Increases Full-Year 2022 Revenue and Earnings Guidance
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Quarter ended |
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Six months ended |
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2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
(In millions, except per-share results) |
|||||||
|
Premium Revenue |
|
|
|
|
|
|
|
|
Total Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP: |
|
|
|
|
|
|
|
|
Net Income |
|
|
|
|
|
|
|
|
EPS – Diluted |
|
|
|
|
|
|
|
|
Medical Care Ratio (MCR) |
88.1% |
|
88.4% |
|
87.6% |
|
87.6% |
|
G&A Ratio |
6.8% |
|
7.1% |
|
7.1% |
|
7.2% |
|
After-tax Margin |
3.1% |
|
2.7% |
|
3.2% |
|
3.1% |
|
|
|
|
|
|
|
|
|
|
Adjusted: |
|
|
|
|
|
|
|
|
Net Income |
|
|
|
|
|
|
|
|
EPS – Diluted |
|
|
|
|
|
|
|
|
G&A Ratio |
6.8% |
|
6.9% |
|
6.9% |
|
7.0% |
|
After-tax Margin |
3.3% |
|
2.9% |
|
3.5% |
|
3.4% |
|
See the Reconciliation of Unaudited Non-GAAP Financial Measures at the end of this release. |
|||||||
Quarter Highlights
-
As of
June 30, 2022 , the Company served approximately 5.1 million members, an increase of 422,000 members or 9% compared toJune 30, 2021 .
-
Premium revenue was approximately
$7.8 billion for the second quarter of 2022, an increase of 18% compared to the second quarter of 2021.
-
Second quarter 2022 GAAP earnings per diluted share were
$4.25 and adjusted earnings per diluted share were$4.55 . Excluding a true up to the 2021 risk adjustment payable, GAAP earnings per share were$4.69 and adjusted earnings per diluted share were$4.99 .
-
The Company increased its full year 2022 premium revenue guidance to approximately
$30 billion , above its previous guidance of approximately$29.25 billion .
-
The Company increased its full year 2022 adjusted earnings guidance to at least
$17.60 per diluted share, above its previous guidance of at least$17.10 per diluted share. Guidance includes the Company’s Marketplace business achieving modest profitability when excluding the 2021 risk adjustment payable true-up.
“We are very pleased with our second quarter and year-to-date performance,” said
Premium Revenue
Premium revenue was approximately
Net Income
GAAP net income for the second quarter of 2022 was
Medical Care Ratio
- The consolidated MCR for the second quarter of 2022 was 88.1%, compared to 88.4% for second quarter of 2021. The net effect of COVID added approximately 60 basis points to the consolidated MCR. The impact varied by segment.
- The Medicaid MCR of 88.0% was at the low end of the Company’s long-term target range. The net effect of COVID added approximately 20 basis points in the quarter.
- The Medicare MCR of 86.9% was below the Company’s long-term target range. The net effect of COVID added approximately 370 basis points in the quarter and was more than offset by favorable risk adjustment and strong medical cost management.
- The Marketplace MCR of 91.2% includes a true up for the 2021 risk adjustment payable. Excluding this out of period item the MCR was 85.7%, reflecting higher core utilization and approximately 50 basis points from the net effect of COVID.
General and Administrative Expense Ratio
The G&A ratio for the second quarter of 2022 was 6.8%, compared to 7.1% for the second quarter of 2021. The adjusted G&A ratio was 6.8% for the second quarter of 2022, compared to 6.9% for the second quarter of 2021.
Balance Sheet
Cash and investments at the parent company were
Through
Cash Flow
Operating cash flow for the six months ended
2022 Guidance
Premium revenue for full year 2022 is now expected to be approximately
The Company increased its full year 2022 adjusted earnings guidance to at least
See the Reconciliation of Unaudited Non-GAAP Financial Measures at the end of this release.
