PR Newswire
SAN JUAN, Puerto Rico, Aug. 5, 2021
SAN JUAN, Puerto Rico, Aug. 5, 2021 /PRNewswire/ -- Triple-S Management Corporation (NYSE:GTS), a leading healthcare services company in Puerto Rico, today announced its second quarter 2021 results.
Roberto Garcia-Rodriguez, President and Chief Executive Officer, commented: "We had another solid quarter and are pleased with our overall performance for the first half of 2021 as utilization trends fully normalize. We once again generated double-digit revenue growth year-over-year driven by our Medicaid offering and bolstered by another quarter of solid growth at our Life and P&C segments. We are also making steady progress on our integrated healthcare strategy, with plans to introduce team-based, integrated chronic care management programs in the next few months. We remain confident in our expectations for the full year and continue to deliver attractive products, high-quality care and superior service to our members."
Second Quarter 2021 Consolidated Results and Other Highlights
Selected Segment Quarterly Details
Managed Care
Life Insurance Segment
Property and Casualty Segment
Liquidity and Capital Resources
2021 Outlook
The Company is maintaining its full-year 2021 guidance.
Conference Call and Webcast
Management will host a conference call and webcast today at 8:30 a.m. Eastern Time to discuss its financial results for the three months ended June 30, 2021. To participate, callers within the U.S. and Canada should dial 1-866-269-4260 and international callers should dial 1-323-347-3277 at least ten minutes before the call.
To listen to the webcast, participants should visit the "Investor Relations" section of the Company's website at www.triplesmanagement.com several minutes before the event is broadcast and follow the instructions provided to ensure they have the necessary audio application downloaded and installed. This program is provided at no charge to the user. An archived version of the call, also located on the "Investor Relations" section of Triple-S Management's website, will be available about two hours after the call ends for one year. This news release, along with other information relating to the call, will be available on the "Investor Relations" section of the website.
About Triple-S Management Corporation
Triple-S Management Corporation, a health services company, is one of the top players in the Puerto Rico healthcare industry, with over 60 years of experience. It is the premier insurance and managed care brand, with the largest customer base and broadest provider networks on the island. We have the exclusive right to use the Blue Cross Blue Shield name and mark throughout Puerto Rico, the U.S. Virgin Islands, Costa Rica, the British Virgin Islands and Anguilla, and offer a broad portfolio of managed care and related products in the Commercial, Medicare Advantage and Medicaid markets. Triple-S is also a well-known brand in the life insurance and property and casualty insurance markets in Puerto Rico, with strong customer relationships and a significant market share. For more information about Triple-S Management, visit www.triplesmanagement.com or contact investorrelations@ssspr.com.
Non-GAAP Financial Measures
This earnings release presents information about the Company's adjusted net income, which is a non-GAAP financial metric provided as a complement to the results provided in accordance with accounting principles generally accepted in the United States of America (GAAP). A reconciliation of adjusted net income to net income, the most comparable GAAP financial measure, is provided in the accompanying tables found at the end of this release.
Forward-Looking Statements
This document contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information about possible or assumed future sales, results of operations, developments, regulatory approvals or other circumstances. Sentences that include "believe", "expect", "plan", "intend", "estimate", "anticipate", "project", "may", "will", "shall", "should" and similar expressions, whether in the positive or negative, are intended to identify forward-looking statements.
All forward-looking statements in this news release reflect management's current views about future events and are based on assumptions and subject to risks and uncertainties. Consequently, actual results may differ materially from those expressed here as a result of various factors, including all the risks discussed and identified in public filings with the U.S. Securities and Exchange Commission (SEC).
In addition, the Company operates in a highly competitive, constantly changing environment, influenced by very large organizations that have resulted from business combinations, aggressive marketing and pricing practices of competitors, and regulatory oversight. The following factors, if markedly different from the Company's planning assumptions (either individually or in combination), could cause Triple-S Management's results to differ materially from those expressed in any forward-looking statements shared here:
This list is not exhaustive. Management believes the forward-looking statements in this release are reasonable. However, there is no assurance that the actions, events or results anticipated by the forward-looking statements will occur or, if any of them do, what impact they will have on the Company's results of operations or financial condition. In view of these uncertainties, investors should not place undue reliance on any forward-looking statements, which are based on current expectations. In addition, forward-looking statements are based on information available the day they are made, and (other than as required by applicable law, including the securities laws of the United States) the Company does not intend to update or revise any of them in light of new information or future events.
Readers are advised to carefully review and consider the various disclosures in the Company's SEC reports.
Earnings Release Schedules and Supplemental Information |
Condensed Consolidated Balance Sheets............................................................................... Exhibit I |
Condensed Consolidated Statements of Earnings................................................................... Exhibit II |
Condensed Consolidated Statements of Cash Flows.............................................................. Exhibit III |
Segment Performance Supplemental Information.................................................................... Exhibit IV |
Reconciliation of Non-GAAP Financial Measures..................................................................... Exhibit V |
Exhibit I
Condensed Consolidated Balance Sheets | |||||||||||
(dollar in thousands) | |||||||||||
Unaudited | |||||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | June 30, | | December 31, | ||
Assets | | | | | | | |||||
| | | | | | | | | | | |
Investments | | $ | 1,942,176 | | $ | 1,874,024 | |||||
Cash and cash equivalents | | | 174,390 | | | 110,989 | |||||
Premium and other receivables, net | | | 484,617 | | | 488,840 | |||||
Deferred policy acquisition costs and value of business acquired | | 252,064 | | | 248,325 | ||||||
Property and equipment, net | | | 136,146 | | | 131,974 | |||||
Other assets | | | 236,069 | | | 234,266 | |||||
| | | | | | | | | | ||
| Total assets | | | $ | 3,225,462 | | $ | 3,088,418 | |||
| | | | | | | | | | ||
| | | | | | | | | | | |
Liabilities and Stockholders' Equity | | | | | | | |||||
| | | | | | | | | | | |
Policy liabilities and accruals | | $ | 1,596,684 | | $ | 1,550,798 | |||||
Accounts payable and accrued liabilities | | | 528,442 | | | 487,356 | |||||
Short-term borrowings | | | 45,000 | | | 30,000 | |||||
Long-term borrowings | | | 50,583 | | | 52,751 | |||||
| | | | | | | | | | ||
| Total liabilities | | | | 2,220,709 | | | 2,120,905 | |||
| | | | | | | | | | ||
Stockholders' equity: | | | | | | | |||||
| Common stock | | | 23,796 | | | 23,430 | ||||
| Other stockholders' equity | | | 981,683 | | | 944,800 | ||||
| | | | | | | | | | ||
| Total Triple-S Management Corporation stockholders' equity | | | 1,005,479 | | | 968,230 | ||||
| | | | | | | | | | | |
Non-controlling interest in consolidated subsidiary | | | (726) | | | (717) | |||||
| | | | | | | | | | | |
Total stockholders' equity | | | 1,004,753 | | | 967,513 Werbung Mehr Nachrichten zur TRIPLE-S MANAG.CORP.B Aktie kostenlos abonnieren
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