新聞稿
投資者聯繫人： 傑弗裏·蓋爾， Jeffrey.Geyer@molinahealthcare.com, 305-317-3012
媒體聯繫人： Caroline Zubieta， Caroline.Zubieta@molinahealthcare.com, 562-951-1588
molina healthcare報告2024年第三季度財務業績
重申2024財年全年盈利指引
2024年10月23日，加利福尼亞州長灘 莫利納保健公司（NYSE：MOH）（以下簡稱「公司」）今日報告，2024年第三季度每股攤薄盈利爲5.65美元，調整後每股攤薄盈利爲6.01美元。財務結果彙總如下：
| 截至三個月結束時 | 截至九月底的九個月的營業租賃成本 | ||||||||||||||||||||||
2020年9月30日 | 2021年9月30日 | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| (金額以百萬計，每股數據除外) | |||||||||||||||||||||||
| 高級營業收入 | $9,694 | $8,240 | $28,644 | $24,167 | |||||||||||||||||||
| 總收入 | $10,340 | $8,548 | $30,151 | $25,024 | |||||||||||||||||||
| 根據美國通用會計準則（GAAP）: | |||||||||||||||||||||||
| 淨利潤 | $326 | $245 | $928 | $875 | |||||||||||||||||||
| 每股收益-攤薄 | $5.65 | $4.21 | $15.97 | $15.08 | |||||||||||||||||||
| 醫療保健比率（MCR） | 89.2 | % | 88.7 | % | 88.8 | % | 87.8 | % | |||||||||||||||
| 管理費用比率 | 6.5 | % | 7.1 | % | 6.9 | % | 7.3 | % | |||||||||||||||
| 稅後利潤率 | 3.2 | % | 2.9 | % | 3.1 | % | 3.5 | % | |||||||||||||||
| 調整後： | |||||||||||||||||||||||
| 淨利潤 | $347 | $294 | $1,022 | $958 | |||||||||||||||||||
| 每股收益-攤薄 | $6.01 | $5.05 | $17.59 | $16.50 | |||||||||||||||||||
| 管理費用與營業總收入比率 | 6.4 | % | 7.1 | % | 6.8 | % | 7.2 | % | |||||||||||||||
| 稅後利潤率 | 3.4 | % | 3.4 | % | 3.4 | % | 3.8 | % | |||||||||||||||
| 請查看本公告末尾的未經審計的非通用會計財務數據協調錶。 | |||||||||||||||||||||||
第一季度亮點
•截至2024年9月30日，該公司爲大約560萬會員提供服務，比2023年9月30日增長了8%。
•2024年第三季度保費收入約爲97億美元，同比增長18%。
•2024年第三季度，按照通用會計準則，每股攤薄淨利潤爲5.65美元，同比增長34%。
•2024年第三季度調整後的淨利潤爲每股$6.01，同比增長19%。
•公司重申其2024財年全年指導，預計高級收入約爲380億美元，調整後每股稀釋收益至少爲23.50美元。
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莫利納保健公司報告2024年第三季度財務業績
第2頁
2024年10月23日
「我們對本季度的業績感到滿意，在充滿挑戰的環境中，繼續執行業務基本原理，」首席執行官約瑟夫·祖佈雷茨基表示。「我們的業績反映出儘管受到重新評估引起的前所未有的短期動態影響，我們仍保持持續的運營紀律。我們相信我們所有的業務板塊都處於可持續盈利增長的良好位置。」
高級營業收入
2024年第三季度的保險費收入約爲97億美元，同比增長18%。更高的保險費收入反映了新合同的贏得、收購以及我們當前市場的增長，部分抵消了醫療保障重新確定的影響。
淨利潤
2024年第三季度的GAAP淨利潤爲每股5.65美元，同比增長34%。經調整後的2024年第三季度淨利潤爲每股6.01美元，同比增長19%。
醫療保健比率（MCR）
•2024年第三季度的綜合MCR爲89.2%，反映了繼續專注管理醫療成本。
•2024年第三季度Medicaid醫療成本率爲90.5%。在此結果中，大約50個點子是由於2024年初生效的保費率降低，大約20個點子是由於Medicaid「新店」計劃，這些計劃繼續按照公司的預期改善。在排除了追溯調整和新店的情況下，Medicaid醫療成本率約爲89.8%，高於公司的長期預期，主要是由於重新確定相關的嚴重程度變化以及長期服務和支持、藥房和行爲健康服務的利用率增加。
•2024年第三季度的醫療MCR爲89.6%，主要反映了高於預期的利用率，部分被2024年實施的福利調整所抵消。
