Financial Data and Key Metrics Changes - The company reported earnings per diluted share of $2.92, with net income of $178 million and an after-tax margin of 3.9%, slightly exceeding expectations [9][11] - Premium revenue increased to $4.3 billion, an 8.9% increase over the prior year, consistent with the company's pivot to growth [9][43] - The medical care ratio (MCR) was 86.3%, reflecting medical cost pressures early in the quarter due to seasonal flu and unidentified COVID-19 costs, offset by lower costs later in the quarter [10][44] Business Line Data and Key Metrics Changes - In the Medicaid line of business, the MCR was 88.9%, slightly up from 88.5% in the prior year, with solid performance attributed to effective cost management [45] - The Medicare MCR improved to 81.7% from 84.7% year-over-year, driven by rate increases and higher quality incentive revenues [47] - The Marketplace MCR increased to 72.3% from 52.2% in the prior year, primarily due to lower pricing strategies [47] Market Data and Key Metrics Changes - The company experienced a steep decline in elective medical procedures starting late March, which continued into April, impacting overall medical costs [49] - COVID-19 had a significant impact on the healthcare landscape, with 950 members hospitalized, and the average length of stay being approximately 10 days [49][50] Company Strategy and Development Direction - The company announced the acquisition of Magellan Complete Care, which is expected to enhance geographic diversity and revenue, with a projected growth to $3 billion within two years [31][34] - The acquisition is anticipated to be accretive by approximately $0.50 to $0.75 in cash earnings per diluted share in the first year and at least $1.75 in the second year [35] - The company is focused on maintaining continuity of care and stability for state partners while expanding its portfolio [36] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the unprecedented challenges posed by the COVID-19 pandemic but emphasized the company's strong financial position and operational resilience [17][19] - The company reaffirmed its full-year earnings guidance range of $11.20 to $11.70 per diluted share, despite uncertainties related to COVID-19's impact on medical costs and membership [24][52] - Management highlighted the potential for increased Medicaid and Marketplace enrollment due to rising unemployment, although the exact impact remains uncertain [23][54] Other Important Information - The company completed a share repurchase program, buying back 3.4 million shares for approximately $450 million [17] - The company drew down $380 million from its term loan facility to bolster liquidity, holding approximately $840 million in excess cash [18][60] Q&A Session Summary Question: Can you talk about the Magellan acquisition in terms of margins? - Management indicated that the acquisition is expected to improve margins significantly, with a current EBITDA margin of approximately 1% projected to reach 6% or 6.5% in the future [57][58] Question: What is the cash outlook for the rest of the year? - The company expects to extract approximately $500 million in ordinary dividends from operating subsidiaries, with a total cash position of $840 million and additional debt capacity of $900 million [60] Question: How do you see the enrollment trajectory changing? - Management noted that Medicaid membership grew by over 30,000 members in April, primarily due to the suspension of eligibility determinations, not directly from unemployment [68] Question: What might the MLR be for new members entering Medicaid? - Management acknowledged the uncertainty regarding the acuity of new members but indicated that the impact on MLR is difficult to predict at this time [70][71] Question: Are there any significant negatives not included in guidance? - Management confirmed that the guidance includes headwinds from lower investment income and increased SG&A expenses related to COVID-19, but no other significant negatives were identified [72][74]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-31719 MOLINA HEALTHCARE, INC. (Exact name of registrant as specified in its charter) Delaware 13-4204626 (Sta ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2019 or Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered Common Stock, $0.001 Par Value MOH New York Stock Exchange Commission File Number 1-31719 Securities registered pursuant to Section 12(g) of the ...

Capital Position - Molina Healthcare had approximately $800 million in excess cash at the parent company level[8], representing roughly $13 per share[8] - The company targets a regulatory capital level of 10% of premium or 300% RBC[8] - Molina's debt to capital ratio at the parent level is 40%, with a debt to EBITDA ratio of 13x[8] - The company's ROE is 35%, and the targeted ROE at target capital is 65%[8] Capital Deployment - Molina Healthcare had approximately $17 billion in total deployable capital, including $800 million in excess cash and $900 million in undrawn debt capacity as of 3Q19[11] - The company's deployable capital could support $17 billion in additional premium capacity or $35 billion in additional premium capacity via M&A[13] - Molina targets a 65% ROE at targeted capital when reinvesting in organic growth[15] Financial Outlook - Molina Healthcare reiterated its full-year 2019 guidance as of October 29, 2019, with total revenue of approximately $161 billion[26], net income between $725 million and $740 million[26], and EPS between $1130 and $1155[26] - The company anticipates an after-tax margin of 43% to 44%[26] and a medical care ratio (MCR) of approximately 86%[26] - Molina's long-term outlook includes compound annual growth rates of 10%-12% for premium revenue, 38%-42% for after-tax margin, 9%-11% for net income, and 12%-15% for EPS[29]

OR Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-31719 MOLINA HEALTHCARE, INC. (Exact name of registrant as specified in its charter) Delaware 13-4204626 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-31719 MOLINA HEALTHCARE, INC. (Exact name of registrant as specified in its charter) Delaware 13-4204626 (Stat ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-31719 MOLINA HEALTHCARE, INC. (Exact name of registrant as specified in its charter) (State or other jurisdic ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-31719 MOLINA HEALTHCARE, INC. (Exact name of registrant as specified in its charter) Delaware 13-4204626 (State or other jurisdiction of (I.R.S. Employer Form 10-K (Mark One) ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2018 or incorporation o ...