Triple-S Management Corporation Reports Fourth Quarter 2017 Results
Quarterly Consolidated and Other Highlights and Subsequent Events
- Net income of
$24.2 million , or$1.03 per diluted share, versus net income of$12.0 million , or$0.50 per diluted share, in the prior-year period; - Adjusted net income of
$22.1 million , or$0.94 per diluted share, versus adjusted net income of$3.4 million , or$0.14 per diluted share, a year ago, reflecting the ongoing improvements in the Company's Managed Care operations and the estimated decrease in utilization of medical services caused by Hurricanes Irma and Maria. The net impact of the recent hurricanes represented approximately$0.46 of the improvement in the quarter's adjusted earnings per share; - Operating revenues of
$706.8 million , a 1.7% decrease from the prior-year period, reflecting lower premiums in the Property & Casualty and Managed Care segments; - Consolidated operating income of
$41.1 million compared to an operating loss of$1.5 million in the prior-year period; - Consolidated loss ratio of 78.2%, driven primarily by lower utilization in Managed Care with a medical loss ratio ("MLR") of 80.9%;
- The Company's Board authorized a
$25.0 million expansion of its existing$30.0 million Class B share repurchase program. Under the repurchase program, during the fourth quarter of 2017, 322,381 shares were repurchased at an aggregate cost of$7.7 million . Thus far during 2018, the Company has repurchased an additional 225,000 shares at an aggregate cost of$5.3 million . As ofFebruary 27, 2018 , including the expansion,$29.4 million of capacity remain in the program.
"Our fourth quarter results benefited from lower claims in Managed Care due primarily to the aftereffects of Hurricane Maria, but was also characterized by continued progress of the ongoing initiatives in our Managed Care operations," said
"There has been significant progress with respect to
"Although our providers continue to face certain operational challenges, the vast majority of healthcare services now up and running, so it has been back to the normal course of business for Triple-S over the past couple of months," added
Selected Consolidated Quarterly Details
- Consolidated premiums earned were
$687.4 million , down 2.1% from the prior-year period. The decrease reflects lower premiums in the Managed Care segment, primarily due to the profit sharing accrual recorded in 2016 in the Medicaid business and the suspension of the HIP fee pass-through, as well as approximately$6.2 million of estimated reinsurance related costs in the Company's Property and Casualty segment, including estimates for catastrophe reinsurance reinstatement costs for the remainder of 2017. The decrease was partially offset by higher average premium rates in the Managed Care segment's Commercial and Medicaid businesses. - Consolidated claims incurred were
$537.3 million , down 9.6% year over year, mostly due to lower claims incurred across all businesses in the Managed Care segment, driven mainly by favorable fluctuations in prior-period reserve developments, the ongoing improvements in the Company's Managed Care operations and the utilization decrease caused by Hurricanes Irma and Maria. Consolidated loss ratio of 78.2% improved 650 basis points from the prior-year period. - Consolidated operating expenses of
$128.4 million increased 1.6% from the prior-year period, while the operating expense ratio increased 70 basis points year over year to 18.6%. The increase in operating expenses reflects higher personnel costs, business promotion and hurricane-related expenses totaling approximately$12.8 million , partially offset by an$11.1 million decrease in the HIP fee due to the 2017 moratorium. - Consolidated income tax expense was
$17.9 million , an increase of$21.8 million from the prior-year period, primarily reflecting a significant increase in the Managed Care segment's taxable income, which has a higher effective tax rate than the Company's other segments. - As of
December 31, 2017 , the consolidated balance sheet reflects approximately$605 million within claim liabilities of unpaid estimated gross losses related to the hurricanes, as well as$613 million within premiums and other receivables of catastrophe-related losses recoverable from the Property and Casualty reinsurance program.
