December 31, 2014
|
|
|
|
|
(Amounts in thousands, except per-share
data)
|
ASSETS
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
2,164,210
|
|
|
|
$
|
1,539,063
|
|
Investments
|
|
|
|
1,461,467
|
|
|
|
1,019,462
|
|
Receivables
|
|
|
|
619,891
|
|
|
|
596,456
|
|
Deferred income taxes
|
|
|
|
54,231
|
|
|
|
39,532
|
|
Prepaid expenses and other current assets
|
|
|
|
120,438
|
|
|
|
50,884
|
|
Derivative asset
|
|
|
|
490,087
|
|
|
|
—
|
|
Total current assets
|
|
|
|
4,910,324
|
|
|
|
3,245,397
|
|
Property, equipment, and capitalized software, net
|
|
|
|
374,862
|
|
|
|
340,778
|
|
Deferred contract costs
|
|
|
|
73,619
|
|
|
|
53,675
|
|
Intangible assets, net
|
|
|
|
96,424
|
|
|
|
89,273
|
|
Goodwill
|
|
|
|
321,220
|
|
|
|
271,964
|
|
Restricted investments
|
|
|
|
101,970
|
|
|
|
102,479
|
|
Derivative asset
|
|
|
|
—
|
|
|
|
329,323
|
|
Other assets
|
|
|
|
36,612
|
|
|
|
44,326
|
|
|
|
|
|
$
|
5,915,031
|
|
|
|
$
|
4,477,215
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Medical claims and benefits payable
|
|
|
|
$
|
1,559,570
|
|
|
|
$
|
1,200,522
|
|
Amounts due government agencies
|
|
|
|
980,317
|
|
|
|
527,193
|
|
Accounts payable and accrued liabilities
|
|
|
|
274,131
|
|
|
|
241,654
|
|
Deferred revenue
|
|
|
|
67,227
|
|
|
|
196,076
|
|
Income taxes payable
|
|
|
|
39,205
|
|
|
|
8,987
|
|
Current portion of long-term debt
|
|
|
|
450,780
|
|
|
|
341
|
|
Derivative liability
|
|
|
|
489,940
|
|
|
|
—
|
|
Total current liabilities
|
|
|
|
3,861,170
|
|
|
|
2,174,773
|
|
Convertible senior notes
|
|
|
|
275,050
|
|
|
|
704,097
|
|
Lease financing obligations
|
|
|
|
161,553
|
|
|
|
160,710
|
|
Lease financing obligations - related party
|
|
|
|
39,868
|
|
|
|
40,241
|
|
Deferred income taxes
|
|
|
|
27,111
|
|
|
|
24,271
|
|
Derivative liability
|
|
|
|
—
|
|
|
|
329,194
|
|
Other long-term liabilities
|
|
|
|
32,270
|
|
|
|
33,487
|
|
Total liabilities
|
|
|
|
4,397,022
|
|
|
|
3,466,773
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
Common stock, $0.001 par value; 150,000 shares authorized;
outstanding: 56,075 shares at September 30, 2015 and 49,727 shares
at December 31, 2014
|
|
|
|
56
|
|
|
|
50
|
|
Preferred stock, $0.001 par value; 20,000 shares authorized, no
shares issued and outstanding
|
|
|
|
—
|
|
|
|
—
|
|
Additional paid-in capital
|
|
|
|
789,907
|
|
|
|
396,059
|
|
Accumulated other comprehensive loss
|
|
|
|
(701
|
)
|
|
|
(1,019
|
)
|
Retained earnings
|
|
|
|
728,747
|
|
|
|
615,352
|
|
Total stockholders’ equity
|
|
|
|
1,518,009
|
|
|
|
1,010,442
|
|
|
|
|
|
$
|
5,915,031
|
|
|
|
$
|
4,477,215
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOLINA HEALTHCARE, INC.
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS,
|
CONTINUING AND DISCONTINUED OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
(Amounts in thousands)
|
Operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
46,299
|
|
|
|
$
|
16,122
|
|
|
|
$
|
113,395
|
|
|
|
$
|
28,431
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
30,507
|
|
|
|
33,810
|
|
|
|
92,583
|
|
|
|
99,464
|
|
Deferred income taxes
|
|
|
|
(19,477
|
)
|
|
|
(12,397
|
)
|
|
|
(12,072
|
)
|
|
|
(10,705
|
)
|
Share-based compensation
|
|
|
|
6,985
|
|
|
|
5,659
|
|
|
|
16,226
|
|
|
|
16,115
|
|
Amortization of convertible senior notes and lease financing
obligations
|
|
|
|
7,416
|
|
|
|
6,740
|
|
|
|
22,101
|
|
|
|
20,195
|
|
Other, net
|
|
|
|
4,571
|
|
|
|
2,152
|
|
|
|
13,212
|
|
|
|
3,875
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables
|
|
|
|
11,239
|
|
|
|
47,831
|
|
|
|
(23,429
|
)
|
|
|
(126,748
|
)
|
Prepaid expenses and other current assets
|
|
|
|
33,715
|
|
|
|
15,305
|
|
|
|
(63,312
|
)
|
|
|
(51,582
|
)
|
Medical claims and benefits payable
|
|
|
|
67,318
|
|
|
|
199,664
|
|
|
|
359,048
|
|
|
|
454,059
|
|
Amounts due government agencies
|
|
|
|
155,383
|
|
|
|
220,903
|
|
|
|
453,124
|
|
|
|
340,775
|
|
Accounts payable and accrued liabilities
|
|
|
|
(124,193
|
)
|
|
|
(84,009
|
)
|
|
|
33,541
|
|
|
|
(26,384
|
)
|
