– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
Introduces Full Year 2022 Earnings Guidance
LONG BEACH, Calif.--(BUSINESS WIRE)--Molina Healthcare, Inc. (NYSE: MOH) (the “Company”) today reported fourth quarter 2021 GAAP earnings per diluted share of $1.74 and adjusted earnings per diluted share of $2.88. The Company also reported full year 2021 GAAP earnings per diluted share of $11.25 and adjusted earnings per diluted share of $13.54. Financial results are summarized below:
|
Quarter ended |
|
Year ended |
||||
|
December 31, |
|
December 31, |
||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
(In millions, except per-share results) |
|||||||
Premium Revenue |
$7,166 |
|
$4,855 |
|
$26,855 |
|
$18,299 |
Total Revenue |
$7,409 |
|
$5,235 |
|
$27,771 |
|
$19,423 |
|
|
|
|
|
|
|
|
GAAP: |
|
|
|
|
|
|
|
Net Income |
$103 |
|
$34 |
|
$659 |
|
$673 |
EPS – Diluted |
$1.74 |
|
$0.56 |
|
$11.25 |
|
$11.23 |
Medical Care Ratio (MCR) |
88.8% |
|
90.8% |
|
88.3% |
|
86.5% |
G&A Ratio |
7.8% |
|
8.6% |
|
7.4% |
|
7.6% |
After-tax Margin |
1.4% |
|
0.6% |
|
2.4% |
|
3.5% |
|
|
|
|
|
|
|
|
Adjusted: |
|
|
|
|
|
|
|
Net Income (loss) |
$170 |
|
($30) |
|
$793 |
|
$640 |
EPS – Diluted |
$2.88 |
|
($0.51) |
|
$13.54 |
|
$10.67 |
G&A Ratio |
7.4% |
|
8.6% |
|
7.2% |
|
7.6% |
After-tax Margin |
2.3% |
|
(0.6%) |
|
2.9% |
|
3.3% |
See the Reconciliation of Unaudited Non-GAAP Financial Measures at the end of this release. |
|||||||
Full Year Highlights
“We are very pleased with the quarter and our full year results,” said Joseph Zubretsky, President and CEO. “Our proven momentum enables us to continue building this valuable and exemplary health care franchise. We are proud to serve our members in this challenging time while sustaining profitable growth.”
Texas Acquisition
On January 3, 2022, the Company announced that it closed its acquisition of Cigna Corporation’s Texas Medicaid contracts on January 1, 2022.
Premium Revenue
Premium revenue was approximately $26.9 billion for the full year 2021, an increase of 47% compared to the full year 2020. The higher premium revenue reflects increased organic membership in all lines of business and the impact of acquisitions.
Net income for the year ended December 31, 2021, was $11.25 per diluted share, compared to $11.23 per diluted share in the year ended December 31, 2020. Adjusted net income for the year ended December 31, 2021, was $13.54 per diluted share, compared to $10.67 per diluted share in the year ended December 31, 2020. The net effect of COVID decreased full year 2021 GAAP and adjusted EPS by $3.50 per diluted share, compared to $2.30 per diluted share a year earlier.
Medical Care Ratio
The consolidated MCR for the year ended December 31, 2021, was 88.3%, compared to 86.5% for 2020. The net effect of COVID increased the consolidated MCR by approximately 90 basis points and impacted all three lines of business. In the prior year, the net effect of COVID increased the consolidated MCR by approximately 50 basis points.
General and Administrative Expense Ratio
The G&A ratio for the full year 2021 was 7.4%, compared to 7.6% for the full year 2020. The adjusted G&A ratio was 7.2% for the full year 2021, compared to 7.6% for the full year 2020 reflecting the benefits of scale produced by the Company’s growth and continued disciplined cost management while making the appropriate investments to fuel growth.
Cash and investments at the parent company amounted to $348 million as of December 31, 2021, compared to $644 million as of December 31, 2020. The decrease was due to acquisitions and share repurchases partially offset by dividends received from regulated health plan subsidiaries. In November 2021, the Company closed on its private offering of $750 million principal amount of 3.875% senior notes due May 15, 2032. The Company used the proceeds to redeem the entire $700 million outstanding principal amount of its 5.375% senior notes due 2022.
Operating cash flow for the year ended December 31, 2021, amounted to $2.1 billion and was higher compared to the year ended December 31, 2020, primarily due to growth in operations and the net impact of timing differences in government receivables and payables.
The Company expects its full year 2022 total revenue to be approximately $29.5 billion, an increase of approximately 6% from the full year 2021.
Premium revenue for the full year 2022 is expected to be approximately $28.5 billion, an increase of approximately 6% from the full year 2021.
The Company expects its full year 2022 adjusted earnings per share to be no less than $17.00 per share, or 26% growth over the prior year, with key metrics in line with the Company’s long-term targets.
Guidance reflects:
See the Reconciliation of Unaudited Non-GAAP Financial Measures at the end of this release.
Full Year 2022 Guidance (1) |
|
Premium Revenue |
$28.5B |
Total Revenue |
$29.5B |
GAAP Net Income |
$919M |
Adjusted Net Income (2) |
$993M |
GAAP EPS – Diluted |
>$15.73 |
Adjusted EPS – Diluted (2) |
>$17.00 |
Diluted weighted average shares |
58.4M |
|
|
Year End Total Membership |
4.5M |
Medicaid |
4.1M |
Medicare |
150K |
Marketplace |
250K |
|
|
MCR |
88.0% |
GAAP G&A Ratio |
6.9% |
Adjusted G&A Ratio |
6.8% |
Effective Tax Rate |
25.4% |
GAAP After-tax Margin |
3.1% |
Adjusted After-tax Margin |
3.4% |
______________ |
|
(1) All amounts are rounded and approximations. |
|
(2) Reconciliations of non-GAAP financial measures at the end of this release. |
|
Conference Call
Management is hosting a conference call and webcast to discuss Molina Healthcare’s fourth quarter and year-end 2021 results at 8:00 a.m. Eastern Time on Thursday, February 10, 2022. The number to call for the interactive teleconference is (877) 883-0383 and the confirmation number is 8807414. A telephonic replay of the conference call will be available through Thursday, February 24, 2022, by dialing (877) 344-7529 and entering confirmation number 9770251. A live audio broadcast of this conference call will be available on Molina Healthcare’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 healthcare services under the Medicaid and Medicare programs and through the state insurance marketplaces. Through its locally operated health plans, Molina Healthcare served approximately 5.2 million members as of December 31, 2021. For more information about Molina Healthcare, please visit molinahealthcare.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This earnings release and the Company’s accompanying oral remarks contain forward-looking statements regarding its 2022 guidance, as well as its plans and expectations regarding future developments. Actual results could differ materially due to numerous known and unknown risks and uncertainties. These risks and uncertainties are discussed under the headings “Forward-Looking Statements,” and “Risk Factors,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, which is on file with the SEC, and also in its Quarterly Report on Form 10-Q for the periods ended March 31, 2021, June 30, 2021, and September 30, 2021, which are on file with the SEC. Additional information will also be set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, which the Company expects to file on or about February 14, 2022.
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, the Company can give no assurances that its forward-looking statements will prove to be accurate, or that any other results or developments projected or contemplated by its forward-looking statements will in fact occur, and the Company cautions investors not to place undue reliance on these statements. All forward-looking statements in this release represent the Company’s judgment as of February 9, 2022, and, except as otherwise required by law, the Company disclaims any obligation to update any forward-looking statement to conform the statement to actual results or changes in its expectations.
