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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 | |
---|---|---|---|---|---|---|---|---|
7.40 | 1.53% | 491.51 | 493.69 | 483.94 | 484.28 | 3,652,294 | 01:00:00 |
Strong and well-balanced growth continued across UnitedHealth Group (NYSE: UNH) in the first quarter of 2022.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220414005287/en/
UnitedHealth Group Corporate Headquarters (Photo: Business Wire)
“Disciplined execution of our long-term strategy, with a sharp focus on ensuring access to care for the people we serve, enabled us to deliver high-quality, diversified growth across Optum and UnitedHealthcare during this first quarter of 2022,” said Andrew Witty, chief executive officer of UnitedHealth Group.
Based upon the first quarter performance and enterprise-wide growth outlook, the Company increased its full year net earnings outlook to $20.30 to $20.80 per share and adjusted net earnings to $21.20 to $21.70 per share.
Quarterly Financial Performance
Three Months Ended
March 31,
2022
March 31,
2021
December 31,
2021
Revenues
$80.1 billion
$70.2 billion
$73.7 billion
Earnings from Operations
$ 7.0 billion
$ 6.7 billion
$ 5.5 billion
Net Margin
6.3%
6.9%
5.5%
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 Financial Performance
Three Months Ended
March 31,
2022
March 31,
2021
December 31,
2021
Revenues
$62.6 billion
$55.1 billion
$56.4 billion
Earnings from Operations
$ 3.8 billion
$ 4.1 billion
$ 2.1 billion
Operating Margin
6.1%
7.5%
3.8%
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, technology and clinical insights, Optum helps improve overall health system performance: optimizing care quality, reducing care costs and improving the consumer experience.
Quarterly Financial Performance
Three Months Ended
March 31,
2022
March 31,
2021
December 31,
2021
Revenues
$43.3 billion
$36.4 billion
$41.1 billion
Earnings from Operations
$ 3.2 billion
$ 2.6 billion
$ 3.4 billion
Operating Margin
7.3%
7.2%
8.3%
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 @UnitedHealthGrp on Twitter.
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 available on the same site through April 28, 2022. The conference call replay can also be accessed by dialing 1-888-203-1112, Conference Code: 3063505. This earnings release and the Form 8-K dated April 14, 2022, 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: risks associated with public health crises, large-scale medical emergencies and pandemics, such as the COVID-19 pandemic; 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; the DOJ’s legal action relating to the risk adjustment submission matter; our ability to maintain and achieve improvement in quality scores impacting revenue; 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; 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; failure to protect proprietary rights to our databases, software and related products; risks and uncertainties associated with our businesses providing pharmacy care services; competitive pressures, including our ability to develop and deliver innovative products to health care payers and expand access to virtual care; changes in or challenges to our public sector contract awards; failure to develop and maintain satisfactory relationships with health care payers, physicians, hospitals and other service providers; failure to attract, develop, retain, and manage the succession of key employees and executives; the impact of potential changes in tax laws and regulations (including any increase in the U.S. income tax rate applicable to corporations); failure to achieve targeted operating cost productivity improvements; increases in costs and other liabilities associated with litigation, government investigations, audits or reviews; failure to manage successfully our strategic alliances or complete or receive anticipated benefits of strategic transactions; fluctuations in foreign currency exchange rates; downgrades in our credit ratings; our investment portfolio performance; impairment of our goodwill and intangible assets; 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 Quarter Ended March 31, 2022 - 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 EndedMarch 31,
2022
2021
Revenues Premiums
$
64,070
$
55,486
Products
9,340
8,340
Services
6,372
5,918
Investment and other income
367
452
Total revenues
80,149
70,196
Operating costs Medical costs
52,523
44,904
Operating costs
11,401
10,223
Cost of products sold
8,487
7,572
Depreciation and amortization
788
758
Total operating costs
73,199
63,457
Earnings from operations
6,950
6,739
Interest expense
(433
)
(397
)
Earnings before income taxes
6,517
6,342
Provision for income taxes
(1,369
)
(1,364
)
Net earnings
5,148
4,978
Earnings attributable to noncontrolling interests
(121
)
(116
)
Net earnings attributable to UnitedHealth Group common shareholders$
5,027
$
4,862
Diluted earnings per share attributable to UnitedHealth Group common shareholders
$
5.27
$
5.08
Adjusted earnings per share attributable to UnitedHealth Group common shareholders (a)
$
5.49
$
5.31
Diluted weighted-average common shares outstanding
954
957
(a) See page 6 for a reconciliation of the non-GAAP measure
UNITEDHEALTH GROUP CONDENSED CONSOLIDATED BALANCE SHEETS (in millions) (unaudited)March 31,