Deferred revenue
|
|
|
|
9,504
|
|
|
|
144,911
|
|
|
|
(128,849
|
)
|
|
|
68,640
|
|
Income taxes
|
|
|
|
28,809
|
|
|
|
9,047
|
|
|
|
30,218
|
|
|
|
25,063
|
|
Net cash provided by operating activities
|
|
|
|
258,076
|
|
|
|
605,738
|
|
|
|
905,786
|
|
|
|
841,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of investments
|
|
|
|
(318,253
|
)
|
|
|
(248,020
|
)
|
|
|
(1,311,231
|
)
|
|
|
(616,324
|
)
|
Proceeds from sales and maturities of investments
|
|
|
|
321,522
|
|
|
|
147,188
|
|
|
|
862,572
|
|
|
|
473,836
|
|
Purchases of property, equipment, and capitalized software
|
|
|
|
(34,501
|
)
|
|
|
(34,101
|
)
|
|
|
(100,361
|
)
|
|
|
(71,771
|
)
|
Increase in restricted investments
|
|
|
|
8,986
|
|
|
|
(8,679
|
)
|
|
|
(5,216
|
)
|
|
|
(24,301
|
)
|
Net cash paid in business combinations
|
|
|
|
(69,310
|
)
|
|
|
(7,500
|
)
|
|
|
(77,316
|
)
|
|
|
(7,500
|
)
|
Other, net
|
|
|
|
(16,670
|
)
|
|
|
(7,832
|
)
|
|
|
(33,523
|
)
|
|
|
(15,220
|
)
|
Net cash used in investing activities
|
|
|
|
(108,226
|
)
|
|
|
(158,944
|
)
|
|
|
(665,075
|
)
|
|
|
(261,280
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from common stock offering, net of issuance costs
|
|
|
|
—
|
|
|
|
—
|
|
|
|
373,151
|
|
|
|
—
|
|
Proceeds from issuance of convertible senior notes, net of
issuance costs
|
|
|
|
—
|
|
|
|
123,387
|
|
|
|
—
|
|
|
|
123,387
|
|
Contingent consideration liabilities settled
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(50,349
|
)
|
Proceeds from employee stock plans
|
|
|
|
249
|
|
|
|
11
|
|
|
|
8,636
|
|
|
|
7,628
|
|
Other, net
|
|
|
|
229
|
|
|
|
1,053
|
|
|
|
2,649
|
|
|
|
2,117
|
|
Net cash provided by financing activities
|
|
|
|
478
|
|
|
|
124,451
|
|
|
|
384,436
|
|
|
|
82,783
|
|
Net increase in cash and cash equivalents
|
|
|
|
150,328
|
|
|
|
571,245
|
|
|
|
625,147
|
|
|
|
662,701
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
2,013,882
|
|
|
|
1,027,351
|
|
|
|
1,539,063
|
|
|
|
935,895
|
|
Cash and cash equivalents at end of period
|
|
|
|
$
|
2,164,210
|
|
|
|
$
|
1,598,596
|
|
|
|
$
|
2,164,210
|
|
|
|
$
|
1,598,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
(Amounts in thousands)
|
Net income
|
|
|
|
$
|
46,299
|
|
|
|
$
|
16,122
|
|
|
|
$
|
113,395
|
|
|
|
$
|
28,431
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, and amortization of intangible assets and
capitalized software
|
|
|
|
29,463
|
|
|
|
29,307
|
|
|
|
87,261
|
|
|
|
83,513
|
Interest expense
|
|
|
|
15,269
|
|
|
|
14,419
|
|
|
|
45,091
|
|
|
|
42,234
|
Income tax expense
|
|
|
|
51,332
|
|
|
|
8,439
|
|
|
|
152,371
|
|
|
|
24,436
|
EBITDA
|
|
|
|
$
|
142,363
|
|
|
|
$
|
68,287
|
|
|
|
$
|
398,118
|
|
|
|
$
|
178,614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The second of these non-GAAP measures is adjusted net income, continuing
operations (including adjusted net income per diluted share). The
following table reconciles 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 September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
(In thousands, except per diluted share amounts)
|
Net income, continuing operations
|
|
|
|
$
|
46,295
|
|
|
$
|
0.77
|
|
|
|
$
|
16,070
|
|
|
$
|
0.33
|
|
|
|
$
|
113,367
|
|
|
$
|
2.07
|
|
|
|
$
|
28,645
|
|
|
$
|
0.60
|
Adjustments, net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of convertible senior notes and lease financing
obligations
|
|
|
|
4,672
|
|
|
0.08
|
|
|
|
4,246
|
|
|
0.09
|
|
|
|
13,924
|
|
|
0.25
|
|
|
|
12,723
|
|
|
0.26
|
Amortization of intangible assets
|
|
|
|
2,371
|
|
|
0.04
|
|
|
|
3,189
|
|
|
0.06
|
|
|
|
7,919
|
|
|
0.15
|
|
|
|
9,727
|
|
|
0.20
|
Adjusted net income, continuing operations(1)
|
|
|
|
$
|
53,338
|
|
|
$
|
0.89
|
|
|
|
$
|
23,505
|
|
|
$
|
0.48
|
|
|
|
$
|
135,210
|
|
|
$
|
2.47
|
|
|
|
$
|
51,095
|
|
|
$
|
1.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_____________
|
(1) Beginning in the first quarter of 2015, the Company 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 conform to this
presentation.
|
|
|
MOLINA HEALTHCARE, INC.