MOLINA HEALTHCARE, INC. |
|||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME |
|||||||||||||||
|
|||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
December 31, |
|
December 31, |
||||||||||||
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
||||||||
|
(In millions, except per-share amounts) |
||||||||||||||
Revenue: |
|
|
|
|
|
|
|
||||||||
Premium revenue |
$ |
7,166 |
|
|
$ |
4,855 |
|
|
$ |
26,855 |
|
|
$ |
18,299 |
|
Premium tax revenue |
|
211 |
|
|
|
172 |
|
|
|
787 |
|
|
|
649 |
|
Health insurer fees reimbursed |
|
— |
|
|
|
65 |
|
|
|
— |
|
|
|
271 |
|
Marketplace risk corridor judgment |
|
— |
|
|
|
128 |
|
|
|
— |
|
|
|
128 |
|
Investment income |
|
13 |
|
|
|
11 |
|
|
|
52 |
|
|
|
59 |
|
Other revenue |
|
19 |
|
|
|
4 |
|
|
|
77 |
|
|
|
17 |
|
Total revenue |
|
7,409 |
|
|
|
5,235 |
|
|
|
27,771 |
|
|
|
19,423 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Medical care costs |
|
6,362 |
|
|
|
4,408 |
|
|
|
23,704 |
|
|
|
15,820 |
|
General and administrative expenses |
|
579 |
|
|
|
450 |
|
|
|
2,068 |
|
|
|
1,480 |
|
Premium tax expenses |
|
211 |
|
|
|
172 |
|
|
|
787 |
|
|
|
649 |
|
Health insurer fees |
|
— |
|
|
|
68 |
|
|
|
— |
|
|
|
277 |
|
Depreciation and amortization |
|
35 |
|
|
|
24 |
|
|
|
131 |
|
|
|
88 |
|
Other |
|
31 |
|
|
|
22 |
|
|
|
61 |
|
|
|
31 |
|
Total operating expenses |
|
7,218 |
|
|
|
5,144 |
|
|
|
26,751 |
|
|
|
18,345 |
|
Operating income |
|
191 |
|
|
|
91 |
|
|
|
1,020 |
|
|
|
1,078 |
|
Other expenses, net: |
|
|
|
|
|
|
|
||||||||
Interest expense |
|
30 |
|
|
|
30 |
|
|
|
120 |
|
|
|
102 |
|
Other expense, net |
|
25 |
|
|
|
10 |
|
|
|
25 |
|
|
|
15 |
|
Total other expenses, net |
|
55 |
|
|
|
40 |
|
|
|
145 |
|
|
|
117 |
|
Income before income tax expense |
|
136 |
|
|
|
51 |
|
|
|
875 |
|
|
|
961 |
|
Income tax expense |
|
33 |
|
|
|
17 |
|
|
|
216 |
|
|
|
288 |
|
Net income |
$ |
103 |
|
|
$ |
34 |
|
|
$ |
659 |
|
|
$ |
673 |
|
|
|
|
|
|
|
|
|
||||||||
Net income per share – Diluted |
$ |
1.74 |
|
|
$ |
0.56 |
|
|
$ |
11.25 |
|
|
$ |
11.23 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted weighted average shares outstanding |
|
58.7 |
|
|
|
59.4 |
|
|
|
58.6 |
|
|
|
59.9 |
|
|
|
|
|
|
|
|
|
||||||||
Operating Statistics: |
|
|
|
|
|
|
|
||||||||
Medical care ratio |
|
88.8 |
% |
|
|
90.8 |
% |
|
|
88.3 |
% |
|
|
86.5 |
% |
G&A ratio |
|
7.8 |
% |
|
|
8.6 |
% |
|
|
7.4 |
% |
|
|
7.6 |
% |
Premium tax ratio |
|
2.9 |
% |
|
|
3.4 |
% |
|
|
2.8 |
% |
|
|
3.4 |
% |
Effective income tax rate |
|
24.2 |
% |
|
|
33.8 |
% |
|
|
24.7 |
% |
|
|
30.0 |
% |
After-tax margin |
|
1.4 |
% |
|
|
0.6 |
% |
|
|
2.4 |
% |
|
|
3.5 |
% |
|
|
|
|
|
|
|
|
||||||||
MOLINA HEALTHCARE, INC. |
||||||
CONSOLIDATED BALANCE SHEETS |
||||||
|
||||||
|
December 31, |
|||||
|
|
2021 |
|
|
|
2020 |
|
Unaudited |
|
|
|||
|
(Dollars in millions, except per-share amounts) |
|||||
ASSETS |
||||||
Current assets: |
|
|
|
|||
Cash and cash equivalents |
$ |
4,438 |
|
|
$ |
4,154 |
Investments |
|
3,202 |
|
|
|
1,875 |
Receivables |
|
2,177 |
|
|
|
1,672 |
Prepaid expenses and other current assets |
|
247 |
|
|
|
175 |
Total current assets |
|
10,064 |
|
|
|
7,876 |
Property, equipment, and capitalized software, net |
|
396 |
|
|
|
391 |
Goodwill and intangible assets, net |
|
1,252 |
|
|
|
941 |
Restricted investments |
|
212 |
|
|
|
136 |
Deferred income taxes |
|
106 |
|
|
|
69 |
Other assets |
|
179 |
|
|
|
119 |
Total assets |
$ |
12,209 |
|
|
$ |
9,532 |
|
|
|
|
|||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||
Current liabilities: |
|
|
|
|||
Medical claims and benefits payable |
$ |
3,363 |
|
|
$ |
2,696 |
Amounts due government agencies |
|
2,472 |
|
|
|
1,253 |
Accounts payable, accrued liabilities and other |
|
842 |
|
|
|
641 |
Deferred revenue |
|
370 |
|
|
|
375 |
Total current liabilities |
|
7,047 |
|
|
|
4,965 |
Long-term debt |
|
2,173 |
|
|
|
2,127 |
Finance lease liabilities |
|
219 |
|
|
|
225 |
Other long-term liabilities |
|
140 |
|
|
|
119 |
Total liabilities |
|
9,579 |
|
|
|
7,436 |
Stockholders’ equity: |
|
|
|
|||
Common stock, $0.001 par value, 150 million shares authorized; outstanding: 58 million shares at December 31, 2021, and 59 million shares at December 31, 2020 |
|
— |
|
|
|
— |
Preferred stock, $0.001 par value; 20 million shares authorized, no shares issued and outstanding |
|
— |
|
|
|
— |
Additional paid-in capital |
|
236 |
|
|
|
199 |
Accumulated other comprehensive (loss) income |
|
(5 |
) |
|
|
37 |
Retained earnings |
|
2,399 |
|
|
|
1,860 |
Total stockholders’ equity |
|
2,630 |
|
|
|
2,096 |
Total liabilities and stockholders’ equity |
$ |
12,209 |
|
|
$ |
9,532 |
|
|
|
|
|||
MOLINA HEALTHCARE, INC. |
|||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
|
|||||||
|
Year Ended |
||||||
|
December 31, |
||||||
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
||||
|
(In millions) |
||||||
Operating activities: |
|
|
|
||||
Net income |
$ |
659 |
|
|
$ |
673 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
131 |
|
|
|
88 |
|
Deferred income taxes |
|
(24 |
) |
|
|
(19 |
) |
Share-based compensation |
|
72 |
|
|
|
57 |
|
Loss on debt repayment |
|
25 |
|
|
|
15 |
|
Other, net |
|
33 |
|
|
|
12 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Receivables |
|
(415 |
) |
|
|
(100 |
) |
Prepaid expenses and other current assets |
|
(19 |
) |
|
|
(16 |
) |
Medical claims and benefits payable |
|
471 |
|
|
|
544 |
|
Amounts due government agencies |
|
1,046 |
|
|
|
446 |
|
Accounts payable, accrued liabilities and other |
|
138 |
|
|
|
86 |
|
Deferred revenue |
|
(5 |
) |
|
|
126 |
|
Income taxes |
|
7 |
|
|
|
(14 |
) |
Net cash provided by operating activities |
|
2,119 |
|
|
|
1,898 |
|
Investing activities: |
|
|
|
||||
Purchases of investments |
|
(2,713 |
) |
|
|
(670 |
) |
Proceeds from sales and maturities of investments |
|
1,329 |
|
|
|
1,097 |
|
Net cash paid in business combinations |
|
(129 |
) |
|
|
(755 |
) |
Purchases of property, equipment, and capitalized software |
|
(77 |
) |
|
|
(74 |
) |
Other, net |
|
(63 |
) |
|
|
2 |
|
Net cash used in investing activities |
