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Molina Healthcare Reports Fourth Quarter and Year-End 2022 Financial Results

Feb 08, 2023

Introduces Full-Year 2023 Revenue and Earnings Guidance

LONG BEACH, Calif.--(BUSINESS WIRE)--Feb. 8, 2023-- Molina Healthcare, Inc. (NYSE: MOH) (the “Company”) today reported fourth quarter 2022 GAAP earnings per diluted share of $0.96 and adjusted earnings per diluted share of $4.10. The Company also reported full year 2022 GAAP earnings per diluted share of $13.55 and adjusted earnings per diluted share of $17.92. Financial results are summarized below.

 

Quarter ended

 

Year ended

 

December 31,

 

December 31,

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

(In millions, except per-share results)

Premium Revenue

$7,917

 

$7,166

 

$30,883

 

$26,855

Total Revenue

$8,223

 

$7,409

 

$31,974

 

$27,771

 

 

 

 

 

 

 

 

GAAP:

 

 

 

 

 

 

 

Net Income

$56

 

$103

 

$792

 

$659

EPS – Diluted

$0.96

 

$1.74

 

$13.55

 

$11.25

Medical Care Ratio (MCR)

88.3%

 

88.8%

 

88.0%

 

88.3%

G&A Ratio

7.6%

 

7.8%

 

7.2%

 

7.4%

After-tax Margin

0.7%

 

1.4%

 

2.5%

 

2.4%

 

 

 

 

 

 

 

 

Adjusted:

 

 

 

 

 

 

 

Net Income

$240

 

$170

 

$1,048

 

$793

EPS – Diluted

$4.10

 

$2.88

 

$17.92

 

$13.54

G&A Ratio

7.5%

 

7.4%

 

7.1%

 

7.2%

After-tax Margin

2.9%

 

2.3%

 

3.3%

 

2.9%

See the Reconciliation of Unaudited Non-GAAP Financial Measures at the end of this release.

Full Year Highlights

  • As of December 31, 2022, the Company served approximately 5.3 million members.
  • Premium revenue was $30.9 billion for the full year 2022, an increase of 15% year over year.
  • GAAP earnings were $13.55 per diluted share, an increase of 20% year over year. GAAP earnings include a fourth quarter non-cash, after tax impairment charge of $159 million, or $2.72 per diluted share, attributable to the Company’s plan to reduce its leased real estate footprint.
  • Adjusted earnings were $17.92 per diluted share, an increase of 32% year over year.
  • The Company issued its full year 2023 earnings guidance with expected premium revenue of $32 billion and adjusted earnings of at least $19.75 per diluted share. Earnings guidance includes $0.65 per diluted share of one-time, non-recurring, implementation costs for new Medicaid contract wins.

“The fourth quarter completes another strong year of operating and financial performance,” said Joseph Zubretsky, President and Chief Executive Officer. “We are very pleased with our business performance during the year, as well as the progress we made in 2022 on our growth strategy, which has created a solid and growing financial profile as we head into 2023.”

Premium Revenue

Premium revenue was $30.9 billion for the full year, an increase of 15% compared to the full year 2021. The higher premium revenue reflects the impact of acquisitions and increased organic membership in the Medicaid and Medicare lines of business.

Net Income

GAAP net income for the full year was $13.55 per diluted share, compared to $11.25 per diluted share for the full year 2021. GAAP net income includes a fourth quarter non-cash, after tax impairment charge of $159 million, or $2.72 per diluted share, attributable to the Company’s plan to reduce its leased real estate footprint.

Adjusted net income for the full year was $17.92 per diluted share, compared to $13.54 per diluted share for the full year 2021, an increase of 32%. The net effect of COVID decreased full year 2022 GAAP and adjusted EPS by $2.50 per diluted share, compared to $3.50 per diluted share a year earlier.

Medical Care Ratio

  • The consolidated MCR for the full year was 88.0%, compared to 88.3% for the full year 2021. The full year consolidated MCR included a 60 basis point impact for the net effect of COVID, compared to 90 basis points for the full year 2021 MCR. The impact varied by segment.
  • The Medicaid MCR for the full year was 88.0%, at the low end of the Company’s long-term target range and consistent with pre-pandemic levels. Included in the full year MCR was a 10 basis point impact for the net effect of COVID.
  • The Medicare MCR for the full year was 88.5%, modestly above the Company’s long-term target range and included 300 basis points for the impact of the net effect of COVID.
  • The Marketplace MCR for the full year 2022 was 87.2%, above the Company’s long-term target range and included 120 basis points for the impact of the net effect of COVID.