|
UNAUDITED HEALTH PLANS SEGMENT MEMBERSHIP, CONTINUING OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2015
|
|
|
June 30, 2015
|
|
|
December 31, 2014
|
|
|
September 30, 2014
|
Ending Membership by Health Plan:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California
|
|
|
|
611,000
|
|
|
|
593,000
|
|
|
|
531,000
|
|
|
|
496,000
|
Florida
|
|
|
|
349,000
|
|
|
|
348,000
|
|
|
|
164,000
|
|
|
|
98,000
|
Illinois
|
|
|
|
101,000
|
|
|
|
101,000
|
|
|
|
100,000
|
|
|
|
21,000
|
Michigan
|
|
|
|
340,000
|
|
|
|
260,000
|
|
|
|
242,000
|
|
|
|
238,000
|
New Mexico
|
|
|
|
231,000
|
|
|
|
225,000
|
|
|
|
212,000
|
|
|
|
207,000
|
Ohio
|
|
|
|
344,000
|
|
|
|
332,000
|
|
|
|
347,000
|
|
|
|
337,000
|
Puerto Rico(1)
|
|
|
|
356,000
|
|
|
|
361,000
|
|
|
|
—
|
|
|
|
—
|
South Carolina
|
|
|
|
102,000
|
|
|
|
114,000
|
|
|
|
118,000
|
|
|
|
118,000
|
Texas
|
|
|
|
263,000
|
|
|
|
266,000
|
|
|
|
245,000
|
|
|
|
249,000
|
Utah
|
|
|
|
102,000
|
|
|
|
92,000
|
|
|
|
83,000
|
|
|
|
83,000
|
Washington
|
|
|
|
568,000
|
|
|
|
553,000
|
|
|
|
497,000
|
|
|
|
473,000
|
Wisconsin
|
|
|
|
103,000
|
|
|
|
107,000
|
|
|
|
84,000
|
|
|
|
84,000
|
|
|
|
|
3,470,000
|
|
|
|
3,352,000
|
|
|
|
2,623,000
|
|
|
|
2,404,000
|
Ending Membership by Program:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Temporary Assistance for Needy Families (TANF), CHIP(2)
|
|
|
|
2,249,000
|
|
|
|
2,180,000
|
|
|
|
1,809,000
|
|
|
|
1,678,000
|
Medicaid Expansion(3)
|
|
|
|
540,000
|
|
|
|
475,000
|
|
|
|
385,000
|
|
|
|
315,000
|
Aged, Blind or Disabled (ABD)
|
|
|
|
359,000
|
|
|
|
353,000
|
|
|
|
347,000
|
|
|
|
335,000
|
Marketplace(3)
|
|
|
|
226,000
|
|
|
|
261,000
|
|
|
|
15,000
|
|
|
|
16,000
|
Medicare-Medicaid Plan (MMP) - Integrated(4)
|
|
|
|
56,000
|
|
|
|
39,000
|
|
|
|
18,000
|
|
|
|
14,000
|
Medicare Special Needs Plans
|
|
|
|
40,000
|
|
|
|
44,000
|
|
|
|
49,000
|
|
|
|
46,000
|
|
|
|
|
3,470,000
|
|
|
|
3,352,000
|
|
|
|
2,623,000
|
|
|
|
2,404,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_____________
|
(1) The Puerto Rico health plan began serving members effective
April 1, 2015.
|
(2) CHIP stands for Children’s Health Insurance Program.
|
(3) Medicaid Expansion membership phased in, and Marketplace
became available for consumers to access coverage, beginning
January 1, 2014.
|
(4) 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 September 30, 2015
|
|
|
|
|
Member Months(1)
|
|
|
Premium Revenue
|
|
|
Medical Care Costs
|
|
|
MCR(2)
|
|
|
Medical Margin
|
|
|
|
|
|
|
Total
|
|
|
PMPM
|
|
|
Total
|
|
|
PMPM
|
|
|
|
|
California
|
|
|
|
1,816
|
|
|
|
$
|
523,798
|
|
|
|
$
|
288.45
|
|
|
|
$
|
437,785
|
|
|
|
$
|
241.09
|
|
|
|
83.6
|
%
|
|
|
$
|
86,013
|
|
Florida
|
|
|
|
1,003
|
|
|
|
299,971
|
|
|
|
299.33
|
|
|
|
264,956
|
|
|
|
264.39
|
|
|
|
88.3
|
|
|
|
35,015
|
|
Illinois
|
|
|
|
306
|
|
|
|
106,089
|
|
|
|
347.34
|
|
|
|
100,063
|
|
|
|
327.61
|
|
|
|
94.3
|
|
|
|
6,026
|
|
Michigan
|
|
|
|
853
|
|
|
|
281,359
|
|
|
|
330.00
|
|
|
|
235,837
|
|
|
|
276.61
|
|
|
|
83.8
|
|
|
|
45,522
|
|
New Mexico
|
|
|
|
706
|
|
|
|
297,744
|
|
|
|
421.76
|