|
(1,653 |
) |
|
|
(400 |
) |
Financing activities: |
|
|
|
||||
Proceeds from senior notes offering, net of issuance costs |
|
740 |
|
|
|
1,429 |
|
Repayment of senior notes |
|
(723 |
) |
|
|
(338 |
) |
Common stock purchases |
|
(128 |
) |
|
|
(606 |
) |
Common stock withheld to settle employee tax obligations |
|
(53 |
) |
|
|
(8 |
) |
Contingent consideration liabilities settled |
|
(20 |
) |
|
|
— |
|
Repayment of term loan facility |
|
— |
|
|
|
(600 |
) |
Proceeds from borrowings under term loan facility |
|
— |
|
|
|
380 |
|
Cash paid for partial termination of warrants |
|
— |
|
|
|
(30 |
) |
Cash paid for partial settlement of conversion option |
|
— |
|
|
|
(27 |
) |
Cash received for partial settlement of call option |
|
— |
|
|
|
27 |
|
Repayment of principal amount of convertible senior notes |
|
— |
|
|
|
(12 |
) |
Other, net |
|
1 |
|
|
|
2 |
|
Net cash (used in) provided by financing activities |
|
(183 |
) |
|
|
217 |
|
Net increase in cash, cash equivalents, and restricted cash and cash equivalents |
|
283 |
|
|
|
1,715 |
|
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period |
|
4,223 |
|
|
|
2,508 |
|
Cash, cash equivalents, and restricted cash and cash equivalents at end of period |
$ |
4,506 |
|
|
$ |
4,223 |
|
|
|
|
|
||||
MOLINA HEALTHCARE, INC. |
||||
UNAUDITED SEGMENT DATA |
||||
(Dollars in millions) |
||||
|
||||
|
|
December 31, |
||
|
|
2021 |
|
2020 |
Ending Membership by Segment: |
|
|
|
|
Medicaid |
4,329,000 |
|
3,599,000 |
|
Medicare |
142,000 |
|
115,000 |
|
Marketplace |
728,000 |
|
318,000 |
|
Total (1) |
5,199,000 |
|
4,032,000 |
|
|
|
|
|
|
|
|
|
|
|
(1) Approximately 200,000 members, from the Magellan Complete Care acquisition that closed on December 31, 2020, are not included in the totals as of December 31, 2020. |
||||
|
Three Months Ended September 30, |
||||||||||||||||
|
2021 |
|
2020 |
||||||||||||||
|
Premium Revenue |
|
Medical Margin |
|
MCR (1) |
|
Premium Revenue |
|
Medical Margin |
|
MCR (1) |
||||||
|
|
|
|
|
|
||||||||||||
Medicaid |
$ |
5,146 |
|
$ |
532 |
|
89.6 |
% |
|
$ |
3,754 |
|
$ |
509 |
|
86.4 |
% |
Medicare |
|
875 |
|
|
151 |
|
82.8 |
|
|
|
632 |
|
|
91 |
|
85.6 |
|
Marketplace |
|
779 |
|
|
68 |
|
91.3 |
|
|
|
382 |
|
|
70 |
|
81.6 |
|
Consolidated |
$ |
6,800 |
|
$ |
751 |
|
88.9 |
% |
|
$ |
4,768 |
|
$ |
670 |
|
85.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Three Months Ended December 31, |
||||||||||||||||
|
2021 |
|
2020 |
||||||||||||||
|
Premium Revenue |
|
Medical Margin |
|
MCR (1) |
|
Premium Revenue |
|
Medical Margin |
|
MCR (1) |
||||||
|
|
|
|
|
|
||||||||||||
Medicaid |
$ |
5,441 |
|
$ |
635 |
|
88.3 |
% |
|
$ |
3,850 |
|
$ |
377 |
|
90.2 |
% |
Medicare |
|
873 |
|
|
101 |
|
88.3 |
|
|
|
616 |
|
|
18 |
|
97.1 |
|
Marketplace |
|
852 |
|
|
68 |
|
92.1 |
|
|
|
389 |
|
|
52 |
|
86.6 |
|
Consolidated |
$ |
7,166 |
|
$ |
804 |
|
88.8 |
% |
|
$ |
4,855 |
|
$ |
447 |
|
90.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Year Ended December 31, |
||||||||||||||||
|
2021 |
|
2020 |
||||||||||||||
|
Premium Revenue |
|
Medical Margin |
|
MCR (1) |
|
Premium Revenue |
|
Medical Margin |
|
MCR (1) |
||||||
|
|
|
|
|
|
||||||||||||
Medicaid |
$ |
20,461 |
|
$ |
2,322 |
|
88.7 |
% |
|
$ |
14,265 |
|
$ |
1,804 |
|
87.4 |
% |
Medicare |
|
3,361 |
|
|
430 |
|
87.2 |
|
|
|
2,512 |
|
|
351 |
|
86.0 |
|
Marketplace |
|
3,033 |
|
|
399 |
|
86.9 |
|
|
|
1,522 |
|
|
324 |
|
78.7 |
|
Consolidated |
$ |
26,855 |
|
$ |
3,151 |
|
88.3 |
% |
|
$ |
18,299 |
|
$ |
2,479 |
|
86.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(1) The MCR represents medical costs as a percentage of premium revenue. |
|||||||||||||||||
MOLINA HEALTHCARE, INC.
CHANGE IN MEDICAL CLAIMS AND BENEFITS PAYABLE
(Dollars in millions)
The Company’s claims liabilities include additional reserves to account for moderately adverse conditions 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 year” represent the amounts by which the original estimates of claims and benefits payable at the beginning of the year were more than the actual liabilities based on information (principally the payment of claims) developed since those liabilities were first reported. The following table presents the components of the change in medical claims and benefits payable for the periods indicated:
|
Year Ended |
||||||
|
December 31, |
||||||
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
||||
|
Unaudited |
||||||
Medical claims and benefits payable, beginning balance |
$ |
2,696 |
|
|
$ |
1,854 |
|
Components of medical care costs related to: |
|
|
|
||||
Current year |
|
23,943 |
|
|
|
15,939 |
|
Prior year |
|
(239 |
) |
|
|
(119 |
) |
Total medical care costs |
|
23,704 |
|
|
|
15,820 |
|
Payments for medical care costs related to: |
|
|
|
||||
Current year |
|
21,148 |
|
|
|
13,871 |
|
Prior year |
|
2,080 |
|
|
|
1,507 |
|
Total paid |
|
23,228 |
|
|
|
15,378 |
|
Acquired balances, net of post-acquisition adjustments |
|
197 |
|
|
|
294 |
|
Change in non-risk and other provider payables |
|
(6 |
) |
|
|
106 |
|
Medical claims and benefits payable, ending balance |
$ |
3,363 |
|
|
$ |
2,696 |
|
|
|
|
|
||||
Days in claims payable, fee for service (1) |
|
51 |
|
|
|
50 |
|
______________ |
|
|
|
||||
(1) Claims payable includes primarily claims incurred but not paid, or IBNP. It also includes certain fee-for-service payables reported in medical claims and benefits payable amounting to $150 million and $78 million, as of December 31, 2021, and 2020, respectively. |
|||||||
MOLINA HEALTHCARE, INC. RECONCILIATION OF UNAUDITED NON-GAAP FINANCIAL MEASURES (In millions, except per diluted share amounts)
The Company believes that certain non-GAAP (generally accepted accounting principles) financial 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. The non-GAAP financial measures are also used internally to enable management to assess the Company’s performance consistently over time. These non-GAAP financial measures, presented below, should be considered as supplements to, and not as substitutes for or superior to, GAAP measures.
