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Press release from Business Wire

WellCare Reports Annual and Fourth Quarter 2010 Results

Wednesday, February 16, 2011

WellCare Reports Annual and Fourth Quarter 2010 Results06:30 EST Wednesday, February 16, 2011 TAMPA, Fla. (Business Wire) -- WellCare Health Plans, Inc. (NYSE: WCG) today reported results for the year and fourth quarter ended December 31, 2010. As determined under generally accepted accounting principles (“GAAP”), net income for the fourth quarter of 2010 was $26.1 million, or $0.61 per diluted share, compared with $11.1 million, or $0.26 per diluted share, for the fourth quarter of 2009. Adjusted net income for the fourth quarter of 2010 was $30.4 million, or $0.71 per diluted share, compared with $20.0 million, or $0.47 per diluted share for the fourth quarter of 2009. As determined under GAAP, the Company reported a net loss for the year 2010 of $53.4 million, or $1.26 per diluted share, compared with net income of $39.9 million, or $0.95 per diluted share, for the year 2009. Adjusted net income for the year 2010 was $114.2 million, or $2.67 per diluted share, compared with $126.6 million, or $3.00 per diluted share, for the year 2009. “We are pleased with our accomplishments in 2010, which are the foundation for our optimism about continued strategic, operational, and financial progress in 2011,” said Alec Cunningham, WellCare's chief executive officer. “We are confident that we will continue to strengthen our service and value to our members, government customers, and business partners in 2011 and beyond.” WellCare made progress on its top priorities during 2010. With respect to improving health care quality and access, WellCare received full URAC health plan accreditation for its two Florida health plans, increased many of its Medicare Advantage plans' and prescription drug plans' (“PDPs'”) star scores, and increased a number of Healthcare Effectiveness Data and Information Set (“HEDIS®”) measures for its Medicaid plans. In addition, the Company's administrative cost structure was a focus with the execution of a strategic and organizational restructuring and process improvements that have positioned WellCare for an anticipated 80 to 100 basis point reduction in its administrative expense ratio in 2011. During 2010, WellCare also invested in delivering prudent, profitable growth in its three business segments. These investments are the drivers of expected premium revenue growth of 8% to 10% in 2011. Finally, the Company made progress in resolving complex legal and regulatory matters, including various previously disclosed government investigations and related litigation. Basis of Presentation WellCare has reassessed its reporting practices and, beginning this quarter, is reporting Medicaid premium tax expense separate from selling, general, and administrative (“SG&A”) expense. Historically, the Company has reported premium tax expense within SG&A expense. In addition, the Company is excluding Medicaid premium taxes from premium revenue when calculating its medical benefits ratios (“MBRs”), administrative expense ratio, and other key measurements. The Company believes that reporting certain measurements excluding Medicaid premium taxes provides useful information for investors, as the impact of Medicaid premium taxes on the Company's key ratios and measurements is not indicative of operating performance. In addition to results determined under GAAP, net income and certain other operating results described in this news release are reported after adjustment for certain SG&A expenses related to previously disclosed government investigations and related litigation and associated resolution costs that management believes are not indicative of long-term business operations. Please refer to the schedules in this news release that provide supplemental information reconciling results determined under GAAP to adjusted results. Highlights of Operations for the Fourth Quarter Adjusted net income for the fourth quarter of 2010 was favorable in comparison to the fourth quarter of 2009 primarily due to decreases in the MBRs of all three of the Company's segments, which were driven by lower medical benefits