•2024年第三季度的Marketplace MCR爲73.0%，比公司預期的要好，反映了強勁的運營表現。
一般及行政費用比率
2024年第三季度的G&A比率和調整後的G&A比率分別爲6.5%和6.4%，反映了紀律嚴明的成本管理，與某些供應商合同相關的一次性信用，以及運營槓桿。
資產負債表
截至2024年9月30日，母公司的現金和投資爲1.950000萬美元，而截至2023年12月31日爲74200萬美元。公司在2024年第三季度購買了約150萬股，金額爲5億美元。
2024年9月30日應付索賠天數爲48天。
現金流
截至2024年9月30日的九個月，經營現金流爲86800萬美元，而截至2023年9月30日的九個月爲235200萬美元。年度現金流減少主要是由於政府應收款和應付款的時間差異，包括醫療保險和醫療補助金的預付款，風險走廊結算活動以及提供商應付款的收付款時間差異的淨影響。
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莫利納保健公司報告2024年第三季度財務業績
第3頁
2024年10月23日
2024年度指導原則
全年的高級收入保持不變，預計約爲380億美元，比2023年全年增長約17%。
全年調整後的每股攤薄收益保持不變，預計至少爲23.50美元，比2023年全年增長約13%。由於市場表現良好、運營槓桿和更高的淨投資收益，預計將抵消年下半年醫療補助和醫療保險高於預期的趨勢。
電話會議
管理層將於2024年10月24日（星期四）美國東部時間上午8:00舉行電話會議和網絡直播，討論molina healthcare的第三季度業績。用於參加互動電話會議的號碼是（877）883-0383，確認號碼爲7014206。電話會議的電話重播將通過2024年10月31日（星期四）提供，撥打（877）344-7529，並輸入確認號碼5232318。. 此電話會議的現場音頻廣播將在molina healthcare的投資者關係網站上提供， investors.molinahealthcare.com。在現場廣播結束後約一小時，將提供30天的在線重播。
關於Molina Healthcare
molina healthcare，一家FORTUNE 500公司，在醫療保險和醫療保險計劃的管理下，並通過州保險市場提供醫療保健服務。有關Molina Healthcare的更多信息，請訪問 molinahealthcare.com.
1995年《私人證券訴訟改革法案》下的免責聲明
本次收益發布及公司附帶的口頭表態含有前瞻性聲明。公司意在使這些前瞻性聲明受1933年證券法第27A條和1934年證券交易法第21E條中關於前瞻性聲明的安全港規定的保護。前瞻性聲明根據某些假設提供未來事件的當前預期，而在本次收益發布及公司附帶的口頭表態中除了歷史事實陳述之外的所有陳述均可能構成前瞻性聲明。在一些情況下，您可以通過諸如「指引」、「未來」、「預期」、「認爲」、「嵌入」、「估計」、「預期」、「增長」、「打算」、「計劃」、「預測」、「項目」、「將」、「可能」、「能夠」、「可以」、「可能」等詞或其負面形式或類似表述來識別前瞻性聲明。本次收益發布中的前瞻性聲明包括但不限於有關我們業務和財務表現、2024年指引和長期增長目標、預計2024下半年的逆風以及管理層未來業務運營和業務策略的計劃和目標。
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 December 31, 2023, which is on file with the U.S. Securities and Exchange Commission (the “SEC”), and in the Company’s other filings with the SEC, including its Quarterly Report on Form 10-Q for the period ended September 30, 2024, to be filed with the SEC.
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
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Molina Healthcare, Inc. Reports Third Quarter 2024 Financial Results
Page 4
October 23, 2024
forward-looking statements in this release represent the Company’s judgment as of October 23, 2024, and, except as otherwise required by law, the Company disclaims any obligation to update any forward-looking statement to conform the statement to actual results or changes in its expectations.
