Molina Healthcare Reports Third Quarter 2020 Financial Results

Nachrichtenquelle: Business Wire (engl.)
28.10.2020, 21:15  |  101   |   |   

Molina Healthcare, Inc. (NYSE: MOH) today reported net income for the third quarter of 2020 of $185 million, or $3.10 per diluted share, compared to net income of $175 million, or $2.75 per diluted share, for the third quarter of 2019. Adjusted EPS for the third quarter of 2020 was $3.36, compared to $2.83 for the third quarter of 2019. Financial results for the third quarter of 2020 are summarized below:

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

 

2020

 

2019

 

2020

 

2019

 

 

 

 

 

 

 

 

 

(In millions, except per share results)

Premium Revenue

$4,768

 

 

$4,084

 

 

$13,444

 

 

$12,085

 

Total Revenue

$5,021

 

 

$4,243

 

 

$14,188

 

 

$12,555

 

Pre-Tax Income

$262

 

 

$233

 

 

$910

 

 

$750

 

Net Income

$185

 

 

$175

 

 

$639

 

 

$569

 

GAAP EPS – Diluted

$3.10

 

 

$2.75

 

 

$10.65

 

 

$8.80

 

Adjusted EPS – Diluted (1)

$3.36

 

 

$2.83

 

 

$11.15

 

 

$8.84

 

MCR

85.9

%

 

86.3

%

 

84.9

%

 

85.7

%

G&A Ratio

7.3

%

 

7.6

%

 

7.3

%

 

7.6

%

Effective Tax Rate

29.5

%

 

24.7

%

 

29.8

%

 

24.1

%

After-Tax Margin

3.7

%

 

4.1

%

 

4.5

%

 

4.5

%

__________________

(1) See reconciliation of GAAP EPS to Non-GAAP Adjusted EPS at the end of this release.

Highlights

  • Premium revenue was $4.8 billion for the third quarter of 2020, a 16.8% increase compared to the third quarter of 2019.
  • Medical care ratio (MCR) was 85.9% for the third quarter of 2020, compared to 86.3% for the third quarter of 2019.
  • General and administrative (G&A) expense ratio was 7.3% for the third quarter of 2020, a 30 basis point decrease compared to 7.6% for the third quarter of 2019.
  • After-tax margin was 3.7% for the third quarter of 2020, compared to 4.1% for the third quarter of 2019.
  • Net income increased to $185 million for the third quarter of 2020, compared to $175 million for third quarter of 2019.
  • The Company estimates that the net effect of COVID-19 was negligible to slightly positive to the Company’s results for the third quarter of 2020.
  • The Company’s full year GAAP earnings guidance range remains at $11.20 to $11.70 per diluted share.

     

“Our third quarter performance was marked by the continued delivery of solid earnings and the focused execution of our growth strategy, all achieved in the midst of a global pandemic,” said Joseph Zubretsky, president and CEO of Molina Healthcare. “We continue to take major steps forward in our transformation, expanding our business portfolio while staying focused on our members and customers to help them during this most difficult time.”

Recent Acquisitions

Affinity Acquisition
On September 29, 2020, Molina announced that it had entered into a definitive agreement to acquire substantially all of the assets of Affinity Health Plan. The net purchase price for the transaction is approximately $380 million, net of expected tax benefits and inclusive of an amount representing Molina’s target allocation of required regulatory capital. Molina intends to fund the purchase with cash on hand.

Passport Acquisition
On September 1, 2020, Molina closed on its acquisition of certain assets of Passport Health Plan, Inc., in Kentucky. Effective on that same date, the Kentucky Medicaid agency approved the novation of Passport’s Medicaid contract to Molina Healthcare of Kentucky, Inc. In connection with this transaction, Molina added approximately 325,000 Medicaid members in Kentucky.

Quarterly Performance Review

Premium Revenue
Premium revenue for the third quarter of 2020 increased 16.8% to $4.8 billion, compared to $4.1 billion for the third quarter of 2019.

For the nine months ended September 30, 2020, premium revenue increased 11.3% to $13.4 billion, compared to $12.1 billion for the comparable period in 2019. In both periods, the higher premium revenue reflected the increase in membership, primarily in Medicaid, and included the impact from the YourCare and Passport acquisitions.