General and Administrative Expense Ratio

The G&A ratio for the full year was 7.2%, compared to 7.4% for the full year 2021. The adjusted G&A ratio was 7.1% for the full year, compared to 7.2% for the full year 2021. The year over year improvement reflects disciplined cost management and the benefits of fixed cost leverage produced by the Company’s increase in revenue.

Balance Sheet

Cash and investments at the parent company were $375 million as of December 31, 2022, compared to $348 million as of December 31, 2021. The Company purchased approximately 590,000 shares for $200 million in the fourth quarter of 2022.

Days in claims payable at December 31, 2022 was 47, approximately three days lower sequentially. The decline was driven by an increased mix of long-term services and support claims which settle more quickly, resulting from the closing of the AgeWell acquisition, as well as an additional payment cycle in the quarter.

Cash Flow

Operating cash flow for the full year was $773 million, lower compared to the full year 2021. The decline compared to prior year was primarily due to the cash settlement in 2022 of large prior year Marketplace risk adjustment and Medicaid risk corridor payments.

2023 Guidance

Premium revenue for the full year is expected to be approximately $32 billion, an increase of approximately 4% from the full year 2022.

The Company expects its full year adjusted earnings per share in 2023 to be at least $19.75 per share, representing 10% growth over the full year 2022, with key metrics expected to be in line with the Company’s long-term targets. Excluding one-time non-recurring implementation costs for new Medicaid contract wins, adjusted earnings per share growth for the full year 2023 is expected to be 14%.

Guidance reflects expected:

  • Continued realization of embedded earnings;
  • Underlying organic growth and operational catalysts; and
  • $0.65 per diluted share of one-time non-recurring implementation costs for new Medicaid contract wins.

See the Reconciliation of Unaudited Non-GAAP Financial Measures at the end of this release.

Full Year 2023 Guidance (1)

Premium Revenue

$32.0B

Total Revenue

$33.0B

GAAP Net Income

$1,077M

Adjusted Net Income (2)

$1,148M

GAAP EPS – Diluted

>$18.53

Adjusted EPS – Diluted (2)

>$19.75

Diluted weighted average shares

58.1M

 

 

Year End Total Membership

5.1M

Medicaid

4.7M

Medicare

175K

Marketplace

230K

 

 

MCR

88.0%

GAAP G&A Ratio

7.0%

Adjusted G&A Ratio

7.0%

Effective Tax Rate

25.3%

GAAP After-tax Margin

3.3%

Adjusted After-tax Margin

3.5%

______________

 

(1) All amounts are rounded and approximations.

 

(2) Reconciliations of non-GAAP financial measures at the end of this release.

 

Conference Call

Management will host a conference call and webcast to discuss Molina Healthcare’s fourth quarter and full year 2022 results at 8:00 a.m. Eastern Time on Thursday, February 9, 2023. The number to call for the interactive teleconference is (877) 883-0383 and the confirmation number is 3561497. A telephonic replay of the conference call will be available through Thursday, February 16, 2023, by dialing (877) 344-7529 and entering confirmation number 8594444. 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 (currently ranked 125), provides managed healthcare services under the Medicaid and Medicare programs and through the state insurance marketplaces. Molina Healthcare served approximately 5.3 million members as of December 31, 2022, located across 19 states. 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 2023 guidance, including the Company’s 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, 2021, which is on file with the U.S. Securities and Exchange Commission (the “SEC”), and also in its Quarterly Reports on Form 10-Q for the periods ended March 31, 2022, June 30, 2022, and September 30, 2022, which are on file with the SEC. Additional information regarding the Company’s risk factors during 2023 and future periods will also be set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, which the Company expects to file on or about February 13, 2023.

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 8, 2023, 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,

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

 

(In millions, except per-share amounts)

Revenue:

 

 

 

 

 

 

 

Premium revenue

$

7,917

 

 

$

7,166

 

 

$

30,883

 

 

$

26,855

 

Premium tax revenue

 

227

 

 

 

211

 

 

 

873

 

 

 

787

 

Investment income

 

61

 

 

 

13

 

 

 

143

 

 

 

52

 

Other revenue

 

18

 

 

 

19

 

 

 

75

 

 

 

77

 

Total revenue

 

8,223

 

 

 

7,409

 

 

 

31,974

 

 

 

27,771

 

Operating expenses:

 

 

 

 

 

 

 

Medical care costs

 

6,992

 

 

 

6,362

 