Selected Managed Care Segment Quarterly Details
- Managed Care premiums earned were
$633.8 million , down 0.9% year over year. - Commercial premiums of
$195.9 million declined 4.3% from the prior-year period, due to lower fully-insured member month enrollment and the suspension of$3.6 million in the HIP fee pass-through in 2017, partially offset by higher average premium rates. - Medicare premiums of
$246.8 million increased 5.2% year over year, largely reflecting an increase in member month enrollment of 28,000 lives, offset, in part, by a$3.8 million decline in additional risk score revenue adjustments and a reduction in Medicare reimbursement rates. - Medicaid premiums declined 4.6% from the prior-year period to
$191.1 million , primarily reflecting the 2.5% excess profit sharing accrual that increased 2016 premiums by$6.3 million , a membership decline of approximately 45,000 member months, and the suspension of$2.7 million in the HIP fee pass-through in 2017; offset in part by an average premium rate increase of approximately 9% that became effectiveJuly 1, 2017 , following the Medicaid contract extension. - Managed Care MLR of 80.9% improved 710 basis points from the prior year, mostly reflecting the estimated decrease in utilization caused by Hurricanes Irma and Maria and favorable prior-period reserve developments. Excluding the impact of prior-period reserve developments, and moving the Medicare risk score revenue adjustments and other premium adjustments to the corresponding period, the Managed Care MLR would have been 82.5%, 260 basis points lower than the comparable metric a year ago. The estimated decrease in utilization related to the hurricanes lowered the segment's claims incurred and adjusted MLR by approximately
$27 million and 430 basis points, respectively. - Managed Care operating expenses were
$95.2 million , down$0.7 million , or 0.7%, year over year, primarily reflecting the HIP fee decrease and mostly offset by an increase in personnel costs, hurricane-related expenses, provision for doubtful accounts and other general and administrative expenses, as discussed above.
Consolidated Year-End Recap
Consolidated operating revenues for the year ended
The Property and Casualty segment's estimated net retained losses related to the hurricanes were approximately
Adjusted net income for full year 2017 was
2018 Outlook
As
- In the Company's Commercial business, the Company expects full-year at-risk member month enrollment to be between 3.7 million and 3.8 million, and MLR for the full year is expected to be between 80.5% and 82.5%.
- In the Company's Medicare Advantage business, the Company anticipates full year member month enrollment to be between 1.35 million and 1.45 million, while MLR for 2018 is expected to be between 85% and 87%.
- The Company's ancillary segments are expected to remain stable in terms of premiums earned. Life insurance premiums earned for 2018 are expected to be between
$160 million and$164 million , while Property and Casualty premiums earned for 2018 are expected to be between$76 million and$80 million . - Operating expenses for full year 2018 are expected to be between
$530 million and$545 million , primarily reflecting the reinstatement of the HIP fee.
Conference Call and Webcast
Management will host a conference call and webcast today at
To listen to the webcast, participants should visit the "Investor Relations" section of the Company's website at www.triplesmanagement.com several minutes before the event is broadcast and follow the instructions provided to ensure they have the necessary audio application downloaded and installed. This program is provided at no charge to the user. An archived version of the call, also located on the "Investor Relations" section of
In addition, a replay will be available through
About
Non-GAAP Financial Measures
This earnings release presents information about the Company's adjusted net income, which is a non-GAAP financial metric provided as a complement to the results provided in accordance with accounting principles generally accepted in
Forward-Looking Statements
This document contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information about possible or assumed future sales, results of operations, developments, regulatory approvals or other circumstances. Sentences that include "believe", "expect", "plan", "intend", "estimate", "anticipate", "project", "may", "will", "shall", "should" and similar expressions, whether in the positive or negative, are intended to identify forward-looking statements.