Conference Call
Management is hosting a conference call and webcast to discuss Molina Healthcare’s second quarter 2022 results at
About
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This earnings release and the Company’s accompanying oral remarks contain forward-looking statements regarding its 2022 guidance, as well as its plans and expectations regarding future developments. Actual results could differ materially due to numerous known and unknown risks and uncertainties. These risks and uncertainties are discussed under the headings “Forward-Looking Statements,” and “Risk Factors,” in the Company’s Annual Report on Form 10-K for the year ended
These reports can be accessed under the investor relations tab of the Company’s website or on the SEC’s website at sec.gov. Given these risks and uncertainties, the Company can give no assurances that its forward-looking statements will prove to be accurate, or that any other results or developments projected or contemplated by its forward-looking statements will in fact occur, and the Company cautions investors not to place undue reliance on these statements. All forward-looking statements in this release represent the Company’s judgment as of
|
|
|||||||||||||||
|
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME |
|||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
|
|
|
||||||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
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|
|
|
|
|
|
|
|
|
||||||||
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|
(In millions, except per-share amounts) |
||||||||||||||
|
Revenue: |
|
|
|
|
|
|
|
||||||||
|
Premium revenue |
$ |
7,799 |
|
|
$ |
6,583 |
|
|
$ |
15,330 |
|
|
$ |
12,889 |
|
|
Premium tax revenue |
|
215 |
|
|
|
185 |
|
|
|
423 |
|
|
|
372 |
|
|
Investment income |
|
22 |
|
|
|
10 |
|
|
|
33 |
|
|
|
19 |
|
|
Other revenue |
|
18 |
|
|
|
22 |
|
|
|
38 |
|
|
|
42 |
|
|
Total revenue |
|
8,054 |
|
|
|
6,800 |
|
|
|
15,824 |
|
|
|
13,322 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
|
Medical care costs |
|
6,872 |
|
|
|
5,819 |
|
|
|
13,435 |
|
|
|
11,293 |
|
|
General and administrative expenses |
|
551 |
|
|
|
484 |
|
|
|
1,122 |
|
|
|
957 |
|
|
Premium tax expenses |
|
215 |
|
|
|
185 |
|
|
|
423 |
|
|
|
372 |
|
|
Depreciation and amortization |
|
44 |
|
|
|
31 |
|
|
|
84 |
|
|
|
64 |
|
|
Other |
|
11 |
|
|
|
8 |
|
|
|
27 |
|
|
|
28 |
|
|
Total operating expenses |
|
7,693 |
|
|
|
6,527 |
|
|
|
15,091 |
|
|
|
12,714 |
|
|
Operating income |
|
361 |
|
|
|
273 |
|
|
|
733 |
|
|
|
608 |
|
|
Other expenses, net: |
|
|
|
|
|
|
|
||||||||
|
Interest expense |
|
27 |
|
|
|
30 |
|
|
|
55 |
|
|
|
60 |
|
|
Total other expenses, net |
|
27 |
|
|
|
30 |
|
|
|
55 |
|
|
|
60 |
|
|
Income before income tax expense |
|
334 |
|
|
|
243 |
|
|
|
678 |
|
|
|
548 |
|
|
Income tax expense |
|
86 |
|
|
|
58 |
|
|
|
172 |
|
|
|
135 |
|
|
Net income |
$ |
248 |
|
|
$ |
185 |
|
|
$ |
506 |
|
|
$ |
413 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income per share – Diluted |
$ |
4.25 |
|
|
$ |
3.16 |
|
|
$ |
8.63 |
|
|
$ |
7.05 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Diluted weighted average shares outstanding |
|
58.4 |
|
|
|
