| Segment/Quarter | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|-----------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Medicaid ($M)   | **6,421**  **[0001179929-23-000021_moh4q22_er.htm:4]**  | **6,578**  **[0001179929-23-000069_moh-20230331.htm:13]**  | **6,485**  **[0001179929-23-000095_moh2q23_er.htm:4]**  | **6,976**  **[0001179929-23-000132_moh-20230930.htm:16]**  | **6,782**  **[0001179929-24-000029_moh4q23_er.htm:4]**  | **7,873**  **[0001179929-24-000089_moh-20240331.htm:17]**  | **7,760**  **[0001179929-24-000123_moh-20240630.htm:19]**  | **8,263**  **[0001179929-24-000151_moh-20240930.htm:20]**  |
| Medicare ($M)   | **948**  **[0001179929-23-000021_moh4q22_er.htm:4]**    | **1,056**  **[0001179929-23-000069_moh-20230331.htm:13]**  | **1,044**  **[0001179929-23-000095_moh2q23_er.htm:4]**  | **1,046**  **[0001179929-23-000132_moh-20230930.htm:16]**  | **1,057**  **[0001179929-24-000029_moh4q23_er.htm:4]**  | **1,457**  **[0001179929-24-000089_moh-20240331.htm:17]**  | **1,459**  **[0001179929-24-000123_moh-20240630.htm:19]**  | **1,385**  **[0001179929-24-000151_moh-20240930.htm:20]**  |
| Marketplace ($M)| **548**  **[0001179929-23-000021_moh4q22_er.htm:4]**    | **497**  **[0001179929-23-000069_moh-20230331.htm:13]**    | **513**  **[0001179929-23-000095_moh2q23_er.htm:4]**    | **507**  **[0001179929-23-000132_moh-20230930.htm:16]**    | **523**  **[0001179929-24-000029_moh4q23_er.htm:4]**    | **581**  **[0001179929-24-000089_moh-20240331.htm:17]**    | **641**  **[0001179929-24-000123_moh-20240630.htm:19]**    | **672**  **[0001179929-24-000151_moh-20240930.htm:20]**  |
| Other ($M)      | N/A     | **18**  **[0001179929-23-000069_moh-20230331.htm:13]**     | N/A     | **19**  **[0001179929-23-000132_moh-20230930.htm:16]**     | N/A     | **20**  **[0001179929-24-000089_moh-20240331.htm:17]**     | **20**  **[0001179929-24-000123_moh-20240630.htm:19]**     | **20**  **[0001179929-24-000151_moh-20240930.htm:20]**  |

b92e5c2d635907976f0e18ea77cb25a5bbb16d3b871e10d6f003198dc1522cd5

38d03b2ffcb5e1b7fe7a1617c561881a08b61edbb376db8ca580284b3ef22d77

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

f35618807a1b03ae944d435a7d79e3228ece867f8ae174fd06c0dffc40e19e26

Molina Healthcare, Inc. (MOH) is a Fortune 500 company that provides managed healthcare services primarily under the Medicaid and Medicare programs, as well as through state insurance marketplaces known as the Marketplace **[0001179929-24-000033_moh-20231231.htm:5]**. The company serves approximately 5.0 million members across 20 states as of December 31, 2023 **[0001179929-24-000033_moh-20231231.htm:5]**. Molina operates through four main segments: Medicaid, Medicare, Marketplace, and Other, focusing on both organic growth through new state procurement opportunities and inorganic growth via mergers and acquisitions **[0001179929-24-000033_moh-20231231.htm:6]**.

1. **Medicaid** - Provides managed healthcare services under the Medicaid program, representing the largest segment in terms of revenue contribution **[0001179929-24-000033_moh-20231231.htm:5]**.
2. **Medicare** - Offers healthcare services under the Medicare program, catering to eligible senior citizens and certain younger people with disabilities **[0001179929-24-000033_moh-20231231.htm:5]**.
3. **Marketplace** - Delivers healthcare services through state insurance marketplaces, offering plans to individuals and families **[0001179929-24-000033_moh-20231231.htm:5]**.
4. **Other** - Includes long-term services and supports consultative services in Wisconsin, which is not significant to the consolidated results **[0001179929-24-000033_moh-20231231.htm:5]** **[0001179929-24-000123_moh-20240630.htm:19]**.

9a63fec44b85f8a2dde593c7305ea9d37d405bcade7de88b6ff73310588703ea

776ae3fd9c6fdc4d49eb7cbdf1941839cd26d92c93eadaa548482785ae74b49a

1. Given that your consolidated Medical Cost Ratio (MCR) was higher than expected at 89.2% due to pressures in Medicaid and Medicare, how do you plan to manage these pressures moving forward, and do you anticipate further increases in MCR in the upcoming quarters?
2. You've indicated that your net trend in Medicaid increased from 3% to 6% over your initial guidance, partly due to higher utilization among existing members ("stayers"); what strategies are you implementing to prevent further acceleration of this trend, and how confident are you that it will stabilize?
3. With the significant acuity shifts stemming from Medicaid enrollment dropping from 92 million to 72 million, how confident are you that state rate adjustments will sufficiently capture this increased acuity, especially considering potential lags in the rate-setting process?
4. As you rely on corridor protections and profit-sharing arrangements to buffer against mismatches between rates and trends, how sustainable is this approach if trends continue to rise or if corridors become insufficient to absorb increased costs?
5. Behavioral health utilization has become a national trend beyond isolated cases like Kentucky; what specific measures are you taking to manage rising behavioral health costs across different states, and how are these expenses impacting your overall cost management strategies?