expense, as well as decreased SG&A expense. These improvements were offset in part by decreased gross margin from the December 31, 2009, withdrawal of the Company's Medicare Advantage private fee-for-service (“PFFS”) plans and from reduced membership in the Company's Medicare Advantage coordinated care plans (“CCPs”) due mainly to the impact of the previously disclosed 2009 Centers for Medicare & Medicaid Services (“CMS”) marketing sanction. Membership as of December 31, 2010, decreased to 2.2 million, compared with 2.3 million members as of December 31, 2009. Medicaid segment membership decreased by 9,000 year-over-year to 1.3 million as of December 31, 2010. Medicare Advantage membership decreased year-over-year by 109,000 members. The withdrawal from PFFS plans reduced membership by 95,000 year-over-year. Medicare Advantage CCP membership decreased 14,000. PDP membership increased 21,000 year-over-year, to end the year at 768,000 members, up from 747,000 members at December 31, 2009. Premium revenue for the fourth quarter 2010 decreased 17% year-over-year to $1.3 billion. The decrease was attributable to the withdrawal of PFFS plans and to the impact of the 2009 CMS marketing sanction on Medicare Advantage segment revenue, offset in part by growth in revenue in the PDP and Medicaid segments. Medical benefits expense was $1.1 billion, a decrease of 21% from the fourth quarter of 2009. The MBR was 82.5% in the fourth quarter of 2010, compared with 86.0% in the fourth quarter of 2009. The decrease was driven by the improved performance of the Company's PDPs and Medicaid plans, as well as the withdrawal from PFFS plans. SG&A expense as determined under GAAP was $194 million in the fourth quarter of 2010, compared with $203 million for the same period in 2009. Adjusted SG&A was $179 million in the fourth quarter of 2010, a decrease of 6% from $191 million in the same period last year. The year-over-year decrease in adjusted SG&A expense resulted principally from gains in operating efficiency and the withdrawal from PFFS plans. The adjusted administrative expense ratio was 13.4% in the fourth quarter of 2010, compared with 11.8% for the same period in 2009, due primarily to a lower revenue base in 2010 resulting from the withdrawal of the Company's PFFS plans and the impact of the 2009 CMS marketing sanction. Cash Flow and Financial Condition Highlights Net cash provided by operating activities as determined under GAAP was $223 million and $58 million for the years ended December 31, 2010 and 2009, respectively. Net cash provided by operating activities, modified for the timing of receipts from, and payments to, the Company's government clients, was $73 million and $93 million for the years ended December 31, 2010 and 2009, respectively. As of December 31, 2010, unregulated cash and short-term investments were approximately $193 million. Unregulated cash and short-term investments were approximately $201 million as of September 30, 2010, and $120 million on December 31, 2009. Days in claims payable were 62 days as of December 31, 2010, compared with 56 days as of September 30, 2010, and 53 days as of December 31, 2009. Financial Outlook WellCare is providing its financial outlook for the year ended December 31, 2011. Adjusted net income per diluted share is expected to be between approximately $2.45 and $2.70. Premium revenue is expected to be between approximately $5.8 and $5.9 billion. The 2011 Medicaid, Medicare Advantage, and PDP segments' MBRs each are anticipated to increase relative to the respective 2010 segment MBRs. The adjusted administrative expense ratio is expected to be in the range of 10.7% to 10.9%. All elements of the Company's outlook exclude the impact of Medicaid premium taxes. Webcast A discussion of WellCare's annual and fourth quarter 2010 results will be webcast live on Wednesday, February 16, 2011, beginning at 8:30 a.m. Eastern Time. A replay will be available beginning approximately one hour following the conclusion of the live broadcast and will be available for 30 days. The webcast is available via the Company's web site at www.wellcare.com and at www.earnings.com. About WellCare Health Plans, Inc. WellCare Health Plans, Inc. provides managed