|
|
|
275,503
|
|
|
|
390.26
|
|
|
|
92.5
|
|
|
|
22,241
|
|
Ohio
|
|
|
|
1,024
|
|
|
|
510,135
|
|
|
|
498.36
|
|
|
|
436,045
|
|
|
|
425.98
|
|
|
|
85.5
|
|
|
|
74,090
|
|
Puerto Rico
|
|
|
|
1,057
|
|
|
|
180,783
|
|
|
|
170.91
|
|
|
|
161,511
|
|
|
|
152.69
|
|
|
|
89.3
|
|
|
|
19,272
|
|
South Carolina
|
|
|
|
322
|
|
|
|
85,115
|
|
|
|
264.37
|
|
|
|
68,178
|
|
|
|
211.76
|
|
|
|
80.1
|
|
|
|
16,937
|
|
Texas
|
|
|
|
791
|
|
|
|
523,342
|
|
|
|
661.69
|
|
|
|
492,617
|
|
|
|
622.84
|
|
|
|
94.1
|
|
|
|
30,725
|
|
Utah
|
|
|
|
307
|
|
|
|
84,921
|
|
|
|
276.72
|
|
|
|
76,876
|
|
|
|
250.50
|
|
|
|
90.5
|
|
|
|
8,045
|
|
Washington
|
|
|
|
1,679
|
|
|
|
399,791
|
|
|
|
238.03
|
|
|
|
371,439
|
|
|
|
221.14
|
|
|
|
92.9
|
|
|
|
28,352
|
|
Wisconsin
|
|
|
|
307
|
|
|
|
71,460
|
|
|
|
232.32
|
|
|
|
56,886
|
|
|
|
184.94
|
|
|
|
79.6
|
|
|
|
14,574
|
|
Other(3)
|
|
|
|
—
|
|
|
|
12,522
|
|
|
|
—
|
|
|
|
37,675
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(25,153
|
)
|
|
|
|
|
10,171
|
|
|
|
$
|
3,377,030
|
|
|
|
$
|
332.05
|
|
|
|
$
|
3,015,371
|
|
|
|
$
|
296.49
|
|
|
|
89.3
|
%
|
|
|
$
|
361,659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2014
|
|
|
|
|
Member Months(1)
|
|
|
Premium Revenue
|
|
|
Medical Care Costs
|
|
|
MCR(2)
|
|
|
Medical Margin
|
|
|
|
|
|
Total
|
|
|
PMPM
|
|
|
Total
|
|
|
PMPM
|
|
|
|
|
California
|
|
|
|
1,451
|
|
|
|
$
|
384,147
|
|
|
|
$
|
264.79
|
|
|
|
$
|
327,389
|
|
|
|
$
|
225.66
|
|
|
|
85.2
|
%
|
|
|
$
|
56,758
|
|
Florida
|
|
|
|
243
|
|
|
|
106,275
|
|
|
|
437.47
|
|
|
|
103,898
|
|
|
|
427.69
|
|
|
|
97.8
|
|
|
|
2,377
|
|
Illinois
|
|
|
|
38
|
|
|
|
34,514
|
|
|
|
906.78
|
|
|
|
28,333
|
|
|
|
744.41
|
|
|
|
82.1
|
|
|
|
6,181
|
|
Michigan
|
|
|
|
727
|
|
|
|
208,873
|
|
|
|
287.15
|
|
|
|
177,680
|
|
|
|
244.27
|
|
|
|
85.1
|
|
|
|
31,193
|
|
New Mexico
|
|
|
|
652
|
|
|
|
284,058
|
|
|
|
435.67
|
|
|
|
265,697
|
|
|
|
407.51
|
|
|
|
93.5
|
|
|
|
18,361
|
|
Ohio
|
|
|
|
994
|
|
|
|
454,410
|
|
|
|
457.17
|
|
|
|
395,098
|
|
|
|
397.49
|
|
|
|
86.9
|
|
|
|
59,312
|
|
Puerto Rico
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
South Carolina
|
|
|
|
355
|
|
|
|
95,455
|
|
|
|
268.97
|
|
|
|
74,489
|
|
|
|
209.89
|
|
|
|
78.0
|
|
|
|
20,966
|
|
Texas
|
|
|
|
748
|
|
|
|
337,430
|
|
|
|
451.24
|
|
|
|
306,577
|
|
|
|
409.98
|
|
|
|
90.9
|
|
|
|
30,853
|
|
Utah
|
|
|
|
250
|
|
|
|
78,703
|
|
|
|
315.04
|
|
|
|
75,270
|
|
|
|
301.30
|
|
|
|
95.6
|
|
|
|
3,433
|
|
Washington
|
|
|
|
1,410
|
|
|
|
280,883
|
|
|
|
199.18
|
|
|
|
274,213
|
|
|
|
194.45
|
|
|
|
97.6
|
|
|
|
6,670
|
|
Wisconsin
|
|
|
|
252
|
|
|
|
42,933
|
|
|
|
170.40
|
|
|
|
38,107
|
|
|
|
151.25
|
|
|
|
88.8
|
|
|
|
4,826
|
|
Other(3)
|
|
|
|
—
|
|
|
|
9,078
|
|
|
|
—
|
|
|
|
31,085
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(22,007
|
)
|
|
|
|
|
7,120
|
|
|
|
$
|
2,316,759
|
|
|
|
$
|
325.40
|
|
|
|
$
|
2,097,836
|
|
|
|
$
|
294.65
|
|
|
|
90.6
|
%
|
|
|
$
|
218,923
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_____________
|
(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)
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2015