9a987471c6c411c45992150b5b5263c2ef9d0b7013ade5fac592896fc2503252

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024
- **Guidance**:
  - **Premium Revenue**: Approximately **$38 billion**, representing **17% year-over-year growth**  **[MOH_3403764_3]** .
  - **Adjusted EPS**: At least **$23.50**, representing **13% year-over-year growth**  **[MOH_3403764_3]** .
  - **Medical Care Ratio (MCR)**:
    - **Consolidated MCR**: **88.7%**  **[MOH_3403764_7]** .
    - **Medicaid MCR**: Approximately **90%**  **[MOH_3403764_7]** .
    - **Medicare MCR**: **88.3%**  **[MOH_3403764_7]** .
    - **Marketplace MCR**: **74%**  **[MOH_3403764_7]** .
  - **Fourth Quarter MCR**:
    - **Medicaid MCR**: **89%**  **[MOH_3403764_7]** .
    - **Medicare MCR**: **90%**  **[MOH_3403764_7]** .
    - **Marketplace MCR**: **70.1%**  **[MOH_3403764_7]** .
  - **G&A Ratio**: **6.8%**  **[MOH_3403764_7]** .
  - **Embedded Earnings for 2025**: **$5.75**  **[MOH_3403764_7]** .
  - **Shares Outstanding**: **57.9 million**  **[MOH_3403764_6]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  - **Premium Revenue**: Approximately **$38 billion**, **17% year-over-year growth**  **[MOH_3394415_1]** **[MOH_3394415_2]** .
  - **EPS**: At least **$23.50**, **13% year-over-year growth**  **[MOH_3394415_1]** **[MOH_3394415_2]** .
  - **Consolidated MCR**: **88.4%**  **[MOH_3394415_5]** .
  - **Medicaid MCR**: **89.3%**  **[MOH_3394415_6]** **[MOH_3394415_5]** **[MOH_3394415_11]** .
  - **Second Half Medicaid MCR**: **88.4%**  **[MOH_3394415_4]** .
  - **Medicare MCR**: **88%**  **[MOH_3394415_6]** .
  - **Marketplace MCR**: **78%**  **[MOH_3394415_6]** .
  - **Embedded Earnings**: **$5 per share**  **[MOH_3394415_6]** .
  - **Premium Revenue Target for 2026**: **$46 billion**  **[MOH_3394415_3]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  - **Premium Revenue**: Approximately **$38 billion**, **17% year-over-year growth**  **[MOH_3380868_1]** **[MOH_3380868_5]** .
  - **Adjusted EPS**: At least **$23.50**, **13% year-over-year growth**  **[MOH_3380868_1]** **[MOH_3380868_5]** .
  - **Consolidated MCR**: **88.2%**  **[MOH_3380868_5]** .
  - **Embedded Earnings**: **$4 per share**  **[MOH_3380868_3]** **[MOH_3380868_2]** .
  - **Medicaid Redetermination Impact**: Net loss of **600,000 members**  **[MOH_3380868_1]** **[MOH_3380868_4]** .
  - **Marketplace Membership**: **370,000** members  **[MOH_3380868_10]** .
  - **Medicare Segment**: Modestly dilutive in 2024, break even in 2025, **$1 EPS** in 2026  **[MOH_3380868_5]** .
  - **Long-term EPS Growth Rate**: **15% to 18%**  **[MOH_3380868_5]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  - **Adjusted EPS**: At least **$23.50**  **[MOH_3372582_6]** .
  - **MCR**:
    - **Consolidated MCR**: **88.2%**  **[MOH_3372582_6]** .
    - **Medicaid MCR**: **89%**  **[MOH_3372582_6]** .
    - **Medicare MCR**: **88%**  **[MOH_3372582_6]** .
    - **Marketplace MCR**: **78% to 80%**  **[MOH_3372582_6]** .
  - **G&A Ratio**: **7%**  **[MOH_3372582_6]** .
  - **Effective Tax Rate**: **25.7%**  **[MOH_3372582_6]** .
  - **Adjusted Pretax Margin**: **4.6%**  **[MOH_3372582_6]** .
  - **Weighted Average Share Count**: **58.1 million**  **[MOH_3372582_6]** .
  - **Premium Revenue**: Approximately **$38 billion**, **17% year-over-year growth**  **[MOH_3372582_2]** .
  - **Membership Growth**:
    - **Medicaid**: **5.1 million members**, **12% growth**  **[MOH_3372582_5]** .
    - **Medicare**: **270,000 members**, **58% growth**  **[MOH_3372582_5]** .
    - **Marketplace**: **370,000 members**, **31% growth**  **[MOH_3372582_5]** .
  - **Quarterly EPS**: Heavier in the second half  **[MOH_3372582_6]** .

8d60a289b4e00a4bfbfcaa18dbac9cb3dec7b5424b5c6435561b0a6d4ee748d7

Medicaid

- Premium Revenue

Medicare

Marketplace

Health Plans

- Premium Tax Revenue

- Health Insurer Fee Revenue

- Investment Income

- Other Revenue

Other

- Molina Medicaid Solutions

Total Revenue

6d94b06857a9531e88665f2183cdf3060fb047ff94ed01bc5c2e0f6095676745

Medicaid MCR (%)

Medicare MCR (%)

Marketplace MCR (%)

Marketplace Risk Adjustment Payables (Million $)

Marketplace Risk Adjustment Receivables (Million $)

Medical Care Ratio (MCR) (%)

Premium Tax Ratio (%)

baca265fff6c9174117dcd0552c4fffe44071d96e3908637e31f28b08b17bbf8

e94d99d324448eb85e8105e2bb10b82b948a7fbe4e5d18ae3a108c3c58f099e8

- Centene Corporation - Primary competitor for low-income Marketplace membership and a competitor in the Medicaid managed care industry  **[0001179929-24-000033_moh-20231231.htm:23]** .
- CVS Health Corporation - Competitor in both the Medicaid managed care industry and the Medicare market  **[0001179929-24-000033_moh-20231231.htm:23]** .
- Elevance Health, Inc. - Competitor in the Medicaid managed care industry  **[0001179929-24-000033_moh-20231231.htm:23]** .
- UnitedHealth Group Inc. - Competitor in both the Medicaid managed care industry and the Medicare market  **[0001179929-24-000033_moh-20231231.htm:23]** .
- Humana Inc. - Competitor in the Medicare market  **[0001179929-24-000033_moh-20231231.htm:23]** .