All forward-looking statements in this news release reflect management's current views about future events and are based on assumptions and subject to risks and uncertainties. Consequently, actual results may differ materially from those expressed here as a result of various factors, including all the risks discussed and identified in public filings with the
In addition, the Company operates in a highly competitive, constantly changing environment, influenced by very large organizations that have resulted from business combinations, aggressive marketing and pricing practices of competitors, and regulatory oversight. The following factors, if markedly different from the Company's planning assumptions (either individually or in combination), could cause
- Trends in health care costs and utilization rates
- Ability to secure sufficient premium rate increases
- Competitor pricing below market trends of increasing costs
- Re-estimates of policy and contract liabilities
- Changes in government laws and regulations of managed care, life insurance or property and casualty insurance
- Significant acquisitions or divestitures by major competitors
- Introduction and use of new prescription drugs and technologies
- A downgrade in the Company's financial strength ratings
- A downgrade in the Government of
Puerto Rico's debt - Litigation or legislation targeted at managed care, life insurance or property and casualty insurance companies
- Ability to contract with providers consistent with past practice
- Ability to successfully implement the Company's disease management, utilization management and Star ratings programs
- Ability to maintain Federal Employees, Medicare and Medicaid contracts
- Volatility in the securities markets and investment losses and defaults
- General economic downturns, major disasters, and epidemics
This list is not exhaustive. Management believes the forward-looking statements in this release are reasonable. However, there is no assurance that the actions, events or results anticipated by the forward-looking statements will occur or, if any of them do, what impact they will have on the Company's results of operations or financial condition. In view of these uncertainties, investors should not place undue reliance on any forward-looking statements, which are based on current expectations. In addition, forward-looking statements are based on information available the day they are made, and (other than as required by applicable law, including the securities laws of
Readers are advised to carefully review and consider the various disclosures in the Company's
Earnings Release Schedules and Supplementary Information |
|
Condensed Consolidated Balance Sheets |
Exhibit I |
Condensed Consolidated Statements of Earnings |
Exhibit II |
Condensed Consolidated Statements of Cash Flows |
Exhibit III |
Segment Performance Supplemental Information |
Exhibit IV |
Reconciliation of Non-GAAP Financial Measures |
Exhibit V |
Exhibit I |
||||||||
Condensed Consolidated Balance Sheets |
||||||||
(dollar amounts in thousands) |
||||||||
Unaudited |
||||||||
|
|
|||||||
Assets |
||||||||
Investments |
$ |
1,605,477 |
$ |
1,433,392 |
||||
Cash and cash equivalents |
198,941 |
103,428 |
||||||
Premium and other receivables, net |
899,327 |
286,365 |
||||||
Deferred policy acquisition costs and value of business acquired |
200,788 |
194,787 |
||||||
Property and equipment, net |
74,716 |
66,369 |
||||||
Other assets |
137,516 |
134,658 |
||||||
Total assets |
$ |
3,116,765 |
$ |
2,218,999 |
||||
Liabilities and Stockholders' Equity |
||||||||
Policy liabilities and accruals |
$ |
1,761,553 |