58.4 |
|
|
|
58.6 |
|
|
|
58.5 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating Statistics: |
|
|
|
|
|
|
|
||||||||
|
Medical care ratio |
|
88.1 |
% |
|
|
88.4 |
% |
|
|
87.6 |
% |
|
|
87.6 |
% |
|
G&A ratio |
|
6.8 |
% |
|
|
7.1 |
% |
|
|
7.1 |
% |
|
|
7.2 |
% |
|
Premium tax ratio |
|
2.7 |
% |
|
|
2.7 |
% |
|
|
2.7 |
% |
|
|
2.8 |
% |
|
Effective income tax rate |
|
25.8 |
% |
|
|
24.2 |
% |
|
|
25.4 |
% |
|
|
24.7 |
% |
|
After-tax margin |
|
3.1 |
% |
|
|
2.7 |
% |
|
|
3.2 |
% |
|
|
3.1 |
% |
|
|
|
|
|
|
|
|
|
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|
|
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|
CONSOLIDATED BALANCE SHEETS |
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|
|
|
|
|
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|
|
2022 |
|
2021 |
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|
|
Unaudited |
|
|
||||
|
|
(Dollars in millions, except per-share amounts) |
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|
ASSETS |
|||||||
|
Current assets: |
|
|
|
||||
|
Cash and cash equivalents |
$ |
4,312 |
|
|
$ |
4,438 |
|
|
Investments |
|
3,567 |
|
|
|
3,202 |
|
|
Receivables |
|
2,240 |
|
|
|
2,177 |
|
|
Prepaid expenses and other current assets |
|
213 |
|
|
|
247 |
|
|
Total current assets |
|
10,332 |
|
|
|
10,064 |
|
|
Property, equipment, and capitalized software, net |
|
401 |
|
|
|
396 |
|
|
|
|
1,286 |
|
|
|
1,252 |
|
|
Restricted investments |
|
219 |
|
|
|
212 |
|
|
Deferred income taxes |
|
141 |
|
|
|
106 |
|
|
Other assets |
|
193 |
|
|
|
179 |
|
|
Total assets |
$ |
12,572 |
|
|
$ |
12,209 |
|
|
|
|
|
|
||||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|||||||
|
Current liabilities: |
|
|
|
||||
|
Medical claims and benefits payable |
$ |
3,775 |
|
|
$ |
3,363 |
|
|
Amounts due government agencies |
|
2,722 |
|
|
|
2,472 |
|
|
Accounts payable, accrued liabilities and other |
|
715 |
|
|
|
842 |
|
|
Deferred revenue |
|
13 |
|
|
|
370 |
|
|
Total current liabilities |
|
7,225 |
|
|
|
7,047 |
|
|
Long-term debt |
|
2,175 |
|
|
|
2,173 |
|
|
Finance lease liabilities |
|
216 |
|
|
|
219 |
|
|
Other long-term liabilities |
|
126 |
|
|
|
140 |
|
|
Total liabilities |
|
9,742 |
|
|
|
9,579 |
|
|
Stockholders’ equity: |
|
|
|
||||
|
Common stock, |
|
— |
|
|
|
— |
|
|
Preferred stock, |
|
— |
|
|
|
— |
|
|
Additional paid-in capital |
|
251 |
|
|
|
236 |
|
|
Accumulated other comprehensive loss |
|
(128 |
) |
|
|
(5 |
) |
|
Retained earnings |
|
2,707 |
|
|
|
2,399 |
|
|
Total stockholders’ equity |
|
2,830 |
|
|
|
2,630 |
|
|
Total liabilities and stockholders’ equity |
$ |
12,572 |
|
|
$ |
12,209 |
|
|
|
|
|
|
||||
|
|
|||||||
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
|
|
Six Months Ended |
||||||
|
|
|
||||||
|
|
2022 |
|
2021 |
||||
|
|
|
|
|
||||
|
|
(In millions) |
||||||
|
Operating activities: |
|
|
|
||||
|
Net income |
$ |
506 |
|
|
$ |
413 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
|
Depreciation and amortization |
|
84 |
|
|
|
64 |
|
|
Deferred income taxes |
|
3 |
|
|
|
7 |
|
|
Share-based compensation |
|
57 |
|
|
|
35 |
|
|
Other, net |
|
(6 |
) |
|
|
10 |
|
|
Changes in operating assets and liabilities: |
|
|
|
||||
|
Receivables |
|
(43 |