|
|
|
|
|
Member Months(1)
|
|
|
Premium Revenue
|
|
|
Medical Care Costs
|
|
|
MCR(2)
|
|
|
Medical Margin
|
|
|
|
|
|
|
Total
|
|
|
PMPM
|
|
|
Total
|
|
|
PMPM
|
|
|
|
|
California
|
|
|
|
5,256
|
|
|
|
$
|
1,538,081
|
|
|
|
$
|
292.64
|
|
|
|
$
|
1,349,265
|
|
|
|
$
|
256.71
|
|
|
|
87.7
|
%
|
|
|
$
|
188,816
|
|
Florida
|
|
|
|
2,953
|
|
|
|
868,259
|
|
|
|
294.05
|
|
|
|
763,251
|
|
|
|
258.49
|
|
|
|
87.9
|
|
|
|
105,008
|
|
Illinois
|
|
|
|
912
|
|
|
|
312,003
|
|
|
|
342.27
|
|
|
|
287,760
|
|
|
|
315.68
|
|
|
|
92.2
|
|
|
|
24,243
|
|
Michigan
|
|
|
|
2,382
|
|
|
|
738,390
|
|
|
|
310.01
|
|
|
|
620,540
|
|
|
|
260.53
|
|
|
|
84.0
|
|
|
|
117,850
|
|
New Mexico
|
|
|
|
2,080
|
|
|
|
933,208
|
|
|
|
448.75
|
|
|
|
843,473
|
|
|
|
405.60
|
|
|
|
90.4
|
|
|
|
89,735
|
|
Ohio
|
|
|
|
3,075
|
|
|
|
1,533,690
|
|
|
|
498.76
|
|
|
|
1,281,305
|
|
|
|
416.69
|
|
|
|
83.5
|
|
|
|
252,385
|
|
Puerto Rico
|
|
|
|
2,139
|
|
|
|
374,767
|
|
|
|
175.17
|
|
|
|
345,751
|
|
|
|
161.60
|
|
|
|
92.3
|
|
|
|
29,016
|
|
South Carolina
|
|
|
|
1,002
|
|
|
|
269,530
|
|
|
|
269.11
|
|
|
|
208,779
|
|
|
|
208.45
|
|
|
|
77.5
|
|
|
|
60,751
|
|
Texas
|
|
|
|
2,372
|
|
|
|
1,417,535
|
|
|
|
597.53
|
|
|
|
1,312,724
|
|
|
|
553.35
|
|
|
|
92.6
|
|
|
|
104,811
|
|
Utah
|
|
|
|
850
|
|
|
|
242,027
|
|
|
|
284.83
|
|
|
|
222,747
|
|
|
|
262.14
|
|
|
|
92.0
|
|
|
|
19,280
|
|
Washington
|
|
|
|
4,885
|
|
|
|
1,185,899
|
|
|
|
242.75
|
|
|
|
1,094,250
|
|
|
|
223.99
|
|
|
|
92.3
|
|
|
|
91,649
|
|
Wisconsin
|
|
|
|
929
|
|
|
|
206,334
|
|
|
|
221.97
|
|
|
|
161,735
|
|
|
|
173.99
|
|
|
|
78.4
|
|
|
|
44,599
|
|
Other(3)
|
|
|
|
—
|
|
|
|
32,331
|
|
|
|
—
|
|
|
|
89,109
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(56,778
|
)
|
|
|
|
|
28,835
|
|
|
|
$
|
9,652,054
|
|
|
|
$
|
334.74
|
|
|
|
$
|
8,580,689
|
|
|
|
$
|
297.58
|
|
|
|
88.9
|
%
|
|
|
$
|
1,071,365
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2014
|
|
|
|
|
Member Months(1)
|
|
|
Premium Revenue
|
|
|
Medical Care Costs
|
|
|
MCR(2)
|
|
|
Medical Margin
|
|
|
|
|
|
Total
|
|
|
PMPM
|
|
|
Total
|
|
|
PMPM
|
|
|
|
|
California
|
|
|
|
4,040
|
|
|
|
$
|
1,059,860
|
|
|
|
$
|
262.34
|
|
|
|
$
|
889,656
|
|
|
|
$
|
220.21
|
|
|
|
83.9
|
%
|
|
|
$
|
170,204
|
|
Florida
|
|
|
|
742
|
|
|
|
312,864
|
|
|
|
421.80
|
|
|
|
290,224
|
|
|
|
391.28
|
|
|
|
92.8
|
|
|
|
22,640
|
|
Illinois
|
|
|
|
69
|
|
|
|
68,948
|
|
|
|
998.03
|
|
|
|
63,299
|
|
|
|
916.26
|
|
|
|
91.8
|
|
|
|
5,649
|
|
Michigan
|
|
|
|
2,077
|
|
|
|
567,706
|
|
|
|
273.28
|
|
|
|
476,392
|
|
|
|
229.33
|
|
|
|
83.9
|
|
|
|
91,314
|
|
New Mexico
|
|
|
|
1,818
|
|
|
|
777,120
|
|
|
|
427.55
|
|
|
|
702,257
|
|
|
|
386.36
|
|
|
|
90.4
|
|
|
|
74,863
|
|
Ohio
|
|
|
|
2,615
|
|
|
|
1,061,335
|
|
|
|
405.81
|
|
|
|
909,142
|
|
|
|
347.62
|
|
|
|
85.7
|
|
|
|
152,193
|
|
Puerto Rico
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
South Carolina
|
|
|
|
1,109
|
|
|
|
287,928
|
|
|
|
259.69
|
|
|
|
249,437
|
|
|
|
224.97
|
|
|
|
86.6
|
|
|
|
38,491
|
|
Texas
|
|
|
|
2,239
|
|
|
|
978,492
|
|
|
|
437.00
|
|
|
|
897,434
|
|
|
|
400.80
|