$ |
1,102,237 |
||||
Accounts payable and accrued liabilities |
410,457 |
219,191 |
||||||
Long-term borrowings |
32,073 |
35,085 |
||||||
Total liabilities |
2,204,083 |
1,356,513 |
||||||
Stockholders' equity: |
||||||||
Common stock |
23,578 |
24,272 |
||||||
Other stockholders' equity |
889,786 |
838,891 |
||||||
|
913,364 |
863,163 |
||||||
Non-controlling interest in consolidated subsidiary |
(682) |
(677) |
||||||
Total stockholders' equity |
912,682 |
862,486 |
||||||
Total liabilities and stockholders' equity |
$ |
3,116,765 |
$ |
2,218,999 |
Exhibit II |
|||||||||||||
Condensed Consolidated Statements of Earnings |
|||||||||||||
(dollar amounts in thousands, except per share data) |
|||||||||||||
Unaudited |
|||||||||||||
For the Three Months Ended |
For the Year Ended |
||||||||||||
|
|
||||||||||||
2017 |
2016 |
2017 |
2016 |
||||||||||
Revenues: |
|||||||||||||
Premiums earned, net |
$ |
687,443 |
$ |
701,871 |
$ |
2,826,932 |
$ |
2,890,641 |
|||||
Administrative service fees |
4,196 |
4,094 |
16,514 |
17,843 |
|||||||||
Net investment income |
14,506 |
12,343 |
51,615 |
48,913 |
|||||||||
Other operating revenues |
633 |
863 |
3,660 |
3,461 |
|||||||||
Total operating revenues |
706,778 |
719,171 |
2,898,721 |
2,960,858 |
|||||||||
Net realized investment gains (losses): |
|||||||||||||
Total other-than-temporary impairment losses on securities |
(49) |
- |
(49) |
(1,434) |
|||||||||
Net realized gains, excluding other-than-temporary |
|||||||||||||
impairment losses on securities |
2,737 |
10,425 |
10,880 |
18,813 |
|||||||||
Net realized investment gains on sale of securities |
2,688 |
10,425 |
10,831 |
17,379 |
|||||||||
Other income, net |
12 |
1,101 |
6,533 |
6,569 |
|||||||||
Total revenues |
709,478 |
730,697 |
2,916,085 |
2,984,806 |
|||||||||
Benefits and expenses: |
|||||||||||||
Claims incurred |
537,316 |
594,241 |
2,353,101 |
2,472,191 |
|||||||||
Operating expenses |
128,402 |
126,396 |
477,213 |
493,894 |
|||||||||
Total operating costs |
665,718 |
720,637 |
2,830,314 |
2,966,085 |
|||||||||
Interest expense |
1,678 |
1,906 |
6,794 |
7,635 |
|||||||||
Total benefits and expenses |
667,396 |
722,543 |
2,837,108 |
2,973,720 |
|||||||||
Income before taxes |
42,082 |
8,154 |
78,977 |
11,086 |
|||||||||
Income tax expense (benefit) |
17,874 |
(3,888) |
24,496 |
(6,345) |
|||||||||
Net income |
24,208 |
12,042 |
54,481 |
17,431 |
|||||||||
Less: Net loss attributable to the non-controlling interest |
3 |
1 |
5 |
7 |
|||||||||
Net income attributable to |
$ |
24,211 |
$ |
12,043 |
$ |
54,486 |
$ |
17,438 |
|||||
Earnings per share attributable to |
|||||||||||||
Basic net income per share |
$ |
1.03 |
$ |
0.50 |
$ |
2.27 |
$ |
0.71 |
|||||
Diluted net income per share |
$ |
1.03 |
$ |
0.50 |
$ |
2.26 |
$ |
0.71 |
|||||
Weighted average of common shares |
23,459,879 |
24,215,544 |
23,996,503 |
24,454,435 |
|||||||||
Dilutive weighted average of common shares |
23,557,197 |
24,272,286 |
24,067,586 |
24,511,093 |
Exhibit III |
|||||||||
Condensed Consolidated Statements of Cash Flows |
|||||||||
(dollar amounts in thousands) |
|||||||||
Unaudited |
|||||||||
For the Year Ended |
|||||||||
|
|||||||||
2017 |
2016 |
||||||||
Net cash provided by operating activities |
$ |
288,918 |
$ |
6,471 |
|||||
Cash flows from investing activities: |
|||||||||
Proceeds from investments sold or matured: |
|||||||||
Securities available for sale: |
|||||||||
Fixed maturities sold |
463,232 |
400,848 |
|||||||
Fixed maturities matured/called |
18,893 |
56,988 |
|||||||
Equity securities sold |
59,963 |
109,049 |
|||||||
Securities held to maturity - fixed maturities matured/called |