COVID-19
In the third quarter of 2020, the net effect of all COVID-related impacts, including the reduced demand for some medical services and the cost of COVID-related care, along with premium refunds and related actions, was negligible to slightly positive to the Company’s results.

Medical Care Ratio
The consolidated MCR for the third quarter of 2020 improved to 85.9%, compared to 86.3% for the third quarter of 2019.

  • Medicaid MCR: Decreased to 86.4%, compared to 88.1% for the third quarter of 2019. While COVID-related impacts were slightly favorable in the Medicaid business, the Company’s performance and resulting margins still exceeded the Company’s pre-COVID expectations.
  • Medicare MCR: Unchanged at 85.6%, compared to the third quarter of 2019. While COVID‑related impacts were slightly favorable in the Medicare business, the Company’s performance and resulting margins still exceeded the Company’s pre-COVID expectations.
  • Marketplace MCR: Increased to 81.6%, compared to 71.2% for the third quarter of 2019. The Marketplace MCR was negatively affected by COVID-related impacts and some modest underachievement of risk scores relative to the acuity of certain Marketplace members.

The consolidated MCR for the nine months ended September 30, 2020, improved to 84.9% compared to 85.7% for the comparable period in 2019.

General and Administrative Expense Ratio
General and administrative expenses decreased to 7.3% of total revenues for the third quarter of 2020, compared to 7.6% for the third quarter of 2019.

For the nine months ended September 30, 2020, the G&A ratio was 7.3% compared to 7.6% in the comparable prior-year period. In both periods, the ratio improved due to increased revenues, partially offset by increased costs associated with the COVID-19 pandemic.

Balance Sheet
Cash and investments at the parent company amounted to $1,286 million as of September 30, 2020, compared to $997 million as of December 31, 2019.

Cash Flow
Operating cash flows for the nine months ended September 30, 2020, amounted to $591 million, and were higher compared to the nine months ended September 30, 2019, primarily due to stronger operating results and the normal fluctuations in timing of premium receipts and government payments.

2020 Guidance
The Company has increased its full year 2020 total revenue guidance to approximately $19.6 billion, from its previous estimate of $18.8 billion, which reflects revenue from the Passport membership that was effective September 1, 2020, and higher Medicaid enrollment through the third quarter of 2020. The total revenue guidance includes $18.6 billion in premium revenue.

While the Company’s core performance is expected to remain strong through the fourth quarter of 2020, the Company is choosing to maintain its existing guidance. The Company is taking this cautious approach because of the continued uncertainty related to COVID’s impact on medical care costs and the possibility for additional COVID-related rate refunds.

2021 Outlook
The Company previously provided a 2021 premium revenue outlook. That outlook included a proforma estimate of the revenue associated with its announced acquisition of Magellan Complete Care, which is on track to close around the end of the year, and an estimate of the revenue expected from auto assigned membership in its new Kentucky Medicaid contract. That outlook, which included only a modest early estimate of organic growth, was 2021 premium revenue of $21.5 billion.

The 2021 outlook has improved now that the Company currently serves all of Passport’s existing membership in Kentucky, the majority of which Molina is expecting to keep. The Company’s expectation is not affected by a court ruling last Friday that a sixth player should be added to the Kentucky Medicaid program for 2021. That ruling did not rescind the Company’s Medicaid contract award, does not impact the earlier novation of the Passport Medicaid contract to Molina, and does not affect its status as a current incumbent in the program. The Company’s 2021 outlook has also improved with the announcement of the Affinity acquisition. The Company will provide full year 2021 guidance in its fourth quarter 2020 earnings release.

Conference Call
Management will host a conference call and webcast to discuss Molina Healthcare’s third quarter 2020 results at 8:00 a.m. Eastern Time on Thursday, October 29, 2020. The number to call for the interactive teleconference is (877) 883-0383 and the confirmation number is 2828216. A telephonic replay of the conference call will be available through Thursday, November 5, 2020, by dialing (877) 344-7529 and entering confirmation number 10148270. 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 4.0 million members as of September 30, 2020. 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 2020 guidance, as well as its plans, expectations, and the Company’s anticipation 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, 2019, and also in its Quarterly Reports on Form 10-Q for the periods ended March 31, 2020, June 30, 2020, and September 30, 2020. 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 October 28, 2020, 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 the Company’s expectations.

