Molina Healthcare Files Q2 2024 10-Q

TL;DR

Molina Healthcare's Q2 10-Q is in. Check financials for the latest performance.

AI Summary

Molina Healthcare, Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter and the first half of the fiscal year. Key financial data and operational details for this period are presented, reflecting the company's performance in the healthcare services sector.

Why It Matters

This filing provides crucial insights into Molina Healthcare's financial health and operational performance for the second quarter of 2024, impacting investors' understanding of the company's trajectory.

Risk Assessment

Risk Level: medium — 10-Q filings are standard for public companies, but the specific financial details within can reveal significant risks or opportunities.

Key Players & Entities

• MOLINA HEALTHCARE, INC. (company) — Filer of the 10-Q
• 20240630 (date) — Period of report for the 10-Q
• 20240725 (date) — Filing date of the 10-Q
• LONG BEACH (location) — City of Molina Healthcare's business and mailing address

FAQ

Key Financial Figures

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

Filing Documents

• moh-20240630.htm (10-Q) — 1136KB
• moh2q24_ex311.htm (EX-31.1) — 9KB
• moh2q24_ex312.htm (EX-31.2) — 9KB
• moh2q24_ex321.htm (EX-32.1) — 5KB
• moh2q24_ex322.htm (EX-32.2) — 5KB
• moh-20240630_g1.jpg (GRAPHIC) — 22KB
• 0001179929-24-000123.txt ( ) — 6584KB
• moh-20240630.xsd (EX-101.SCH) — 42KB
• moh-20240630_cal.xml (EX-101.CAL) — 74KB
• moh-20240630_def.xml (EX-101.DEF) — 170KB
• moh-20240630_lab.xml (EX-101.LAB) — 552KB
• moh-20240630_pre.xml (EX-101.PRE) — 375KB
• moh-20240630_htm.xml (XML) — 1072KB

Signatures

Signatures 38 Table of Contents CONSOLIDATED STATEMENTS OF INCOME Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In millions, except per-share amounts) (Unaudited) Revenue: Premium revenue $ 9,446 $ 8,042 $ 18,950 $ 15,927 Premium tax revenue 298 169 595 341 Investment income 115 97 223 168 Other revenue 21 19 43 40 Total revenue 9,880 8,327 19,811 16,476 Operating expenses: Medical care costs 8,368 7,038 16,782 13,909 General and administrative expenses 691 618 1,402 1,209 Premium tax expenses 298 169 595 341 Depreciation and amortization 46 42 91 86 Other 43 17 81 33 Total operating expenses 9,446 7,884 18,951 15,578 Operating income 434 443 860 898 Interest expense 28 27 55 55 Income before income tax expense 406 416 805 843 Income tax expense 105 107 203 213 Net income $ 301 $ 309 $ 602 $ 630 Net income per share - Basic $ 5.18 $ 5.37 $ 10.38 $ 10.95 Net income per share - Diluted $ 5.17 $ 5.35 $ 10.33 $ 10.87 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In millions) (Unaudited) Net income $ 301 $ 309 $ 602 $ 630 Other comprehensive (loss) gain: Unrealized investment gain (loss) 1 ( 29 ) ( 4 ) 17 Less: effect of income taxes 1 ( 8 ) ( 1 ) 3 Other comprehensive (loss) gain, net of tax — ( 21 ) ( 3 ) 14 Comprehensive income $ 301 $ 288 $ 599 $ 644 See accompanying notes. Molina Healthcare, Inc. June 30, 2024 Form 10-Q | 3 Table of Contents CONSOLIDATED BALANCE SHEETS June 30, 2024 December 31, 2023 (Dollars in millions, except per-share amounts) (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 4,354 $ 4,848 Investments 4,347 4,259 Receivables 3,231 3,104 Prepaid expenses and other current assets 399 331 Total current assets 12,331 12,542 Property, equipment, and capitalized software, net 305 270 Goodwill, and intangible assets, net 1,913 1,449 Restricted investments 268 261 D

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) JUNE 30, 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 June 30, 2024, we served approximately 5.6 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 Connecticut Acquisition—Marketpla

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View this 10-Q filing on SEC EDGAR