2,712 |
1,538 |
|||||||
Acquisition of investments: |
|||||||||
Securities available for sale: |
|||||||||
Fixed maturities |
(560,304) |
(482,252) |
|||||||
Equity securities |
(134,834) |
(163,119) |
|||||||
Securities held to maturity - fixed maturities |
(2,197) |
(1,445) |
|||||||
Increase in other investments |
(2,064) |
(2,493) |
|||||||
Net disbursements for policy loans |
(513) |
(663) |
|||||||
Net capital expenditures |
(21,359) |
(4,750) |
|||||||
Net cash used in investing activities |
(176,471) |
(86,299) |
|||||||
Cash flows from financing activities: |
|||||||||
Change in outstanding checks in excess of bank balances |
12,683 |
12,250 |
|||||||
Repayments of long-term borrowings |
(2,836) |
(1,742) |
|||||||
Proceeds from revolving line of credit |
1,964 |
- |
|||||||
Repurchase and retirement of common stock |
(20,220) |
(21,371) |
|||||||
Proceeds from policyholder deposits |
13,557 |
18,224 |
|||||||
Surrender of policyholder deposits |
(22,082) |
(21,923) |
|||||||
Net cash used in financing activities |
(16,934) |
(14,562) |
|||||||
Net increase (decrease) in cash and cash equivalents |
95,513 |
(94,390) |
|||||||
Cash and cash equivalents, beginning of period |
103,428 |
197,818 |
|||||||
Cash and cash equivalents, end of period |
$ |
198,941 |
$ |
103,428 |
Exhibit IV |
|||||||||||
Segment Performance Supplemental Information |
|||||||||||
(Unaudited) |
Three months ended |
Year ended |
|||||||||
(dollar amounts in millions) |
2017 |
2016 |
Percentage |
2017 |
2016 |
Percentage |
|||||
Premiums earned, net: |
|||||||||||
Managed Care: |
|||||||||||
Commercial |
$ 195.9 |
$ 204.6 |
(4.3%) |
$ 803.3 |
$ 841.4 |
(4.5%) |
|||||
Medicare |
246.8 |
234.5 |
5.2% |
1,035.3 |
1,023.9 |
1.1% |
|||||
Medicaid |
191.1 |
200.4 |
(4.6%) |
751.4 |
783.2 |
(4.1%) |
|||||
Total Managed Care |
633.8 |
639.5 |
(0.9%) |
2,590.0 |
2,648.5 |
(2.2%) |
|||||
Life Insurance |
40.4 |
40.0 |
1.0% |
161.8 |
156.9 |
3.1% |
|||||
Property and Casualty |
13.8 |
23.0 |
(40.0%) |
77.2 |
87.9 |
(12.2%) |
|||||
Other |
(0.6) |
(0.6) |
0.0% |
(2.1) |
(2.7) |
22.2% |
|||||
Consolidated premiums earned, net |
$ 687.4 |
$ 701.9 |
(2.1%) |
$ 2,826.9 |
$ 2,890.6 |
(2.2%) |
|||||
Operating revenues (loss): 1 |
|||||||||||
Managed Care |
$ 643.6 |
$ 648.6 |
(0.8%) |
$ 2,628.2 |
$ 2,686.0 |
(2.2%) |
|||||
Life Insurance |
46.7 |
46.2 |
1.1% |
186.6 |
181.8 |
2.6% |
|||||
Property and Casualty |
17.1 |
25.3 |
(32.4%) |
86.7 |
96.8 |
(10.4%) |
|||||
Other |
(0.6) |
(0.9) |
33.3% |
(2.8) |
(3.7) |
24.3% |
|||||
Consolidated operating revenues |
$ 706.8 |
$ 719.2 |
(1.7%) |
$ 2,898.7 |
$ 2,960.9 |
(2.1%) |
|||||
Operating income (loss): 2 |
|||||||||||
Managed Care |
$ 35.9 |
$ (10.3) |
448.5% |
$ 55.0 |
$ (36.8) |
249.5% |
|||||
Life Insurance |
6.0 |
6.6 |
(9.1%) |
19.4 |
21.5 |
(9.8%) |
|||||
Property and Casualty |
(0.8) |
2.6 |
(130.8%) |
(6.0) |
12.1 |
(149.6%) |
|||||
Other |
- |
(0.4) |
100.0% |
- |
(2.0) |
100.0% |
|||||
Consolidated operating income (loss) |
$ 41.1 |
$ (1.5) |
(2840.0%) |
$ 68.4 |
$ (5.2) |
(1415.4%) |
|||||
Operating margin: 3 |
|||||||||||
Managed Care |
5.6% |
(1.6%) |
720 bp |
2.1% |
(1.4%) |
350 bp |
|||||
Life Insurance |
12.8% |
14.3% |
-150 bp |
10.4% |
11.8% |
-140 bp |
|||||
Property and Casualty |
(4.7%) |
10.3% |
-1,500 bp |
(6.9%) |
12.5% |
-1,940 bp |
|||||
Consolidated |
5.8% |
(0.2%) |
600 bp |
2.4% |
(0.2%) |
260 bp |
|||||
Depreciation and amortization expense |
$ 3.4 |
$ 3.5 |
(2.9%) |
$ 13.2 |
$ 14.1 |
(6.4%) |
|||||