MOLINA HEALTHCARE, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

 

2020

 

2019

 

2020

 

2019

 

 

 

 

 

 

 

 

 

(In millions, except per-share amounts)

Revenue:

 

 

 

 

 

 

 

Premium revenue

$

4,768

 

 

$

4,084

 

 

$

13,444

 

 

$

12,085

 

Premium tax revenue

170

 

 

119

 

 

477

 

 

367

 

Health insurer fees reimbursed

69

 

 

 

 

206

 

 

 

Investment income and other revenue

14

 

 

40

 

 

61

 

 

103

 

Total revenue

5,021

 

 

4,243

 

 

14,188

 

 

12,555

 

Operating expenses:

 

 

 

 

 

 

 

Medical care costs

4,098

 

 

3,523

 

 

11,412

 

 

10,360

 

General and administrative expenses

368

 

 

323

 

 

1,030

 

 

953

 

Premium tax expenses

170

 

 

119

 

 

477

 

 

367

 

Health insurer fees

70

 

 

 

 

209

 

 

 

Depreciation and amortization

23

 

 

21

 

 

64

 

 

68

 

Other

3

 

 

 

 

9

 

 

5

 

Total operating expenses

4,732

 

 

3,986

 

 

13,201

 

 

11,753

 

Operating income

289

 

 

257

 

 

987

 

 

802

 

Other expenses, net:

 

 

 

 

 

 

 

Interest expense

27

 

 

22

 

 

72

 

 

67

 

Other expense (income), net

 

 

2

 

 

5

 

 

(15)

 

Total other expenses, net

27

 

 

24

 

 

77

 

 

52

 

Income before income tax expense

262

 

 

233

 

 

910

 

 

750

 

Income tax expense

77

 

 

58

 

 

271

 

 

181

 

Net income

$

185

 

 

$

175

 

 

$

639

 

 

$

569

 

 

 

 

 

 

 

 

 

Net income per share - Diluted

$

3.10

 

 

$

2.75

 

 

$

10.65

 

 

$

8.80

 

 

 

 

 

 

 

 

 

Diluted weighted average shares outstanding

59.6

 

 

63.6

 

 

60.0

 

 

64.6

 

 

 

 

 

 

 

 

 

Operating Statistics:

 

 

 

 

 

 

 

Medical care ratio

85.9

%

 

86.3

%

 

84.9

%

 

85.7

%

G&A ratio

7.3

%

 

7.6

%

 

7.3

%

 

7.6

%

Premium tax ratio

3.4

%

 

2.8

%

 

3.4

%

 

2.9

%

Effective income tax rate

29.5

%

 

24.7

%

 

29.8

%

 

24.1

%

After-tax margin

3.7

%

 

4.1

%

 

4.5

%

 

4.5

%

MOLINA HEALTHCARE, INC.

CONSOLIDATED BALANCE SHEETS

 

Sept. 30,

 

Dec. 31,

 

2020

 

2019

 

Unaudited

 

 

 

(Dollars in millions,
except per-share
amounts)

ASSETS

Current assets:

 

 

 

Cash and cash equivalents

$

3,196

 

 

$

2,452

 

Investments

1,769

 

 

1,946

 

Receivables

1,775

 

 

1,406

 

Prepaid expenses and other current assets

213

 

 

163

 

Total current assets

6,953

 

 

5,967

 

Property, equipment, and capitalized software, net

395

 

 

385

 

Goodwill and intangible assets, net

265

 

 

172

 

Restricted investments

93

 

 

79

 

Deferred income taxes

74

 

 

79

 

Other assets

101

 

 

105

 

Total assets

$

7,881

 

 

$

6,787

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

 

 

 

Medical claims and benefits payable

$

2,289

 

 

$

1,854

 