Adjustments represent additions and deductions to GAAP net income as indicated in the table below, which include the non-cash impact of amortization of acquired intangible assets, acquisition-related expenses, and the impact of certain expenses and other items that management believes are not indicative of longer-term business trends and operations.
Adjusted G&A Ratio represents the GAAP G&A ratio, recognizing adjustments.
Adjusted net income represents GAAP net income recognizing the adjustments, net of tax. The Company believes that adjusted net income is helpful to investors in assessing the Company’s financial performance.
Adjusted net income per diluted share represents adjusted net income divided by weighted average common shares outstanding on a fully diluted basis.
Adjusted after-tax margin represents adjusted net income, divided by total revenue.
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||||||||||||||||||
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||||||||||||||||||
|
Amount |
|
Per Diluted Share |
|
Amount |
|
Per Diluted Share |
|
Amount |
|
Per Diluted Share |
|
Amount |
|
Per Diluted Share |
||||||||||||||||
Net income |
$ |
103 |
|
|
$ |
1.74 |
|
|
$ |
34 |
|
|
$ |
0.56 |
|
|
$ |
659 |
|
|
$ |
11.25 |
|
|
$ |
673 |
|
|
$ |
11.23 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Acquisition-related expenses (1) |
|
49 |
|
|
|
0.84 |
|
|
|
18 |
|
|
|
0.31 |
|
|
|
93 |
|
|
|
1.59 |
|
|
|
22 |
|
|
|
0.37 |
|
Amortization of intangible assets |
|
14 |
|
|
|
0.23 |
|
|
|
4 |
|
|
|
0.07 |
|
|
|
49 |
|
|
|
0.83 |
|
|
|
16 |
|
|
|
0.26 |
|
Loss on debt repayment |
|
25 |
|
|
|
0.43 |
|
|
|
10 |
|
|
|
0.18 |
|
|
|
25 |
|
|
|
0.43 |
|
|
|
15 |
|
|
|
0.26 |
|
Marketplace risk corridor judgment |
|
— |
|
|
|
— |
|
|
|
(128 |
) |
|
|
(2.15 |
) |
|
|
— |
|
|
|
— |
|
|
|
(128 |
) |
|
|
(2.14 |
) |
Other (2) |
|
— |
|
|
|
— |
|
|
|
12 |
|
|
|
0.19 |
|
|
|
9 |
|
|
|
0.16 |
|
|
|
31 |
|
|
|
0.51 |
|
Subtotal, adjustments |
|
88 |
|
|
|
1.50 |
|
|
|
(84 |
) |
|
|
(1.40 |
) |
|
|
176 |
|
|
|
3.01 |
|
|
|
(44 |
) |
|
|
(0.74 |
) |
Income tax effect |
|
(21 |
) |
|
|
(0.36 |
) |
|
|
20 |
|
|
|
0.33 |
|
|
|
(42 |
) |
|
|
(0.72 |
) |
|
|
11 |
|
|
|
0.18 |
|
Adjustments, net of tax |
|
67 |
|
|
|
1.14 |
|
|
|
(64 |
) |
|
|
(1.07 |
) |
|
|
134 |
|
|
|
2.29 |
|
|
|
(33 |
) |
|
|
(0.56 |
) |
Adjusted net income (loss) |
$ |
170 |
|
|
$ |
2.88 |
|
|
$ |
(30 |
) |
|
$ |
(0.51 |
) |
|
$ |
793 |
|
|
$ |
13.54 |
|
|
$ |
640 |
|
|
$ |
10.67 |
|
__________________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
(1) Beginning in the third quarter of 2020, reflects non-recurring costs associated with acquisitions, including various transaction and integration costs. |
|||||||||||||||||||||||||||||||
(2) The year ended December 31, 2021 includes change in premium deficiency reserves, loss on sale of property, and restructuring costs. The year ended December 31, 2020 includes charitable contribution, premium deficiency reserves, and restructuring costs. |
|||||||||||||||||||||||||||||||
MOLINA HEALTHCARE, INC. |
|||||||
RECONCILIATION OF UNAUDITED NON-GAAP FINANCIAL MEASURES (CONTINUED) |
|||||||
2022 GUIDANCE |
|||||||
|
|||||||
|
Amount |
|
Per Diluted Share (2) |
||||
Net income |
$ |
919 |
|
|
$ |
15.73 |
|
Adjustments: |
|
|
|
||||
Acquisition-related expenses |
|
33 |
|
|
|
0.56 |
|
Amortization of intangible assets |
|
64 |
|
|
|
1.10 |
|
Subtotal, adjustments |
|
97 |
|
|
|
1.66 |
|
Income tax effect (1) |
|
(23 |
) |
|
|
(0.39 |
) |
Adjustments, net of tax |
|
74 |
|
|
|
1.27 |
|
Adjusted net income per diluted share |
$ |
993 |
|
|
$ |
17.00 |
|
__________________ |
|
|
|
||||
(1) Income tax effect calculated at the statutory tax rate of approximately 23.8%. |
|||||||
(2) Computations assume approximately 58.4 million diluted weighted average shares outstanding. |
|||||||
Представляет руководство по прибыли за весь 2022 год
ЛОНГ-БИЧ, Калифорния — (BUSINESS WIRE) — Molina Healthcare, Inc. (NYSE: MOH) («Компания») сегодня сообщила о прибыли по GAAP за четвертый квартал 2021 года на разводненную акцию в размере 1,74 доллара США и скорректированной прибыли на разводненную акцию в размере 2,88 доллара США. Компания также сообщила о прибыли по GAAP за 2021 год на разводненную акцию в размере 11,25 доллара США и скорректированной прибыли на разводненную акцию в размере 13,54 доллара США. Финансовые результаты представлены ниже:
|
Quarter ended |
|
Year ended |
||||
|
December 31, |
|
December 31, |
||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
(In millions, except per-share results) |
|||||||
Premium Revenue |
$7,166 |
|
$4,855 |
|
$26,855 |
|
$18,299 |
Total Revenue |
$7,409 |
|
$5,235 |
|
$27,771 |
|
$19,423 |
|
|
|
|
|
|
|
|
GAAP: |
|
|
|
|
|
|
|
Net Income |
$103 |
|
$34 |
|
$659 |
|
$673 |
EPS – Diluted |
$1.74 |
|
$0.56 |
|
$11.25 |
|
$11.23 |
Medical Care Ratio (MCR) |
88.8% |
|
90.8% |
|
88.3% |
|
86.5% |
G&A Ratio |
7.8% |
|
8.6% |
|
7.4% |
|
7.6% |
After-tax Margin |
1.4% |
|
0.6% |
|
2.4% |
|
3.5% |
|
|
|
|
|
|
|
|
Adjusted: |
|
|
|
|
|
|
|
Net Income (loss) |
$170 |
|
($30) |
|
$793 |
|
$640 |
EPS – Diluted |
$2.88 |
|
($0.51) |
|
$13.54 |
|
$10.67 |
G&A Ratio |
7.4% |
|
8.6% |
|
7.2% |
|
7.6% |
After-tax Margin |
2.3% |
|
(0.6%) |
|
2.9% |
|
3.3% |
See the Reconciliation of Unaudited Non-GAAP Financial Measures at the end of this release. |
|||||||
Основные моменты года
«Мы очень довольны результатами за квартал и за весь год, — сказал Джозеф Зубрецкий, президент и главный исполнительный директор. «Наш проверенный импульс позволяет нам продолжать развивать эту ценную и образцовую франшизу в сфере здравоохранения. Мы гордимся тем, что можем служить нашим членам в это непростое время, поддерживая прибыльный рост».