 

 

27,175

 

 

 

23,704

 

General and administrative expenses

 

629

 

 

 

579

 

 

 

2,311

 

 

 

2,068

 

Premium tax expenses

 

227

 

 

 

211

 

 

 

873

 

 

 

787

 

Depreciation and amortization

 

47

 

 

 

35

 

 

 

176

 

 

 

131

 

Impairment

 

208

 

 

 

 

 

 

208

 

 

 

 

Other

 

15

 

 

 

31

 

 

 

58

 

 

 

61

 

Total operating expenses

 

8,118

 

 

 

7,218

 

 

 

30,801

 

 

 

26,751

 

Operating income

 

105

 

 

 

191

 

 

 

1,173

 

 

 

1,020

 

Other expenses, net:

 

 

 

 

 

 

 

Interest expense

 

27

 

 

 

30

 

 

 

110

 

 

 

120

 

Other expense, net

 

 

 

 

25

 

 

 

 

 

 

25

 

Total other expenses, net

 

27

 

 

 

55

 

 

 

110

 

 

 

145

 

Income before income tax expense

 

78

 

 

 

136

 

 

 

1,063

 

 

 

875

 

Income tax expense

 

22

 

 

 

33

 

 

 

271

 

 

 

216

 

Net income

$

56

 

 

$

103

 

 

$

792

 

 

$

659

 

 

 

 

 

 

 

 

 

Net income per share – Diluted

$

0.96

 

 

$

1.74

 

 

$

13.55

 

 

$

11.25

 

 

 

 

 

 

 

 

 

Diluted weighted average shares outstanding

 

58.4

 

 

 

58.7

 

 

 

58.5

 

 

 

58.6

 

 

 

 

 

 

 

 

 

Operating Statistics:

 

 

 

 

 

 

 

Medical care ratio

 

88.3

%

 

 

88.8

%

 

 

88.0

%

 

 

88.3

%

G&A ratio

 

7.6

%

 

 

7.8

%

 

 

7.2

%

 

 

7.4

%

Premium tax ratio

 

2.8

%

 

 

2.9

%

 

 

2.7

%

 

 

2.8

%

Effective income tax rate

 

28.5

%

 

 

24.2

%

 

 

25.5

%

 

 

24.7

%

After-tax margin

 

0.7

%

 

 

1.4

%

 

 

2.5

%

 

 

2.4

%

 

 

 

 

 

 

 

 

MOLINA HEALTHCARE, INC.

CONSOLIDATED BALANCE SHEETS

 

December 31,

 

2022

 

2021

 

Unaudited

 

 

 

(Dollars in millions,
except per-share amounts)

ASSETS

Current assets:

 

 

 

Cash and cash equivalents

$

4,006

 

 

$

4,438

 

Investments

 

3,499

 

 

 

3,202

 

Receivables

 

2,302

 

 

 

2,177

 

Prepaid expenses and other current assets

 

277

 

 

 

247

 

Total current assets

 

10,084

 

 

 

10,064

 

Property, equipment, and capitalized software, net

 

259

 

 

 

396

 

Goodwill and intangible assets, net

 

1,390

 

 

 

1,252

 

Restricted investments

 

238

 

 

 

212

 

Deferred income taxes

 

220

 

 

 

106

 

Other assets

 

123

 

 

 

179

 

Total assets

$

12,314

 

 

$

12,209

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

 

 

 

Medical claims and benefits payable

$

3,528

 

 

$

3,363

 

Amounts due government agencies

 

2,079

 

 

 

2,472

 

Accounts payable, accrued liabilities and other

 

889

 

 

 

842

 

Deferred revenue

 

359

 

 

 

370

 

Total current liabilities

 

6,855

 

 

 

7,047

 

Long-term debt

 

2,176

 

 

 

2,173

 

Finance lease liabilities

 

215

 

 

 

219

 

Other long-term liabilities

 

104

 

 

 

140

 

Total liabilities

 

9,350

 

 

 

9,579

 

Stockholders’ equity:

 

 

 

Common stock, $0.001 par value, 150 million shares authorized; outstanding: 58 million shares at each of December 31, 2022 and December 31, 2021

 

 

 

 

 

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

 

 

 

 

 

Additional paid-in capital

 

328

 

 

 

236

 

Accumulated other comprehensive loss

 

(160

)

 

 

(5

)

Retained earnings

 

2,796

 

 

 

2,399

 

Total stockholders’ equity

 

2,964

 

 

 

2,630

 