care services targeted to government-sponsored health care programs, focusing on Medicaid and Medicare. Headquartered in Tampa, Florida, WellCare offers a variety of health plans for families, children, and the aged, blind, and disabled, as well as prescription drug plans. The Company served approximately 2.2 million members nationwide as of December 31, 2010. For more information about WellCare, please visit the Company's website at www.wellcare.com. Cautionary Statement Regarding Forward-Looking Statements This news release contains “forward-looking” statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions are forward-looking statements. Our financial outlook contains forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause WellCare's actual future results to differ materially from those projected or contemplated in the forward-looking statements. These risks and uncertainties include, but are not limited to, WellCare's progress on top priorities such as improving health care quality and access, ensuring a competitive cost position, and delivering prudent, profitable growth. Additional information concerning these and other important risks and uncertainties can be found under the captions “Cautionary Statement Regarding Forward-Looking Statements” and “Risk Factors” in the Company's Annual Report on Form 10-K for the year ended December 31, 2009, and other subsequent filings by WellCare with the U.S. Securities and Exchange Commission, which contain discussions of WellCare's business and the various factors that may affect it. WellCare undertakes no duty to update these forward-looking statements to reflect any future events, developments, or otherwise. WELLCARE HEALTH PLANS, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited; Dollars in thousands except per share data)     Three Months EndedDecember 31,   Year Ended December 31,2010   20092010   2009 Revenues: Premium $ 1,334,625 $ 1,610,529 $ 5,373,816 $ 6,776,226 Medicaid premium taxes   18,296   10,914   56,374     91,026 Total premium 1,352,921 1,621,443 5,430,190 6,867,252 Investment and other income   2,529   2,537   10,035     10,912 Total revenues   1,355,450   1,623,980   5,440,225     6,878,164   Expenses: Medical benefits 1,100,761 1,385,247 4,536,631 5,862,457 Selling, general and administrative 194,203 202,862 895,894 805,238 Medicaid premium taxes 18,296 10,914 56,374 91,026 Depreciation and amortization 6,176 5,789 23,946 23,336 Interest   69   –   229     3,087 Total expenses   1,319,505   1,604,812   5,513,074     6,785,144   Income (loss) before income taxes 35,945 19,168 (72,849 ) 93,020 Income tax expense (benefit)   9,808   8,029   (19,449 )   53,149 Net income (loss) $ 26,137 $ 11,139 $ (53,400 ) $ 39,871   Net income (loss) per common share: Basic $ 0.62 $ 0.27 $ (1.26 ) $ 0.95 Diluted $ 0.61 $ 0.26 $ (1.26 ) $ 0.95   Weighted average common shares outstanding: Basic 42,492,250 41,977,007 42,365,061 41,823,497 Diluted 42,898,465 42,758,030 42,365,061 42,150,777     WELLCARE HEALTH PLANS, INC.CONSOLIDATED BALANCE SHEETS(Unaudited; Dollars in thousands)     As of December 31,2010   2009   ASSETS Current Assets: Cash and cash equivalents $ 1,359,548 $ 1,158,131 Investments 108,788 62,722 Premium receivables, net 127,796 285,808 Funds receivable for the benefit of members 33,182 77,851 Income taxes receivable 9,973 – Prepaid expenses and other current assets, net 114,492 104,079 Deferred income tax asset   61,392     28,874   Total current assets 1,815,171 1,717,465 Property, equipment and capitalized software, net 76,825 61,785 Goodwill 111,131 111,131 Other intangible assets, net 11,428 12,961 Long-term investments 62,931 51,710 Restricted investments 107,569 130,550 Deferred income tax asset 58,340 29,654 Other assets   3,898     3,191   Total Assets $ 2,247,293   $ 2,118,447     LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Medical benefits payable $ 742,990 $ 802,515 Unearned premiums 67,383 90,496 Accounts payable 8,284 5,270 Other accrued expenses and liabilities 199,033 220,562 Current portion of amounts accrued related to investigation resolution 121,406 18,192 Other payables to government partners 46,605 38,147 Income taxes payable   –     4,888   Total current