Molina Healthcare Files Q3 2024 10-Q

TL;DR

**MOLINA HEALTHCARE Q3 10-Q FILED** - Key financials and operational updates now public.

AI Summary

Molina Healthcare, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter and the year-to-date period. Key financial data and disclosures relevant to investors are presented.

Why It Matters

This filing provides crucial financial and operational insights into Molina Healthcare's performance, impacting investor decisions and market perception.

Risk Assessment

Risk Level: medium — As a healthcare provider, Molina Healthcare is subject to regulatory changes, market competition, and operational risks inherent in the industry.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 2024-10-24 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• MOLINA HEALTHCARE, INC. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241024 (date) — Filing date
• LONG BEACH, CA (location) — Company headquarters

FAQ

Key Financial Figures

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

Filing Documents

• moh-20240930.htm (10-Q) — 1203KB
• moh3q24_ex311.htm (EX-31.1) — 9KB
• moh3q24_ex312.htm (EX-31.2) — 9KB
• moh3q24_ex321.htm (EX-32.1) — 5KB
• moh3q24_ex322.htm (EX-32.2) — 5KB
• moh-20240930_g1.jpg (GRAPHIC) — 22KB
• 0001179929-24-000151.txt ( ) — 6914KB
• moh-20240930.xsd (EX-101.SCH) — 44KB
• moh-20240930_cal.xml (EX-101.CAL) — 76KB
• moh-20240930_def.xml (EX-101.DEF) — 187KB
• moh-20240930_lab.xml (EX-101.LAB) — 575KB
• moh-20240930_pre.xml (EX-101.PRE) — 397KB
• moh-20240930_htm.xml (XML) — 1110KB

Signatures

Signatures 39 Table of Contents CONSOLIDATED STATEMENTS OF INCOME Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In millions, except per-share amounts) (Unaudited) Revenue: Premium revenue $ 9,694 $ 8,240 $ 28,644 $ 24,167 Premium tax revenue 508 176 1,103 517 Investment income 118 112 341 280 Other revenue 20 20 63 60 Total revenue 10,340 8,548 30,151 25,024 Operating expenses: Medical care costs 8,643 7,306 25,425 21,215 General and administrative expenses 676 608 2,078 1,817 Premium tax expenses 508 176 1,103 517 Depreciation and amortization 47 42 138 128 Other ( 1 ) 57 80 90 Total operating expenses 9,873 8,189 28,824 23,767 Operating income 467 359 1,327 1,257 Interest expense 29 27 84 82 Income before income tax expense 438 332 1,243 1,175 Income tax expense 112 87 315 300 Net income $ 326 $ 245 $ 928 $ 875 Net income per share - Basic $ 5.67 $ 4.24 $ 16.05 $ 15.18 Net income per share - Diluted $ 5.65 $ 4.21 $ 15.97 $ 15.08 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In millions) (Unaudited) Net income $ 326 $ 245 $ 928 $ 875 Other comprehensive gain (loss): Unrealized investment gain (loss) 100 ( 24 ) 96 ( 7 ) Less: effect of income taxes 24 ( 5 ) 23 ( 2 ) Other comprehensive gain (loss), net of tax 76 ( 19 ) 73 ( 5 ) Comprehensive income $ 402 $ 226 $ 1,001 $ 870 See accompanying notes. Molina Healthcare, Inc. September 30, 2024 Form 10-Q | 3 Table of Contents CONSOLIDATED BALANCE SHEETS September 30, 2024 December 31, 2023 (Dollars in millions, except per-share amounts) (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 4,732 $ 4,848 Investments 4,482 4,259 Receivables 3,259 3,104 Prepaid expenses and other current assets 408 331 Total current assets 12,881 12,542 Property, equipment, and capitalized software, net 306 270 Goodwill, and intangible a

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) SEPTEMBER 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 September 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 Michigan Procurement—Me

View Full Filing

View this 10-Q filing on SEC EDGAR