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Share Name | Share Symbol | Market | Type |
---|---|---|---|
UnitedHealth Group Inc | NYSE:UNH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
4.79 | 0.95% | 508.00 | 507.97 | 502.14 | 502.14 | 2,343,068 | 00:25:39 |
UnitedHealth Group (NYSE: UNH) reported full year and fourth quarter 2023 results reflecting broad-based growth at Optum and UnitedHealthcare.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240112297126/en/
UnitedHealth Group corporate headquarters (Photo: Business Wire)
“UnitedHealth Group enters 2024 well prepared to build on our efforts to improve patient care and consumer experiences broadly, and to continue delivering strong and balanced growth,” said Andrew Witty, chief executive officer of UnitedHealth Group.
UnitedHealth Group affirmed the 2024 performance objectives established at its November 29th Investor Conference, excluding the potential impacts from the pending sale of its Brazil operations, which is expected to close in the first half of 2024. Upon closing, the Company’s net earnings outlook will be impacted by the previously announced expected charge and the Company confirmed the adjusted earnings outlook presented at its Investor Conference.
Quarterly and Annual Financial Performance
Three Months Ended
Year Ended
December 31, 2023
December 31, 2022
September 30, 2023
December 31, 2023
December 31, 2022
Revenues
$94.4 billion
$82.8 billion
$92.4 billion
$371.6 billion
$324.2 billion
Earnings from Operations
$7.7 billion
$6.9 billion
$8.5 billion
$32.4 billion
$28.4 billion
Net Margin
5.8%
5.8%
6.3%
6.0%
6.2%
UnitedHealthcare provides health care benefits globally, serving individuals and employers, and Medicare and Medicaid beneficiaries. UnitedHealthcare is dedicated to improving the value customers and consumers receive by improving health and wellness, enhancing the quality of care received, simplifying the health care experience and reducing the total cost of care.
Quarterly and Annual Financial Performance
Three Months Ended
Year Ended
December 31, 2023
December 31, 2022
September 30, 2023
December 31, 2023
December 31, 2022
Revenues
$70.8 billion
$63.0 billion
$69.9 billion
$281.4 billion
$249.7 billion
Earnings from Operations
$3.1 billion
$2.9 billion
$4.6 billion
$16.4 billion
$14.4 billion
Operating Margin
4.4%
4.7%
6.6%
5.8%
5.8%
Optum’s health services businesses serve the global health care marketplace, including payers, care providers, employers, governments, life sciences companies and consumers. Using market-leading information, analytics and technology to yield clinical insights, Optum helps improve overall health system performance by optimizing care quality, reducing care costs and improving the consumer experience.
Quarterly and Annual Financial Performance
Three Months Ended
Year Ended
December 31, 2023
December 31, 2022
September 30, 2023
December 31, 2023
December 31, 2022
Revenues
$59.5 billion
$47.9 billion
$56.7 billion
$226.6 billion
$182.8 billion
Earnings from Operations
$4.6 billion
$4.0 billion
$3.9 billion
$15.9 billion
$14.1 billion
Operating Margin
7.7%
8.3%
6.9%
7.0%
7.7%
About UnitedHealth Group
UnitedHealth Group (NYSE: UNH) is a health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone through two distinct and complementary businesses. Optum delivers care aided by technology and data, empowering people, partners and providers with the guidance and tools they need to achieve better health. UnitedHealthcare offers a full range of health benefits, enabling affordable coverage, simplifying the health care experience and delivering access to high-quality care. Visit UnitedHealth Group at www.unitedhealthgroup.com and follow UnitedHealth Group on LinkedIn.
Earnings Conference Call
As previously announced, UnitedHealth Group will discuss the Company’s results, strategy and future outlook on a conference call with investors at 8:45 a.m. Eastern Time today. UnitedHealth Group will host a live webcast of this conference call from the Investor Relations page of the company’s website (www.unitedhealthgroup.com). Following the call, a webcast replay will be on the Investor Relations page and at https://uhg.com/Replay through January 26, 2024. This earnings release and the Form 8-K dated January 12, 2024, can also be accessed from the Investor Relations page of the company’s website.
