Magellan Health Reports Third Quarter 2021 Financial Results

November 5, 2021 Off By BusinessWire

PHOENIX–(BUSINESS WIRE)–Magellan Health, Inc. (NASDAQ: MGLN) today announced financial results for the third quarter ended September 30, 2021, as summarized below:

           
Three Months Ended   Nine Months Ended
Sept 30   Sept 30
(In millions, except per share amounts)          
Continuing Operations

 

 

2021

 

 

 

 

2020

 

 

Chg

 

 

2021

 

 

2020

  Chg
Net revenue

$

 

1,254.1

 

 

$

 

1,170.1

 

 

7.2

%

 

$

3,636.5

 

$

3,392.6

 

7.2

%

Net (loss) income

$

 

(0.1

)

 

$

 

(17.3

)

 

NM

 

 

$

21.9

 

$

28.7

 

-23.7

%

Segment profit [1]

$

 

38.0

 

 

$

 

34.1

 

 

11.4

%

 

$

145.4

 

$

132.7

 

9.6

%

Adjusted net income [1]

$

 

6.0

 

 

$

 

2.1

 

 

177.9

%

 

$

44.5

 

$

29.4

 

51.1

%

Earnings (loss) per share

$

 

(0.20

)

 

$

 

(0.68

)

 

NM

 

 

$

0.63

 

$

1.14

 

-44.7

%

Adjusted earnings per share [1]

$

 

0.03

 

 

$

 

0.08

 

 

NM

 

 

$

1.48

 

$

1.16

 

27.6

%

           
[1] Refer to the Basis of Presentation for a discussion of non-GAAP financial measures.          
NM = “not meaningful”          

Third Quarter 2021 Highlights and Other Recent Developments:

  • Net revenue increased 7.2% percent over the third quarter of 2020 to $1.25 billion.
  • Net loss from continuing operations decreased by $17.2 million from the third quarter of 2020 to a net loss of $0.1 million.
  • Segment profit increased 11.4% percent from the third quarter of 2020 to $38.0 million.
  • Adjusted net income and adjusted earnings per share were $6.0 million and $0.03 for the quarter as compared to the prior year quarter of $2.1 million and $0.08, respectively.
  • The Company expects the merger with Centene Corporation (“Centene”) to close during the fourth quarter of 2021.

“I am pleased with our third quarter performance, which demonstrates the progress we’ve made across our business to establish a stronger foundation for growth. We remain enthusiastic about our efforts to innovate through new solutions designed to enable healthy vibrant lives for the members of our health plan, employer and public sector customers. Our organization is energized about the opportunity to join with Centene’s Health Care Enterprises division following the completion of the pending merger,” said Kenneth Fasola, chief executive officer, Magellan Health.

Net Revenue

Net revenue from continuing operations was $1.25 billion for the third quarter of 2021, an increase of 7.2% compared to third quarter of 2020 primarily due to net new business growth in the Healthcare segment, partially offset by a modest decline in the Pharmacy Management segment as a result of the January 1, 2021 non-renewal of Magellan Rx’s Individual Part D Prescription Drug Plan (PDP).

Segment Profit

Segment profit from continuing operations was $38.0 million for third quarter of 2021, an increase of 11.4% compared to $34.1 million in the third quarter of 2020.

  • Healthcare segment profit was $20.6 million, representing a slight decrease of $0.6 million from 2020. An increase in corporate investments, was largely off-set by favorable net business growth.
  • Pharmacy Management segment profit was $29.0 million, compared to $31.4 million in 2020. Growth in specialty and government coupled with the non-renewal of Magellan Rx’s Individual PDP, were offset by an increase in corporate investments and new contract implementation costs.
  • Corporate segment costs inclusive of eliminations, but excluding stock compensation expense, totaled $11.6 million, as compared to $18.6 million in 2020. This decrease was primarily driven by the reduction of stranded corporate overhead expenses associated with discontinued operations in the prior year quarter.

Other Items

The Company recorded a special charge of $1.9 million during the third quarter of 2021 primarily related to non-cash lease termination and abandonment costs for planned reductions to the Company’s real estate footprint related to the transformation operational initiatives.