|
|
|
91.7
|
|
|
|
81,058
|
|
Utah
|
|
|
|
745
|
|
|
|
233,931
|
|
|
|
314.13
|
|
|
|
215,564
|
|
|
|
289.47
|
|
|
|
92.1
|
|
|
|
18,367
|
|
Washington
|
|
|
|
4,050
|
|
|
|
941,303
|
|
|
|
232.40
|
|
|
|
877,418
|
|
|
|
216.63
|
|
|
|
93.2
|
|
|
|
63,885
|
|
Wisconsin
|
|
|
|
782
|
|
|
|
118,386
|
|
|
|
151.48
|
|
|
|
100,059
|
|
|
|
128.03
|
|
|
|
84.5
|
|
|
|
18,327
|
|
Other(3)
|
|
|
|
—
|
|
|
|
16,365
|
|
|
|
—
|
|
|
|
82,911
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(66,546
|
)
|
|
|
|
|
20,286
|
|
|
|
$
|
6,424,238
|
|
|
|
$
|
316.69
|
|
|
|
$
|
5,753,793
|
|
|
|
$
|
283.64
|
|
|
|
89.6
|
%
|
|
|
$
|
670,445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_____________
|
(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 September 30, 2015(1)
|
|
|
|
|
Member Months(2)
|
|
|
Premium Revenue
|
|
|
Medical Care Costs
|
|
|
MCR(3)
|
|
|
Medical Margin
|
|
|
|
|
|
|
Total
|
|
|
PMPM
|
|
|
Total
|
|
|
PMPM
|
|
|
|
|
TANF and CHIP
|
|
|
|
6,652
|
|
|
|
$
|
1,138,673
|
|
|
|
$
|
171.16
|
|
|
|
$
|
1,070,109
|
|
|
|
$
|
160.85
|
|
|
|
94.0
|
%
|
|
|
$
|
68,564
|
Medicaid Expansion
|
|
|
|
1,541
|
|
|
|
564,982
|
|
|
|
366.80
|
|
|
|
457,716
|
|
|
|
297.16
|
|
|
|
81.0
|
|
|
|
107,266
|
ABD
|
|
|
|
1,052
|
|
|
|
1,069,999
|
|
|
|
1,017.68
|
|
|
|
978,973
|
|
|
|
931.11
|
|
|
|
91.5
|
|
|
|
91,026
|
Marketplace
|
|
|
|
646
|
|
|
|
169,670
|
|
|
|
262.74
|
|
|
|
124,121
|
|
|
|
192.21
|
|
|
|
73.2
|
|
|
|
45,549
|
MMP
|
|
|
|
157
|
|
|
|
310,451
|
|
|
|
1,975.10
|
|
|
|
270,058
|
|
|
|
1,718.13
|
|
|
|
87.0
|
|
|
|
40,393
|
Medicare
|
|
|
|
123
|
|
|
|
123,255
|
|
|
|
1,002.50
|
|
|
|
114,394
|
|
|
|
930.43
|
|
|
|
92.8
|
|
|
|
8,861
|
|
|
|
|
10,171
|
|
|
|
$
|
3,377,030
|
|
|
|
$
|
332.05
|
|
|
|
$
|
3,015,371
|
|
|
|
$
|
296.49
|
|
|
|
89.3
|
%
|
|
|
$
|
361,659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2015(1)
|
|
|
|
|
Member Months(2)
|
|
|
Premium Revenue
|
|
|
Medical Care Costs
|
|
|
MCR(3)
|
|
|
Medical Margin
|
|
|
|
|
|
|
Total
|
|
|
PMPM
|
|
|
Total
|
|
|
PMPM
|
|
|
|
|
TANF and CHIP
|
|
|
|
18,687
|
|
|
|
$
|
3,279,989
|
|
|
|
$
|
175.52
|
|
|
|
$
|
3,030,424
|
|
|
|
$
|
162.16
|
|
|
|
92.4
|
%
|
|
|
$
|
249,565
|
Medicaid Expansion
|
|
|
|
4,202
|
|
|
|
1,654,321
|
|
|
|
393.71
|
|
|
|
1,324,945
|
|
|
|
315.33
|
|
|
|
80.1
|
|
|
|
329,376
|
ABD
|
|
|
|
3,172
|
|
|
|
3,063,365
|
|
|
|
965.91
|
|
|
|
2,788,586
|
|
|
|
379.27
|
|
|
|
91.0
|
|
|
|
274,779
|
Marketplace
|
|
|
|
2,017
|
|
|
|
524,395
|
|
|
|
259.97
|
|
|
|
369,803
|
|
|
|
183.33
|
|
|
|
70.5
|
|
|
|
154,592
|
MMP
|
|
|
|
370
|
|
|
|
733,257
|
|
|
|
1,981.40
|
|
|
|
683,532
|
|
|
|
1,847.03
|
|
|
|
93.2
|
|
|
|
49,725
|
Medicare
|
|
|
|
387
|
|
|
|
396,727
|
|
|
|
1,026.00
|
|
|
|
383,399
|
|
|
|
991.53
|
|
|
|
96.6
|
|
|
|
13,328
|
|
|
|
|
28,835
|
|
|
|
$
|
9,652,054
|
|
|
|
$
|
334.74
|
|
|
|
$
|
8,580,689
|
|
|
|
$
|
297.58
|
|
|
|
88.9
|
%
|
|
|
$
|
1,071,365
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_____________
|
(1) Three and nine months ended September 30, 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.
|
|
|
MOLINA HEALTHCARE, INC.