) |
|
|
(192 |
) |
|
Prepaid expenses and other current assets |
|
(64 |
) |
|
|
(6 |
) |
|
Medical claims and benefits payable |
|
405 |
|
|
|
272 |
|
|
Amounts due government agencies |
|
247 |
|
|
|
792 |
|
|
Accounts payable, accrued liabilities and other |
|
(147 |
) |
|
|
(15 |
) |
|
Deferred revenue |
|
(357 |
) |
|
|
(333 |
) |
|
Income taxes |
|
46 |
|
|
|
14 |
|
|
Net cash provided by operating activities |
|
731 |
|
|
|
1,061 |
|
|
Investing activities: |
|
|
|
||||
|
Purchases of investments |
|
(1,413 |
) |
|
|
(1,006 |
) |
|
Proceeds from sales and maturities of investments |
|
879 |
|
|
|
622 |
|
|
Purchases of property, equipment, and capitalized software |
|
(50 |
) |
|
|
(29 |
) |
|
Other, net |
|
(7 |
) |
|
|
5 |
|
|
Net cash used in investing activities |
|
(591 |
) |
|
|
(408 |
) |
|
Financing activities: |
|
|
|
||||
|
Common stock purchases |
|
(200 |
) |
|
|
(128 |
) |
|
Common stock withheld to settle employee tax obligations |
|
(53 |
) |
|
|
(52 |
) |
|
Contingent consideration liabilities settled |
|
(20 |
) |
|
|
(20 |
) |
|
Other, net |
|
5 |
|
|
|
— |
|
|
Net cash used in financing activities |
|
(268 |
) |
|
|
(200 |
) |
|
Net (decrease) increase in cash, cash equivalents, and restricted cash and cash equivalents |
|
(128 |
) |
|
|
453 |
|
|
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period |
|
4,506 |
|
|
|
4,223 |
|
|
Cash, cash equivalents, and restricted cash and cash equivalents at end of period |
$ |
4,378 |
|
|
$ |
4,676 |
|
|
|
|
|
|
||||
|
|
||||||
|
UNAUDITED SEGMENT DATA |
||||||
|
(Dollars in millions) |
||||||
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
2021 |
|
2021 |
|
Ending Membership by Segment: |
|
|
|
|
|
|
|
Medicaid |
4,610,000 |
|
4,329,000 |
|
3,928,000 |
|
|
Medicare |
151,000 |
|
142,000 |
|
130,000 |
|
|
Marketplace |
357,000 |
|
728,000 |
|
638,000 |
|
|
Total |
5,118,000 |
|
5,199,000 |
|
4,696,000 |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||||||||||||||
|
|
2022 |
|
2021 |
||||||||||||||
|
|
Premium
|
|
Medical
|
|
MCR (1) |
|
Premium
|
|
Medical
|
|
MCR (1) |
||||||
|
|
|
|
|
|
|
||||||||||||
|
Medicaid |
$ |
6,301 |
|
$ |
755 |
|
88.0 |
% |
|
$ |
5,034 |
|
$ |
551 |
|
89.0 |
% |
|
Medicare |
|
957 |
|
|
124 |
|
86.9 |
|
|
|
814 |
|
|
101 |
|
87.6 |
|
|
Marketplace |
|
541 |
|
|
48 |
|
91.2 |
|
|
|
735 |
|
|
112 |
|
84.8 |
|
|
Consolidated |
$ |
7,799 |
|
$ |
927 |
|
88.1 |
% |
|
$ |
6,583 |
|
$ |
764 |
|
88.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Six Months Ended |
||||||||||||||||
|
|
2022 |
|
2021 |
||||||||||||||
|
|
Premium
|
|
Medical
|
|
MCR (1) |
|
Premium
|
|
Medical
|
|
MCR (1) |
||||||
|
|
|
|
|
|
|
||||||||||||
|
Medicaid |
$ |
12,281 |
|
$ |
1,465 |
|
88.1 |
% |
|
$ |
9,874 |
|
$ |
1,155 |
|
88.3 |
% |
|
Medicare |
|
1,900 |
|
|
252 |
|
86.7 |
|
|
|
1,613 |
|
|
178 |
|
89.0 |
|
|
Marketplace |
|
1,149 |
|
|
178 |
|
84.5 |
|
|
|
1,402 |
|
|
263 |
|
81.2 |
|
|
Consolidated |
$ |
15,330 |
|
$ |
1,895 |
|
87.6 |
% |
|
$ |
12,889 |
|
$ |
1,596 |
|
87.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
(1) The MCR represents medical costs as a percentage of premium revenue. |
|||||||||||||||||
CHANGE IN MEDICAL CLAIMS AND BENEFITS PAYABLE