The income from discontinued operations, net of tax, for the third quarter of 2021 was $6.1 million, as compared to income from discontinued operations of $28.9 million during the third quarter of 2020. This decrease is due to the sale of Magellan Complete Care business (“MCC Business”) to Molina Healthcare, Inc. (“Molina”) effective December 31, 2020.

Cash Flow & Balance Sheet

Cash flow provided by operating activities from continuing operations for the nine months ended September 30, 2021, was $60.1 million, as compared to $54.2 million for the nine months ended September 30, 2020.

As of September 30, 2021, the Company’s unrestricted cash and investments totaled $1.012 billion, as compared to $1.149 billion at December 31, 2020. This decrease is largely due to voluntary term loan repayments of $100 million in March, tax payments of approximately $75 million which mainly relate to the gain from the sale of the MCC business and unfavorable changes in working capital. Approximately $37.5 million of the unrestricted cash and investments at September 30, 2021 is related to excess capital and undistributed earnings held at regulated entities of continuing operations.

Earnings Conference Call

Due to the pending transaction with Centene, the Company is not hosting a conference call in conjunction with its third quarter 2021 earnings release and does not expect to do so in future quarters. Please direct any questions regarding this earnings release to Magellan’s Investor Relations or Media contacts.

Basis of Presentation

In addition to results determined under Generally Accepted Accounting Principles (GAAP), Magellan provides certain non-GAAP financial measures that management believes are useful in assessing the Company’s performance. Following is a description of these important non-GAAP measures.

Segment profit is equal to net revenue less the sum of cost of care, cost of goods sold, direct service costs and other operating expenses, and includes income from unconsolidated subsidiaries and the settlement of a legal matter, but excludes segment profit or loss from non-controlling interests held by other parties, stock compensation expense, special charges or benefits, as well as changes in the fair value of contingent consideration recorded in relation to acquisitions.

Adjusted net income and adjusted earnings per share reflect certain adjustments made for acquisitions to exclude non‑cash stock compensation expense resulting from restricted stock purchases by sellers, changes in the fair value of contingent consideration, amortization of identified acquisition intangibles, as well as impairment of identified acquisition intangibles, special charges, and any impact related to the sale of MCC.

Included in the tables issued with this press release are the reconciliations from GAAP measures to the corresponding non-GAAP measures.

MCC Business Reflected as Discontinued Operations

Due to the sale of the MCC Business to Molina, the consolidated financial statements for all periods presented reflect the MCC Business as discontinued operations.

About Magellan Health: Magellan Health, Inc. is a leader in managing the fastest growing, most complex areas of health, including special populations, complete pharmacy benefits and other specialty areas of healthcare. Magellan supports innovative ways of accessing better health through technology, while remaining focused on the critical personal relationships that are necessary to achieve a healthy, vibrant life. Magellan’s customers include health plans and other managed care organizations, employers, labor unions, various military and governmental agencies and third-party administrators. For more information, visit MagellanHealth.com.

Forward-Looking Statements

This press release include statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Without limiting the foregoing, the words “believes,” “anticipates,” “plans,” “expects,” “may,” “should,” “could,” “estimate,” “intend” and other similar expressions are intended to identify forward-looking statements. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Important proposed merger-related and other risk factors that may cause such differences include: (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the proposed merger; (ii) the transaction closing conditions may not be satisfied in a timely manner or at all, including due to the failure to obtain regulatory approvals; (iii) the announcement and pendency of the proposed merger may disrupt the Company’s business operations (including the threatened or actual loss of employees, customers or suppliers); and (iv) the Company could experience financial or other setbacks if the transaction encounters unanticipated problems. Other important factors that could cause actual results to differ materially from those expressed or implied include the effectiveness of business continuity plans during, and the risks associated with, the COVID-19 pandemic; termination or non-renewal of customer contracts; changes in rates paid to and/or by the Company by customers and/or providers; our ability to develop and maintain satisfactory relationships with providers; higher utilization of healthcare services by the Company’s members; risks and uncertainties associated with the pharmacy benefits management industry; costs to maintain or upgrade our information technology and other business systems and the effectiveness and security of such systems; cyberattacks, other privacy/data security incidents, and/or our failure to comply with related regulations; delays, higher costs or inability to obtain and/or implement new business or other Company initiatives; the impact of changes in the contracting model for Medicaid contracts; impairment of our goodwill and intangible assets; the impact of new or amended laws or regulations; costs and other liabilities associated with litigation, government investigations, audits or reviews; competition; operational issues; healthcare reform; and general business conditions. Additional factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risks discussed in the “Risk Factors” section included within the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, to be filed with the Securities and Exchange Commission later today, and subsequent reports on Forms 10-Q and 8-K. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.