|
UNAUDITED SELECTED HEALTH PLANS SEGMENT FINANCIAL DATA,
|
CONTINUING OPERATIONS
|
(In thousands, except percentages and per-member per-month
amounts)
|
|
The following tables provide the details of the Company’s medical
care costs from continuing operations for the periods indicated:
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
Amount
|
|
|
PMPM
|
|
|
% of Total
|
|
|
Amount
|
|
|
PMPM
|
|
|
% of Total
|
Fee for service
|
|
|
|
$
|
2,224,141
|
|
|
|
$
|
218.69
|
|
|
|
73.8
|
%
|
|
|
$
|
1,469,765
|
|
|
|
$
|
206.43
|
|
|
|
70.1
|
%
|
Pharmacy
|
|
|
|
417,721
|
|
|
|
41.07
|
|
|
|
13.9
|
|
|
|
337,150
|
|
|
|
47.35
|
|
|
|
16.1
|
|
Capitation
|
|
|
|
260,033
|
|
|
|
25.57
|
|
|
|
8.6
|
|
|
|
190,277
|
|
|
|
26.73
|
|
|
|
9.1
|
|
Direct delivery
|
|
|
|
30,226
|
|
|
|
2.97
|
|
|
|
1.0
|
|
|
|
24,863
|
|
|
|
3.49
|
|
|
|
1.1
|
|
Other
|
|
|
|
83,250
|
|
|
|
8.19
|
|
|
|
2.7
|
|
|
|
75,781
|
|
|
|
10.65
|
|
|
|
3.6
|
|
|
|
|
|
$
|
3,015,371
|
|
|
|
$
|
296.49
|
|
|
|
100.0
|
%
|
|
|
$
|
2,097,836
|
|
|
|
$
|
294.65
|
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
Amount
|
|
|
PMPM
|
|
|
% of Total
|
|
|
Amount
|
|
|
PMPM
|
|
|
% of Total
|
Fee for service
|
|
|
|
$
|
6,275,222
|
|
|
|
$
|
217.63
|
|
|
|
73.1
|
%
|
|
|
$
|
4,028,863
|
|
|
|
$
|
198.61
|
|
|
|
70.0
|
%
|
Pharmacy
|
|
|
|
1,160,818
|
|
|
|
40.26
|
|
|
|
13.5
|
|
|
|
919,374
|
|
|
|
45.32
|
|
|
|
16.0
|
|
Capitation
|
|
|
|
724,715
|
|
|
|
25.13
|
|
|
|
8.5
|
|
|
|
536,533
|
|
|
|
26.45
|
|
|
|
9.3
|
|
Direct delivery
|
|
|
|
84,882
|
|
|
|
2.94
|
|
|
|
1.0
|
|
|
|
69,947
|
|
|
|
3.45
|
|
|
|
1.2
|
|
Other
|
|
|
|
335,052
|
|
|
|
11.62
|
|
|
|
3.9
|
|
|
|
199,076
|
|
|
|
9.81
|
|
|
|
3.5
|
|
|
|
|
|
$
|
8,580,689
|
|
|
|
$
|
297.58
|
|
|
|
100.0
|
%
|
|
|
$
|
5,753,793
|
|
|
|
$
|
283.64
|
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table provides the details of the Company’s medical claims
and benefits payable as of the dates indicated:
|
|
|
|
|
September 30, 2015
|
|
|
December 31, 2014
|
Fee-for-service claims incurred but not paid (IBNP)
|
|
|
|
$
|
1,184,147
|
|
|
|
$
|
870,429
|
Pharmacy payable
|
|
|
|
93,953
|
|
|
|
71,412
|
Capitation payable
|
|
|
|
30,061
|
|
|
|
28,150
|
Other(1)
|
|
|
|
251,409
|
|
|
|
230,531
|
|
|
|
|
$
|
1,559,570
|
|
|
|
$
|
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
September 30, 2015 and December 31, 2014, the Company had recorded
non-risk provider payables of approximately $161.4 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 a provision 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:
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
|
|
|
Year Ended December 31, 2014
|
|
|
|
|
September 30,
|
|
|
|
|
|
|
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
|
|
|
|
8,723,573
|
|
|
|
5,795,404
|
|
|
|
8,122,885
|
|
Prior period(1)
|
|
|
|
(142,948
|
)
|
|
|
(41,033
|
)
|
|
|
(45,979
|
)
|
Total medical care costs
|
|
|
|
8,580,625
|
|
|
|
5,754,371
|
|
|
|
8,076,906
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in non-risk provider payables
|
|
|
|
42,067
|
|
|
|
(15,344
|
)
|
|
|
(31,973
|
)
|
Payments for medical care costs related to:
|
|
|
|
|
|
|
|
|
|
|
Current period
|
|
|
|
7,371,504
|
|
|
|
4,841,429
|
|
|
|
7,064,427
|
|
Prior period
|
|
|
|
892,140
|
|
|
|
443,539
|
|
|
|
449,771
|
|
Total paid
|
|
|
|
8,263,644
|
|
|
|
5,284,968
|
|
|
|
7,514,198
|
|
Medical claims and benefits payable, ending balance
|
|
|
|
$
|
1,559,570
|
|
|
|
$
|
1,123,846
|
|
|
|
$
|
1,200,522
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit from prior period as a percentage of:
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
|
|
|
11.9
|
%
|
|
|
6.1
|
%
|
|
|
6.9
|
%
|
Premium revenue, trailing twelve months
|
|
|
|
1.2
|
%
|
|
|
0.5
|
%
|
|
|
0.5
|
%
|
Medical care costs, trailing twelve months
|
|
|
|
1.3
|
%
|
|
|
0.6
|
%
|
|
|
0.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Fee-For-Service Claims Data:
|
|
|
|
|
|
|
|
|
|
|
Days in claims payable, fee for service
|
|
|
|
49
|
|
|
|
50
|
|
|
|
49
|
|
Number of members at end of year
|
|
|
|
3,470,000
|
|
|
|
2,404,000
|
|
|
|
2,623,000
|
|
Number of claims in inventory at end of year
|
|
|
|
408,100
|
|
|
|
315,900
|
|
|
|
307,700
|
|
Billed charges of claims in inventory at end of year
|
|
|
|
$
|
908,200
|
|
|
|
$
|
749,300
|
|
|
|
$
|
718,500
|
|
Claims in inventory per member at end of year
|
|
|
|
0.12
|
|
|
|
0.13
|
|
|
|
0.12
|
|
Billed charges of claims in inventory per member at end of year
|
|
|
|
$
|
261.73
|
|
|
|
$
|
311.69
|
|
|
|
$
|
273.92
|
|
Number of claims received during the year
|
|
|
|
29,084,100
|
|
|
|
19,703,300
|
|
|
|
27,597,000
|
|
Billed charges of claims received during the year
|
|
|
|
$
|
33,517,100
|
|
|
|
$
|
21,506,500
|
|
|
|
$
|
30,315,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_____________
|
(1) The benefit from prior period development of medical claims
and benefits payable for the nine months ended September 30, 2015
included approximately $23 million relating to programs that
contain medical cost floor or corridor provisions. Accordingly,
premium revenue for the nine months ended September 30, 2015 was
reduced by the same amount.