1 Operating revenues include premiums earned, net, administrative service fees and net investment income. 2 Operating income or loss include operating revenues minus operating costs. Operating costs include claims incurred and operating expenses. 3 Operating margin is defined as operating income or loss divided by operating revenues. |
Managed Care Additional Data |
Three months ended |
Year ended |
|||||||
(Unaudited) |
2017 |
2016 |
2017 |
2016 |
|||||
Member months enrollment: |
|||||||||
Commercial: |
|||||||||
Fully-insured |
972,095 |
1,010,374 |
3,981,347 |
4,209,920 |
|||||
Self-insured |
463,385 |
526,721 |
1,967,668 |
2,144,621 |
|||||
Total Commercial |
1,435,480 |
1,537,095 |
5,949,015 |
6,354,541 |
|||||
Medicare Advantage |
362,277 |
334,570 |
1,457,363 |
1,394,272 |
|||||
Medicaid |
1,150,791 |
1,195,700 |
4,631,316 |
4,829,729 |
|||||
Total member months |
2,948,548 |
3,067,365 |
12,037,694 |
12,578,542 |
|||||
Claim liabilities (in millions) |
$ 367.4 |
$ 349.0 |
|||||||
Days claim payable |
60 |
54 |
|||||||
Premium PMPM: |
|||||||||
Managed Care |
$ 255.03 |
$ 251.71 |
$ 257.20 |
$ 253.84 |
|||||
Commercial |
201.52 |
202.50 |
201.77 |
199.86 |
|||||
Medicare Advantage |
681.25 |
700.90 |
710.39 |
734.36 |
|||||
Medicaid |
166.06 |
167.60 |
162.24 |
162.16 |
|||||
Medical loss ratio: |
80.9% |
88.0% |
85.6% |
88.6% |
|||||
Commercial |
72.5% |
81.2% |
77.5% |
85.2% |
|||||
Medicare Advantage |
82.3% |
91.1% |
87.7% |
90.3% |
|||||
Medicaid |
87.6% |
91.4% |
91.5% |
90.1% |
|||||
Adjusted medical loss ratio: 1 |
82.5% |
85.1% |
86.1% |
87.7% |
|||||
Commercial |
74.5% |
80.5% |
77.9% |
83.8% |
|||||
Medicare Advantage |
82.9% |
85.2% |
88.4% |
89.2% |
|||||
Medicaid |
90.4% |
89.4% |
91.8% |
90.0% |
|||||
Operating expense ratio: |
|||||||||
Consolidated |
18.6% |
17.9% |
16.8% |
17.0% |
|||||
Managed Care |
14.9% |
14.9% |
13.6% |
14.0% |
|||||
1 The adjusted medical loss ratio accounts for subsequent adjustments to estimates, such as prior-period reserve developments and Medicare premium adjustments, and presents them in the corresponding period. |
Managed Care Membership by Segment |
As of |
|||||
2017 |
2016 |
|||||
Members: |
||||||
Commercial: |
||||||
Fully-insured |
321,571 |
335,643 |
||||
Self-insured |
153,455 |
173,514 |
||||
Total Commercial |
475,026 |
509,157 |
||||
Medicare Advantage |
118,451 |
110,297 |
||||
Medicaid |
384,462 |
397,918 |
||||
Total members |
977,939 |
1,017,372 |
Exhibit V |
|||||||
Reconciliation of Non-GAAP Financial Measures |
|||||||
Adjusted Net Income |
|||||||
(Unaudited) |
Three months ended |
Year ended |
|||||
(dollar amounts in millions) |
2017 |
2016 |
2017 |
2016 |
|||
Net income |
$ 24.2 |
$ 12.0 |
$ 54.5 |
$ 17.4 |
|||
Less adjustments: |
|||||||
Net realized investment gains, net of tax |
2.2 |
8.3 |
8.7 |
13.9 |
|||
Private equity investment (loss) income, net of tax |
(0.1) |
0.3 |
0.3 |
0.3 |
|||
Adjusted net income |
$ 22.1 |
$ 3.4 |
$ 45.5 |
$ 3.2 |
|||
Diluted adjusted net income per share |
$ 0.94 |
$ 0.14 |
$ 1.89 |
$ 0.13 |
|||
Adjusted net income is a non-GAAP financial metric and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. Management believes that the use of this adjusted net income and adjusted net income per share provides investors and management useful information about the earnings impact of realized investment gains and other non-recurring items impacting the Company's results of operations. This non-GAAP metric does not consider all of the items associated with the Company's operations as determined in accordance with GAAP. As a result, one should not consider these measures in isolation. |
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SOURCE
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