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2021 Annual Report

ANNUAL REPORT

2021

Company Profile

Molina Healthcare, Inc., a FORTUNE 500 company, provides managed healthcare services under the Medicaid and Medicare programs and through the state insurance marketplaces. Molina Healthcare served approximately 5.2 million members as of December 31, 2021. For more information about Molina Healthcare, please visit molinahealthcare.com.

Line of Business Profile

Membership by Line of Business

Premiums by Line of Business

83%

76%

Medicaid

Medicaid

14%

11%

Marketplace

Marketplace

3%

Medicare

13%

Medicare

Historical Highlights

Premium Revenue

DilutedGAAAPNetNetIncome

DilutedDilutedAdjustedAdjustedNetNet

($Millions)

(Losss)perperShare

IncomeIncome(Loss)(Loss)perperShareShare11

'17

18,854

'17'17

($9.07)

'17 '17

(

$0.45)

'18

17,612

'18

$10.61

'18

'18

$11.74

'18

'19

'19

$11.47

'19

'19

$11.57

16,208

'19

'19

'20

'20

$11.23

'20

$10.67

18,299

'20

'20

'20

'21

'21

'21

26,855

$11.25

'21

$13.54

'21

'21

1 See the reconciliation of GAAP to Adjusted Net Income per Share on Page A3

Annual Meeting

1 See the reconciliation of GAAP to Adjusted Net Income per Share on Page A3

Annual Meeting

The annual meeting of stockholders will be held on Wednesday, May 4, 2022, at 10:00 a.m. EasteTime live via the internet at www.virtualshareholdermeeting.com/MOH2022.

A1

Molina Healthcare | Annual Report 2021

To Our Stockholders:

We are pleased to report that we delivered strong results for all of our stakeholders in 2021, growing our business and producing excellent margins, all while continuing to navigate the unprecedented challenges presented by the global pandemic.

Our nearly 14,000 associates remained steadfast in our mission to improve the health and lives of the more than five million members we serve by delivering high quality, affordable healthcare. Their passion was unwavering and directly responsible for driving success across the enterprise, from serving our existing members to growing our business in existing states and winning business in new states.

We continue to execute our sustaining profitable growth strategy. Year over year we generated 47 percent premium revenue growth that was well balanced between organic growth and bolt-on acquisitions. Our earnings per share exceeded our initial guidance despite a higher than expected net effect of COVID. Our after-tax margin, excluding the transitory impact of the net effect of COVID, was squarely in line with our long-term targets. We announced the acquisitions of AgeWell in New York and of the Medicaid business formerly owned by Cigna in Texas, for combined incremental premium revenue of $1.7 billion. We closed the acquisition of Affinity Health Plan and continued to successfully integrate Passport Health and Magellan Complete Care. On the Medicaid procurement front, we re-procured our Ohio contract and were awarded a new state contract in Nevada.

"We continue to

execute our

sustaining

profitable growth

strategy."

I am pleased with the momentum we created with our operational and financial successes during 2021. Turning to the future, we are committed to staying close to the core as a pure-playgovernment-sponsored managed care company. We continue to see considerable organic and inorganic growth opportunities in front of us. I am confident we have the strategy and management team to capitalize on them.

Thank you for your ongoing support and interest in our Company. We are most grateful for the confidence you express in our team and the Company's mission by your continued share ownership.

Sincerely,

Joseph M. Zubretsky

President and Chief Executive Officer

Molina Healthcare | Annual Report 2021

A2

Reconciliation of GAAP to Adjusted Net Income (Loss) per Share

2021

2020

2019

2018

2017

Net Income

$

11.25

$

11.23

$

11.47

$

10.61

$

(9.07)

Adjustments:

Acquisition-related expenses

1.59

0.37

-

-

-

Amortization of intangible assets

0.83

0.26

0.27

0.32

0.55

(Gain) loss of debt repayment

0.43

0.26

(0.24)

0.33

0.25

Marketplace risk corridor judgment

-

(2.14)

-

-

-

Loss on sales of subsidiaries, net of gain

-

-

-

0.23

-

Impairment losses

-

-

-

-

8.33

Fee received for terminated Medicare acquisition

-

-

-

-

(1.33)

Other (1)

0.16

0.51

0.10

0.68

4.14

Subtotal, adjustments

3.01

(0.74)

0.13

1.56

11.94

Income tax effect

(0.72)

0.18

(0.03)

(0.43)

(3.32)

Adjustments, net of tax effect

2.29

(0.56)

0.10

1.13

8.62

Adjusted net income

$

13.54

$

10.67

$

11.57

$

11.74

$

(0.45)
  1. 2021 includes change in premium deficiency reserve, loss on sale of property, and restructuring costs. 2020 includes charitable contribution, premium deficiency reserves, and restructuring costs. 2019, 2018 and 2017 includes only restructuring costs.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K

(Mark One)

  • ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE FISCAL YEAR ENDED DECEMBER 31, 2021

or

  • TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-31719

MOLINA HEALTHCARE, INC.

(Exact name of registrant as specified in its charter)

Delaware

13-4204626

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

200 Oceangate, Suite 100, Long Beach, California 90802

(Address of principal executive offices)

(562) 435-3666

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, $0.001 Par Value

MOH

New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:

None

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Molina Healthcare Inc. published this content on 23 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 March 2022 21:25:57 UTC.

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