liabilities 1,185,701 1,180,070 Amounts accrued related to investigation resolution 216,136 40,205 Other liabilities   13,410     17,272   Total liabilities   1,415,247     1,237,547   Commitments and contingencies – – Stockholders' Equity: Preferred stock, $0.01 par value (20,000,000 authorized, no shares issued or outstanding) – – Common stock, $0.01 par value (100,000,000 authorized, 42,541,725 and 42,361,207 shares issued and outstanding at December 31, 2010 and December 31, 2009, respectively) 425 424 Paid-in capital 428,818 425,083 Retained earnings 405,112 458,512 Accumulated other comprehensive loss   (2,309 )   (3,119 ) Total stockholders' equity   832,046     880,900   Total Liabilities and Stockholders' Equity $ 2,247,293   $ 2,118,447       WELLCARE HEALTH PLANS, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited; Dollars in thousands)     Year EndedDecember 31,2010   2009 Cash provided by (used in) operating activities: Net (loss) income $ (53,400 ) $ 39,871 Adjustments to reconcile net (loss) income to net cash provided by operating activities:     Depreciation and amortization 23,946 23,336 Equity-based compensation expense 14,801 44,149 Deferred taxes, net (61,204 ) 10,443 Provision for doubtful receivables (6,889 ) 1,945 Changes in operating accounts: Premium receivables, net 158,124 (74,014 ) Other receivables from government partners, net 6,728 (564 ) Prepaid expenses and other current assets, net (10,362 ) 28,586 Medical benefits payable (59,525 ) 36,336 Unearned premiums (23,113 ) 9,299 Accounts payable and other accrued expenses 752 (69,440 ) Other payables to government partners 8,458 30,047 Amounts accrued related to investigation resolution 256,207 8,397 Income taxes, net (21,134 ) (15,645 ) Other, net   (10,332 )   (14,821 ) Net cash provided by operating activities   223,057     57,925   Cash provided by (used in) investing activities: Purchases of investments (219,961 ) (16,115 ) Proceeds from sale and maturities of investments 163,993 27,466 Purchases of restricted investments (21,820 ) (65,299 ) Proceeds from maturities of restricted investments 44,800 133,665 Additions to property, equipment and capitalized software, net   (27,516 )   (16,078 ) Net cash (used in) provided by investing activities   (60,504 )   63,639   Cash provided by (used in) financing activities: Proceeds from option exercises and other 1,443 1,167 Purchase of treasury stock (6,237 ) (2,413 ) Payments on debt – (152,800 ) Payments on capital leases (1,011 ) – Funds received for the benefit of members   44,669     8,691   Net cash provided by (used in) financing activities   38,864     (145,355 ) Cash and cash equivalents: Increase (decrease) during year 201,417 (23,791 ) Balance at beginning of year   1,158,131     1,181,922   Balance at end of year $ 1,359,548   $ 1,158,131     SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid for taxes $ 75,962   $ 80,621   Cash paid for interest $ 228   $ 2,642   Equipment acquired through capital leases $ 8,868   $ 805   Non-cash additions to property, equipment and capitalized software $ 2,354   $ 923       WELLCARE HEALTH PLANS, INC.MEMBERSHIP STATISTICS     As of December 31,2010   2009Membership by ProgramMedicaid Membership TANF 1,085,000 1,094,000 S-CHIP 168,000 163,000 SSI and ABD 77,000 79,000 FHP 10,000 13,000 Total Medicaid Membership 1,340,000 1,349,000   Medicare Membership Medicare Advantage 116,000 225,000 Prescription Drug Plan (stand-alone) 768,000 747,000 Total Medicare Membership 884,000 972,000 Total Membership 2,224,000 2,321,000   Medicaid Membership by State Florida 415,000 425,000 Georgia 566,000 546,000 Other states 359,000 378,000 Total Medicaid Membership 1,340,000 1,349,000     WELLCARE HEALTH PLANS, INC.SEGMENT INFORMATION(Unaudited; Dollars in thousands)     Three Months EndedDecember 31,   Year Ended December 31,2010   20092010   2009Premium revenue: Medicaid: Florida $ 220,052 $ 216,207 $ 889,705 $ 916,689 Georgia 352,847 329,270 1,357,354 1,273,712 Other states 252,932 263,292 1,005,318 975,304 Medicaid premium taxes   18,296   10,914   56,374   91,026 Total Medicaid   844,127   819,683   3,308,751   3,256,731   Medicare: Medicare Advantage plans 323,723 632,521 1,336,089 2,775,442 