Quarterlytics / Healthcare / Medical - Healthcare Plans / Molina Healthcare

Molina Healthcare

moh · NYSE Healthcare
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Ticker moh
Exchange NYSE
Sector Healthcare
Industry Medical - Healthcare Plans
Employees 10,000+
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FY2024 Annual Report · Molina Healthcare
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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 5.5 million 
members as of December 31, 2024. For more information about Molina Healthcare, please visit molinahealthcare.com. 
Line of Business Profile 
Membership by Line of Business 
 Premium by Line of Business 
Historical Highlights 
Annual Meeting 
      See the reconciliation of GAAP to Adjusted Net Income per Share on Page A3 
The annual meeting of stockholders will be held on Wednesday, April 30, 2025, at 10:00 a.m. Eastern Time live via the 
internet at www.virtualshareholdermeeting.com/MOH2025. 
38,627 
32,529 
30,883 
26,855 
18,299 
'24
'23
'22
'21
'20
Premium Revenue
($ Millions)
$20.42
$18.77
$13.55
$11.25
$11.23
'24
'23
'22
'21
'20
Diluted GAAP Net 
Income per Share
$22.65
$20.88
$17.92
$13.54
$10.67
'24
'23
'22
'21
'20
Diluted Adjusted Net 
Income per Share
79% 
Medicaid 
7% 
Marketplace 
14% 
Medicare 
 88% 
Medicaid 
 5% 
  Marketplace 
7% 
Medicare 

To Our Stockholders: 
We are pleased to report that we continued to deliver strong results for all our stakeholders this year, producing pre-tax income 
margins within our long-term target range while effectively growing premium revenue. 
Our management team and our nearly 18,500 associates worked tirelessly in our mission to improve the health and lives of 
the 5.5 million members we serve by delivering high quality, affordable healthcare. Their commitment is unwavering and drives 
successes across the enterprise, from serving our existing members, to growing business in existing states, winning new 
business in new states, and integrating our recently acquired health plans.  
We continue to execute our strategy for sustaining profitable growth. 
We generated 19 percent premium revenue growth that was well 
balanced between organic growth and bolt-on acquisitions. Our 
earnings per share fell short of our 2024 guidance primarily due to 
higher than expected medical costs in our Medicaid and Medicare 
segments. Our pre-tax margin, however, was squarely within our long-
term target range. During the year, we closed the acquisition of the 
Bright Health California Medicare business, and launched new 
Medicaid health plans in Nebraska, New Mexico, and Texas. We also 
agreed to acquire the ConnectiCare business from Emblem Health, 
which we closed in early 2025.   
2024 was also a highly successful year on the Medicaid and Medicare Duals procurement front. In Medicaid, we successfully 
reprocured contracts in Florida, Michigan, and Wisconsin, and were awarded a new contract in Georgia – a new state in our 
portfolio. In our Medicare Duals integrated product business – a strategic focus for us – we successfully procured new contracts 
in Idaho, Massachusetts, Michigan, and Ohio. Collectively, these acquisitions and organic revenue growth achievements 
represent approximately $10 billion of annual premium revenue when all these contracts are in force. 
I am extremely pleased with the momentum we created through our operational and financial successes during 2024. We 
continue to see sustainable, profitable growth opportunities to expand our pure-play government managed care franchise into 
2025 and beyond.  
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, as demonstrated by your continued ownership. 
Sincerely, 
Joseph M. Zubretsky 
President and Chief Executive Officer 
“We continue to 
execute our 
strategy for 
sustaining 
profitable growth.” 

 
Reconciliation of GAAP to Adjusted Net Income per Diluted Share  
              
 
                   
2024
2023
2022
2021
2020
Net Income
20.42
$ 
18.77
$  
13.55
$  
11.25
$  
11.23
$  
Adjustments:
Amortization of intangible assets
1.43
     
1.47
      
1.32
      
0.83
      
0.26
      
Acquisition-related expenses (1)
1.14
     
0.12
      
0.83
      
1.59
      
0.37
      
Impairment (2)
-
       
-
        
3.56
      
-
        
-
        
Loss (gain) of debt repayment
-
       
-
        
-
        
0.43
      
0.26
      
Marketplace risk corridor judgment
-
       
-
        
-
        
-
        
(2.14)
     
Other (3)
0.28
     
1.17
      
-
        
0.16
      
0.51
      
Subtotal, adjustments
2.85
     
2.76
      
5.71
      
3.01
      
(0.74)
     
Income tax effect
(0.62)
    
(0.65)
     
(1.34)
     
(0.72)
     
0.18
      
Adjustments, net of tax effect
2.23
     
2.11
      
4.37
      
2.29
      
(0.56)
     
Adjusted net income
22.65
$ 
20.88
$  
17.92
$  
13.54
$  
10.67
$  
(1) Reflects non-recurring costs associated with acquisitions, including various transaction and certain
integration costs.
(2) Impairment attributable to the Company's plan to reduce its leased real estate footprint.
(3) 2024 includes non-recurring litigation. 2023 includes a non-recurring credit loss on 2022 Marketplace 
risk adjustment receivables due to the insolvency of an issuer in the Texas risk pool, non-recurring 
litigation costs and one-time termination benefits. 2022 includes certain non-recurring costs associated 
with gain on lease termination and disposal of fixed assets. 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.
 
 
 
 
 
 
 
 
 

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