(Dollars in millions)
The Company’s claims liabilities include additional reserves to account for moderately adverse conditions based on historical experience and other factors including, but not limited to, variations in claims payment patterns, changes in utilization and cost trends, known outbreaks of disease, and large claims. The Company’s reserving methodology is consistently applied across all periods presented. The amounts displayed for “Components of medical care costs related to: Prior year” represent the amounts by which the original estimates of claims and benefits payable at the beginning of the year were more than the actual liabilities based on information (principally the payment of claims) developed since those liabilities were first reported. The following table presents the components of the change in medical claims and benefits payable for the periods indicated:
|
|
Six Months Ended |
||||||
|
|
|
||||||
|
|
2022 |
|
2021 |
||||
|
|
|
|
|
||||
|
|
Unaudited |
||||||
|
Medical claims and benefits payable, beginning balance |
$ |
3,363 |
|
|
$ |
2,696 |
|
|
Components of medical care costs related to: |
|
|
|
||||
|
Current year |
|
13,746 |
|
|
|
11,486 |
|
|
Prior year |
|
(311 |
) |
|
|
(193 |
) |
|
Total medical care costs |
|
13,435 |
|
|
|
11,293 |
|
|
Payments for medical care costs related to: |
|
|
|
||||
|
Current year |
|
10,622 |
|
|
|
9,023 |
|
|
Prior year |
|
2,411 |
|
|
|
1,949 |
|
|
Total paid |
|
13,033 |
|
|
|
10,972 |
|
|
Acquired balances, net of post-acquisition adjustments |
|
7 |
|
|
|
(26 |
) |
|
Change in non-risk and other provider payables |
|
3 |
|
|
|
(49 |
) |
|
Medical claims and benefits payable, ending balance |
$ |
3,775 |
|
|
$ |
2,942 |
|
|
|
|
|
|
||||
|
Days in Claims Payable (1) |
|
50 |
|
|
|
48 |
|
| __________________ | ||
|
(1) |
The Company calculates Days in Claims Payable using claims incurred but not paid, or IBNP, and other fee-for-service payables included in medical claims and benefits payable, and quarterly fee-for-service related costs included in medical care costs within the Company’s consolidated financial statements. |
|
RECONCILIATION OF UNAUDITED NON-GAAP FINANCIAL MEASURES
(In millions, except per diluted share amounts)
The Company believes that certain non-GAAP (generally accepted accounting principles) financial measures are useful supplemental measures to investors in comparing the Company’s performance to the performance of other public companies in the health care industry. The non-GAAP financial measures are also used internally to enable management to assess the Company’s performance consistently over time. These non-GAAP financial measures, presented below, should be considered as supplements to, and not as substitutes for or superior to, GAAP measures.
Adjustments represent additions and deductions to GAAP net income as indicated in the table below, which include the non-cash impact of amortization of acquired intangible assets, acquisition-related expenses, and the impact of certain expenses and other items that management believes are not indicative of longer-term business trends and operations.
Adjusted G&A Ratio represents the GAAP G&A ratio, recognizing adjustments.
