10-Q Filing

MOLINA HEALTHCARE, INC. CIK: 1179929 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001179929-23-000069`
Period End Date	20230331
Filing Date	20230427
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	moh-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 73 Income Statement 38 Cash Flow Statement 54 Stockholders Equity 14 Comprehensive Income 10

Balance Sheet 73 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.01B	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	58.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.80B	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	58.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.55B	USD	Point-in-time
Investments	`MarketableSecuritiesCurrent`	$3.50B	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Investments	`MarketableSecuritiesCurrent`	$3.81B	USD	Point-in-time
Receivables	`ReceivablesNetCurrent`	$2.30B	USD	Point-in-time
Receivables	`ReceivablesNetCurrent`	$2.54B	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$259.00M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$277.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$11.16B	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$10.08B	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Property, equipment, and capitalized software, net	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$259.00M	USD	Point-in-time
Property, equipment, and capitalized software, net	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$274.00M	USD	Point-in-time
Goodwill, and intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$1.37B	USD	Point-in-time
Goodwill, and intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$1.39B	USD	Point-in-time
Restricted investments	`RestrictedInvestmentsNoncurrent`	$242.00M	USD	Point-in-time
Restricted investments	`RestrictedInvestmentsNoncurrent`	$238.00M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$220.00M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$208.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$119.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$123.00M	USD	Point-in-time
Total assets	`Assets`	$13.37B	USD	Point-in-time
Total assets	`Assets`	$12.31B	USD	Point-in-time
Medical claims and benefits payable	`LiabilityForClaimsAndClaimsAdjustmentExpense`	$3.53B	USD	Point-in-time
Medical claims and benefits payable	`LiabilityForClaimsAndClaimsAdjustmentExpense`	$3.36B	USD	Point-in-time
Medical claims and benefits payable	`LiabilityForClaimsAndClaimsAdjustmentExpense`	$3.82B	USD	Point-in-time
Medical claims and benefits payable	`LiabilityForClaimsAndClaimsAdjustmentExpense`	$3.60B	USD	Point-in-time
Amounts due government agencies	`MedicalPremiumLiabilityDueToAgency`	$2.08B	USD	Point-in-time
Amounts due government agencies	`MedicalPremiumLiabilityDueToAgency`	$2.35B	USD	Point-in-time
Accounts payable, accrued liabilities and other	`AccountsPayableAndAccruedLiabilitiesCurrent`	$787.00M	USD	Point-in-time
Accounts payable, accrued liabilities and other	`AccountsPayableAndAccruedLiabilitiesCurrent`	$889.00M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$654.00M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$359.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.61B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.86B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.18B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.18B	USD	Point-in-time
Finance lease liabilities	`FinanceLeaseLiabilityNoncurrent`	$215.00M	USD	Point-in-time
Finance lease liabilities	`FinanceLeaseLiabilityNoncurrent`	$204.00M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$104.00M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$88.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$10.08B	USD	Point-in-time
Total liabilities	`Liabilities`	$9.35B	USD	Point-in-time
Common stock, $0.001 par value, 150 million shares authorized; outstanding: 58 million shares at March 31, 2023 and December 31, 2022	`CommonStockValueOutstanding`	-	USD	Point-in-time
Common stock, $0.001 par value, 150 million shares authorized; outstanding: 58 million shares at March 31, 2023 and December 31, 2022	`CommonStockValueOutstanding`	-	USD	Point-in-time
Preferred stock, $0.001 par value; 20 million shares authorized, no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value; 20 million shares authorized, no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$328.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$296.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-125.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-160.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$3.12B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.80B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$2.63B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$2.79B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$2.96B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$3.29B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$12.31B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$13.37B	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Premium revenue	`PremiumsEarnedNet`	$7.88B	USD	1 Quarter
Premium revenue	`PremiumsEarnedNet`	$7.53B	USD	1 Quarter
Premium tax revenue	`HealthCareOrganizationPremiumTaxRevenue`	$208.00M	USD	1 Quarter
Premium tax revenue	`HealthCareOrganizationPremiumTaxRevenue`	$172.00M	USD	1 Quarter
Investment income	`NetInvestmentIncome`	$71.00M	USD	1 Quarter
Investment income	`NetInvestmentIncome`	$11.00M	USD	1 Quarter
Other revenue	`InterestAndDividendIncomeOperating`	$20.00M	USD	1 Quarter
Other revenue	`InterestAndDividendIncomeOperating`	$21.00M	USD	1 Quarter
Total revenue	`Revenues`	$7.77B	USD	1 Quarter
Total revenue	`Revenues`	$8.15B	USD	1 Quarter
Medical care costs	`CostOfGoodsAndServicesSold`	$6.87B	USD	1 Quarter
Medical care costs	`CostOfGoodsAndServicesSold`	$6.56B	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$571.00M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$591.00M	USD	1 Quarter
Premium tax expenses	`PremiumTaxExpenses`	$208.00M	USD	1 Quarter
Premium tax expenses	`PremiumTaxExpenses`	$172.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$40.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$44.00M	USD	1 Quarter
Other	`OtherCostAndExpenseOperating`	$16.00M	USD	1 Quarter
Other	`OtherCostAndExpenseOperating`	$16.00M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$7.69B	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$7.40B	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$372.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$455.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$28.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$28.00M	USD	1 Quarter
Total other expenses, net	`NonoperatingIncomeExpense`	$-28.00M	USD	1 Quarter
Total other expenses, net	`NonoperatingIncomeExpense`	$-28.00M	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$427.00M	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$344.00M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$86.00M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$106.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$258.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$321.00M	USD	1 Quarter