7d1aab47a11a6dcdfa6046492caf450b49e0f7121fea3fd2e290bdc0c3163a7c

| Name               | Position                                      | Start Date         | Short Bio                                                                                                                                                                                                 |
|--------------------|-----------------------------------------------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Joseph M. Zubretsky| President and Chief Executive Officer         | November 6, 2017   | Joseph M. Zubretsky has over 35 years of experience in strategy, operating, and finance roles in top insurance and financial companies, including Aetna, Inc. and The Hanover Group. He has led Molina Healthcare in its turnaround and growth plans  **[0001179929-24-000063_moh-20240321.htm:13]** **[0001179929-23-000043_moh-20230320.htm:13]** . |
| Mark L. Keim       | Chief Financial Officer                       | February 2021      | Mark L. Keim has extensive experience in managed care and financial services. He previously held roles at The Hanover Insurance Group, HealthReveal, and Aetna, and has a background in strategy and business development  **[0001179929-24-000063_moh-20240321.htm:30]** .                      |
| James E. Woys      | Chief Operating Officer                       | May 2023           | James E. Woys oversees healthcare operations, including IT, claims processing, and pharmacy operations. He has over 40 years of healthcare experience, including 30 years at Health Net, Inc.  **[0001179929-24-000063_moh-20240321.htm:30]** .                                               |
| Jeff D. Barlow     | Chief Legal Officer and Secretary             | 2010               | Jeff D. Barlow is responsible for the legal strategy of Molina Healthcare. He has over 34 years of legal experience, including federal securities laws, corporate governance, and mergers and acquisitions  **[0001179929-24-000063_moh-20240321.htm:30]** .                                    |
| Maurice S. Hebert  | Chief Accounting Officer                      | September 2018     | Maurice S. Hebert was designated as the principal accounting officer in February 2019. He has held senior finance roles at Tufts Health Plan and WellCare Health Plans  **[0001179929-24-000063_moh-20240321.htm:31]** **[0001179929-23-000043_moh-20230320.htm:33]** .                                                                   |
| Debra J. Bacon     | Executive Vice President, Medicaid            | October 2023       | Debra J. Bacon joined Molina in 2021 and has held various leadership roles. She has 14 years of experience at CVS/Aetna Medicaid in executive management positions  **[0001179929-24-000063_moh-20240321.htm:31]** .                                                                            |

c7606a93ceb54c861669421ec4cbc5988a3c66630884863b17ef21197d999a5c

| Program Details          | Program 1          | Program 2          |
|--------------------------|--------------------|--------------------|
| Approval Date            | September 2023  **[0001179929-24-000151_moh-20240930.htm:20]**  | October 2024  **[0001179929-24-000151_moh-20240930.htm:20]**    |
| End Date/Duration        | Superseded by Program 2  **[0001179929-24-000151_moh-20240930.htm:20]**  | December 31, 2025  **[0001179929-24-000151_moh-20240930.htm:20]**  |
| Total additional amount  | **$750 million**  **[0001179929-24-000151_moh-20240930.htm:20]**  | **$1 billion**  **[0001179929-24-000151_moh-20240930.htm:20]**  |
| Remaining authorization amount | **$250 million**  **[0001179929-24-000151_moh-20240930.htm:47]**  | **$1 billion**  **[0001179929-24-000151_moh-20240930.htm:20]**  |
| Details                  | Superseded by October 2024 program  **[0001179929-24-000151_moh-20240930.htm:20]**  | No shares repurchased yet  **[0001179929-24-000151_moh-20240930.htm:20]**  |

e67c021a43258366346fdf5d2b5b63d91225f2fe6244eb7a19aa05546c61e7e1

496719d223cdb05136f0a284dd356e097c25994dfaa79be8dd683e1636daaade

**Annual guidance for FY 2024:**
- **Premium Revenue**: $38 billion, 17% year-over-year growth  **[MOH_3403764_3]**   
  (no change from $38 billion, 17% year-over-year growth  **[MOH_3394415_1]** **[MOH_3394415_2]** )  
- **Adjusted EPS**: at least $23.50, 13% year-over-year growth  **[MOH_3403764_3]**   
  (no change from at least $23.50, 13% year-over-year growth  **[MOH_3394415_1]** **[MOH_3394415_2]** )  
- **Consolidated MCR**: 88.7%  **[MOH_3403764_7]**   
  (raised from 88.4%  **[MOH_3394415_5]** )  
- **Medicaid MCR**: 90%  **[MOH_3403764_7]**   
  (raised from 89.3%  **[MOH_3394415_6]** **[MOH_3394415_5]** **[MOH_3394415_11]** )  
- **Medicare MCR**: 88.3%  **[MOH_3403764_7]**   
  (raised from 88%  **[MOH_3394415_6]** )  
- **Marketplace MCR**: 74%  **[MOH_3403764_7]**   
  (lowered from 78%  **[MOH_3394415_6]** )  
- **G&A Ratio**: 6.8%  **[MOH_3403764_7]**   
  (no prior guidance)  
- **Shares Outstanding**: 57.9 million  **[MOH_3403764_6]**   
  (no prior guidance)

**Quarterly guidance for Q4 2024:**
- **Medicaid MCR**: 89%  **[MOH_3403764_7]**  (no prior guidance)  
- **Medicare MCR**: 90%  **[MOH_3403764_7]**  (no prior guidance)  
- **Marketplace MCR**: 70.1%  **[MOH_3403764_7]**  (no prior guidance)

**Annual guidance for 2025:**
- **Embedded Earnings**: $5.75  **[MOH_3403764_7]**  (no prior guidance)  

740a1bb46d838e63aff4d1601c0b5d4b1fc038ab049d5628766402c010eddddf

| Name               | Start Date | End Date | Reason for Change |
|--------------------|------------|----------|-------------------|
| Ernst & Young LLP | 2000  **[0001179929-24-000033_moh-20231231.htm:123]**    | Present  | Current auditor   |

8b8baa684ce3156b911dacda55eb7b38907ba4fec86d78bdf768059bc4753a65

2e814e0b7ed8a1bf0e4565599266082f61a5105d4ca24d2cdd605303b586d513

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

- Total Revenue: $10,340 million (+21% YoY)  **[0001179929-23-000132_moh-20230930.htm:16]** **[0001179929-24-000151_moh-20240930.htm:20]**   
- Medicaid: $8,263 million (+18% YoY)  **[0001179929-23-000132_moh-20230930.htm:16]** **[0001179929-24-000151_moh-20240930.htm:20]**   
- Medicare: $1,385 million **(+32% YoY)**  **[0001179929-23-000132_moh-20230930.htm:16]** **[0001179929-24-000151_moh-20240930.htm:20]**   
- Marketplace: $672 million **(+33% YoY)**  **[0001179929-23-000132_moh-20230930.htm:16]** **[0001179929-24-000151_moh-20240930.htm:20]**   
- Net Income: $326 million **(+33% YoY)**  **[0001179929-23-000132_moh-20230930.htm:1]** **[0001179929-24-000151_moh-20240930.htm:1]**   
- Diluted EPS: $5.64 **(+34% YoY)**  **[0001179929-23-000132_moh-20230930.htm:1]** **[0001179929-24-000151_moh-20240930.htm:1]**   