Приобретение Техаса
3 января 2022 года Компания объявила, что 1 января 2022 года завершила сделку по приобретению контрактов Cigna Corporation с Texas Medicaid.
Премиум доход
Доход от премий за весь 2021 год составил примерно 26,9 млрд долларов, что на 47% больше, чем за весь 2020 год. Более высокий доход от премий отражает увеличение органического членства во всех направлениях бизнеса и влияние приобретений.
Чистая прибыль за год, закончившийся 31 декабря 2021 г., составила 11,25 долл. США на разводненную акцию по сравнению с 11,23 долл. США на разводненную акцию за год, закончившийся 31 декабря 2020 г. Скорректированная чистая прибыль за год, закончившийся 31 декабря 2021 г., составила 13,54 долл. США на разводненную акцию. по сравнению с 10,67 доллара США на разводненную акцию в году, закончившемся 31 декабря 2020 года. Чистый эффект COVID снизил GAAP за весь 2021 год и скорректировал прибыль на акцию на 3,50 доллара США на разводненную акцию по сравнению с 2,30 доллара США на разводненную акцию годом ранее.
Коэффициент медицинской помощи
Консолидированный MCR за год, закончившийся 31 декабря 2021 г., составил 88,3% по сравнению с 86,5% в 2020 г. Чистый эффект COVID увеличил консолидированный MCR примерно на 90 базисных пунктов и затронул все три направления бизнеса. В предыдущем году чистый эффект COVID увеличил консолидированный MCR примерно на 50 базисных пунктов.
Коэффициент общих и административных расходов
Коэффициент общих и административных расходов за весь 2021 год составил 7,4% по сравнению с 7,6% за весь 2020 год. Скорректированный коэффициент общих и административных расходов составил 7,2% за весь 2021 год по сравнению с 7,6% за весь 2020 год, что отражает преимущества масштаба производства. благодаря росту компании и постоянному дисциплинированному управлению затратами при осуществлении соответствующих инвестиций для стимулирования роста.
Денежные средства и инвестиции в материнской компании составили 348 млн долларов США по состоянию на 31 декабря 2021 года по сравнению с 644 млн долларов США по состоянию на 31 декабря 2020 года. Снижение произошло из-за приобретений и выкупа акций, частично компенсированных дивидендами, полученными от дочерних компаний регулируемых планов медицинского страхования. В ноябре 2021 года Компания закрыла свое частное размещение на сумму 750 миллионов долларов США по номинальной стоимости старших облигаций 3,875% со сроком погашения 15 мая 2032 года. Компания использовала вырученные средства для погашения всей непогашенной номинальной суммы своих старших облигаций со ставкой 5,375% со сроком погашения в 2022 году на сумму 700 миллионов долларов.
Операционный денежный поток за год, закончившийся 31 декабря 2021 г., составил 2,1 млрд долл. США и был выше по сравнению с годом, закончившимся 31 декабря 2020 г., в основном из-за роста операционной деятельности и чистого влияния временных различий в государственной дебиторской и кредиторской задолженности.
Компания ожидает, что ее общий доход за весь 2022 год составит около 29,5 млрд долларов США, что примерно на 6% больше, чем за полный 2021 год.
Ожидается, что доход от премиальных услуг за весь 2022 год составит примерно 28,5 млрд долларов, что примерно на 6% больше, чем за полный 2021 год.
Компания ожидает, что ее скорректированная прибыль на акцию за весь 2022 год составит не менее $17,00 на акцию, или 26% роста по сравнению с предыдущим годом, при этом ключевые показатели будут соответствовать долгосрочным целям Компании.
Руководство отражает:
См. «Сверка неаудированных финансовых показателей не по GAAP» в конце этого выпуска.
Full Year 2022 Guidance (1) |
|
Premium Revenue |
$28.5B |
Total Revenue |
$29.5B |
GAAP Net Income |
$919M |
Adjusted Net Income (2) |
$993M |
GAAP EPS – Diluted |
>$15.73 |
Adjusted EPS – Diluted (2) |
>$17.00 |
Diluted weighted average shares |
58.4M |
|
|
Year End Total Membership |
4.5M |
Medicaid |
4.1M |
Medicare |
150K |
Marketplace |
250K |
|
|
MCR |
88.0% |
GAAP G&A Ratio |
6.9% |
Adjusted G&A Ratio |
6.8% |
Effective Tax Rate |
25.4% |
GAAP After-tax Margin |
3.1% |
Adjusted After-tax Margin |
3.4% |
______________ |
|
(1) All amounts are rounded and approximations. |
|
(2) Reconciliations of non-GAAP financial measures at the end of this release. |
|
Групповой звонок
Руководство проводит телефонную конференцию и веб-трансляцию для обсуждения результатов Molina Healthcare за четвертый квартал и на конец 2021 года в 8:00 по восточному времени в четверг, 10 февраля 2022 года. Телефон для интерактивной телеконференции: (877) 883-0383 и номер подтверждения: 8807414. Телефонное воспроизведение телефонной конференции будет доступно до четверга, 24 февраля 2022 г., по телефону (877) 344-7529 и вводу номера подтверждения 9770251. Прямая аудиотрансляция этого конференц-звонка будет доступна на Веб-сайт Molina Healthcare, molinahealthcare.com. 30-дневный онлайн-повтор будет доступен примерно через час после завершения прямой трансляции.
Об Molina Healthcare
Molina Healthcare, Inc., компания из списка FORTUNE 500, предоставляет управляемые медицинские услуги в рамках программ Medicaid и Medicare, а также на рынках государственного страхования. По состоянию на 31 декабря 2021 г. в рамках местных планов медицинского страхования Molina Healthcare обслуживала примерно 5,2 миллиона участников. Для получения дополнительной информации о Molina Healthcare посетите веб-сайт molinahealthcare.com.
Заявление о безопасной гавани в соответствии с Законом о реформе судебных разбирательств по частным ценным бумагам 1995 г.
Этот отчет о прибылях и убытках и сопровождающие его устные замечания содержат прогнозные заявления относительно ее прогноза на 2022 год, а также ее планы и ожидания в отношении будущих событий. Фактические результаты могут существенно отличаться из-за многочисленных известных и неизвестных рисков и неопределенностей. Эти риски и неопределенности обсуждаются в разделах «Заявления о перспективах» и «Факторы риска» в Годовом отчете Компании по форме 10-K за год, закончившийся 31 декабря 2020 года, который хранится в SEC, и также в своем квартальном отчете по форме 10-Q за периоды, закончившиеся 31 марта 2021 г., 30 июня 2021 г. и 30 сентября 2021 г., которые хранятся в SEC. Дополнительная информация также будет указана в годовом отчете Компании по форме 10-K за год, закончившийся 31 декабря 2021 года, который Компания планирует представить 14 февраля 2022 года или около того.