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Molina Healthcare, Inc. Reports Third Quarter 2024 Financial Results
Page 5
October 23, 2024
MOLINA HEALTHCARE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| (In millions, except per-share amounts) | |||||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Premium revenue | $ | 9,694 | $ | 8,240 | $ | 28,644 | $ | 24,167 | |||||||||||||||
| Premium tax revenue | 508 | 176 | 1,103 | 517 | |||||||||||||||||||
| Investment income | 118 | 112 | 341 | 280 | |||||||||||||||||||
| Other revenue | 20 | 20 | 63 | 60 | |||||||||||||||||||
| Total revenue | 10,340 | 8,548 | 30,151 | 25,024 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Medical care costs | 8,643 | 7,306 | 25,425 | 21,215 | |||||||||||||||||||
| General and administrative expenses | 676 | 608 | 2,078 | 1,817 | |||||||||||||||||||
| Premium tax expenses | 508 | 176 | 1,103 | 517 | |||||||||||||||||||
| Depreciation and amortization | 47 | 42 | 138 | 128 | |||||||||||||||||||
| Other | (1) | 57 | 80 | 90 | |||||||||||||||||||
| Total operating expenses | 9,873 | 8,189 | 28,824 | 23,767 | |||||||||||||||||||
| Operating income | 467 | 359 | 1,327 | 1,257 | |||||||||||||||||||
| Interest expense | 29 | 27 | 84 | 82 | |||||||||||||||||||
Income before income tax expense | 438 | 332 | 1,243 | 1,175 | |||||||||||||||||||
| Income tax expense | 112 | 87 | 315 | 300 | |||||||||||||||||||
| Net income | $ | 326 | $ | 245 | $ | 928 | $ | 875 | |||||||||||||||
| Net income per share – Diluted | $ | 5.65 | $ | 4.21 | $ | 15.97 | $ | 15.08 | |||||||||||||||
Diluted weighted average shares outstanding | 57.7 | 58.1 | 58.1 | 58.1 | |||||||||||||||||||
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Molina Healthcare, Inc. Reports Third Quarter 2024 Financial Results
Page 6
October 23, 2024
MOLINA HEALTHCARE, INC.
CONSOLIDATED BALANCE SHEETS
| September 30, | December 31, | ||||||||||
| 2024 | 2023 | ||||||||||
| Unaudited | |||||||||||
| (Dollars in millions, except per-share amounts) | |||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 4,732 | $ | 4,848 | |||||||
| Investments | 4,482 | 4,259 | |||||||||
| Receivables | 3,259 | 3,104 | |||||||||
| Prepaid expenses and other current assets | 408 | 331 | |||||||||
| Total current assets | 12,881 | 12,542 | |||||||||
| Property, equipment, and capitalized software, net | 306 | 270 | |||||||||
| Goodwill and intangible assets, net | 1,923 | 1,449 | |||||||||
| Restricted investments | 289 | 261 | |||||||||
| Deferred income taxes, net | 227 | 227 | |||||||||
| Other assets | 132 | 143 | |||||||||
| Total assets | $ | 15,758 | $ | 14,892 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Medical claims and benefits payable | $ | 4,732 | $ | 4,204 | |||||||
| Amounts due government agencies | 2,026 | 2,294 | |||||||||
| Accounts payable, accrued liabilities and other | 1,215 | 1,252 | |||||||||
| Deferred revenue | 364 | 418 | |||||||||
| Total current liabilities | 8,337 | 8,168 | |||||||||
| Long-term debt | 2,332 | 2,180 | |||||||||
| Finance lease liabilities | 197 | 205 | |||||||||
| Other long-term liabilities | 122 | 124 | |||||||||
| Total liabilities | 10,988 | 10,677 | |||||||||
| Stockholders’ equity: | |||||||||||
Common stock, $0.001 par value, 150 million shares authorized; outstanding: 57 million shares at September 30, 2024, and 58 million at December 31, 2023 | — | — | |||||||||
Preferred stock, $0.001 par value; 20 million shares authorized, no shares issued and outstanding | — | — | |||||||||
| Additional paid-in capital | 453 | 410 | |||||||||
| Accumulated other comprehensive loss | (9) | (82) | |||||||||
| Retained earnings | 4,326 | 3,887 | |||||||||
| Total stockholders’ equity | 4,770 | 4,215 | |||||||||
| Total liabilities and stockholders’ equity | $ | 15,758 | $ | 14,892 | |||||||
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Molina Healthcare, Inc. Reports Third Quarter 2024 Financial Results
Page 7
October 23, 2024
MOLINA HEALTHCARE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended | |||||||||||
