Health Net 2013 Annual Report Download - page 62

60
Item 6. Selected Financial Data.
The following selected financial and operating data as of and for the years ended December 31, 2013, 2012, and 2011
are derived from our audited consolidated financial statements and notes thereto contained in this Annual Report on Form 10-
K. The selected financial and operating data as of and for the years ended December 31, 2010 and 2009 are derived from our
audited consolidated financial statements which are not included herein. The selected financial and operating data should be
read in conjunction with “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations”
and the consolidated financial statements and notes thereto contained elsewhere in this Annual Report on Form 10-K.
Year Ended December 31,
2013 2012 2011 2010 2009
(Dollars in thousands, except per share and PMPM data)
REVENUES:
Health plan services premiums............................... $ 10,377,073 $ 10,459,098 $ 9,878,687 $ 9,492,460 $ 11,975,356
Government contracts............................................. 572,266 689,121 1,416,619 3,344,483 3,104,700
Net investment income ........................................... 69,613 82,434 74,161 71,181 105,930
Administrative services fees and other income ...... 34,791 17,968 11,523 21,126 61,976
Divested operations and services revenue .............. — 40,471 34,446 186,167 —
Total revenues............................................. $ 11,053,743 $ 11,289,092 $ 11,415,436 $ 13,115,417 $ 15,247,962
INCOME SUMMARY (1):...................................
Income (loss) from continuing operations.............. $ 170,126 $ 25,681 $ 61,056 $ 171,885 $ (81,948)
Income on discontinued operation, net of tax......... — 96,382 11,064 32,358 32,944
Net income (loss).................................................... $ 170,126 $ 122,063 $ 72,120 $ 204,243 $ (49,004)
NET INCOME (LOSS) PER SHARE—
DILUTED (1): .................................................
Income (loss) from continuing operations.............. $ 2.12 $ 0.31 $ 0.68 $ 1.73 $ (0.79)
Income of discontinued operation, net of tax.......... $ — $ 1.16 $ 0.12 $ 0.33 $ 0.32
Net income (loss).................................................... $ 2.12 $ 1.47 $ 0.80 $ 2.06 $ (0.47)
Weighted average shares outstanding:....................
Diluted......................................................... 80,404 83,112 89,970 99,232 103,849
BALANCE SHEET DATA:..................................
Cash and cash equivalents and investments
available for sale ............................................... $ 2,059,943 $ 2,152,622 $ 1,790,397 $ 2,022,112 $ 2,079,815
Total assets.............................................................. 3,929,125 3,934,390 3,607,669 4,131,693 4,282,651
Loans payable—Current......................................... — — — — 104,007
Loans payable—Long term..................................... 100,000 100,000 112,500 — 100,000
Senior notes payable ............................................... 399,300 399,095 398,890 398,685 398,480
Total stockholders’ equity (2)................................. 1,628,811 1,557,030 1,443,146 1,694,416 1,695,783
OPERATING DATA:
............................................
Pretax margin from continuing operations ............. 2.4% 0.3% 1.4% 2.1% (0.5)%
Western Region Operations health plans services
medical care ratio (MCR) ................................. 85.6% 89.1% 86.5% 87.1% 87.1%
Western Region Operations G&A expense ratio..... 10.3% 8.6% 8.6% 8.5% 8.2%
Western Region Operations selling costs ratio....... 2.3% 2.4% 2.4% 2.5% 2.5%
Western Region Operations health plan services
premiums per member per month (PMPM)...... $349.92 $341.28 $322.28 $315.55 $305.12
Western Region Operations health plan services
costs PMPM...................................................... $299.66 $304.01 $278.85 $274.70 $265.86
Net cash provided by operating activities............... $ 95,839 $ 32,540 $ 103,380 $ 308,038 $ 82,659
Net cash provided by (used in) investing activities $ 579 $ (12,558) $ 222,227 $ (200,593) $ (135,174)
Net cash (used in) provided by financing activities $ (3,373) $ 89,875 $ (445,492) $ (440,110) $ 67,117
__________
(1) For 2013, we had approximately $56 million in favorable reserve developments related to prior years. These reserve developments
related to prior years when considered together with the provision for adverse deviation recorded as of December 31, 2013, did not have a