Amounts due government agencies

640

 

 

664

 

Accounts payable, accrued liabilities and other

566

 

 

502

 

Deferred revenue

61

 

 

249

 

Total current liabilities

3,556

 

 

3,269

 

Long-term debt

1,813

 

 

1,237

 

Finance lease liabilities

226

 

 

231

 

Other long-term liabilities

85

 

 

90

 

Total liabilities

5,680

 

 

4,827

 

Stockholders’ equity:

 

 

 

Common stock, $0.001 par value, 150 million shares authorized; outstanding:
59 million shares at September 30, 2020, and 62 million shares at December 31, 2019

 

 

 

Preferred stock, $0.001 par value; 20 million shares authorized, no shares issued and outstanding

 

 

 

Additional paid-in capital

181

 

 

175

 

Accumulated other comprehensive income

37

 

 

4

 

Retained earnings

1,983

 

 

1,781

 

Total stockholders’ equity

2,201

 

 

1,960

 

Total liabilities and stockholders’ equity

$

7,881

 

 

$

6,787

 

MOLINA HEALTHCARE, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

Nine Months Ended

 

September 30,

 

2020

 

2019

 

 

 

 

 

(In millions)

Operating activities:

 

 

 

Net income

$

639

 

 

$

569

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

64

 

 

68

 

Deferred income taxes

(3)

 

 

7

 

Share-based compensation

43

 

 

29

 

Loss (gain) on debt repayment

5

 

 

(15)

 

Other, net

2

 

 

 

Changes in operating assets and liabilities:

 

 

 

Receivables

(369)

 

 

50

 

Prepaid expenses and other current assets

(98)

 

 

(6)

 

Medical claims and benefits payable

431

 

 

14

 

Amounts due government agencies

(24)

 

 

(355)

 

Accounts payable, accrued liabilities and other

55

 

 

37

 

Deferred revenue

(188)

 

 

(4)

 

Income taxes

34

 

 

4

 

Net cash provided by operating activities

591

 

 

398

 

Investing activities:

 

 

 

Purchases of investments

(670)

 

 

(1,938)

 

Proceeds from sales and maturities of investments

891

 

 

1,890

 

Net cash paid in business combinations

(62)

 

 

 

Purchases of property, equipment, and capitalized software

(64)

 

 

(30)

 

Other, net

3

 

 

(2)

 

Net cash provided by (used in) investing activities

98

 

 

(80)

 

Financing activities:

 

 

 

Proceeds from senior notes offering, net of issuance costs

789

 

 

 

Repayment of term loan facility

(600)

 

 

 

Common stock purchases

(453)

 

 

 

Proceeds from borrowings under term loan facility

380

 

 

220

 

Cash paid for partial termination of warrants

(30)

 

 

(514)

 

Cash paid for partial settlement of conversion option

(27)

 

 

(578)

 

Cash received for partial settlement of call option

27

 

 

578

 

Repayment of principal amount of convertible senior notes

(12)

 

 

(240)

 

Other, net

(5)

 

 

24

 

Net cash provided by (used in) financing activities

69

 

 

(510)

 

Net increase (decrease) in cash, cash equivalents, and restricted cash

and cash equivalents

758

 

 

(192)

 

Cash, cash equivalents, and restricted cash and cash equivalents

at beginning of period

2,508

 

 

2,926

 

Cash, cash equivalents, and restricted cash and cash equivalents at end of period

$

3,266

 

 

$

2,734

 

MOLINA HEALTHCARE, INC.

UNAUDITED HEALTH PLANS SEGMENT DATA

(Dollars in millions)

 

Sept. 30,

 

Dec. 31,

 

Sept. 30,

 

2020

 

2019

 

2019

Ending Membership by Government Program:

 

 

 

 

 

Medicaid

3,595,000

 

 

2,956,000

 

 

2,955,000

 

Medicare

113,000

 

 

101,000

 

 

102,000

 

Marketplace

325,000

 

 

274,000

 

 

289,000

 

Total

4,033,000

 

 

3,331,000

 

 

3,346,000

 

 

 

 

 

 

 

Ending Membership by Health Plan:

 

 

