Introduces Full Year 2022 Earnings Guidance
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Quarter ended |
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Year ended |
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|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
(In millions, except per-share results) |
|||||||
Premium Revenue |
|
|
|
|
|
|
|
Total Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP: |
|
|
|
|
|
|
|
Net Income |
|
|
|
|
|
|
|
EPS – Diluted |
|
|
|
|
|
|
|
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) |
|
|
( |
|
|
|
|
EPS – Diluted |
|
|
( |
|
|
|
|
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
-
As of
December 31, 2021 , the Company served approximately 5.2 million members, an increase of 1.2 million members or 29% year over year.
-
Premium revenue was approximately
$26.9 billion for the full year 2021, an increase of 47% year over year.
-
GAAP earnings were
$11.25 per diluted share.
-
Adjusted earnings were
$13.54 per diluted share.
-
The net effect of COVID decreased net income by approximately
$3.50 per diluted share in the full year 2021.
-
The Company issued its full year 2022 earnings guidance with premium revenue of approximately
$28.5 billion and 26% adjusted EPS growth to no less than$17.00 per diluted share.
“We are very pleased with the quarter and our full year results,” said
Texas Acquisition
On
Premium Revenue
Premium revenue was approximately
Net Income
Net income for the year ended
Medical Care Ratio
The consolidated MCR for the year ended
- The Medicaid MCR increased to 88.7% in 2021 compared to 87.4% in 2020 mainly due to portfolio mix, but remained squarely in line with the Company’s long-term target.
- The Medicare MCR increased to 87.2% in 2021 compared to 86.0% in 2020, driven primarily by the net effect of COVID and also in line with the Company’s long-term target.
- The Marketplace MCR increased to 86.9% in 2021 compared to 78.7% in 2020, primarily due to the higher net effect of COVID and non-COVID utilization by Special Enrollment Period members.
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.
Balance Sheet
Cash and investments at the parent company amounted to
Cash Flow
Operating cash flow for the year ended
2022 Guidance
The Company expects its full year 2022 total revenue to be approximately
Premium revenue for the full year 2022 is expected to be approximately
The Company expects its full year 2022 adjusted earnings per share to be no less than
Guidance reflects:
- Lower net effect of COVID;
- Continued strong performance in Medicare and Medicaid;
- The restoration of mid-single digit pretax margin in our Marketplace business; and
-
The impact of regulatory headwinds created by the mid-year resumption of redeterminations and the carveout of pharmacy benefits in our
California andOhio contracts.
See the Reconciliation of Unaudited Non-GAAP Financial Measures at the end of this release.
Full Year 2022 Guidance (1) |
|
Premium Revenue |
|
Total Revenue |
|
GAAP Net Income |
|
Adjusted Net Income (2) |
|
GAAP EPS – Diluted |
> |
Adjusted EPS – Diluted (2) |
> |
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
About
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
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
|
|||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME |
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|
|||||||||||||||
|
Three Months Ended |
|
Year Ended |
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|
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|
|
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 |
% |
|
|
|
|
|
|
|
|
|
||||||
CONSOLIDATED BALANCE SHEETS |
||||||
|
||||||
|
|
|||||
|
|
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 |
|
|
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, |
|
— |
|
|
|
— |
Preferred stock, |
|
— |
|
|
|
— |
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 |
|
|
|
|
|
|||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
|
|||||||
|
Year Ended |
||||||
|
|
||||||
|
|
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 |
|
|
|
|
|
|
||||
UNAUDITED SEGMENT DATA |
||||
(Dollars in millions) |
||||
|
||||
|
|
|
||
|
|
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 |
|
Three Months Ended |
||||||||||||||||
|
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 |
||||||||||||||||
|
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 |
||||||||||||||||
|
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. |
|||||||||||||||||
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 |
||||||
|
|
||||||
|
|
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 |
|||||||
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 |
|
Year Ended |
||||||||||||||||||||||||||||
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 |
|||||||||||||||||||||||||||||||
|
|||||||
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. |
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