| September 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| (In millions) | |||||||||||
| Operating activities: | |||||||||||
| Net income | $ | 928 | $ | 875 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 138 | 128 | |||||||||
| Deferred income taxes | 14 | (33) | |||||||||
Share-based compensation | 98 | 88 | |||||||||
Other, net | 8 | 3 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Receivables | (31) | (132) | |||||||||
| Prepaid expenses and other current assets | (6) | (69) | |||||||||
| Medical claims and benefits payable | 65 | 611 | |||||||||
| Amounts due government agencies | (289) | 377 | |||||||||
| Accounts payable, accrued liabilities and other | (33) | (137) | |||||||||
| Deferred revenue | (53) | 332 | |||||||||
| Income taxes | 29 | 309 | |||||||||
| Net cash provided by operating activities | 868 | 2,352 | |||||||||
| Investing activities: | |||||||||||
| Purchases of investments | (989) | (1,295) | |||||||||
Proceeds from sales and maturities of investments | 871 | 670 | |||||||||
| Net cash paid in business combinations | (344) | (3) | |||||||||
Purchases of property, equipment, and capitalized software | (89) | (89) | |||||||||
| Other, net | 68 | (2) | |||||||||
| Net cash used in investing activities | (483) | (719) | |||||||||
| Financing activities: | |||||||||||
Common stock purchases | (500) | — | |||||||||
| Proceeds from borrowings under credit facility | 300 | — | |||||||||
| Repayment of credit facility | (150) | — | |||||||||
| Common stock withheld to settle employee tax obligations | (57) | (60) | |||||||||
| Other, net | (7) | (1) | |||||||||
| Net cash used in financing activities | (414) | (61) | |||||||||
| Net (decrease) increase in cash, cash equivalents, and restricted cash and cash equivalents | (29) | 1,572 | |||||||||
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period | 4,908 | 4,048 | |||||||||
Cash, cash equivalents, and restricted cash and cash equivalents at end of period | $ | 4,879 | $ | 5,620 | |||||||
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Molina Healthcare, Inc. Reports Third Quarter 2024 Financial Results
Page 8
October 23, 2024
MOLINA HEALTHCARE, INC.
UNAUDITED SEGMENT DATA
(Dollars in millions)
| September 30, | December 31, | September 30, | ||||||||||||||||||
| 2024 | 2023 | 2023 | ||||||||||||||||||
| Ending Membership by Segment: | ||||||||||||||||||||
| Medicaid | 4,941,000 | 4,542,000 | 4,757,000 | |||||||||||||||||
| Medicare | 247,000 | 172,000 | 173,000 | |||||||||||||||||
| Marketplace | 410,000 | 281,000 | 276,000 | |||||||||||||||||
| Total | 5,598,000 | 4,995,000 | 5,206,000 | |||||||||||||||||
| Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
| 2024 | 2023 | ||||||||||||||||||||||||||||||||||
| Premium Revenue | Medical Margin | MCR (1) | Premium Revenue | Medical Margin | MCR (1) | ||||||||||||||||||||||||||||||
| Medicaid | $ | 7,668 | $ | 730 | 90.5 | % | $ | 6,711 | $ | 752 | 88.8 | % | |||||||||||||||||||||||
| Medicare | 1,367 | 142 | 89.6 | 1,032 | 78 | 92.4 | |||||||||||||||||||||||||||||
| Marketplace | 659 | 179 | 73.0 | 497 | 104 | 78.9 | |||||||||||||||||||||||||||||
| Consolidated | $ | 9,694 | $ | 1,051 | 89.2 | % | $ | 8,240 | $ | 934 | 88.7 | % | |||||||||||||||||||||||
| Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
| 2024 | 2023 | ||||||||||||||||||||||||||||||||||
| Premium Revenue | Medical Margin | MCR (1) | Premium Revenue | Medical Margin | MCR (1) | ||||||||||||||||||||||||||||||
| Medicaid | $ | 22,538 | $ | 2,188 | 90.3 | % | $ | 19,545 | $ | 2,242 | 88.5 | % | |||||||||||||||||||||||
| Medicare | 4,250 | 522 | 87.7 | 3,122 | 317 | 89.8 | |||||||||||||||||||||||||||||
| Marketplace | 1,856 | 509 | 72.6 | 1,500 | 393 | 73.8 | |||||||||||||||||||||||||||||
| Consolidated | $ | 28,644 | $ | 3,219 | 88.8 | % | $ | 24,167 | $ | 2,952 | 87.8 | % | |||||||||||||||||||||||
(1)The MCR represents medical costs as a percentage of premium revenue. | |||||||||||||||||||||||||||||||||||
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Molina Healthcare, Inc. Reports Third Quarter 2024 Financial Results
Page 9
October 23, 2024
MOLINA HEALTHCARE, INC.