Доступ к этим отчетам можно получить на вкладке «Отношения с инвесторами» на веб-сайте Компании или на веб-сайте SEC по адресу sec.gov. Учитывая эти риски и неопределенности, Компания не может дать никаких гарантий того, что ее прогнозные заявления окажутся точными или что любые другие результаты или события, прогнозируемые или предполагаемые ее прогнозными заявлениями, действительно произойдут, и Компания предупреждает инвесторов. не слишком полагаться на эти заявления. Все прогнозные заявления в этом выпуске представляют собой суждение Компании по состоянию на 9 февраля 2022 г., и, если иное не требуется по закону, Компания отказывается от каких-либо обязательств по обновлению любых прогнозных заявлений, чтобы привести заявление в соответствие с фактическими результатами или изменениями в его ожидания.
Molina Healthcare, INC. |
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UNAUDITED CONSOLIDATED STATEMENTS OF INCOME |
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|
|||||||||||||||
|
Three Months Ended |
|
Year Ended |
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|
December 31, |
|
December 31, |
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|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
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|
(In millions, except per-share amounts) |
||||||||||||||
Revenue: |
|
|
|
|
|
|
|
||||||||
Premium revenue |
$ |
7,166 |
|
|
$ |
4,855 |
|
|
$ |
26,855 |
|
|
$ |
18,299 |
|
Premium tax revenue |
|
211 |
|
|
|
172 |
|
|
|
787 |
|
|
|
649 |
|
Health insurer fees reimbursed |
|
— |
|
|
|
65 |
|
|
|
— |
|
|
|
271 |
|
Marketplace risk corridor judgment |
|
— |
|
|
|
128 |
|
|
|
— |
|
|
|
128 |
|
Investment income |
|
13 |
|
|
|
11 |
|
|
|
52 |
|
|
|
59 |
|
Other revenue |
|
19 |
|
|
|
4 |
|
|
|
77 |
|
|
|
17 |
|
Total revenue |
|
7,409 |
|
|
|
5,235 |
|
|
|
27,771 |
|
|
|
19,423 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Medical care costs |
|
6,362 |
|
|
|
4,408 |
|
|
|
23,704 |
|
|
|
15,820 |
|
General and administrative expenses |
|
579 |
|
|
|
450 |
|
|
|
2,068 |
|
|
|
1,480 |
|
Premium tax expenses |
|
211 |
|
|
|
172 |
|
|
|
787 |
|
|
|
649 |
|
Health insurer fees |
|
— |
|
|
|
68 |
|
|
|
— |
|
|
|
277 |
|
Depreciation and amortization |
|
35 |
|
|
|
24 |
|
|
|
131 |
|
|
|
88 |
|
Other |
|
31 |
|
|
|
22 |
|
|
|
61 |
|
|
|
31 |
|
Total operating expenses |
|
7,218 |
|
|
|
5,144 |
|
|
|
26,751 |
|
|
|
18,345 |
|
Operating income |
|
191 |
|
|
|
91 |
|
|
|
1,020 |
|
|
|
1,078 |
|
Other expenses, net: |
|
|
|
|
|
|
|
||||||||
Interest expense |
|
30 |
|
|
|
30 |
|
|
|
120 |
|
|
|
102 |
|
Other expense, net |
|
25 |
|
|
|
10 |
|
|
|
25 |
|
|
|
15 |
|
Total other expenses, net |
|
55 |
|
|
|
40 |
|
|
|
145 |
|
|
|
117 |
|
Income before income tax expense |
|
136 |
|
|
|
51 |
|
|
|
875 |
|
|
|
961 |
|
Income tax expense |
|
33 |
|
|
|
17 |
|
|
|
216 |
|
|
|
288 |
|
Net income |
$ |
103 |
|
|
$ |
34 |
|
|
$ |
659 |
|
|
$ |
673 |
|
|
|
|
|
|
|
|
|
||||||||
Net income per share – Diluted |
$ |
1.74 |
|
|
$ |
0.56 |
|
|
$ |
11.25 |
|
|
$ |
11.23 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted weighted average shares outstanding |
|
58.7 |
|
|
|
59.4 |
|
|
|
58.6 |
|
|
|
59.9 |
|
|
|
|
|
|
|
|
|
||||||||
Operating Statistics: |
|
|
|
|
|
|
|
||||||||
Medical care ratio |
|
88.8 |
% |
|
|
90.8 |
% |
|
|
88.3 |
% |
|
|
86.5 |
% |
G&A ratio |
|
7.8 |
% |
|
|
8.6 |
% |
|
|
7.4 |
% |
|
|
7.6 |
% |
Premium tax ratio |
|
2.9 |
% |
|
|
3.4 |
% |
|
|
2.8 |
% |
|
|
3.4 |
% |
Effective income tax rate |
|
24.2 |
% |
|
|
33.8 |
% |
|
|
24.7 |
% |
|
|
30.0 |
% |
After-tax margin |
|
1.4 |
% |
|
|
0.6 |
% |
|
|
2.4 |
% |
|
|
3.5 |
% |
|
|
|
|
|
|
|
|
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Molina Healthcare, INC. |
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CONSOLIDATED BALANCE SHEETS |
||||||
|
||||||
|
December 31, |
|||||
|
|
2021 |
|
|
|
2020 |
|
Unaudited |
|
|
|||
|
(Dollars in millions, except per-share amounts) |
|||||
ASSETS |
||||||
Current assets: |
|
|
|
|||
Cash and cash equivalents |
$ |
4,438 |
|
|
$ |
4,154 |
Investments |
|
3,202 |
|
|
|
1,875 |
Receivables |
|
2,177 |
|
|
|
1,672 |
Prepaid expenses and other current assets |
|
247 |
|
|
|
175 |
Total current assets |
|
10,064 |
|
|
|
7,876 |
Property, equipment, and capitalized software, net |
|
396 |
|
|
|
391 |
Goodwill and intangible assets, net |
|
1,252 |
|
|
|
941 |
Restricted investments |
|
212 |
|
|
|
136 |
Deferred income taxes |
|
106 |
|
|
|
69 |
Other assets |
|
179 |
|
|
|
119 |
Total assets |
$ |
12,209 |
|
|
$ |
9,532 |
|
|
|
|
|||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||
Current liabilities: |
|
|
|
|||
Medical claims and benefits payable |
$ |
3,363 |
|
|
$ |
2,696 |
Amounts due government agencies |
|
2,472 |
|
|
|
1,253 |
Accounts payable, accrued liabilities and other |
|
842 |
|
|
|
641 |
Deferred revenue |
|
370 |
|
|
|
375 |
Total current liabilities |
|
7,047 |
|
|
|
4,965 |
Long-term debt |
|
2,173 |
|
|
|
2,127 |
Finance lease liabilities |
|
219 |
|
|
|
225 |
Other long-term liabilities |
|
140 |
|
|
|
119 |
Total liabilities |
|
9,579 |
|
|
|
7,436 |
Stockholders’ equity: |
|
|
|
|||
Common stock, $0.001 par value, 150 million shares authorized; outstanding: 58 million shares at December 31, 2021, and 59 million shares at December 31, 2020 |
|
— |
|
|
|
— |
Preferred stock, $0.001 par value; 20 million shares authorized, no shares issued and outstanding |
|
— |
|
|
|
— |
Additional paid-in capital |