Non-GAAP Financial Information
This news release presents non-GAAP financial information 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 the non-GAAP financial information to the most directly comparable GAAP financial measure is provided in the accompanying tables found at the end of this release.
Forward-Looking Statements
The statements, estimates, projections, guidance or outlook contained in this document include “forward-looking” statements which are intended to take advantage of the “safe harbor” provisions of the federal securities law. The words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “forecast,” “outlook,” “plan,” “project,” “should” and similar expressions identify forward-looking statements. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. Actual results could differ materially from those that management expects, depending on the outcome of certain factors including: our ability to effectively estimate, price for and manage medical costs; new or changes in existing health care laws or regulations, or their enforcement or application; reductions in revenue or delays to cash flows received under government programs; changes in Medicare, the CMS star ratings program or the application of risk adjustment data validation audits; the DOJ’s legal action relating to the risk adjustment submission matter; our ability to maintain and achieve improvement in quality scores impacting revenue; failure to maintain effective and efficient information systems or if our technology products do not operate as intended; cyberattacks, other privacy/data security incidents, or our failure to comply with related regulations; risks and uncertainties associated with our businesses providing pharmacy care services; competitive pressures, including our ability to maintain or increase our market share; changes in or challenges to our public sector contract awards; failure to achieve targeted operating cost productivity improvements; failure to develop and maintain satisfactory relationships with health care payers, physicians, hospitals and other service providers; the impact of potential changes in tax laws and regulations; increases in costs and other liabilities associated with litigation, government investigations, audits or reviews; failure to complete, manage or integrate strategic transactions; risk and uncertainties associated with the pending sale of operations in Brazil; risks associated with public health crises arising from large-scale medical emergencies, pandemics, natural disasters and other extreme events; failure to attract, develop, retain, and manage the succession of key employees and executives; our investment portfolio performance; impairment of our goodwill and intangible assets; failure to protect proprietary rights to our databases, software and related products; downgrades in our credit ratings; and our ability to obtain sufficient funds from our regulated subsidiaries or from external financings to fund our obligations, maintain our debt to total capital ratio at targeted levels, maintain our quarterly dividend payment cycle, or continue repurchasing shares of our common stock.
This above list is not exhaustive. We discuss these matters, and certain risks that may affect our business operations, financial condition and results of operations, more fully in our filings with the SEC, including our reports on Forms 10-K, 10-Q and 8-K. By their nature, forward-looking statements are not guarantees of future performance or results and are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Actual results may vary materially from expectations expressed or implied in this document or any of our prior communications. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward-looking statements, except as required by law.
UNITEDHEALTH GROUP Earnings Release Schedules and Supplementary Information Year Ended December 31, 2023 - Condensed Consolidated Statements of Operations - Condensed Consolidated Balance Sheets - Condensed Consolidated Statements of Cash Flows - Supplemental Financial Information - Businesses - Supplemental Financial Information - Business Metrics - Reconciliation of Non-GAAP Financial Measure UNITEDHEALTH GROUP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) (unaudited) Three Months EndedDecember 31, Year EndedDecember 31,2023