97aa394be8085ee825fd74cba85c6ad306889c1f3faf21904b392857088897d1

2bf35568374ade44d014608a806e2c9cff89dbbb118b0756046973b11b77dff1

| Year | Amount Due (in millions) | Debt Type              | Interest Rate (%) | % of Total Debt                                                                 |
|----------|------------------------------|----------------------------|-----------------------|------------------------------------------------------------------------------------|
| 2028     | $800 **[0001179929-24-000151_moh-20240930.htm:19]**                 | 4.375% Notes              | 4.375 **[0001179929-24-000151_moh-20240930.htm:19]**         | 34.3% = (800 / 2,332) * 100 **[0001179929-24-000151_moh-20240930.htm:19]**                                               |
| 2029     | $150 **[0001179929-24-000151_moh-20240930.htm:19]**                 | Credit Facility           | N/A                   | 6.4% = (150 / 2,332) * 100 **[0001179929-24-000151_moh-20240930.htm:19]**                                               |
| 2030     | $650 **[0001179929-24-000151_moh-20240930.htm:19]**                 | 3.875% Notes              | 3.875 **[0001179929-24-000151_moh-20240930.htm:19]**         | 27.9% = (650 / 2,332) * 100 **[0001179929-24-000151_moh-20240930.htm:19]**                                               |
| 2032     | $750 **[0001179929-24-000151_moh-20240930.htm:19]**                 | 3.875% Notes              | 3.875 **[0001179929-24-000151_moh-20240930.htm:19]**         | 32.2% = (750 / 2,332) * 100 **[0001179929-24-000151_moh-20240930.htm:19]**                                               |

55b398599994a427086f94864945241b41a507f1612f0f8790cd03b219779216

915bf07b5e574247d991aba0ac33d82e979bc3d1df1d426d86cbf465abcf4815

- **Increased pressure in the legacy Medicaid business** in Q2 over Q1, leading to higher Medical Cost Ratios (MCR) and member loss due to redeterminations. They lost about **100,000 members** due to redetermination in Q2, compared to **50,000 members** in Q1.  **[MOH_3394415_9]**
- The company has **raised its full-year Medicaid MCR guidance from 89% to 89.3%**, indicating increased costs in Medicaid.  **[MOH_3394415_11]**
- Experiencing **pockets of increased utilization** in certain healthcare categories, such as **skilled nursing facilities** and **pharmacy costs** for high-cost drugs like **GLP-1s**, contributing to cost pressure.  **[MOH_3394415_7]**

a8d13bba23c72f531053e8d6c01bd623fb6eff82498070fbc6483bacbf1d199c

1. **Medicaid MLR Pressures and Risk Corridors**  
   **Q:** How are you managing Medicaid MLR pressures?  
   **A:** We've seen higher medical costs in our Medicaid business, with our Medical Care Ratio averaging **90.2%** in the first half and tracking toward **89.3%** for the full year, slightly higher than our previous guidance of **89%**.  **[MOH_3394415_11]**  To address this, we're using our risk corridors, which have historically provided about **200 basis points** of cushion.  **[MOH_3394415_9]**  This year, we're utilizing about **half** of that cushion, and known rate adjustments in the second half will offset another **1%** of the cost trend, keeping us well-insulated.  **[MOH_3394415_12]** 

2. **Marketplace MLR and Growth Strategy**  
   **Q:** How is your Marketplace MLR performing, and what's your growth plan?  
   **A:** Our Marketplace business is performing well, with a **72%** MLR in the first half and an expected **78%** in the second half.  **[MOH_3394415_11]**  We might end up favorable to our full-year target but could choose to invest margins to drive growth next year, as we did this year when we grew revenue from **$1 billion to $1.2 billion**.  **[MOH_3394415_11]**  Our goal is to maintain mid-single-digit margins while managing the business's inherent volatility.

3. **Operating Cash Flow Expectations**  
   **Q:** What are your expectations for operating cash flow in the second half?  
   **A:** We expect operating cash flow to normalize in the second half, running at about **1.1 to 1.3 times** net income.  **[MOH_3394415_17]**  The first-half fluctuations were due to timing issues with risk corridor payments, CMS payments, and tax payments, but over time, cash flow will align closely with net income.  **[MOH_3394415_16]** 

4. **Impact of Potential Expiration of Enhanced Subsidies**  
   **Q:** How will expiring subsidies affect Marketplace enrollment?  
   **A:** If the enhanced subsidies expire at the end of **2025**, we estimate that **10% to 20%** of our Marketplace members might be priced out of silver products.  **[MOH_3394415_13]**  However, some may shift to our lower-priced bronze offerings, which could lessen the impact.  **[MOH_3394415_13]** 

5. **2026 Premium Guidance and M&A Strategy**  
   **Q:** Are you still on track with your 2026 premium guidance and M&A plans?  
   **A:** We're reaffirming our 2026 premium guidance, though the mix might lean more on M&A given the reprocurement cycle.  **[MOH_3394415_15]**  Previously, we projected **$4.5 billion** from M&A and **$2.5 billion** from strategic initiatives.  **[MOH_3394415_15]**  Our M&A pipeline is active, especially in Medicaid, and we expect transactions in the next **12 to 18 months**.  **[MOH_3394415_15]** 

6. **Prior Year Development Impact on MLRs**  
   **Q:** How is prior year development affecting your MLRs?  
   **A:** We've seen a larger prior year development benefit this year due to our payment integrity efforts addressing past fraud, waste, and abuse.  **[MOH_3394415_13]**  Most of this benefit was in **Medicaid and Medicare**, but much of it was offset by prior year risk corridors, so it doesn't significantly impact our current margins.  **[MOH_3394415_13]** 