|
236 |
|
|
|
199 |
Accumulated other comprehensive (loss) income |
|
(5 |
) |
|
|
37 |
Retained earnings |
|
2,399 |
|
|
|
1,860 |
Total stockholders’ equity |
|
2,630 |
|
|
|
2,096 |
Total liabilities and stockholders’ equity |
$ |
12,209 |
|
|
$ |
9,532 |
|
|
|
|
|||
Molina Healthcare, INC. |
|||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
|
|||||||
|
Year Ended |
||||||
|
December 31, |
||||||
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
||||
|
(In millions) |
||||||
Operating activities: |
|
|
|
||||
Net income |
$ |
659 |
|
|
$ |
673 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
131 |
|
|
|
88 |
|
Deferred income taxes |
|
(24 |
) |
|
|
(19 |
) |
Share-based compensation |
|
72 |
|
|
|
57 |
|
Loss on debt repayment |
|
25 |
|
|
|
15 |
|
Other, net |
|
33 |
|
|
|
12 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Receivables |
|
(415 |
) |
|
|
(100 |
) |
Prepaid expenses and other current assets |
|
(19 |
) |
|
|
(16 |
) |
Medical claims and benefits payable |
|
471 |
|
|
|
544 |
|
Amounts due government agencies |
|
1,046 |
|
|
|
446 |
|
Accounts payable, accrued liabilities and other |
|
138 |
|
|
|
86 |
|
Deferred revenue |
|
(5 |
) |
|
|
126 |
|
Income taxes |
|
7 |
|
|
|
(14 |
) |
Net cash provided by operating activities |
|
2,119 |
|
|
|
1,898 |
|
Investing activities: |
|
|
|
||||
Purchases of investments |
|
(2,713 |
) |
|
|
(670 |
) |
Proceeds from sales and maturities of investments |
|
1,329 |
|
|
|
1,097 |
|
Net cash paid in business combinations |
|
(129 |
) |
|
|
(755 |
) |
Purchases of property, equipment, and capitalized software |
|
(77 |
) |
|
|
(74 |
) |
Other, net |
|
(63 |
) |
|
|
2 |
|
Net cash used in investing activities |
|
(1,653 |
) |
|
|
(400 |
) |
Financing activities: |
|
|
|
||||
Proceeds from senior notes offering, net of issuance costs |
|
740 |
|
|
|
1,429 |
|
Repayment of senior notes |
|
(723 |
) |
|
|
(338 |
) |
Common stock purchases |
|
(128 |
) |
|
|
(606 |
) |
Common stock withheld to settle employee tax obligations |
|
(53 |
) |
|
|
(8 |
) |
Contingent consideration liabilities settled |
|
(20 |
) |
|
|
— |
|
Repayment of term loan facility |
|
— |
|
|
|
(600 |
) |
Proceeds from borrowings under term loan facility |
|
— |
|
|
|
380 |
|
Cash paid for partial termination of warrants |
|
— |
|
|
|
(30 |
) |
Cash paid for partial settlement of conversion option |
|
— |
|
|
|
(27 |
) |
Cash received for partial settlement of call option |
|
— |
|
|
|
27 |
|
Repayment of principal amount of convertible senior notes |
|
— |
|
|
|
(12 |
) |
Other, net |
|
1 |
|
|
|
2 |
|
Net cash (used in) provided by financing activities |
|
(183 |
) |
|
|
217 |
|
Net increase in cash, cash equivalents, and restricted cash and cash equivalents |
|
283 |
|
|
|
1,715 |
|
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period |
|
4,223 |
|
|
|
2,508 |
|
Cash, cash equivalents, and restricted cash and cash equivalents at end of period |
$ |
4,506 |
|
|
$ |
4,223 |
|
|
|
|
|
||||
Molina Healthcare, INC. |
||||
UNAUDITED SEGMENT DATA |
||||
(Dollars in millions) |
||||
|
||||
|
|
December 31, |
||
|
|
2021 |
|
2020 |
Ending Membership by Segment: |
|
|
|
|
Medicaid |
4,329,000 |
|
3,599,000 |
|
Medicare |
142,000 |
|
115,000 |
|
Marketplace |
728,000 |
|
318,000 |
|
Total (1) |
5,199,000 |
|
4,032,000 |
|
|
|
|
|
|
|
|
|
|
|
(1) Approximately 200,000 members, from the Magellan Complete Care acquisition that closed on December 31, 2020, are not included in the totals as of December 31, 2020. |
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|
Three Months Ended September 30, |
||||||||||||||||
|
2021 |
|
2020 |
||||||||||||||
|
Premium Revenue |
|
Medical Margin |
|
MCR (1) |
|
Premium Revenue |
|
Medical Margin |
|
MCR (1) |
||||||
|
|
|
|
|
|
||||||||||||
Medicaid |
$ |
5,146 |
|
$ |
532 |
|
89.6 |
% |
|
$ |
3,754 |
|
$ |
509 |
|
86.4 |
% |
Medicare |
|
875 |
|
|
151 |
|
82.8 |
|
|
|
632 |
|
|
91 |
|
85.6 |
|
Marketplace |
|
779 |
|
|
68 |
|
91.3 |
|
|
|
382 |
|
|
70 |
|
81.6 |
|
Consolidated |
$ |
6,800 |
|
$ |
751 |
|
88.9 |
% |
|
$ |
4,768 |
|
$ |
670 |
|
85.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Three Months Ended December 31, |
||||||||||||||||
|
2021 |
|
2020 |
||||||||||||||
|
Premium Revenue |
|
Medical Margin |
|
MCR (1) |
|
Premium Revenue |
|
Medical Margin |
|
MCR (1) |
||||||
|
|
|
|
|
|
||||||||||||
Medicaid |
$ |
5,441 |
|
$ |
635 |
|
88.3 |
% |
|
$ |
3,850 |
|
$ |
377 |
|
90.2 |
% |
Medicare |
|
873 |
|
|
101 |
|
88.3 |
|
|
|
616 |
|
|
18 |
|
97.1 |
|
Marketplace |
|
852 |
|
|
68 |
|
92.1 |
|
|
|
389 |
|
|
52 |
|
86.6 |
|
Consolidated |
$ |
7,166 |
|
$ |
804 |
|
88.8 |
% |
|
$ |
4,855 |
|
$ |
447 |
|
90.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Year Ended December 31, |
||||||||||||||||
|
2021 |
|
2020 |
||||||||||||||
|
Premium Revenue |
|
Medical Margin |
|
MCR (1) |
|
Premium Revenue |
|
Medical Margin |
|
MCR (1) |
||||||
|
|
|
|
|
|
||||||||||||
Medicaid |
$ |
20,461 |
|
$ |
2,322 |
|
88.7 |
% |
|
$ |
14,265 |
|
$ |
1,804 |
|
87.4 |
% |
Medicare |
|
3,361 |
|
|
430 |
|
87.2 |
|
|
|
2,512 |
|
|
351 |
|
86.0 |
|
Marketplace |
|
3,033 |
|
|
399 |
|
86.9 |
|
|
|
1,522 |
|
|
324 |
|
78.7 |
|
Consolidated |
$ |
26,855 |
|
$ |
3,151 |
|
88.3 |
% |
|
$ |
18,299 |
|
$ |
2,479 |
|
86.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(1) The MCR represents medical costs as a percentage of premium revenue. |
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Molina Healthcare, вкл.
