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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 | |
---|---|---|---|---|---|---|---|---|
0.41 | 0.08% | 484.11 | 489.19 | 477.0664 | 479.92 | 2,623,951 | 21:17:04 |
Consistent, well-balanced growth continued across UnitedHealth Group (NYSE: UNH) in the third quarter 2021.
“Our positive growth and operating results are thanks to the 340,000 Optum and UnitedHealthcare team members who strive every day to help clinicians deliver and people access quality, affordable health care,” said Andrew Witty, chief executive officer of UnitedHealth Group.
The Company increased its full year net earnings outlook to $17.70 to $17.95 per share and adjusted earnings to $18.65 to $18.90 per share. The Company’s full year 2021 outlook for net unfavorable COVID-19 earnings effects is consistent with previous expectations.
Quarterly Financial Performance
Three Months Ended
September 30,
2021
September 30,
2020
June 30,
2021
Revenues
$72.3 billion
$65.1 billion
$71.3 billion
Earnings from Operations
$5.7 billion
$4.7 billion
$6.0 billion
Net Margin
5.6%
4.9%
6.0%
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 reducing the total cost of care, enhancing the quality of care received, improving health and wellness and simplifying the health care experience.
Quarterly Financial Performance
Three Months Ended
September 30,
2021
September 30,
2020
June 30,
2021
Revenues
$55.9 billion
$50.4 billion
$55.5 billion
Earnings from Operations
$2.7 billion
$2.1 billion
$3.1 billion
Operating Margin
4.7%
4.1%
5.6%
Optum is a health services business serving the global health care marketplace, including payers, care providers, employers, governments, life sciences companies and consumers. Using market-leading information, data analytics, technology and clinical insights, Optum helps improve overall health system performance: optimizing care quality, reducing health care costs and improving the consumer experience.
Quarterly Financial Performance
Three Months Ended
September 30,
2021
September 30,
2020
June 30,
2021
Revenues
$39.8 billion
$34.9 billion
$38.3 billion
Earnings from Operations
$3.1 billion
$2.6 billion
$2.9 billion
Operating Margin
7.7%
7.4%
7.5%
About UnitedHealth Group
UnitedHealth Group (NYSE: UNH) is a diversified health care company dedicated to helping people live healthier lives and helping make the health system work better for everyone. UnitedHealth Group offers a broad spectrum of products and services through two distinct platforms: Optum, which provides information and technology-enabled health services; and UnitedHealthcare, which provides health care coverage and benefits services. For more information, visit UnitedHealth Group at www.unitedhealthgroup.com or 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 October 28, 2021. The conference call replay can also be accessed by dialing 1-888-203-1112, Conference Code: 5065077. This earnings release and the Form 8-K dated October 14, 2021 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; risks and uncertainties associated with the pharmacy benefits management industry; competitive pressures; changes in or challenges to our public sector contract awards; our ability to contract on competitive terms with 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 September 30, 2021 - 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 Ended September 30,
Nine Months Ended September 30,
2021
2020
2021
2020
Revenues Premiums$56,967
$50,863
$168,686
$150,897
Products8,703
8,777
25,476
25,455
Services6,164
5,124
18,181
14,265
Investment and other income503
351
1,511
1,057
Total revenues72,337
65,115
213,854
191,674
Operating costs Medical costs47,302
41,636
138,752
117,314
Operating costs10,725
10,174
31,307
30,190
Cost of products sold7,802
7,935
23,034
23,123
Depreciation and amortization796
719
2,332
2,159
Total operating costs66,625
60,464
195,425
172,786
Earnings from operations5,712
4,651
18,429
18,888
Interest expense(422)
(395)
(1,229)
(1,262)
Earnings before income taxes5,290
4,256
17,200
17,626
Provision for income taxes(1,099)
(1,000)
(3,659)
(4,209)
Net earnings4,191
3,256
13,541
13,417
Earnings attributable to noncontrolling interests(105)
(84)
(327)
(226)
Net earnings attributable to UnitedHealth Group common shareholders$4,086
$3,172
$13,214
$13,191
Diluted earnings per share attributable to UnitedHealth Group common shareholders$4.28
$3.30
$13.82
$13.73
Adjusted earnings per share attributable to UnitedHealth Group common shareholders (a)$4.52
$3.51
$14.54
$14.36
Diluted weighted-average common shares outstanding955
962
956
961
(a) See page 6 for a reconciliation of the non-GAAP measure