Total liabilities and stockholders’ equity

$

12,314

 

 

$

12,209

 

 

 

 

 

MOLINA HEALTHCARE, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

Year Ended

 

December 31,

 

2022

 

2021

 

 

 

 

 

(In millions)

Operating activities:

 

 

 

Net income

$

792

 

 

$

659

 

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

 

 

 

Depreciation and amortization

 

176

 

 

 

131

 

Deferred income taxes

 

(66

)

 

 

(24

)

Share-based compensation

 

103

 

 

 

72

 

Loss on debt repayment

 

 

 

 

25

 

Impairment

 

208

 

 

 

 

Other, net

 

8

 

 

 

33

 

Changes in operating assets and liabilities:

 

 

 

Receivables

 

(95

)

 

 

(415

)

Prepaid expenses and other current assets

 

(124

)

 

 

(19

)

Medical claims and benefits payable

 

153

 

 

 

471

 

Amounts due government agencies

 

(428

)

 

 

1,046

 

Accounts payable, accrued liabilities and other

 

55

 

 

 

138

 

Deferred revenue

 

(11

)

 

 

(5

)

Income taxes

 

2

 

 

 

7

 

Net cash provided by operating activities

 

773

 

 

 

2,119

 

Investing activities:

 

 

 

Purchases of investments

 

(1,913

)

 

 

(2,713

)

Proceeds from sales and maturities of investments

 

1,398

 

 

 

1,329

 

Net cash paid in business combinations

 

(134

)

 

 

(129

)

Purchases of property, equipment, and capitalized software

 

(91

)

 

 

(77

)

Other, net

 

(50

)

 

 

(63

)

Net cash used in investing activities

 

(790

)

 

 

(1,653

)

Financing activities:

 

 

 

Common stock purchases

 

(400

)

 

 

(128

)

Common stock withheld to settle employee tax obligations

 

(54

)

 

 

(53

)

Contingent consideration liabilities settled

 

(20

)

 

 

(20

)

Proceeds from senior notes offering, net of issuance costs

 

 

 

 

740

 

Repayment of senior notes

 

 

 

 

(723

)

Other, net

 

33

 

 

 

1

 

Net cash used in financing activities

 

(441

)

 

 

(183

)

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

 

(458

)

 

 

283

 

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

 

4,506

 

 

 

4,223

 

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

$

4,048

 

 

$

4,506

 

 

 

 

 

MOLINA HEALTHCARE, INC.

UNAUDITED SEGMENT DATA

(Dollars in millions)

 

 

December 31,

 

2022

 

2021

Ending Membership by Segment:

 

 

 

Medicaid

4,754,000

 

4,329,000

Medicare

156,000

 

142,000

Marketplace

348,000

 

728,000

Total

5,258,000

 

5,199,000

 

 

 

 

 

Three Months Ended December 31,

 

2022

 

2021

 

Premium Revenue

 

Medical

Margin

 

MCR (1)

 

Premium Revenue

 

Medical

Margin

 

MCR (1)

 

 

 

 

 

 

Medicaid

$

6,421

 

$

813

 

87.3

%

 

$

5,441

 

$

635

 

88.3

%

Medicare

 

948

 

 

77

 

91.8

 

 

 

873

 

 

101

 

88.3

 

Marketplace

 

548

 

 

35

 

93.8

 

 

 

852

 

 

68

 

92.1

 

Consolidated

$

7,917

 

$

925

 

88.3

%

 

$

7,166

 

$

804

 

88.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

2022

 

2021

 

Premium Revenue

 

Medical

Margin

 

MCR (1)

 

Premium Revenue

 

Medical

Margin

 

MCR (1)

 

 

 

 

 

 

Medicaid

$

24,827

 

$

2,981

 

88.0

%

 

$

20,461

 

$

2,322

 

88.7

%

Medicare

 

3,795

 

 

437

 

88.5

 

 

 

3,361

 

 

430

 

87.2

 

Marketplace

 

2,261

 

 

290

 

87.2

 

 

 

3,033

 

 

399

 

86.9

 

Consolidated

$

30,883

 

$

3,708

 

88.0

%

 

$

26,855

 

$

3,151

 

88.3

%

 

 

 

 

 

 

 

 

 

 

 

 

(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,

 

2022

 

2021

 

 

 

 

 

Unaudited

Medical claims and benefits payable, beginning balance

$

3,363

 

 

$

2,696

 

Components of medical care costs related to:

 

 

 

Current year

 

27,459

 

 

 

23,943

 

Prior year

 