Prescription Drug plans   185,071   169,239   785,350   835,079 Total Medicare   508,794   801,760   2,121,439   3,610,521 Total Premium Revenue $ 1,352,921 $ 1,621,443 $ 5,430,190 $ 6,867,252     WELLCARE HEALTH PLANS, INC. UNAUDITED SUPPLEMENTAL INFORMATIONReconciliation of GAAP Statements of Operations to Adjusted Statements of Operations(Dollars in thousands except per-share data)   The Company reports adjusted operating results on a non-GAAP basis to exclude certain expenses that management believes are not indicative of longer-term business trends and operations. Following are statements of operations and related measures for the fourth quarter and year ended December 31, 2010 and 2009, as determined under GAAP, reconciled to the adjusted statements of operations and related measures for each of the same periods.     Three Months Ended December 31, 2010   Three Months Ended December 31, 2009GAAP   Adjustments   AdjustedGAAP   Adjustments   Adjusted   Revenues: Premium $ 1,334,625 $ – $ 1,334,625 $ 1,610,529 $ – $ 1,610,529 Medicaid premium taxes   18,296     –     18,296     10,914     –     10,914   Total premium 1,352,921 – 1,352,921 1,621,443 – 1,621,443 Investment and other income   2,529     –     2,529     2,537     –     2,537   Total revenues   1,355,450     –     1,355,450     1,623,980     –     1,623,980     Expenses: Medical benefits 1,100,761 – 1,100,761 1,385,247 – 1,385,247 Selling, general, and administrative 194,203 (15,557 ) (a)(b) 178,646 202,862 (11,815 ) (a)(b) 191,047 Medicaid premium taxes 18,296 – 18,296 10,914 – 10,914 Depreciation and amortization 6,176 – 6,176 5,789 – 5,789 Interest   69     –     69     –     –     –   Total expenses   1,319,505     (15,557 )   1,303,948     1,604,812     (11,815 )   1,592,997     Income before income taxes 35,945 15,557 51,502 19,168 11,815 30,983 Income tax expense   9,808     11,287     21,095     8,029     2,989     11,018   Net income $ 26,137   $ 4,270   $ 30,407   $ 11,139   $ 8,826   $ 19,965     Weighted average shares: Basic 42,492,250 – 42,492,250 41,977,007 – 41,977,007 Diluted 42,898,465 – 42,898,465 42,758,030 – 42,758,030   Net income per share: Basic $ 0.62 $ 0.10 $ 0.72 $ 0.27 $ 0.21 $ 0.48 Diluted $ 0.61 $ 0.10 $ 0.71 $ 0.26 $ 0.21 $ 0.47   Medical benefits ratio: Medicaid 86.5 % – 86.5 % 88.9 % – 88.9 % Medicare Advantage 79.8 % – 79.8 % 84.9 % – 84.9 % Prescription Drug Plans 69.4 % – 69.4 % 76.4 % – 76.4 % Aggregate 82.5 % – 82.5 % 86.0 % – 86.0 %   Administrative expense ratio 14.5 % (1.1 %) (a)(b) 13.4 % 12.6 % (0.8 %) (a)(b) 11.8 %   Days in claims payable 62 – 62 53 – 53   (a) Investigation-related legal, accounting, employee retention, and other costs: Administrative expenses associated with the government and Company investigations, net of D&O insurance recoveries, amounted to an expense of $9.1 million and expense of $11.4 million, in the quarters ended December 31, 2010 and 2009, respectively.   (b) Liability for investigation resolution: Based on the status of the government investigations, the Company recorded expense of $6.5 million and $0.4 million, respectively, in the quarters ended December 31, 2010 and 2009.     WELLCARE HEALTH PLANS, INC. UNAUDITED SUPPLEMENTAL INFORMATIONReconciliation of GAAP Statements of Operations to Adjusted Statements of Operations(Dollars in thousands except per-share data)     Year Ended December 31, 2010   Year Ended December 31, 2009GAAP   Adjustments   AdjustedGAAP   Adjustments   Adjusted   Revenues: Premium $ 5,373,816 $ 5,373,816 $ 6,776,226 $ 6,776,226 Medicaid premium taxes   56,374       56,374     91,026       91,026   Total premium 5,430,190 5,430,190 6,867,252 6,867,252 Investment and other income   10,035       10,035     10,912       10,912   Total revenues   5,440,225       5,440,225     6,878,164       6,878,164     Expenses: Medical benefits 4,536,631 4,536,631 5,862,457 5,862,457 Selling, general, and administrative 895,894 (265,938 ) (a)(b) 629,956 805,238 (104,961 ) (a)(b) 700,277 Medicaid premium taxes 56,374 56,374 91,026 91,026 Depreciation and amortization 23,946 23,946 23,336 23,336 Interest   229       229     3,087       3,087   Total expenses   5,513,074     (265,938 )   5,247,136     6,785,144     (104,961 )   