Molina Healthcare, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Molina Healthcare, Inc. has filed its Q1 2024 10-Q report, providing a detailed financial update.</b>

AI Summary

MOLINA HEALTHCARE, INC. (MOH) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. Molina Healthcare, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. Key financial statement data points and segment information are included. The report details changes in equity accounts for various periods. It also references specific state Medicaid and Medicare programs.

Why It Matters

For investors and stakeholders tracking MOLINA HEALTHCARE, INC., this filing contains several important signals. This filing provides investors with the latest quarterly financial performance and operational details of Molina Healthcare. It allows stakeholders to assess the company's financial health, segment performance, and any significant changes since the last filing.

Risk Assessment

Risk Level: medium — MOLINA HEALTHCARE, INC. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not indicate immediate significant positive or negative developments, but does contain risk factors inherent to the healthcare industry.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand Molina Healthcare's current operational and financial standing.

Key Numbers

• 2024-03-31 — Report Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-25 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (Reporting period start date)
• 2023-03-31 — Prior Year Quarter End Date (Prior year period end date)

Key Players & Entities

• MOLINA HEALTHCARE, INC. (company) — FILER
• 200 OCEANGATE, SUITE 100 (address) — BUSINESS ADDRESS
• LONG BEACH (location) — BUSINESS ADDRESS CITY
• CA (state) — BUSINESS ADDRESS STATE
• 90802 (zip_code) — BUSINESS ADDRESS ZIP
• 5624353666 (phone_number) — BUSINESS PHONE
• MICHIGAN DEPARTMENT OF HEALTH AND HUMAN SERVICES (company) — Medicaid Member
• MISSISSIPPI DIVISION OF MEDICAID (company) — Medicaid Member

FAQ

Industry Context

Molina Healthcare operates within the health plans industry, providing government-subsidized healthcare services.

Regulatory Implications

The company is subject to regulations from various state and federal health agencies, particularly concerning Medicaid and Medicare programs.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and expenses for Q1 2024.
2. Review segment information to understand performance across different health plan offerings (e.g., Medicaid, Medicare).
3. Examine any disclosed risk factors or subsequent events for potential impacts on future operations.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-25: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first quarter's financial data.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 Par Value MOH New York Stock Exchange

Filing Documents

• moh-20240331.htm (10-Q) — 988KB
• moh1q24_ex311.htm (EX-31.1) — 9KB
• moh1q24_ex312.htm (EX-31.2) — 9KB
• moh1q24_ex321.htm (EX-32.1) — 5KB
• moh1q24_ex322.htm (EX-32.2) — 5KB
• moh-20240331_g1.jpg (GRAPHIC) — 22KB
• 0001179929-24-000089.txt (&nbsp;) — 6066KB
• moh-20240331.xsd (EX-101.SCH) — 42KB
• moh-20240331_cal.xml (EX-101.CAL) — 74KB
• moh-20240331_def.xml (EX-101.DEF) — 164KB
• moh-20240331_lab.xml (EX-101.LAB) — 521KB
• moh-20240331_pre.xml (EX-101.PRE) — 360KB
• moh-20240331_htm.xml (XML) — 974KB

Signatures

Signatures 36 Table of Contents CONSOLIDATED STATEMENTS OF INCOME Three Months Ended March 31, 2024 2023 (In millions, except per-share amounts) (Unaudited) Revenue: Premium revenue $ 9,504 $ 7,885 Premium tax revenue 297 172 Investment income 108 71 Other revenue 22 21 Total revenue 9,931 8,149 Operating expenses: Medical care costs 8,414 6,871 General and administrative expenses 711 591 Premium tax expenses 297 172 Depreciation and amortization 45 44 Other 38 16 Total operating expenses 9,505 7,694 Operating income 426 455 Interest expense 27 28 Income before income tax expense 399 427 Income tax expense 98 106 Net income $ 301 $ 321 Net income per share - Basic $ 5.21 $ 5.58 Net income per share - Diluted $ 5.17 $ 5.52 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Three Months Ended March 31, 2024 2023 (In millions) (Unaudited) Net income $ 301 $ 321 Other comprehensive (loss) gain: Unrealized investment (loss) gain ( 5 ) 46 Less: effect of income taxes ( 2 ) 11 Other comprehensive (loss) gain, net of tax ( 3 ) 35 Comprehensive income $ 298 $ 356 See accompanying notes. Molina Healthcare, Inc. March 31, 2024 Form 10-Q | 3 Table of Contents CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (Dollars in millions, except per-share amounts) (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 4,513 $ 4,848 Investments 4,424 4,259 Receivables 3,350 3,104 Prepaid expenses and other current assets 381 331 Total current assets 12,668 12,542 Property, equipment, and capitalized software, net 295 270 Goodwill, and intangible assets, net 1,927 1,449 Restricted investments 261 261 Deferred income taxes, net 228 227 Other assets 134 143 Total assets $ 15,513 $ 14,892 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Medical claims and benefits payable $ 4,571 $ 4,204 Amounts due government agencies 2,501 2,294 Accounts payable, accrued liabilities and other 1,114 1,25

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) MARCH 31, 2024 1. Organization and Basis of Presentation Organization and Operations Molina Healthcare, Inc. provides managed healthcare services under the Medicaid and Medicare programs, and through the state insurance marketplaces (the "Marketplace"). We currently have four reportable segments consisting of: 1) Medicaid; 2) Medicare; 3) Marketplace; and 4) Other. Our reportable segments are consistent with how we currently manage the business and view the markets we serve. As of March 31, 2024, we served approximately 5.7 million members eligible for government-sponsored healthcare programs, located across 21 states. Our state Medicaid contracts typically have terms of three to five years , contain renewal options exercisable by the state Medicaid agency, and allow either the state or the health plan to terminate the contract with or without cause. Such contracts are subject to risk of loss in states that issue requests for proposal ("RFP") open to competitive bidding by other health plans. If one of our health plans is not a successful responsive bidder to a state RFP, its contract may not be renewed. In addition to contract renewal, our state Medicaid contracts may be periodically amended to include or exclude certain health benefits (such as pharmacy services, behavioral health services, or long-term care services); populations such as the aged, blind or disabled ("ABD"); and regions or service areas. In Medicare, we enter into Medicare Advantage-Part D contracts with the Centers for Medicare and Medicaid Services ("CMS") annually, and for dual-eligible programs, we enter into contracts with CMS, in partnership with each state's department of health and human services. Such contracts typically have terms of one to three years . In Marketplace, we enter into contracts with CMS, which end on December 31 of each year, and must be renewed annually. Recent Developments Florida Procurement—Medicaid. I

View Full Filing

View this 10-Q filing on SEC EDGAR