 

 

 

California

584,000

 

 

565,000

 

 

580,000

 

Florida

136,000

 

 

132,000

 

 

136,000

 

Illinois

282,000

 

 

224,000

 

 

224,000

 

Kentucky

325,000

 

 

 

 

 

Michigan

391,000

 

 

362,000

 

 

361,000

 

Ohio

348,000

 

 

288,000

 

 

292,000

 

South Carolina

153,000

 

 

131,000

 

 

134,000

 

Texas

357,000

 

 

341,000

 

 

350,000

 

Washington

947,000

 

 

832,000

 

 

818,000

 

Other (1)

510,000

 

 

456,000

 

 

451,000

 

Total

4,033,000

 

 

3,331,000

 

 

3,346,000

 

__________________

(1) “Other” includes the Idaho, Mississippi, New Mexico, New York, Puerto Rico, Utah and Wisconsin health plans, which are not individually significant to the Company’s consolidated operating results.

 

Three Months Ended September 30,

 

2020

 

2019

 

Premium
Revenue

 

Medical
Care Costs

 

MCR (1)

 

Premium
Revenue

 

Medical
Care Costs

 

MCR (1)

 

 

 

 

 

 

Medicaid

$

3,754

 

 

$

3,245

 

 

86.4

%

 

$

3,168

 

 

$

2,790

 

 

88.1

%

Medicare

632

 

 

541

 

 

85.6

 

 

559

 

 

479

 

 

85.6

 

Marketplace

382

 

 

312

 

 

81.6

 

 

357

 

 

254

 

 

71.2

 

Consolidated

$

4,768

 

 

$

4,098

 

 

85.9

%

 

$

4,084

 

 

$

3,523

 

 

86.3

%

 

 

Nine Months Ended September 30,

 

2020

 

2019

 

Premium
Revenue

 

Medical
Care Costs

 

MCR (1)

 

Premium
Revenue

 

Medical
Care Costs

 

MCR (1)

 

 

 

 

 

 

Medicaid

$

10,415

 

 

$

8,988

 

 

86.3

%

 

$

9,239

 

 

$

8,151

 

 

88.2

%

Medicare

1,896

 

 

1,563

 

 

82.4

 

 

1,682

 

 

1,433

 

 

85.2

 

Marketplace

1,133

 

 

861

 

 

76.0

 

 

1,164

 

 

776

 

 

66.7

 

Consolidated

$

13,444

 

 

$

11,412

 

 

84.9

%

 

$

12,085

 

 

$

10,360

 

 

85.7

%

__________________

(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:

 

Nine Months Ended

 

Year Ended
Dec. 31, 2019

 

September 30,

 

 

2020

 

2019

 

 

 

 

 

 

 

 

Unaudited

 

 

Medical claims and benefits payable, beginning balance

$

1,854

 

 

$

1,961

 

 

$

1,961

 

Components of medical care costs related to:

 

 

 

 

 

Current year

11,478

 

 

10,613

 

 

14,176

 

Prior year

(66)

 

 

(253)

 

 

(271)

 

Total medical care costs

11,412

 

 

10,360

 

 

13,905

 

Change in non-risk and other provider payables

50

 

 

131

 

 

24

 

Payments for medical care costs related to:

 

 

 

 

 

Current year

9,500

 

 

8,996

 

 

12,554

 

Prior year

1,527

 

 

1,481

 

 

1,482

 

Total paid

11,027

 

 

10,477

 

 

14,036

 

Medical claims and benefits payable, ending balance

$

2,289

 

 

$

1,975

 

 

$

1,854

 

 

 

 

 

 

 

Days in claims payable, fee for service (1)

52

 

 

50

 

 

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 $79 million, $42 million and $50 million, as of September 30, 2020, September 30, 2019, and December 31, 2019, respectively.

MOLINA HEALTHCARE, INC.
RECONCILIATION OF UNAUDITED NON-GAAP FINANCIAL MEASURES
(In millions)

The Company believes that certain non-generally accepted accounting principles, or non-GAAP, 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. These non‑GAAP financial measures, presented below, should be considered as supplements to, and not as substitutes for or superior to, GAAP measures.