MAGELLAN HEALTH, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
 
December 31, 2020 September 30, 2021
(unaudited)
ASSETS
 
Current Assets:
Cash and cash equivalents

$

1,144,450

$

1,038,458

Accounts receivable, net

 

743,502

 

827,169

Short-term investments

 

140,847

 

155,518

Pharmaceutical inventory

 

43,334

 

39,832

Other current assets

 

84,264

 

143,442

Total Current Assets

 

2,156,397

 

2,204,419

Property and equipment, net

 

136,739

 

137,046

Long-term investments

 

2,612

 

Deferred income taxes

 

1,842

 

Other long-term assets

 

108,797

 

81,008

Goodwill

 

873,779

 

873,830

Other intangible assets, net

 

79,689

 

57,147

Total Assets

$

3,359,855

$

3,353,450

 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
Current Liabilities:
Accounts payable

$

137,380

$

171,774

Accrued liabilities

 

354,906

 

231,196

Medical claims payable

 

111,851

 

187,177

Other medical liabilities

 

126,921

 

162,658

Current debt, finance lease and deferred financing obligations

 

6,521

 

3,214

Total Current Liabilities

 

737,579

 

756,019

Long-term debt, finance lease and deferred financing obligations

 

631,855

 

516,368

Deferred income taxes

 

7,102

 

18,768

Tax contingencies

 

11,002

 

12,913

Deferred credits and other long-term liabilities

 

69,283

 

76,219

Total Liabilities

 

1,456,821

 

1,380,287

Redeemable non-controlling interest

 

33,062

 

39,261

Stockholders’ Equity:
Ordinary common stock

 

555

 

560

Additional paid-in capital

 

1,477,219

 

1,512,919

Retained earnings

 

1,857,130

 

1,885,194

Accumulated other comprehensive loss

 

(205)

 

(44)

Ordinary common stock in treasury, at cost

 

(1,464,727)

 

(1,464,727)

Total Stockholders’ Equity

 

1,869,972

 

1,933,902

Total Liabilities and Stockholders’ Equity

$

3,359,855

$

3,353,450

MAGELLAN HEALTH, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(In thousands, except per share amounts)
 
Three Months Ended Nine Months Ended
September 30, September 30,

 

2020

 

 

2021

 

 

2020

 

 

2021

 

Net revenue:
Managed care and other

$

568,688

 

$

668,591

 

$

1,670,567

 

$

1,970,708

 

PBM

 

601,429

 

 

585,527

 

 

1,722,004

 

 

1,665,827

 

Total net revenue

 

1,170,117

 

 

1,254,118

 

 

3,392,571

 

 

3,636,535

 

 
Costs, expenses and other income:
Cost of care

 

364,438

 

 

437,308

 

 

1,035,377

 

 

1,247,234

 

Cost of goods sold

 

560,269

 

 

546,337

 

 

1,621,577

 

 

1,559,221

 

Direct service costs and other operating expenses (1)

 

216,770

 

 

238,471

 

 

620,767

 

 

713,065

 

Legal matter settlement

 

 

 

 

 

 

 

(9,000

)

Depreciation and amortization

 

24,730

 

 

23,671

 

 

71,976

 

 

67,613

 

Interest expense

 

7,286

 

 

5,969

 

 

24,239

 

 

18,629

 

Interest and other income

 

(349

)

 

(299

)

 

(2,119

)

 

(848

)

Special charges and other

 

16,599

 

 

1,914

 

 

24,908

 

 

8,119

 

Total costs, expenses and other income

 

1,189,743

 

 

1,253,371

 