|
|
|
MOLINA HEALTHCARE, INC.
|
HEALTH INSURER FEE DETAILS BY HEALTH PLAN
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
HIF Reimbursement Revenue, Gross(1)
|
|
|
|
|
Nine Months Ended September 30, 2015
|
|
|
Year Ending Dec. 31, 2015
|
|
|
|
|
Recognized
|
|
|
Necessary for Full Reimbursement
|
|
|
Necessary for Full Reimbursement
|
|
|
|
|
Q1 2015
|
|
|
Q2 2015
|
|
|
Q3 2015
|
|
|
Total
|
|
|
|
|
2015 HIF:
|
|
|
|
|
California
|
|
|
|
$
|
—
|
|
|
|
$
|
17,258
|
|
|
|
$
|
5,925
|
|
|
|
$
|
23,183
|
|
|
|
$
|
23,183
|
|
|
|
$
|
30,910
|
Florida
|
|
|
|
2,027
|
|
|
|
2,042
|
|
|
|
2,056
|
|
|
|
6,125
|
|
|
|
6,125
|
|
|
|
8,167
|
Illinois
|
|
|
|
965
|
|
|
|
973
|
|
|
|
922
|
|
|
|
2,860
|
|
|
|
2,860
|
|
|
|
3,814
|
Michigan
|
|
|
|
—
|
|
|
|
—
|
|
|
|
20,735
|
|
|
|
20,735
|
|
|
|
20,735
|
|
|
|
27,646
|
New Mexico
|
|
|
|
7,539
|
|
|
|
7,597
|
|
|
|
7,647
|
|
|
|
22,783
|
|
|
|
22,783
|
|
|
|
30,377
|
Ohio
|
|
|
|
11,936
|
|
|
|
12,027
|
|
|
|
12,105
|
|
|
|
36,068
|
|
|
|
36,068
|
|
|
|
48,091
|
South Carolina
|
|
|
|
3,053
|
|
|
|
3,077
|
|
|
|
3,097
|
|
|
|
9,227
|
|
|
|
9,227
|
|
|
|
12,303
|
Texas
|
|
|
|
5,839
|
|
|
|
5,884
|
|
|
|
5,922
|
|
|
|
17,645
|
|
|
|
17,645
|
|
|
|
23,527
|
Utah
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4,467
|
|
|
|
4,467
|
|
|
|
4,467
|
|
|
|
5,956
|
Washington
|
|
|
|
10,951
|
|
|
|
10,963
|
|
|
|
5,721
|
|
|
|
27,635
|
|
|
|
27,635
|
|
|
|
36,847
|
Wisconsin
|
|
|
|
1,126
|
|
|
|
1,135
|
|
|
|
1,142
|
|
|
|
3,403
|
|
|
|
3,403
|
|
|
|
4,537
|
Subtotal, Medicaid
|
|
|
|
43,436
|
|
|
|
60,956
|
|
|
|
69,739
|
|
|
|
174,131
|
|
|
|
174,131
|
|
|
|
232,175
|
Marketplace
|
|
|
|
398
|
|
|
|
400
|
|
|
|
402
|
|
|
|
1,200
|
|
|
|
1,200
|
|
|
|
1,601
|
Medicare
|
|
|
|
5,702
|
|
|
|
3,652
|
|
|
|
4,711
|
|
|
|
14,065
|
|
|
|
14,065
|
|
|
|
18,754
|
|
|
|
|
49,536
|
|
|
|
65,008
|
|
|
|
74,852
|
|
|
|
189,396
|
|
|
|
$
|
189,396
|
|
|
|
$
|
252,530
|
2014 HIF:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California
|
|
|
|
—
|
|
|
|
11,616
|
|
|
|
—
|
|
|
|
11,616
|
|
|
|
|
|
|
|
Michigan
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,797
|
|
|
|
6,797
|
|
|
|
|
|
|
|
Utah
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,286
|
|
|
|
1,286
|
|
|
|
|
|
|
|
|
|
|
|
$
|
49,536
|
|
|
|
$
|
76,624
|
|
|
|
$
|
82,935
|
|
|
|
$
|
209,095
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recognized in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health insurer fee revenue
|
|
|
|
$
|
47,948
|
|
|
|
$
|
73,890
|
|
|
|
$
|
81,158
|
|
|
|
$
|
202,996
|
|
|
|
|
|
|
|
Premium tax revenue
|
|
|
|
1,588
|
|
|
|
2,734
|
|
|
|
1,777
|
|
|
|
6,099
|
|
|
|
|
|
|
|
|
|
|
|
$
|
49,536
|
|
|
|
$
|
76,624
|
|
|
|
$
|
82,935
|
|
|
|
$
|
209,095
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_____________
|
(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.
Juan José Orellana, 562-435-3666,
ext. 111143
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