7. **Confidence in Rate Adjustments**  
   **Q:** How confident are you in receiving appropriate rate adjustments?  
   **A:** We have secured known rate increases for the second half, both on-cycle and off-cycle, which will help offset higher medical costs.  **[MOH_3394415_18]**  Our relationships with state regulators are constructive and data-driven, leading to reasonable rate actions, such as the high single-digit increase in Texas and mid-cycle adjustments in Kentucky.  **[MOH_3394415_18]** 

8. **Medicaid Redeterminations Impact**  
   **Q:** How have redeterminations affected your Medicaid membership?  
   **A:** We lost around **50,000** members due to redeterminations in Q1 and about **100,000** in Q2, totaling **650,000** cumulatively.  **[MOH_3394415_8]**  We anticipate reconnecting with **50,000** members by year's end.  **[MOH_3394415_8]**  This membership decline has contributed to some higher costs, but we're managing the impact.  **[MOH_3394415_8]** 

9. **Utilization Before Coverage Loss**  
   **Q:** Are members increasing utilization before losing coverage?  
   **A:** We haven't observed members overutilizing before losing coverage.  **[MOH_3394415_10]**  Since **70%** of those losing eligibility do so for procedural reasons and may not realize they're losing coverage, they aren't likely to increase usage preemptively.  **[MOH_3394415_10]**  When they re-enroll, there's a brief uptick in utilization, but it normalizes quickly.  **[MOH_3394415_10]** 

10. **ConnectiCare Acquisition Benefits**  
    **Q:** What benefits does the ConnectiCare acquisition bring?  
    **A:** ConnectiCare performs adequately but below our target margins.  **[MOH_3394415_17]**  By improving Medical Care Ratios and streamlining G&A expenses, we aim to align it with our targets.  **[MOH_3394415_17]**  We acquired it at **25%** of revenue, with half in hard capital, expecting it to be significantly accretive to earnings.  **[MOH_3394415_17]** 

11. **First Half Operating Cash Flow**  
    **Q:** Why was operating cash flow low in the first half?  
    **A:** Operating cash flow was lower due to paying down last year's risk corridor balances (over **$0.5 billion**), the timing of CMS payments (about **$400 million**), and tax payments (~**$200 million**).  **[MOH_3394415_16]**  These are timing issues, and we expect cash flow to normalize in the second half.  **[MOH_3394415_16]** 

5ff66274c69300f7c04d0b52c9a005d531da52d103c2e52561668e3369cdecc9

1. **Contract Losses Offset**  
   **Q:** Can core strength offset Virginia and Florida contract losses?  
   **A:** Management confirms that the core business's strength will offset earnings losses from Virginia and Florida contract losses. The company estimates a **$0.80** earnings headwind from losing these contracts, which will be offset by **$0.80** of accretion from new Texas contracts and CHIP reprocurement.  **[MOH_3380868_8]**  Projected improvements in Medicaid and Medicare MCRs by **90 basis points** in the remaining quarters also contribute to offsetting any potential earnings drag.  **[MOH_3380868_6]** 

2. **EPS Growth Outlook**  
   **Q:** Is the 15%-18% EPS growth outlook for 2025 still expected?  
   **A:** Yes, management maintains its outlook for **15%-18%** EPS growth by 2025, stating that the building blocks haven't changed. They continue to harvest earnings from the existing footprint, leverage operating efficiencies, and capitalize on embedded earnings.  **[MOH_3380868_13]** 

3. **Revenue Targets Confidence**  
   **Q:** Are you confident in achieving the $46 billion revenue target by 2026?  
   **A:** Management feels confident in reaching the **$46 billion** revenue target by 2026, supported by a **$60 billion** new contract pipeline, including opportunities in Kansas, Georgia, and Texas. They anticipate continued **13%-15%** revenue growth, despite recent RFP disappointments.  **[MOH_3380868_14]** 

4. **M&A Pipeline and Growth**  
   **Q:** Has there been a slowdown in the Medicaid M&A pipeline?  
   **A:** No, management states that the M&A pipeline remains robust with advanced-stage discussions ongoing. They actively pursue both formal processes and bespoke discussions, expecting future deals to contribute to growth.  **[MOH_3380868_9]** 

5. **Medicaid Redetermination Impact**  
   **Q:** How are Medicaid redeterminations affecting membership?  
   **A:** The company expects to lose **600,000** members due to redeterminations but is experiencing a **30%** reconnect rate. Special enrollment in marketplace plans has doubled from **12,000-15,000** to **30,000** per month, indicating members are moving from Medicaid to marketplace.  **[MOH_3380868_10]** 

6. **Bright Acquisition Accretion**  
   **Q:** Has the Bright acquisition changed your view on Medicare Advantage?  
   **A:** Management remains confident in achieving **$1** of accretion from the Bright acquisition by year three. They improved the MCR from **95%** to **87%** and reduced G&A expenses from **13%** to **8%**, resulting in significant operational turnaround.  **[MOH_3380868_8]** 

7. **Rate Adequacy and Acuity**  
   **Q:** Do you need higher rate increases next year due to acuity?  
   **A:** No, management expects rates next year to be actuarially sound and commensurate with medical cost trends. They received acuity-related adjustments in **19** states, representing **95%** of revenue, and believe current rates adequately reflect acuity shifts from redeterminations.  **[MOH_3380868_11]** 

8. **Medicare Advantage Margins**  
   **Q:** What are your margin targets for Medicare Advantage?  
   **A:** The company targets **mid-single-digit** pretax margins for its Medicare business, aiming for MCRs in the **87%-88%** range. They focus on dual eligibles, providing opportunities to manage high-acuity, high-dollar members effectively.  **[MOH_3380868_16]** 

9. **Marketplace Strategy**  
   **Q:** What's your long-term strategy for marketplace growth?  
   **A:** Management plans cautious, steady growth in marketplace membership while maintaining high single-digit pretax margins. By investing **300-400** basis points of margin into growth, they achieved **30%** membership and **20%** premium revenue growth.  **[MOH_3380868_12]** 

10. **ACA Subsidy Expiration Impact**  
    **Q:** How will expiring ACA subsidies affect exchange membership?  
    **A:** The company doesn't expect significant impact if enhanced subsidies expire, as their membership largely consists of low-income, highly subsidized individuals. They anticipate minimal membership loss since they did not significantly benefit from the subsidy enhancements.  **[MOH_3380868_15]** 