 

3,396,725

 

 

3,604,033

 

(Loss) income from continuing operations before income taxes

 

(19,626

)

 

747

 

 

(4,154

)

 

32,502

 

(Benefit) provision for income taxes

 

(2,330

)

 

861

 

 

(32,896

)

 

10,570

 

Net (loss) income from continuing operations

 

(17,296

)

 

(114

)

 

28,742

 

 

21,932

 

Income from discontinued operations, net of tax

 

28,943

 

 

6,050

 

 

84,660

 

 

11,165

 

Net income

$

11,647

 

$

5,936

 

$

113,402

 

$

33,097

 

 
Weighted average number of common shares outstanding — basic

 

25,448

 

 

26,247

 

 

25,078

 

 

26,120

 

Weighted average number of common shares outstanding — diluted

 

25,448

 

 

26,247

 

 

25,317

 

 

26,626

 

 
Net income (loss) per common share — basic (3)
Continuing operations

$

(0.68

)

$

(0.20

)

$

1.15

 

$

0.65

 

Discontinued operations

 

1.14

 

 

0.23

 

 

3.37

 

 

0.43

 

Consolidated operations

$

0.46

 

$

0.03

 

$

4.52

 

$

1.08

 

Net income (loss) per common share — diluted (3)
Continuing operations

$

(0.68

)

$

(0.20

)

$

1.14

 

$

0.63

 

Discontinued operations

 

1.14

 

 

0.23

 

 

3.34

 

 

0.42

 

Consolidated operations

$

0.46

 

$

0.03

 

$

4.48

 

$

1.05

 

 
Net income

$

11,647

 

$

5,936

 

$

113,402

 

$

33,097

 

Other comprehensive income:
Unrealized (losses) gains on available-for-sale securities (2)

 

(481

)

 

(24

)

 

(23

)

 

161

 

Comprehensive income

$

11,166

 

$

5,912

 

$

113,379

 

$

33,258

 

 
 
(1) Includes stock compensation expense of $5,442 and $5,974 for the three months ended September 30, 2020 and 2021, respectively, and $17,831 and $19,384 for the nine months ended September 30, 2020 and 2021, respectively.
 
(2) Net of income tax (benefit) provision of $(160) and $(9) for the three months ended September 30, 2020 and 2021, respectively, and $(8) and $60 for the nine months ended September 30, 2020 and 2021, respectively.
 
(3) During the three months ended September 30, 2021, the Company recorded a $5.0 million adjustment to increase the carrying value of redeemable non-controlling interest with an off-setting entry to retained earnings which is reflected in the earnings per share calculation, but is not recorded as a charge to net income from continuing operations.
MAGELLAN HEALTH, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
 
Nine Months Ended
September 30,

 

2020

 

 

2021

 

Cash flows from operating activities:
Net income

$

113,402

 

$

33,097

 

Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization

 

88,061

 

 

67,613

 

Special charges and other

 

24,908

 

 

8,119

 

Gain on sale of MCC

 

 

 

(16,713

)

Non-cash interest expense

 

1,297

 

 

1,066

 

Non-cash stock compensation expense

 

18,854

 

 

19,384

 

Non-cash income tax (benefit) provision

 

(26,537

)

 

13,883

 

Non-cash accretion on investments

 

2,371

 

 

2,271

 

Changes in assets and liabilities, net of effects from acquisitions of businesses:
Accounts receivable, net

 

(78,682

)

 

(30,846

)

Pharmaceutical inventory

 

7,325

 

 

3,502

 

Other assets

 

(66,612

)

 

(75,253

)

Accounts payable and accrued liabilities

 

110,710

 

 

(89,065

)

Medical claims payable and other medical liabilities

 

47,478

 

 

111,063

 

Tax contingencies

 

1,914

 

 

1,478

 

Deferred credits and other long-term liabilities

 

(11,572

)

 

6,936

 

Other

 

(965

)

 

3,521

 

Net cash provided by operating activities

 

231,952

 

 

60,056

 

Net cash provided by operating activities from discontinued operations

 

177,800

 

 

 

Net cash used in operating activities from continuing operations

 

54,152

 

 

60,056

 