изменение требований к оплате медицинских услуг и пособий
(в миллионах долларов)
Обязательства по убыткам Компании включают дополнительные резервы для учета умеренно неблагоприятных условий, основанных на прошлом опыте и других факторах, включая, помимо прочего, изменения в схемах выплат по убыткам, изменения в тенденциях использования и затрат, известные вспышки заболеваний и крупные претензии. Методология резервирования Компании последовательно применяется для всех представленных периодов. Суммы, отображаемые для «Компоненты затрат на медицинское обслуживание, относящиеся к: предыдущему году», представляют собой суммы, на которые первоначальные оценки требований и пособий, подлежащих выплате в начале года, превышали фактические обязательства, основанные на информации (в основном оплата требований). ), разработанные с тех пор, как об этих обязательствах впервые сообщили. В следующей таблице представлены компоненты изменения медицинских требований и пособий, подлежащих выплате за указанные периоды:
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Year Ended |
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December 31, |
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2021 |
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|
|
2020 |
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|
|
|
|
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Unaudited |
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Medical claims and benefits payable, beginning balance |
$ |
2,696 |
|
|
$ |
1,854 |
|
Components of medical care costs related to: |
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|
|
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Current year |
|
23,943 |
|
|
|
15,939 |
|
Prior year |
|
(239 |
) |
|
|
(119 |
) |
Total medical care costs |
|
23,704 |
|
|
|
15,820 |
|
Payments for medical care costs related to: |
|
|
|
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Current year |
|
21,148 |
|
|
|
13,871 |
|
Prior year |
|
2,080 |
|
|
|
1,507 |
|
Total paid |
|
23,228 |
|
|
|
15,378 |
|
Acquired balances, net of post-acquisition adjustments |
|
197 |
|
|
|
294 |
|
Change in non-risk and other provider payables |
|
(6 |
) |
|
|
106 |
|
Medical claims and benefits payable, ending balance |
$ |
3,363 |
|
|
$ |
2,696 |
|
|
|
|
|
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Days in claims payable, fee for service (1) |
|
51 |
|
|
|
50 |
|
______________ |
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|
|
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(1) Claims payable includes primarily claims incurred but not paid, or IBNP. It also includes certain fee-for-service payables reported in medical claims and benefits payable amounting to $150 million and $78 million, as of December 31, 2021, and 2020, respectively. |
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Molina Healthcare, INC. СВЕРКА НЕАУДИРОВАННЫХ ФИНАНСОВЫХ ПОКАЗАТЕЛЕЙ НЕ GAAP (в миллионах, за исключением разводненных сумм акций)
Компания считает, что некоторые финансовые показатели, не соответствующие GAAP (общепринятым принципам бухгалтерского учета), являются полезными дополнительными показателями для инвесторов при сравнении показателей Компании с показателями других публичных компаний в отрасли здравоохранения. Финансовые показатели, не предусмотренные GAAP, также используются внутри компании, чтобы дать руководству возможность последовательно оценивать результаты деятельности Компании с течением времени. Эти финансовые показатели, не относящиеся к GAAP, представленные ниже, следует рассматривать как дополнения к показателям GAAP, а не как их замену или превосходство над ними.
Корректировки представляют собой добавления и вычеты из чистой прибыли по GAAP, как указано в таблице ниже, которые включают неденежное влияние амортизации приобретенных нематериальных активов, расходы, связанные с приобретением, а также влияние определенных расходов и других статей, которые, по мнению руководства, не являются показательными. долгосрочных бизнес-тенденций и операций.
Скорректированный коэффициент G&A представляет собой коэффициент G&A по GAAP с учетом корректировок.
Скорректированная чистая прибыль представляет собой чистую прибыль по GAAP с учетом корректировок за вычетом налогов. Компания считает, что скорректированная чистая прибыль полезна для инвесторов при оценке финансовых результатов Компании.
Скорректированная чистая прибыль на разводненную акцию представляет собой скорректированную чистую прибыль, деленную на средневзвешенные обыкновенные акции, находящиеся в обращении, на полностью разводненной основе.
Скорректированная маржа после налогообложения представляет собой скорректированную чистую прибыль, деленную на общую выручку.
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Three Months Ended December 31, |
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Year Ended December 31, |
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2021 |
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2020 |
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2021 |
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2020 |
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Amount |
|
Per Diluted Share |
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Amount |
|
Per Diluted Share |
|
Amount |
|
Per Diluted Share |
|
Amount |
|
Per Diluted Share |
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Net income |
$ |
103 |
|
|
$ |
1.74 |
|
|
$ |
34 |
|
|
$ |
0.56 |
|
|
$ |
659 |
|
|
$ |
11.25 |
|
|
$ |
673 |
|
|
$ |
11.23 |
|
Adjustments: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Acquisition-related expenses (1) |
|
49 |
|
|
|
0.84 |
|
|
|
18 |
|
|
|
0.31 |
|
|
|
93 |
|
|
|
1.59 |
|
|
|
22 |
|
|
|
0.37 |
|
Amortization of intangible assets |
|
14 |
|
|
|
0.23 |
|
|
|
4 |
|
|
|
0.07 |
|
|
|
49 |
|
|
|
0.83 |
|
|
|
16 |
|
|
|
0.26 |
|
Loss on debt repayment |
|
25 |
|
|
|
0.43 |
|
|
|
10 |
|
|
|
0.18 |
|
|
|
25 |
|
|
|
0.43 |
|
|
|
15 |
|
|
|
0.26 |
|
Marketplace risk corridor judgment |
|
— |
|
|
|
— |
|
|
|
(128 |
) |
|
|
(2.15 |
) |
|
|
— |
|
|
|
— |
|
|
|
(128 |
) |
|
|
(2.14 |
) |
Other (2) |
|
— |
|
|
|
— |
|
|
|
12 |
|
|
|
0.19 |
|
|
|
9 |
|
|
|
0.16 |
|
|
|
31 |
|
|
|
0.51 |
|
Subtotal, adjustments |
|
88 |
|
|
|
1.50 |
|
|
|
(84 |
) |
|
|
(1.40 |
) |
|
|
176 |
|
|
|
3.01 |
|
|
|
(44 |
) |
|
|
(0.74 |
) |
Income tax effect |
|
(21 |
) |
|
|
(0.36 |
) |
|
|
20 |
|
|
|
0.33 |
|
|
|
(42 |
) |
|
|
(0.72 |
) |
|
|
11 |
|
|
|
0.18 |
|
Adjustments, net of tax |
|
67 |
|
|
|
1.14 |
|
|
|
(64 |
) |
|
|
(1.07 |
) |
|
|
134 |
|
|
|
2.29 |
|
|
|
(33 |
) |
|
|
(0.56 |
) |
Adjusted net income (loss) |
$ |
170 |
|
|
$ |
2.88 |
|
|
$ |
(30 |
) |
|
$ |
(0.51 |
) |
|
$ |
793 |
|
|
$ |
13.54 |
|
|
$ |
640 |
|
|
$ |
10.67 |
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__________________ |
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(1) Beginning in the third quarter of 2020, reflects non-recurring costs associated with acquisitions, including various transaction and integration costs. |
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(2) The year ended December 31, 2021 includes change in premium deficiency reserves, loss on sale of property, and restructuring costs. The year ended December 31, 2020 includes charitable contribution, premium deficiency reserves, and restructuring costs. |
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Molina Healthcare, INC. |
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RECONCILIATION OF UNAUDITED NON-GAAP FINANCIAL MEASURES (CONTINUED) |
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2022 GUIDANCE |
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|||||||
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Amount |
|
Per Diluted Share (2) |
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Net income |
$ |
919 |
|
|
$ |
15.73 |
|
Adjustments: |
|
|
|
||||
Acquisition-related expenses |
|
33 |
|
|
|
0.56 |
|
Amortization of intangible assets |
|
64 |
|
|
|
1.10 |
|
Subtotal, adjustments |
|
97 |
|
|
|
1.66 |
|
Income tax effect (1) |
|
(23 |
) |
|
|
(0.39 |
) |
Adjustments, net of tax |
|
74 |
|
|
|
1.27 |
|
Adjusted net income per diluted share |
$ |
993 |
|
|
$ |
17.00 |
|
__________________ |
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|
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(1) Income tax effect calculated at the statutory tax rate of approximately 23.8%. |
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(2) Computations assume approximately 58.4 million diluted weighted average shares outstanding. |
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