Earnings before interest, taxes, depreciation and amortization (“EBITDA”): GAAP net income less depreciation and amortization, interest expense and income tax expense. The Company believes that EBITDA is helpful to investors in assessing the Company’s ability to meet the cash demands of its operating units.

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

 

2020

 

2019

 

2020

 

2019

Net income

$

185

 

 

$

175

 

 

$

639

 

 

$

569

 

Adjustments:

 

 

 

 

 

 

 

Depreciation and amortization

23

 

 

21

 

 

64

 

 

68

 

Interest expense

27

 

 

22

 

 

72

 

 

67

 

Income tax expense

77

 

 

58

 

 

271

 

 

181

 

EBITDA

$

312

 

 

$

276

 

 

$

1,046

 

 

$

885

 

MOLINA HEALTHCARE, INC.
RECONCILIATION OF UNAUDITED NON-GAAP FINANCIAL MEASURES CONTINUED
(In millions, except per diluted share amounts)

Adjusted net income: GAAP net income less amortization of intangible assets, premium deficiency reserves relating to the Company’s exit of the Puerto Rico Medicaid market, restructuring costs, loss (gain) on debt repayment, acquisition-related expenses (beginning in the third quarter of 2020), and the aggregate income tax effect calculated at the blended federal and state statutory tax rate. The Company believes that adjusted net income is helpful to investors in assessing the Company’s financial performance exclusive of the non-cash impact of the amortization of purchased intangibles and the impact of certain expenses and other items that management believes are not indicative of longer-term business trends and operations.

Adjusted net income per diluted share: Adjusted net income divided by weighted average common shares outstanding on a fully diluted basis. Source data for the calculations is in thousands.

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

2020

 

2019

 

2020

 

2019

 

Amount

 

Per
Diluted
Share

 

Amount

 

Per
Diluted
Share

 

Amount

 

Per
Diluted
Share

 

Amount

 

Per
Diluted
Share

Net income

$

185

 

 

$

3.10

 

 

$

175

 

 

$

2.75

 

 

$

639

 

 

$

10.65

 

 

$

569

 

 

$

8.80

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

4

 

 

0.06

 

 

4

 

 

0.07

 

 

12

 

 

0.19

 

 

13

 

 

0.21

 

Premium deficiency reserve - Puerto Rico

10

 

 

0.17

 

 

 

 

 

 

10

 

 

0.17

 

 

 

 

 

Restructuring costs

3

 

 

0.04

 

 

 

 

 

 

9

 

 

0.15

 

 

5

 

 

0.08

 

Loss (gain) on debt repayment

 

 

 

 

2

 

 

0.04

 

 

5

 

 

0.08

 

 

(15)

 

 

(0.24)

 

Acquisition-related expenses (1)

4

 

 

0.07

 

 

 

 

 

 

4

 

 

0.06

 

 

 

 

 

Subtotal, adjustments

21

 

 

0.34

 

 

6

 

 

0.11

 

 

40

 

 

0.65

 

 

3

 

 

0.05

 

Income tax effect

(5)

 

 

(0.08)

 

 

(1)

 

 

(0.03)

 

 

(9)

 

 

(0.15)

 

 

(1)

 

 

(0.01)

 

Adjustments, net of tax

16

 

 

0.26

 

 

5

 

 

0.08

 

 

31

 

 

0.50

 

 

2

 

 

0.04

 

Adjusted net income

$

201

 

 

$

3.36

 

 

$

180

 

 

$

2.83

 

 

$

670

 

 

$

11.15

 

 

$

571

 

 

$

8.84

 

______________________

(1) Beginning in the third quarter of 2020, reflects non-recurring costs associated with acquisitions, including various transaction and integration costs.

 

Molina Healthcare Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de



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Disclaimer

Molina Healthcare Reports Third Quarter 2020 Financial Results Molina Healthcare, Inc. (NYSE: MOH) today reported net income for the third quarter of 2020 of $185 million, or $3.10 per diluted share, compared to net income of $175 million, or $2.75 per diluted share, for the third quarter of 2019. Adjusted EPS …

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