 
Cash flows from investing activities:
Capital expenditures

 

(56,006

)

 

(48,000

)

Acquisitions and investments in businesses, net of cash acquired

 

(2,066

)

 

(2,373

)

Purchases of investments

 

(661,004

)

 

(779,758

)

Proceeds from maturities and sales of investments

 

500,660

 

 

765,468

 

Net cash used in investing activities

 

(218,416

)

 

(64,663

)

Net cash used in investing activities from discontinued operations

 

(164,836

)

 

 

Net cash used in investing activities from continuing operations

 

(53,580

)

 

(64,663

)

 
Cash flows from financing activities:
Proceeds from borrowings on revolving line of credit

 

80,000

 

 

 

Proceeds from exercise of stock options

 

48,284

 

 

17,758

 

Payments on debt, finance lease and deferred financing obligations

 

(126,110

)

 

(117,706

)

Other

 

902

 

 

(1,437

)

Net cash provided by (used in) financing activities

 

3,076

 

 

(101,385

)

Net cash used in financing activities from discontinued operations

 

(32,650

)

 

 

Net cash provided by (used in) financing activities from continuing operations

 

35,726

 

 

(101,385

)

 
Net increase (decrease) in cash and cash equivalents from continuing operations

 

36,298

 

 

(105,992

)

Cash and cash equivalents at beginning of period

 

115,752

 

 

1,144,450

 

Cash and cash equivalents at end of period

$

152,050

 

$

1,038,458

 

MAGELLAN HEALTH, INC. AND SUBSIDIARIES
CONTINUING OPERATIONS RESULTS BY BUSINESS SEGMENT
(Unaudited)
(In thousands)
 
Three Months Ended Nine Months Ended
September 30, September 30,

 

2020

 

 

2021

 

 

2020

 

 

2021

 

Healthcare
Managed care and other revenue

$

489,451

 

$

580,278

 

$

1,459,378

 

$

1,698,427

 

Cost of care

 

(364,438

)

 

(437,308

)

 

(1,035,377

)

 

(1,247,234

)

Direct service costs and other

 

(104,610

)

 

(123,843

)

 

(310,996

)

 

(365,577

)

Stock compensation expense (1)

 

833

 

 

1,465

 

 

4,696

 

 

5,919

 

Healthcare segment profit

 

21,236

 

 

20,592

 

 

117,701

 

 

91,535

 

 
Pharmacy Management
Managed care and other revenue

 

79,382

 

 

88,488

 

 

211,684

 

 

272,761

 

PBM revenue

 

606,546

 

 

588,851

 

 

1,736,519

 

 

1,676,158

 

Cost of goods sold

 

(565,121

)

 

(549,472

)

 

(1,635,380

)

 

(1,568,998

)

Direct service costs and other

 

(91,012

)

 

(101,037

)

 

(252,960

)

 

(310,189

)

Legal matter settlement

 

 

 

 

 

 

 

9,000

 

Stock compensation expense (1)

 

1,615

 

 

2,125

 

 

5,661

 

 

7,167

 

Pharmacy Management segment profit

 

31,410

 

 

28,955

 

 

65,524

 

 

85,899

 

 
Corporate and Elimination (2)
Managed care and other revenue

 

(145

)

 

(175

)

 

(495

)

 

(480

)

PBM revenue

 

(5,117

)

 

(3,324

)

 

(14,515

)

 

(10,331

)

Cost of goods sold

 

4,852

 

 

3,135

 

 

13,803

 

 

9,777

 

Direct service costs and other

 

(21,148

)

 

(13,591

)

 

(56,811

)

 

(37,299

)

Stock compensation expense (1)

 

2,994

 

 

2,384

 

 

7,474

 

 

6,298

 

Corporate and Elimination

 

(18,564

)

 

(11,571

)

 

(50,544

)

 

(32,035

)

 
Consolidated
Managed care and other revenue

 

568,688

 

 

668,591

 

 

1,670,567

 

 

1,970,708

 

PBM revenue

 

601,429

 

 

585,527

 

 

1,722,004

 

 

1,665,827

 

Cost of care

 

(364,438

)

 

(437,308

)

 