11. **Florida Appeal Status**  
    **Q:** Any updates on the Florida contract appeal?  
    **A:** Management is not predicting the appeal's outcome but notes that historical precedent suggests extended discussions in Florida procurements. They consider this the beginning of the process and expect further developments.  **[MOH_3380868_14]** 

12. **Prior Year Development Impact**  
    **Q:** Was there favorable prior year development affecting earnings?  
    **A:** Yes, there was favorable prior year development, which is typical in the reserving process. The company replenished reserves, maintaining **49%** days claims payable, and feels adequately reserved with nothing unusual impacting this quarter's earnings.  **[MOH_3380868_18]** 

de228f0b39346ec318c35ea481c75269e27c6fe86dbc61219bb19719b3d04801

1. **Medicaid MLR and Utilization Trends**  
   **Q:** Why is your Medicaid MLR higher than expected?  
   **A:** Medicaid MLR is higher due to increased trends; initial guidance expected **3%**, now trending at **6%**. This is split between redetermination impact and higher utilization among existing members, including increased costs in GLP-1s, Rx, LTSS, and behavioral health services.  **[MOH_3403764_9]** 

2. **Rate Updates to Normalize Medicaid MLR**  
   **Q:** What rate increases are needed to normalize Medicaid MLR?  
   **A:** We need rate updates around **6%** to offset higher trends. States recognize the acuity shift from redeterminations and are providing meaningful rate increases. Recent on-cycle adjustments averaged **4.5%** in Q3 and nearly **9%** in Q4, giving us confidence that rates will catch up to costs.  **[MOH_3403764_10]** **[MOH_3403764_11]** 

3. **2025 Earnings Growth Outlook**  
   **Q:** Can you affirm 13–15% earnings growth in 2025?  
   **A:** While we have visibility into **$5.75** of embedded earnings, with less than half emerging next year, uncertainties in medical cost trends make us cautious to provide point estimates. We are optimistic but need to see how trends and rates evolve in Q4 before confirming the 13–15% growth target.  **[MOH_3403764_15]** **[MOH_3403764_16]** 

4. **Marketplace Strength and Rebates**  
   **Q:** How does Marketplace strength affect rebates in 2025?  
   **A:** Marketplace is outperforming for the second straight year. We target mid-single-digit pretax margins but continue to see excess margins, which we invest in our bids to grow the business. Regarding rebates, an **80%** minimum MLR is equivalent to about **75–76%** GAAP MLR; we are tracking to **74%** this year and can adjust pricing to manage rebates.  **[MOH_3403764_8]** 

5. **Utilization Trends in Medicaid and Medicare**  
   **Q:** Are higher utilization trends market-wide or specific?  
   **A:** Increased trends in Medicaid, around **6%**, are due to factors like GLP-1s, Rx, LTSS, and behavioral health, which are national phenomena. In Medicare, while there is some impact, we continue to manage medical costs effectively, operating comfortably at **90%** MLR.  **[MOH_3403764_9]** **[MOH_3403764_10]** **[MOH_3403764_11]** 

6. **Bridge to Fourth Quarter MLR**  
   **Q:** What's the outlook for Medicaid MLR in Q4?  
   **A:** We reported a **90.5%** MLR in Q3, adjusted to **90%** after excluding a **50 basis point** one-time item. For Q4, we target an **89%** MLR. We expect **80 bps** improvement from rate increases, **50 bps** from trends stabilizing, and gains from new stores progressing toward targets.  **[MOH_3403764_12]** **[MOH_3403764_13]** 

7. **Redetermination Dynamics**  
   **Q:** Is acuity pressure from redeterminations subsiding?  
   **A:** The higher acuity due to redeterminations impacted Q3 more than expected, but we don't expect these pressures to sustain into Q4. We foresee net trend increasing only about **50 bps** in Q4 over Q3, returning to a new normal.  **[MOH_3403764_14]** 

8. **Marketplace (Exchange) Performance**  
   **Q:** What drove the outperformance in exchanges?  
   **A:** The SEP membership was extraordinary, with increases of **90,000** in Q2 and **50,000–60,000** each of the last three quarters, compared to a normal gain of **20,000–25,000**. This younger, healthier demographic didn't pressure MLR as much as historically, contributing to strong performance.  **[MOH_3403764_17]** **[MOH_3403764_18]** 

9. **D-SNP Redeterminations**  
   **Q:** Any concerns about D-SNP redeterminations?  
   **A:** We are not concerned about D-SNP redeterminations. Our D-SNP business is performing well, with expansion in our accounting footprint by **23%** and a strong focus on this population. We are bullish on D-SNPs and experienced in managing high-acuity lives effectively.  **[MOH_3403764_22]** **[MOH_3403764_23]** 

10. **Off-Cycle Rate Adjustments Recognition**  
    **Q:** How do you recognize revenue for off-cycle rate adjustments?  
    **A:** We recognize revenue for off-cycle rate adjustments only when we have documented evidence, not just suggestions or conversations. This ensures revenue is booked appropriately.  **[MOH_3403764_19]** 

11. **Favorable Prior Year Development Impact**  
    **Q:** Will favorable PYD normalize in 2025?  
    **A:** Favorable PYD is a consistent part of our business, tied to our effectiveness in medical cost management. While PYD is larger this year due to our growing business, we don't expect a headwind next year and consider it a continuing part of operations.  **[MOH_3403764_24]** 

12. **Risk Corridor Usage and Outlook**  
    **Q:** How much of your risk corridors have you used?  
    **A:** We started the year with about **200 bps** of corridor protection and have used about half, expecting to have **100 bps** remaining at year-end. As rates adjust, we expect some replenishment of the corridors, though it's an imperfect hedge depending on where medical costs arise.  **[MOH_3403764_25]** **[MOH_3403764_26]** 

13. **States' Rate-Setting Processes**  
    **Q:** Do states adjust rates annually or multi-year?  
    **A:** All our states reprice on an annual basis, with some committing to twice-yearly reviews. This is important given current trends, and we don't have states on multi-year rate cycles.  **[MOH_3403764_27]** 