Adjusted net income represents GAAP net income recognizing the adjustments, net of tax. The Company believes that adjusted net income is helpful to investors in assessing the Company’s financial performance.
Adjusted net income per diluted share represents adjusted net income divided by weighted average common shares outstanding on a fully diluted basis.
Adjusted after-tax margin represents adjusted net income, divided by total revenue.
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||||||||||||||||||
|
|
Amount |
|
Per
|
|
Amount |
|
Per
|
|
Amount |
|
Per
|
|
Amount |
|
Per
|
||||||||||||||||
|
Net income |
$ |
248 |
|
|
$ |
4.25 |
|
|
$ |
185 |
|
|
$ |
3.16 |
|
|
$ |
506 |
|
|
$ |
8.63 |
|
|
$ |
413 |
|
|
$ |
7.05 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Amortization of intangible assets |
|
19 |
|
|
|
0.33 |
|
|
|
12 |
|
|
|
0.20 |
|
|
|
37 |
|
|
|
0.63 |
|
|
|
24 |
|
|
|
0.40 |
|
|
Acquisition-related expenses (1) |
|
7 |
|
|
|
0.11 |
|
|
|
6 |
|
|
|
0.11 |
|
|
|
26 |
|
|
|
0.45 |
|
|
|
27 |
|
|
|
0.46 |
|
|
Other (2) |
|
(3 |
) |
|
|
(0.04 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9 |
|
|
|
0.16 |
|
|
Subtotal, adjustments |
|
23 |
|
|
|
0.40 |
|
|
|
18 |
|
|
|
0.31 |
|
|
|
63 |
|
|
|
1.08 |
|
|
|
60 |
|
|
|
1.02 |
|
|
Income tax effect |
|
(5 |
) |
|
|
(0.10 |
) |
|
|
(4 |
) |
|
|
(0.07 |
) |
|
|
(15 |
) |
|
|
(0.26 |
) |
|
|
(14 |
) |
|
|
(0.24 |
) |
|
Adjustments, net of tax |
|
18 |
|
|
|
0.30 |
|
|
|
14 |
|
|
|
0.24 |
|
|
|
48 |
|
|
|
0.82 |
|
|
|
46 |
|
|
|
0.78 |
|
|
Adjusted net income |
$ |
266 |
|
|
$ |
4.55 |
|
|
$ |
199 |
|
|
$ |
3.40 |
|
|
$ |
554 |
|
|
$ |
9.45 |
|
|
$ |
459 |
|
|
$ |
7.83 |
|
| __________________ | ||
|
(1) |
Reflects non-recurring costs associated with acquisitions, including various transaction and integration costs. |
|
|
(2) |
The first half of 2022 includes certain non-recurring costs associated with gain on lease termination and disposal of fixed assets. The first half of 2021 includes change in premium deficiency reserves, loss on sale of property, and restructuring costs. |
|
|
|
|||||||
|
RECONCILIATION OF UNAUDITED NON-GAAP FINANCIAL MEASURES (CONTINUED) |
|||||||
|
2022 GUIDANCE |
|||||||
|
|
Amount |
|
Per
|
||||
|
Net income |
$ |
937 |
|
|
$ |
16.01 |
|
|
Adjustments: |
|
|
|
||||
|
Acquisition-related expenses |
|
47 |
|
|
|
0.80 |
|
|
Amortization of intangible assets |
|
75 |
|
|
|
1.29 |
|
|
Subtotal, adjustments |
|
122 |
|
|
|
2.09 |
|
|
Income tax effect (1) |
|
(29 |
) |
|
|
(0.50 |
) |
|
Adjustments, net of tax |
|
93 |
|
|
|
1.59 |
|
|
Adjusted net income per diluted share |
$ |
1,030 |
|
|
$ |
17.60 |
|
| __________________ | ||
|
(1) |
Income tax effect calculated at the statutory tax rate of approximately 23.9%. |
|
| (2) |
Computations assume approximately 58.5 million diluted weighted average shares outstanding. |
|
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