6,680,183     (Loss) income before income taxes (72,849 ) 265,938 193,089 93,020 104,961 197,981 Income tax (benefit) expense   (19,449 )   98,325     78,876     53,149     18,281     71,430   Net (loss) income $ (53,400 ) $ 167,613   $ 114,213   $ 39,871   $ 86,680   $ 126,551     Weighted average shares: Basic 42,365,061 – 42,365,061 41,823,497 – 41,823,497 Diluted 42,365,061 428,989 42,794,050 42,150,777 – 42,150,777   Net (loss) income per share: Basic $ (1.26 ) $ 3.96 $ 2.70 $ 0.95 $ 2.08 $ 3.03 Diluted $ (1.26 ) $ 3.93 $ 2.67 $ 0.95 $ 2.05 $ 3.00   Medical benefits ratio: Medicaid 87.5 % – 87.5 % 88.8 % – 88.8 % Medicare Advantage 78.9 % – 78.9 % 82.8 % – 82.8 % Prescription Drug Plans 80.9 % – 80.9 % 90.1 % – 90.1 % Aggregate 84.4 % – 84.4 % 86.5 % – 86.5 %   Administrative expense ratio 16.6 % (4.9 %) (a)(b) 11.7 % 11.9 % (1.6 %) (a)(b) 10.3 %   (a) Investigation-related legal, accounting, employee retention, and other costs: Administrative expenses associated with the government and Company investigations, net of D&O insurance recoveries, amounted to an expense of $7.2 million and expense of $44.3 million, in the year ended December 31, 2010 and 2009, respectively.   (b) Liability for investigation resolution: Based on the status of the government investigations, the Company recorded expense of $258.7 million and $60.7 million, respectively, in the year ended December 31, 2010 and 2009.     WELLCARE HEALTH PLANS, INC.UNAUDITED SUPPLEMENTAL INFORMATION   Reconciliation of GAAP Net Cash Provided by Operating Activitiesto Net Cash Provided by Operating Activities Modifiedfor the Timing of Receipts from and Payments to Government Clients(Dollars in thousands)   The Company reports cash provided by operating activities on a non-GAAP basis to exclude the changes in premium receivables, unearned premiums, and other receivables from, and payables to, government customers. The Company believes that cash flow excluding these changes is a useful measure for investors, as the excluded changes are a function of the timing of cash receipts from, and payments to, federal and state government agencies at the end of a period.     Year EndedDecember 31,2010   2009 Net cash provided by operating activities, as reported under GAAP $ 223,057 $ 57,925 Modifications to eliminate changes in: Premium receivables, net (158,124 ) 74,014 Other receivables from government partners, net (6,728 ) 564 Unearned premiums 23,113 (9,299 ) Other payables to government partners   (8,458 )   (30,047 ) Net cash provided by operating activities, modified for the timing of receipts from and payments to government clients $ 72,860   $ 93,157       WELLCARE HEALTH PLANS, INC.UNAUDITED SUPPLEMENTAL INFORMATION   WellCare has reassessed its reporting practices and, beginning this quarter, is reporting Medicaid premium tax expense separate from SG&A expense. Historically, the Company has reported premium tax expense within SG&A expense. In addition, the Company is excluding Medicaid premium taxes from premium revenue when calculating its MBRs, administrative expense ratio, and other key measurements. The Company believes that reporting certain measurements excluding Medicaid premium taxes provides useful information for investors, as the impact of Medicaid premium taxes on the Company's key ratios and measurements is not indicative of operating performance. The following table provides MBRs and adjusted administrative expense ratios computed using the new reporting practice for the quarters ended March 31, June 30, September 30, and December 31, 2010, and the years ended December 31, 2009 and 2010.     Three Months Ended,     Years Ended December 31,December31, 2010   September30, 2010   June 30,2010   March 31, 20102010   2009 Medical benefits ratio:         Medicaid 86.5 % 88.9 % 87.0 % 87.8 % 87.5 % 88.8 % Medicare Advantage 79.8 % 78.7 % 78.4 % 78.7 % 78.9 % 82.8 % PDP 69.4 % 71.7 % 84.7 % 97.2 % 80.9 % 90.1 % Aggregate 82.5 % 83.9 % 84.5 % 86.8 % 84.4 % 86.5 %   Adjusted administrative expense ratio 13.4 % 11.0 % 10.4 % 12.1 % 11.7 % 10.3 % WellCare Health Plans, Inc.Investor relations:Gregg Haddad, 813-206-3916gregg.haddad@wellcare.comorMedia relations:Amy Knapp, 813-290-6208amy.knapp@wellcare.com