(284

)

 

 

(239

)

Total medical care costs

 

27,175

 

 

 

23,704

 

Payments for medical care costs related to:

 

 

 

Current year

 

24,345

 

 

 

21,148

 

Prior year

 

2,670

 

 

 

2,080

 

Total paid

 

27,015

 

 

 

23,228

 

Acquired balances, net of post-acquisition adjustments

 

12

 

 

 

197

 

Change in non-risk and other provider payables

 

(7

)

 

 

(6

)

Medical claims and benefits payable, ending balance

$

3,528

 

 

$

3,363

 

 

 

 

 

Days in Claims Payable (1)

 

47

 

 

 

51

 

 

 

 

 

__________________

(1)

The Company calculates Days in Claims Payable using claims incurred but not paid, or IBNP, and other fee-for-service payables included in medical claims and benefits payable, and quarterly fee-for-service related costs included in medical care costs within the Company’s consolidated financial statements.

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,

2022

 

2021

 

2022

 

2021

 

Amount

 

Per
Diluted
Share

 

Amount

 

Per
Diluted
Share

 

Amount

 

Per
Diluted
Share

 

Amount

 

Per
Diluted
Share

Net income

$

56

 

 

$

0.96

 

 

$

103

 

 

$

1.74

 

 

$

792

 

 

$

13.55

 

 

$

659

 

 

$

11.25

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairment

$

208

 

 

$

3.57

 

 

$

 

 

$

 

 

$

208

 

 

$

3.56

 

 

$

 

 

$

 

Amortization of intangible assets

 

21

 

 

 

0.35

 

 

 

14

 

 

 

0.23

 

 

 

77

 

 

 

1.32

 

 

 

49

 

 

 

0.83

 

Acquisition-related expenses (1)

 

11

 

 

 

0.18

 

 

 

49

 

 

 

0.84

 

 

 

49

 

 

 

0.83

 

 

 

93

 

 

 

1.59

 

Loss on debt repayment

 

 

 

 

 

 

 

25

 

 

 

0.43

 

 

 

 

 

 

 

 

 

25

 

 

 

0.43

 

Other (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9

 

 

 

0.16

 

Subtotal, adjustments

 

240

 

 

 

4.10

 

 

 

88

 

 

 

1.50

 

 

 

334

 

 

 

5.71

 

 

 

176

 

 

 

3.01

 

Income tax effect

 

(56

)

 

 

(0.96

)

 

 

(21

)

 

 

(0.36

)

 

 

(78

)

 

 

(1.34

)

 

 

(42

)

 

 

(0.72

)

Adjustments, net of tax

 

184

 

 

 

3.14

 

 

 

67

 

 

 

1.14

 

 

 

256

 

 

 

4.37

 

 

 

134

 

 

 

2.29

 

Adjusted net income

$

240

 

 

$

4.10

 

 

$

170

 

 

$

2.88

 

 

$

1,048

 

 

$

17.92

 

 

$

793

 

 

$

13.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

__________________

(1)

Reflects non-recurring costs associated with acquisitions, including various transaction and certain integration costs.

(2)

The year ended December 31, 2022 includes gain on lease termination and disposal of fixed assets. The year ended December 31, 2021 includes change in premium deficiency reserves, loss on sale of property, and restructuring costs.

MOLINA HEALTHCARE, INC.

RECONCILIATION OF UNAUDITED NON-GAAP FINANCIAL MEASURES (CONTINUED)

2023 GUIDANCE

 

 

Amount

 

Per
Diluted
Share (2)

Net income

$

1,077

 

 

$

18.53

 

Adjustments:

 

 

 

Amortization of intangible assets

 

92

 

 

 

1.58

 

Acquisition-related expenses

 

1

 

 

 

0.02

 

Subtotal, adjustments

 

93

 

 

 

1.60

 

Income tax effect (1)

 

(22

)

 

 

(0.38

)

Adjustments, net of tax

 

71

 

 

 

1.22

 

Adjusted net income per diluted share

$

1,148

 

 

$

19.75

 

 

 

 

 

__________________

(1)

Income tax effect calculated at the statutory tax rate of approximately 23.7%.

(2)

Computations assume approximately 58.1 million diluted weighted average shares outstanding.

 

Investor Contact: Joseph Krocheski, Joseph.Krocheski@molinahealthcare.com, 562-951-8382
Media Contact: Caroline Zubieta, Caroline.Zubieta@molinahealthcare.com, 562-951-1588

Source: Molina Healthcare, Inc.

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