2022
2023
2022
Revenues Premiums$
73,228
$
64,700
$
290,827
$
257,157
Products
11,311
9,398
42,583
37,424
Services
8,709
7,834
34,123
27,551
Investment and other income
1,179
855
4,089
2,030
Total revenues
94,427
82,787
371,622
324,162
Operating costs Medical costs
62,231
53,591
241,894
210,842
Operating costs
13,339
13,009
54,628
47,782
Cost of products sold
10,194
8,314
38,770
33,703
Depreciation and amortization
974
982
3,972
3,400
Total operating costs
86,738
75,896
339,264
295,727
Earnings from operations
7,689
6,891
32,358
28,435
Interest expense
(830
)
(676
)
(3,246
)
(2,092
)
Earnings before income taxes
6,859
6,215
29,112
26,343
Provision for income taxes
(1,184
)
(1,307
)
(5,968
)
(5,704
)
Net earnings
5,675
4,908
23,144
20,639
Earnings attributable to noncontrolling interests
(220
)
(147
)
(763
)
(519
)
Net earnings attributable to UnitedHealth Group common shareholders$
5,455
$
4,761
$
22,381
$
20,120
Diluted earnings per share attributable to UnitedHealth Group common shareholders
$
5.83
$
5.03
$
23.86
$
21.18
Adjusted earnings per share attributable to UnitedHealth Group common shareholders (a)
$
6.16
$
5.34
$
25.12
$
22.19
Diluted weighted-average common shares outstanding
935
947
938
950
(a) See page 6 for a reconciliation of the non-GAAP measure
UNITEDHEALTH GROUP CONDENSED CONSOLIDATED BALANCE SHEETS (in millions) (unaudited)December 31,
December 31,
2023
2022
Assets Cash and short-term investments$
29,628
$
27,911
Accounts receivable, net
21,276
17,681
Other current assets
27,533
23,477
Total current assets
78,437
69,069
Long-term investments
47,609
43,728
Other long-term assets
147,674
132,908
Total assets$
273,720
$
245,705
Liabilities, redeemable noncontrolling interests and equity Medical costs payable$
32,395
$
29,056
Short-term borrowings and current maturities of long-term debt
4,274
3,110
Other current liabilities
62,385
57,071
Total current liabilities
99,054
89,237
Long-term debt, less current maturities
58,263
54,513
Other long-term liabilities
17,484
15,608
Redeemable noncontrolling interests
4,498
4,897
Equity
94,421
81,450
Total liabilities, redeemable noncontrolling interests and equity$
273,720
$
245,705
UNITEDHEALTH GROUP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (unaudited)Year Ended December 31,
2023
2022
Operating Activities Net earnings$
23,144
$
20,639
Noncash items: Depreciation and amortization
3,972
3,400
Deferred income taxes and other
(750
)
(1,004
)
Share-based compensation
1,059
925
Net changes in operating assets and liabilities
1,643
2,246
Cash flows from operating activities
29,068
26,206
Investing Activities Purchases of investments, net of sales and maturities
(1,777
)
(6,837
)
Purchases of property, equipment and capitalized software
(3,386
)
(2,802
)
Cash paid for acquisitions, net
(10,136
)
(21,458
)
Other, net
(275
)
2,621
Cash flows used for investing activities
(15,574
)
(28,476
)
Financing Activities Common share repurchases
(8,000
)
(7,000
)
Dividends paid
(6,761
)
(5,991
)
Net change in short-term borrowings and long-term debt
4,280
12,536
Other, net
(1,048
)
4,681
Cash flows (used for) from financing activities
(11,529
)
4,226
Effect of exchange rate changes on cash and cash equivalents
97
34
Increase in cash and cash equivalents
2,062
1,990
Cash and cash equivalents, beginning of period
23,365
21,375
Cash and cash equivalents, end of period
$
25,427
$
23,365
UNITEDHEALTH GROUP
SUPPLEMENTAL FINANCIAL INFORMATION - BUSINESSES
(in millions, except percentages)
(unaudited)
Three Months EndedDecember 31, Year EndedDecember 31,2023
2022
2023
2022
Revenues UnitedHealthcare$
70,808
$
63,046
$
281,360
$
249,741
Optum
59,495
47,868
226,635
182,768
Eliminations
(35,876
)
(28,127
)
(136,373
)
(108,347
)
Total consolidated revenues$
94,427
$
82,787
$
371,622
$
324,162
Earnings from Operations UnitedHealthcare
$
3,122
$
2,932
$
16,415
$
14,379
Optum (a)
4,567
3,959
15,943
14,056
Total consolidated earnings from operations
$
7,689
$
6,891
$
32,358
$
28,435
Operating Margin UnitedHealthcare
4.4
%
4.7
%
5.8
%
5.8
%
Optum
7.7
%
8.3
%
7.0
%
7.7
%
Consolidated operating margin