December 31,
2022
2021
Assets Cash and short-term investments$
28,396
$
23,907
Accounts receivable, net
18,871
14,216
Other current assets
21,762
23,635
Total current assets
69,029
61,758
Long-term investments
42,353
43,114
Other long-term assets
109,856
107,334
Total assets$
221,238
$
212,206
Liabilities, redeemable noncontrolling interests and equity Medical costs payable$
28,676
$
24,483
Short-term borrowings and current maturities of long-term debt
6,697
3,620
Other current liabilities
52,797
50,189
Total current liabilities
88,170
78,292
Long-term debt, less current maturities
40,796
42,383
Other long-term liabilities
14,625
15,052
Redeemable noncontrolling interests
1,519
1,434
Equity
76,128
75,045
Total liabilities, redeemable noncontrolling interests and equity$
221,238
$
212,206
UNITEDHEALTH GROUP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (unaudited) Three Months EndedMarch 31,2022
2021
Operating Activities Net earnings
$
5,148
$
4,978
Noncash items: Depreciation and amortization
788
758
Deferred income taxes and other
178
286
Share-based compensation
299
256
Net changes in operating assets and liabilities
(1,094
)
(273
)
Cash flows from operating activities
5,319
6,005
Investing Activities Purchases of investments, net of sales and maturities
(1,632
)
(1,714
)
Purchases of property, equipment and capitalized software
(555
)
(568
)
Cash paid for acquisitions, net
(1,231
)
(1,193
)
Other, net
(255
)
(232
)
Cash flows used for investing activities
(3,673
)
(3,707
)
Financing Activities Common share repurchases
(2,500
)
(1,650
)
Dividends paid
(1,363
)
(1,181
)
Net change in short-term borrowings and long-term debt
2,048
2,907
Other, net
4,119
711
Cash flows from financing activities
2,304
787
Effect of exchange rate changes on cash and cash equivalents
157
(51
)
Increase in cash and cash equivalents
4,107
3,034
Cash and cash equivalents, beginning of period
21,375
16,921
Cash and cash equivalents, end of period
$
25,482
$
19,955
UNITEDHEALTH GROUP SUPPLEMENTAL FINANCIAL INFORMATION - BUSINESSES (in millions, except percentages) (unaudited) Three Months EndedMarch 31,
2022
2021
Revenues UnitedHealthcare
$
62,595
$
55,114
Optum
43,259
36,384
Eliminations
(25,705
)
(21,302
)
Total consolidated revenues$
80,149
$
70,196
Earnings from Operations UnitedHealthcare
$
3,798
$
4,108
Optum (a)
3,152
2,631
Total consolidated earnings from operations
$
6,950
$
6,739
Operating Margin UnitedHealthcare
6.1
%
7.5
%
Optum
7.3
%
7.2
%
Consolidated operating margin
8.7
%
9.6
%
Revenues UnitedHealthcare Employer & Individual - Domestic$
15,822
$
14,632
UnitedHealthcare Employer & Individual - Global
2,133
2,035
UnitedHealthcare Employer & Individual - Total
17,955
16,667
UnitedHealthcare Medicare & Retirement
29,100
25,474
UnitedHealthcare Community & State
15,540
12,973
Optum Health
$
16,682
$
12,403
Optum Insight
3,219
2,852
Optum Rx
23,911
21,604
Optum eliminations
(553
)
(475
)
(a) Earnings from operations for Optum for the three months ended March 31, 2022 and 2021 included $1,366 and $962 for Optum Health; $847 and $779 for Optum Insight; and $939 and $890 for Optum Rx, respectively. UNITEDHEALTH GROUP SUPPLEMENTAL FINANCIAL INFORMATION - BUSINESS METRICS UNITEDHEALTHCARE CUSTOMER PROFILE (in thousands) People Served March 31,2022 December 31,2021 March 31,2021 Commercial - Domestic: Risk-based7,950
7,985
7,860
Fee-based18,460
18,595
18,455
Total Commercial - Domestic26,410
26,580
26,315
Medicare Advantage6,890
6,490
6,335
Medicaid7,810
7,655
6,975
Medicare Supplement (Standardized)4,355
4,395
4,390
Total Community and Senior19,055
18,540
17,700
Total UnitedHealthcare - Domestic Medical45,465
45,120
44,015
Commercial - Global5,500
5,510
5,460
Total UnitedHealthcare - Medical50,965
50,630
49,475
Supplemental Data Medicare Part D stand-alone3,360
3,700
3,795
OPTUM PERFORMANCE METRICS March 31,2022 December 31,2021 March 31,2021 Optum Health Consumers Served (in millions)
100
100
99
Optum Insight Contract Backlog (in billions)$
22.8
$
22.4
$
20.8
Optum Rx Quarterly Adjusted Scripts (in millions)
352
353
329
Note: UnitedHealth Group served 148 million unique individuals across all businesses at March 31, 2022. UNITEDHEALTH GROUP RECONCILIATION OF NON-GAAP FINANCIAL MEASURE (in millions, except per share data) (unaudited) ADJUSTED NET EARNINGS PER SHARE(a) Three Months EndedMarch 31, ProjectedYear EndedDecember 31,
2022
2021
2022
GAAP net earnings attributable to UnitedHealth Group common shareholders$
5,027
$
4,862
$19,250 - $19,825 Intangible amortization
281
294
~1,130 Tax effect of intangible amortization
(69
)
(71
)
~(280) Adjusted net earnings attributable to UnitedHealth Group common shareholders$
5,239
$
5,085
$20,100 - $20,675 GAAP diluted earnings per share
$
5.27
$
5.08
$20.30 - $20.80 Intangible amortization per share
0.29
0.31
~1.20 Tax effect per share of intangible amortization
(0.07
)
(0.08
)
~(0.30) Adjusted diluted earnings per share$
5.49
$
5.31
$21.20 - $21.70 (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/20220414005287/en/
Investor Contact: Zack Sopcak Senior Vice President 952-936-7215 zack.sopcak@uhg.com Media Contact: Matt Stearns Senior Vice President 202-276-0085 matt.stearns@uhg.com
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