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:
| Nine Months Ended | |||||||||||
| September 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| Unaudited | |||||||||||
Medical claims and benefits payable, beginning balance | $ | 4,204 | $ | 3,528 | |||||||
| Components of medical care costs related to: | |||||||||||
| Current year | 26,050 | 21,573 | |||||||||
| Prior year | (625) | (358) | |||||||||
| Total medical care costs | 25,425 | 21,215 | |||||||||
| Payments for medical care costs related to: | |||||||||||
| Current year | 22,172 | 18,228 | |||||||||
| Prior year | 3,215 | 2,707 | |||||||||
| Total paid | 25,387 | 20,935 | |||||||||
| Acquired balances, net of post-acquisition adjustments | 463 | 96 | |||||||||
| Change in non-risk and other payables | 27 | 331 | |||||||||
Medical claims and benefits payable, ending balance | $ | 4,732 | $ | 4,235 | |||||||
Days in Claims Payable (1) | 48 | 51 | |||||||||
__________________
(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.
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Molina Healthcare, Inc. Reports Third Quarter 2024 Financial Results
Page 10
October 23, 2024
MOLINA HEALTHCARE, INC.
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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||
| Amount | Per Diluted Share | Amount | Per Diluted Share | Amount | Per Diluted Share | Amount | Per Diluted Share | ||||||||||||||||||||||||||||||||||||||||
GAAP Net income | $ | 326 | $ | 5.65 | $ | 245 | $ | 4.21 | $ | 928 | $ | 15.97 | $ | 875 | $ | 15.08 | |||||||||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | $ | 21 | $ | 0.35 | $ | 20 | $ | 0.36 | $ | 62 | $ | 1.07 | $ | 63 | $ | 1.09 | |||||||||||||||||||||||||||||||
Acquisition-related expenses (1) | 11 | 0.19 | 2 | 0.04 | 46 | 0.79 | 4 | 0.07 | |||||||||||||||||||||||||||||||||||||||
Other (2) | (4) | (0.07) | 41 | 0.70 | 16 | 0.27 | 41 | 0.70 | |||||||||||||||||||||||||||||||||||||||
Subtotal, adjustments | 28 | 0.47 | 63 | 1.10 | 124 | 2.13 | 108 | 1.86 | |||||||||||||||||||||||||||||||||||||||
Income tax effect | (7) | (0.11) | (14) | (0.26) | (30) | (0.51) | (25) | (0.44) | |||||||||||||||||||||||||||||||||||||||
Adjustments, net of tax | 21 | 0.36 | 49 | 0.84 | 94 | 1.62 | 83 | 1.42 | |||||||||||||||||||||||||||||||||||||||
Adjusted net income | $ | 347 | $ | 6.01 | $ | 294 | $ | 5.05 | $ | 1,022 | $ | 17.59 | $ | 958 | $ | 16.50 | |||||||||||||||||||||||||||||||
__________________
(1)Reflects non-recurring costs associated with acquisitions, including various transaction and certain integration costs.
(2)The nine months ended September 30, 2024 includes non-recurring litigation and one-time termination benefits. The nine months ended September 30, 2023, reflect a credit loss on 2022 Marketplace risk adjustment receivables due to the insolvency of an issuer in the Texas risk pool.
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Molina Healthcare, Inc. Reports Third Quarter 2024 Financial Results
Page 11
October 23, 2024
MOLINA HEALTHCARE, INC.
RECONCILIATION OF UNAUDITED NON-GAAP FINANCIAL MEASURES (CONTINUED)
2024 GUIDANCE
| Amount | Per Diluted Share (2) | ||||||||||
GAAP Net income | $ | 1,250 | $ | 21.59 | |||||||
Adjustments: | |||||||||||
| Amortization of intangible assets | 83 | 1.43 | |||||||||
Acquisition-related expenses | 49 | 0.86 | |||||||||
| Other | 16 | 0.27 | |||||||||
Subtotal, adjustments | 148 | 2.56 | |||||||||
Income tax effect (1) | (38) | (0.65) | |||||||||
Adjustments, net of tax | 110 | 1.91 | |||||||||
Adjusted net income | $ | 1,360 | $ | 23.50 | |||||||
__________________
(1)Income tax effect calculated at the statutory tax rate of approximately 25.5%.
(2)Computations assume approximately 57.9 million diluted weighted average shares outstanding.
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