8.1
%
8.3
%
8.7
%
8.8
%
Revenues UnitedHealthcare Employer & Individual - Domestic$
17,030
$
16,281
$
67,187
$
63,599
UnitedHealthcare Employer & Individual - Global
2,402
2,168
9,307
8,668
UnitedHealthcare Employer & Individual - Total
19,432
18,449
76,494
72,267
UnitedHealthcare Medicare & Retirement
32,394
28,051
129,862
113,671
UnitedHealthcare Community & State
18,982
16,546
75,004
63,803
Optum Health
$
24,534
$
18,446
$
95,319
$
71,174
Optum Insight
4,785
4,387
18,932
14,581
Optum Rx
31,166
25,854
116,087
99,773
Optum Eliminations
(990
)
(819
)
(3,703
)
(2,760
)
(a) Earnings from operations for Optum for the three months and year ended December 31, 2023 included $1,691 and $6,560 for Optum Health; $1,284 and $4,268 for Optum Insight; and $1,592 and $5,115 for Optum Rx, respectively. Earnings from operations for Optum for the three months and year ended December 31, 2022 included $1,692 and $6,032 for Optum Health; $895 and $3,588 for Optum Insight; and $1,372 and $4,436 for Optum Rx, respectively. UNITEDHEALTH GROUP SUPPLEMENTAL FINANCIAL INFORMATION - BUSINESS METRICS UNITEDHEALTHCARE CUSTOMER PROFILE (in thousands) People Served December 31, 2023 September 30, 2023 December 31, 2022 Commercial - Domestic: Risk-based
8,115
8,120
8,045
Fee-based
19,200
19,130
18,640
Total Commercial - Domestic
27,315
27,250
26,685
Medicare Advantage
7,695
7,645
7,105
Medicaid
7,845
8,065
8,170
Medicare Supplement (Standardized)
4,355
4,345
4,375
Total Community and Senior
19,895
20,055
19,650
Total UnitedHealthcare - Domestic Medical
47,210
47,305
46,335
Commerical - Global
5,540
5,475
5,360
Total UnitedHealthcare - Medical
52,750
52,780
51,695
Supplemental Data Medicare Part D stand-alone
3,315
3,335
3,295
OPTUM PERFORMANCE METRICS December 31, 2023 September 30, 2023 December 31, 2022 Optum Health Consumers Served (in millions)
103
103
102
Optum Insight Contract Backlog (in billions)$
32.1
$
31.6
$
30.0
Optum Rx Quarterly Adjusted Scripts (in millions)
400
383
370
Note: UnitedHealth Group served 152 million unique individuals across all businesses at December 31, 2023. UNITEDHEALTH GROUP RECONCILIATION OF NON-GAAP FINANCIAL MEASURE (in millions, except per share data) (unaudited) ADJUSTED NET EARNINGS PER SHARE(a)Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
GAAP net earnings attributable to UnitedHealth Group common shareholders$
5,455
$
4,761
$
22,381
$
20,120
Intangible amortization
400
396
1,578
1,292
Tax effect of intangible amortization
(100
)
(98
)
(392
)
(331
)
Adjusted net earnings attributable to UnitedHealth Group common shareholders$
5,755
$
5,059
$
23,567
$
21,081
GAAP diluted earnings per share
$
5.83
$
5.03
$
23.86
$
21.18
Intangible amortization per share
0.44
0.42
1.68
1.36
Tax effect per share of intangible amortization
(0.11
)
(0.11
)
(0.42
)
(0.35
)
Adjusted diluted earnings per share$
6.16
$
5.34
$
25.12
$
22.19
(a)
Adjusted net earnings per share is a non-GAAP financial measure. Non-GAAP financial measures should be considered in addition to, but not as a substitute for, or superior to, financial measures prepared in accordance with GAAP.
Adjusted net earnings per share excludes from the relevant GAAP metric, as applicable, intangible amortization and other items, if any, that do not relate to the Company's underlying business performance. Management believes that the use of adjusted net earnings per share provides investors and management useful information about the earnings impact of acquisition-related intangible asset amortization. As amortization fluctuates based on the size and timing of the Company’s acquisition activity, management believes this exclusion provides a more useful comparison of the Company's underlying business performance and trends from period to period. While intangible assets contribute to the Company’s revenue generation, the intangible amortization is not directly related. Therefore, the related revenues are included in adjusted earnings per share.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240112297126/en/
Investor Contact: Zack Sopcak 952-936-7215 zack.sopcak@uhg.com
Media Contact: Eric Hausman 952-936-3963 eric.hausman@uhg.com
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