Net income per share - Basic (in dollars per share)	`EarningsPerShareBasic`	$5.58	USD	1 Quarter
Net income per share - Basic (in dollars per share)	`EarningsPerShareBasic`	$4.45	USD	1 Quarter
Net income per share - Diluted (in dollars per share)	`EarningsPerShareDiluted`	$5.52	USD	1 Quarter
Net income per share - Diluted (in dollars per share)	`EarningsPerShareDiluted`	$4.39	USD	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$258.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$321.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$40.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$44.00M	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-16.00M	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-1.00M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$34.00M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$25.00M	USD	1 Quarter
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$5.00M	USD	1 Quarter
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$-8.00M	USD	1 Quarter
Receivables	`IncreaseDecreaseInReceivables`	$234.00M	USD	1 Quarter
Receivables	`IncreaseDecreaseInReceivables`	$-21.00M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$32.00M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-7.00M	USD	1 Quarter
Medical claims and benefits payable	`IncreaseDecreaseInHealthCareInsuranceLiabilities`	$296.00M	USD	1 Quarter
Medical claims and benefits payable	`IncreaseDecreaseInHealthCareInsuranceLiabilities`	$263.00M	USD	1 Quarter
Amounts due government agencies	`IncreaseDecreaseInMedicalPremiumLiabilityDueToAgency`	$270.00M	USD	1 Quarter
Amounts due government agencies	`IncreaseDecreaseInMedicalPremiumLiabilityDueToAgency`	$137.00M	USD	1 Quarter
Accounts payable, accrued liabilities and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-81.00M	USD	1 Quarter
Accounts payable, accrued liabilities and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-215.00M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-352.00M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$295.00M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$67.00M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$101.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$363.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$916.00M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireMarketableSecurities`	$403.00M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireMarketableSecurities`	$646.00M	USD	1 Quarter
Proceeds from sales and maturities of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$513.00M	USD	1 Quarter
Proceeds from sales and maturities of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$371.00M	USD	1 Quarter
Purchases of property, equipment and capitalized software	`PaymentsToAcquirePropertyPlantAndEquipment`	$23.00M	USD	1 Quarter
Purchases of property, equipment and capitalized software	`PaymentsToAcquirePropertyPlantAndEquipment`	$32.00M	USD	1 Quarter
Other, net	`PaymentsForProceedsFromOtherInvestingActivities`	$13.00M	USD	1 Quarter
Other, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-5.00M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-302.00M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$74.00M	USD	1 Quarter
Common stock withheld to settle employee tax obligations	`CommonStockWithheldToSettleEmployeeTaxObligations`	$58.00M	USD	1 Quarter
Common stock withheld to settle employee tax obligations	`CommonStockWithheldToSettleEmployeeTaxObligations`	$52.00M	USD	1 Quarter
Contingent consideration liabilities settled	`PaymentForContingentConsiderationLiabilityFinancingActivities`	$20.00M	USD	1 Quarter
Contingent consideration liabilities settled	`PaymentForContingentConsiderationLiabilityFinancingActivities`	-	USD	1 Quarter
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-5.00M	USD	1 Quarter
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-7.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-77.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-65.00M	USD	1 Quarter
Net increase in cash, cash equivalents, and restricted cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$549.00M	USD	1 Quarter
Net increase in cash, cash equivalents, and restricted cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$360.00M	USD	1 Quarter
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.60B	USD	Point-in-time
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.87B	USD	Point-in-time
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.51B	USD	Point-in-time
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.05B	USD	Point-in-time
Cash, cash equivalents, and restricted cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.60B	USD	Point-in-time
Cash, cash equivalents, and restricted cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.87B	USD	Point-in-time
Cash, cash equivalents, and restricted cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.51B	USD	Point-in-time
Cash, cash equivalents, and restricted cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.05B	USD	Point-in-time

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$2.63B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$2.79B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$2.96B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$3.29B	USD	Point-in-time
Net income	`NetIncomeLoss`	$258.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$321.00M	USD	1 Quarter
Other comprehensive income, net	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$35.00M	USD	1 Quarter
Other comprehensive income, net	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-76.00M	USD	1 Quarter
Share-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-32.00M	USD	1 Quarter
Share-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-18.00M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$2.63B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$2.79B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$2.96B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$3.29B	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$258.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$321.00M	USD	1 Quarter
Unrealized investment gain (loss)	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax`	$46.00M	USD	1 Quarter
Unrealized investment gain (loss)	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax`	$-100.00M	USD	1 Quarter
Less: effect of income taxes	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$-24.00M	USD	1 Quarter
Less: effect of income taxes	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$11.00M	USD	1 Quarter
Other comprehensive gain (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$35.00M	USD	1 Quarter
Other comprehensive gain (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-76.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$356.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$182.00M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.