14. **Service Lines with Better Utilization**  
    **Q:** Did any service lines perform better than expected?  
    **A:** While we noted challenges in areas like behavioral health, we wouldn't cite specific service lines outperforming trend on a national basis. Every state has unique items, but no significant areas to highlight.  **[MOH_3403764_21]** 

15. **Core Trend vs. Acuity Mismatch**  
    **Q:** What's driving the higher trend: core or acuity mismatch?  
    **A:** On a full-year basis, our trend is **3%** higher than expected, with rates **1.5%** better than expected. The difference is due to the imbalance of joiners and leavers and existing members utilizing more services than anticipated. The combination of trend, rates, and corridors explains the MLR variance.  **[MOH_3403764_20]** 

adadb35b5291da6538a93b5275c1e6ac73ba9dbc153531b7f106a4958b734ab8

- **Higher medical cost trends in Medicaid and Medicare are pressuring margins.** MOH experienced increased utilization, especially in behavioral health services, leading to higher Medical Cost Ratios in these segments.  **[MOH_3403764_21]** **[MOH_3403764_11]**
- **Use of corridor protection is reducing their financial buffer against cost variability.** MOH has used about half of their 200 basis points of corridor protection, leaving only 100 basis points remaining, which may not fully offset future cost pressures.  **[MOH_3403764_25]**
- **Uncertainty about adequate rate increases to offset rising costs.** While MOH anticipates rate renewals to replenish the corridors, there is no guarantee that future rates will fully cover the higher medical cost trends, potentially impacting profitability.  **[MOH_3403764_11]** **[MOH_3403764_25]**

484a3a9bffbcb2ae51a58d18f6c750a03945f3ed99e11de03e1eb81e12ab6586

- **Challenges in integrating the Bright Health acquisition**: Molina Healthcare anticipates first-year losses from the Bright Health California Medicare acquisition, expecting it to be approximately **$0.50 dilutive to 2024 adjusted EPS**. The company aims to reduce the acquisition's **Medical Cost Ratio (MCR) from 92% to 88%-89%** and the **G&A ratio from 14% to 9%-10%**, relying heavily on cost reductions to achieve the projected **$1 per share of accretion in the third full year**. This presents significant execution risks.  **[MOH_3372582_10]** **[MOH_3372582_12]**
- **Potential margin pressure in the Marketplace segment due to aggressive growth strategy**: Molina is growing its Marketplace membership by **31%**, partly by **pricing slightly below observed trends**, which increases the **MCR by approximately 300 basis points year-over-year**, moving to the low end of the target range of **78% to 80%**. Rapid membership growth with new members carries risks related to risk adjustment and medical cost volatility, potentially impacting profitability.  **[MOH_3372582_8]** **[MOH_3372582_15]** **[MOH_3372582_17]**
- **Risks from high-cost medical trends in the Medicare segment**: The Medicare business experienced higher medical costs due to increased utilization of **supplemental benefits, in-home services, and high-cost drugs**, including **GLP-1s**. While operational improvements are planned, there is uncertainty if these will return the business to target margins, given the **high-acuity, chronic patient population** they serve.  **[MOH_3372582_16]**

131491899f0d0c531cc0c6f863a17242113d5edd7a7d55bdb8b55b242ecba62f

1. **Bright Health Acquisition Impact**  
   **Q:** How will Bright Health affect margins and earnings?  
   **A:** The Bright acquisition comes with a **$75 million PDR**  **[MOH_3372582_11]** , which reduces Bright's MLR below our target range. Despite this, we expect **$0.50 of dilution** this year due to residual losses not covered by the PDR and carrying costs.  **[MOH_3372582_11]**  We anticipate recuperating this and achieving **$1.50 of accretion** by the third full year of ownership.  **[MOH_3372582_12]**  This will be driven by reducing Bright's MLR from **92% down to 88–89%** and cutting the G&A ratio from **14% to 9–10%**.  **[MOH_3372582_12]**  We remain confident in this trajectory.

2. **Medicare MLR and Margins**  
   **Q:** What's the outlook for Medicare MLR and margins?  
   **A:** Our Medicare MLR is expected to be at the top end of our target range, **88%**, in 2024.  **[MOH_3372582_7]**  The Bright acquisition impacts this, but with the PDR, Bright's MLR is reduced below our target range.  **[MOH_3372582_9]**  Our Medicare business comprises three parts: Bright, legacy DSNP ($2.4 billion revenue), and MMP ($2 billion revenue).  **[MOH_3372582_9]**  The DSNP and MMP are performing well, and we anticipate offsets to trends, including minimal impact from V28 due to our high-acuity, poly-chronic population.  **[MOH_3372582_16]** 

3. **Marketplace Growth and Margins**  
   **Q:** How are Marketplace margins and growth trending?  
   **A:** We grew Marketplace membership by **31%** and revenue by **17%**.  **[MOH_3372582_10]**  We consciously invested some of our excess margin from 2023 (nearly **10% pretax**) to price slightly below observed trend and foster growth.  **[MOH_3372582_15]**  For 2024, we expect the MLR to be at the low end of our target range, **78%**, ensuring high single-digit margins.  **[MOH_3372582_15]**  We prioritize margin over volume, keeping our products small, silver, and stable.  **[MOH_3372582_8]**  We aim for mid- to high single-digit margins of **5–7%**, growing the business at a rate that allows us to achieve this.  **[MOH_3372582_8]** 

4. **Medicaid MLR and Redeterminations**  
   **Q:** What's the expectation for Medicaid MLR amid redeterminations?  
   **A:** The redetermination process unfolded as predicted, with a noticeable but manageable acuity shift.  **[MOH_3372582_7]**  Rate actions from our state partners fully compensated for core medical trend and the acuity shift, allowing us to project an MLR at the high end of our target range, **89%**, for Medicaid.  **[MOH_3372582_7]**  On our legacy book, trend roughly equals the rates we're receiving, so we expect a flat MLR compared to 2023.  **[MOH_3372582_7]**  New business may add slight pressure due to first-year higher MLRs.  **[MOH_3372582_14]** 

5. **Florida Medicaid RFP**  
   **Q:** What's the status of the Florida Medicaid RFP?  
   **A:** While we can't comment specifically, we're confident in our bid to expand in Florida.  **[MOH_3372582_13]**  We currently operate in three regions and aim to grow our footprint in regions where there's **$14 billion of Medicaid revenue** we don't yet serve.  **[MOH_3372582_13]**  We expect awards to be announced later this spring.