(1,035,377

)

 

(1,247,234

)

Cost of goods sold

 

(560,269

)

 

(546,337

)

 

(1,621,577

)

 

(1,559,221

)

Direct service costs and other

 

(216,770

)

 

(238,471

)

 

(620,767

)

 

(713,065

)

Legal matter settlement

 

 

 

 

 

 

 

9,000

 

Stock compensation expense (1)

 

5,442

 

 

5,974

 

 

17,831

 

 

19,384

 

Segment profit from continuing operations

$

34,082

 

$

37,976

 

$

132,681

 

$

145,399

 

 
 
Reconciliation of income from continuing operations before income taxes (GAAP) to segment profit (non-GAAP):
(Loss) income from continuing operations before income taxes

$

(19,626

)

$

747

 

$

(4,154

)

$

32,502

 

Stock compensation expense

 

5,442

 

 

5,974

 

 

17,831

 

 

19,384

 

Depreciation and amortization

 

24,730

 

 

23,671

 

 

71,976

 

 

67,613

 

Interest expense

 

7,286

 

 

5,969

 

 

24,239

 

 

18,629

 

Interest and other income

 

(349

)

 

(299

)

 

(2,119

)

 

(848

)

Special charges and other

 

16,599

 

 

1,914

 

 

24,908

 

 

8,119

 

Segment profit from continuing operations

$

34,082

 

$

37,976

 

$

132,681

 

$

145,399

 

 
 
(1) Stock compensation expense, changes in the fair value of contingent consideration recorded in relation to acquisitions and impairment of intangible assets are included in direct service costs and other operating expenses; however, these amounts are excluded from the computation of segment profit.
 
(2) Pharmacy Management provides pharmacy benefits management for certain Healthcare customers, and the Company’s employees covered under its medical plan. As such, revenue, cost of goods sold and direct service costs and other related to these arrangements are eliminated.
MAGELLAN HEALTH, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited)
(In thousands, except per share amounts)
 
Three Months Ended Nine Months Ended
September 30, September 30,

 

2020

 

 

2021

 

 

2020

 

 

2021

 

 
Net (loss) income from continuing operations

$

(17,296

)

$

(114

)

$

28,742

 

$

21,932

 

Adjustments
Stock compensation expense

 

 

 

252

 

 

 

 

747

 

Amortization of acquired intangibles, net of non-controlling interest

 

9,924

 

 

6,090

 

 

29,183

 

 

21,736

 

Special charges and other

 

16,599

 

 

1,914

 

 

24,908

 

 

8,119

 

Tax impact

 

(6,975

)

 

(2,176

)

 

(14,388

)

 

(8,064

)

Nonrecurring tax benefit – divestiture

 

(105

)

 

 

 

(39,012

)

 

 

Adjusted net income from continuing operations

$

2,147

 

$

5,966

 

$

29,433

 

$

44,470

 

 
 
Net (loss) income per common share attributable to Magellan —Diluted (1)

$

(0.68

)

$

(0.20

)

$

1.14

 

$

0.63

 

Adjustments
Stock compensation expense

 

 

 

0.01

 

 

 

 

0.03

 

Amortization of acquired intangibles, net of non-controlling interest

 

0.39

 

 

0.23

 

 

1.15

 

 

0.82

 

Special charges and other

 

0.65

 

 

0.07

 

 

0.98

 

 

0.30

 

Tax impact

 

(0.27

)

 

(0.08

)

 

(0.57

)

 

(0.30

)

Nonrecurring tax benefit – divestiture

 

(0.01

)

 

 

 

(1.54

)

 

 

Adjusted earnings per share (1)

$

0.08

 

$

0.03

 

$

1.16

 

$

1.48

 

 
(1) During the three months ended September 30, 2021, the Company recorded a $5.0 million adjustment to increase the carrying value of redeemable non-controlling interest with an off-setting entry to retained earnings which is reflected in the earnings per share calculation, but is not recorded as a charge to net income from continuing operations.
 

 (MGLN-GEN)

Contacts

Media: Lilly Ackley, [email protected], (860) 507-1923

Investor: Darren Lehrich, [email protected], (860) 507-1814