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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Molina Healthcare Inc | NYSE:MOH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 339.55 | 0 | 09:09:35 |
Molina Healthcare, Inc. (NYSE:MOH) today announced that it is updating its outlook for fiscal year 2015 provided on February 12, 2015 to include the impact of improvements in its medical margin, the recently announced expansion in the State of Michigan, a proposed offering of common stock, and increased accounting dilution from its convertible notes due to the Company’s stock trading price.
The following table presents the Company’s updated outlook for fiscal year 2015 (all amounts are approximate): (1)
Premium Revenue $13.5 billion Health Insurer Fee Revenue (2) $260 million Premium Tax Revenue $400 million Service Revenue $180 million Investment Income and Other Revenue $17 million Total Revenue $14.3 billion Total Medical Care Costs $12.1 billion Medical Care Ratio (3) 89.5% Total Cost of Service Revenue $145 million General and Administrative Expenses $1.1 billion G&A Ratio (4) 7.6% Premium Tax Expenses $400 million Health Insurer Fee Expenses $165 million Depreciation and Amortization $105 million Interest and Other Expenses $60 million Income Before Income Tax Expense $300 million Net Income $132 million EBITDA(5) $485 million Effective Tax Rate 56% Diluted Weighted Average Shares Outstanding(6) 56 million Diluted net income per share $2.35 Adjusted net income per share(5) $2.90 _____________________ (1) All amounts are estimates; actual results may differ materially. See our risk factors as discussed in our Form 10-K and other filings as well as the cautionary statements below. 2015 outlook assumes the closing by September 2015 of our recently announced expansion in Michigan. (2) 2015 outlook assumes full reimbursement of the Health Insurer Fee and related tax effects for 2015, and includes the recognition of $18 million in revenue relating to the 2014 HIF. (3) Medical care ratio represents medical care costs as a percentage of premium revenue. (4) G&A Ratio represents general and administrative expenses as a percentage of total revenue. (5) See reconciliation of non-GAAP financial measures. (6) Estimate of weighted average shares outstanding for full year 2015 includes impact of existing convertible notes and the assumed issuance of 5.75 million shares in June 2015. Estimate assumes an average daily weighted average share price of $70 for the period June 1, 2015 through December 31, 2015.Non-GAAP Financial Measures
EBITDA and adjusted net income per diluted share are non-GAAP financial measures used by management as supplemental metrics in evaluating financial performance, financing and business decisions, and in forecasting and planning for future periods. These measures are not determined in accordance with accounting principles generally accepted in the United States of America (GAAP) and should not be viewed as a substitute for the most directly comparable GAAP measures.
The following table reconciles net income, which the Company believes to be the most comparable GAAP measure, to EBITDA:
2015Outlook(1)
Net income $ 132 million Adjustments:Depreciation, and amortization of intangible assets and capitalized software
125 million Interest expense 60 million Income tax expense 168 million EBITDA $ 485 millionThe following table reconciles net income per diluted share, which the Company believes to be the most comparable GAAP measure, to adjusted net income per diluted share:
2015Outlook(1)
Net income per diluted share $ 2.35 Adjustments, net of tax:Amortization of convertible senior notes and lease financing obligations
0.35 Amortization of intangible assets 0.20 Adjusted net income per diluted share $ 2.90 ______________________ (1) All amounts are estimates and subject to change. Computation assumes 56 million diluted weighted average shares outstanding.
About Molina Healthcare
Molina Healthcare, Inc., a FORTUNE 500 company, provides managed health care services under the Medicaid and Medicare programs and through the state insurance marketplaces. Through our locally operated health plans in 11 states across the nation, Molina currently serves over 3 million members. Dr. C. David Molina founded our company in 1980 as a provider organization serving low-income families in Southern California. Today, we continue his mission of providing high quality and cost-effective health care to those who need it most.
Cautionary Statement under the Private Securities Litigation Reform Act of 1995: This earnings release contains “forward-looking statements” regarding the Company’s plans, expectations, and anticipated future events. Actual results could differ materially due to numerous known and unknown risks and uncertainties, including, without limitation, risk factors related to the following:
and numerous other risk factors, including those discussed in the Company’s periodic reports and filings with the Securities and Exchange Commission. These reports can be accessed under the investor relations tab of the Company’s website or on the SEC’s website at www.sec.gov. Given these risks and uncertainties, we can give no assurances that the Company’s forward-looking statements will prove to be accurate, or that any other results or events projected or contemplated by the Company’s forward-looking statements will in fact occur, and we caution investors not to place undue reliance on these statements. All forward-looking statements in this release represent the Company’s judgment as of June 1, 2015, and we disclaim any obligation to update any forward-looking statements to conform the statement to actual results or changes in the Company’s expectations.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150601005767/en/
Molina Healthcare, Inc.Juan José Orellana, 562-435-3666, ext. 111143Investor Relations
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