6. **2025 MA Advance Notice Impact**  
   **Q:** How will the 2025 MA rates affect the business?  
   **A:** The advance notice suggests a **0.5% rate increase** for our book, which we believe is insufficient to cover trends.  **[MOH_3372582_21]**  However, we typically see final rates improve from advance notices, and we're analyzing the potential impacts.  **[MOH_3372582_21]**  Despite this, we're not anticipating any change in achieving the **$1 accretion** from Bright Health by the third year.  **[MOH_3372582_22]** 

7. **Underlying Utilization Trends**  
   **Q:** How are cost growth trends affecting margins?  
   **A:** In Marketplace, we defend reasonable margins by putting price into the market and prioritizing margin over volume.  **[MOH_3372582_18]**  We conceded some margin in pricing for 2024 to drive volume while still hitting our targets, as we were below our target MLR range in 2023.  **[MOH_3372582_18]** 

8. **Impact of 2-Midnight Rule and V28**  
   **Q:** Are 2-midnight rule and V28 affecting costs?  
   **A:** The 2-midnight rule isn't new, and providers still must prove medical necessity, so we don't see a significant impact.  **[MOH_3372582_16]**  Regarding V28, it may be a drag for some, but with our high-acuity, poly-chronic population, V28 is actually helpful, so we don't see the same negative dynamics.  **[MOH_3372582_16]** 

9. **Quarterly EPS Phasing**  
   **Q:** How will EPS be phased throughout the year?  
   **A:** Normally, our earnings are **55%** in the first half and **45%** in the second half, but this year it'll be reversed.  **[MOH_3372582_15]**  We're onboarding substantial new business, which comes in warmer at first, and we expect momentum on MLRs as we grow into the new footprint.  **[MOH_3372582_15]**  Additionally, we anticipate growing membership in Marketplace throughout the year due to redetermination.  **[MOH_3372582_15]** 

10. **Exchange Membership Growth vs. Revenue**  
    **Q:** Why is exchange membership up 31% but revenue up 17%?  
    **A:** The difference is due to state footprint changes, not metallic mix.  **[MOH_3372582_10]**  We're more competitive in some states than others, shifting our mix.  **[MOH_3372582_10]**  Our metallic mix remains unchanged.

c86fc8d398befeb9d161fed0fa31670946f5d07ff6257713088034ffc4adad4d

- **Molina Healthcare reaffirmed its 2024 guidance, expecting at least $23.50 in earnings per share, representing 13% year-over-year growth, and approximately $38 billion in premium revenue, or 17% growth.**  **[MOH_3380868_1]** **[MOH_3380868_4]** **[MOH_3380868_5]**
- **The company maintains its long-term growth outlook, projecting $46 billion in premium revenue by 2026, with growth sources unchanged: 50% from contract wins, 25% from M&A, and 25% from organic growth.**  **[MOH_3380868_20]** **[MOH_3380868_13]** **[MOH_3380868_19]**
- **Significant contract wins, including a large RFP in Texas, are expected to contribute approximately $0.80 to embedded earnings per share in 2025, and the company has a robust M&A pipeline to drive future growth.**  **[MOH_3380868_2]** **[MOH_3380868_9]**

d18f779612b0053f6dd187c3c2e797e2dc7e5e49dbcf183e34cab5570ecf2f16

- **Molina Healthcare expects Medicaid margins to improve in the second half of 2024 due to known rate increases and ongoing improvements in new store additions, supporting confidence in achieving full-year guidance of an 89.3% Medicaid MCR.**  **[MOH_3394415_11]** ,  **[MOH_3394415_14]**
- **The company has a strong and active M&A pipeline, especially in Medicaid opportunities, with expectations to execute Medicaid transactions over the next 12 to 18 months, contributing to growth targets.**  **[MOH_3394415_16]**
- **The Marketplace business is performing better than expected, with a reported MCR of 71.6% in the second quarter, allowing Molina to consider being more aggressive in growth strategies for 2025 while maintaining mid-single-digit margins.**  **[MOH_3394415_11]** ,  **[MOH_3394415_13]**

3d18afe917ac444eed2bfa9b318b24b3ec53c3f03296ad362814b687fb4b7c8d

- **31% growth in health insurance exchange membership**, with Molina expecting to maintain **mid- to high single-digit margins** through strategic pricing and product focus.  **[MOH_3372582_10]** **[MOH_3372582_8]**
- **Bright Health acquisition** anticipated to deliver **$1 per share accretion** in the third full year of ownership, with plans to reduce MCR from **92% to 88%-89%** and G&A ratio from **14% to 9%-10%**.  **[MOH_3372582_22]** **[MOH_3372582_12]**
- **Strong Marketplace positioning**, prioritizing **margin over volume**, focusing on **silver products**, and targeting margins of **5% to 7%**, while leveraging competitive pricing to drive growth.  **[MOH_3372582_18]** **[MOH_3372582_8]**

9dbe5a062efabc1040aea74aa2b20bdfed61778d91a3d427197b2615f6935ad0

- **Molina Healthcare is experiencing strong growth and profitability in its Marketplace segment, outperforming expectations for the second consecutive year and positioning the business to grow significantly in 2025 and beyond.**  **[MOH_3403764_8]** **[MOH_3403764_7]** **[MOH_3403764_3]**
- **The company has won significant new contracts in the Dual-Eligible Special Needs Plan (D-SNP) market, including a major win in Michigan that will generate $1 billion in incremental premium revenue by 2027, expanding their footprint by 23% and strengthening their focus on profitable dual-eligible populations.**  **[MOH_3403764_23]**
- **Molina Healthcare has a proven track record of effective medical cost management, utilizing corridor protections to buffer against cost trends, and is confident in replenishing these corridors with upcoming rate increases, thereby maintaining financial stability and profitability.**  **[MOH_3403764_25]** **[MOH_3403764_11]** **[MOH_3403764_20]**

e31fb21b956984aaca2ded5fbd5a10c25708fc248c0e17f25d4176172540b355

Molina Healthcare Inc (MOH)

Financials