UNITEDHEALTH GROUP CONDENSED CONSOLIDATED BALANCE SHEETS (in millions) (unaudited)September 30,
December 31,
2021
2020
Assets Cash and short-term investments$23,871
$19,781
Accounts receivable, net14,152
12,870
Other current assets23,587
21,067
Total current assets61,610
53,718
Long-term investments44,777
41,242
Other long-term assets106,658
102,329
Total assets$213,045
$197,289
Liabilities, redeemable noncontrolling interests and equity Medical costs payable$25,918
$21,872
Short-term borrowings and current maturities of long-term debt3,620
4,819
Other current liabilities50,037
45,729
Total current liabilities79,575
72,420
Long-term debt, less current maturities43,345
38,648
Other long-term liabilities15,493
15,682
Redeemable noncontrolling interests1,373
2,211
Equity73,259
68,328
Total liabilities, redeemable noncontrolling interests and equity$213,045
$197,289
UNITEDHEALTH GROUP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (unaudited)Nine Months Ended September 30,
2021
2020
Operating Activities Net earnings$13,541
$13,417
Noncash items: Depreciation and amortization2,332
2,159
Deferred income taxes and other178
167
Share-based compensation591
527
Net changes in operating assets and liabilities2,483
(197)
Cash flows from operating activities19,125
16,073
Investing Activities Purchases of investments, net of sales and maturities(3,702)
(1,386)
Purchases of property, equipment and capitalized software(1,759)
(1,477)
Cash paid for acquisitions, net(4,727)
(4,326)
Other, net(900)
(165)
Cash flows used for investing activities(11,088)
(7,354)
Financing Activities Common share repurchases(3,950)
(2,541)
Dividends paid(3,915)
(3,400)
Net change in short-term borrowings and long-term debt3,733
2,941
Other, net304
1,006
Cash flows used for financing activities(3,828)
(1,994)
Effect of exchange rate changes on cash and cash equivalents(45)
(160)
Increase in cash and cash equivalents4,164
6,565
Cash and cash equivalents, beginning of period16,921
10,985
Cash and cash equivalents, end of period$21,085
$17,550
UNITEDHEALTH GROUP SUPPLEMENTAL FINANCIAL INFORMATION - BUSINESSES (in millions, except percentages) (unaudited)Three Months Ended September 30,
Nine Months Ended September 30,
2021
2020
2021
2020
Revenues UnitedHealthcare$55,927
$50,373
$166,515
$150,548
Optum39,785
34,923
114,472
100,457
Eliminations(23,375)
(20,181)
(67,133)
(59,331)
Total consolidated revenues$72,337
$65,115
$213,854
$191,674
Earnings from Operations UnitedHealthcare$2,651
$2,068
$9,854
$11,963
Optum (a)3,061
2,583
8,575
6,925
Total consolidated earnings from operations$5,712
$4,651
$18,429
$18,888
Operating Margin UnitedHealthcare4.7%
4.1%
5.9%
7.9%
Optum7.7%
7.4%
7.5%
6.9%
Consolidated operating margin7.9%
7.1%
8.6%
9.9%
Revenues UnitedHealthcare Employer & Individual$15,094
$14,081
$44,668
$41,324
UnitedHealthcare Medicare & Retirement24,931
22,606
75,709
68,613
UnitedHealthcare Community & State13,763
11,820
39,846
34,796
UnitedHealthcare Global2,139
1,866
6,292
5,815
OptumHealth$13,812
$10,499
$39,515
$28,830
OptumInsight3,139
2,767
8,948
7,893
OptumRx23,337
22,081
67,465
65,009
Optum eliminations(503)
(424)
(1,456)
(1,275)
(a) Earnings from operations for Optum for the three and nine months ended September 30, 2021 included $1,143 and $3,233 for OptumHealth; $906 and $2,447 for OptumInsight; and $1,012 and $2,895 for OptumRx, respectively. Earnings from operations for Optum for the three and nine months ended September 30, 2020 included $835 and $2,388 for OptumHealth; $785 and $1,882 for OptumInsight; and $963 and $2,655 for OptumRx, respectively. UNITEDHEALTH GROUP SUPPLEMENTAL FINANCIAL INFORMATION - BUSINESS METRICS UNITEDHEALTHCARE CUSTOMER PROFILE (in thousands) People ServedSeptember 30, 2021
June 30, 2021
December 31, 2020
September 30, 2020
Commercial: Risk-based7,960
7,840
7,910
7,950
Fee-based18,595
18,395
18,310
18,400
Total Commercial26,555
26,235
26,220
26,350
Medicare Advantage6,455
6,385
5,710
5,670
Medicaid7,510
7,130
6,620
6,435
Medicare Supplement (Standardized)4,405
4,390
4,460
4,450
Total Community and Senior18,370
17,905
16,790
16,555
Total UnitedHealthcare - Domestic Medical44,925
44,140
43,010
42,905
Global5,490
5,485
5,425
5,285
Total UnitedHealthcare - Medical50,415
49,625
48,435
48,190
Supplemental Data Medicare Part D stand-alone3,725
3,750
4,045
4,075
OPTUM PERFORMANCE METRICSSeptember 30, 2021
June 30, 2021
December 31, 2020
September 30, 2020
OptumHealth Consumers Served (in millions)99
99
98
98
OptumInsight Contract Backlog (in billions)$22.3
$21.3
$20.2
$19.9
OptumRx Quarterly Adjusted Scripts (in millions)344
342
331
325
Note: UnitedHealth Group served 146 million unique individuals across all businesses at September 30, 2021. UNITEDHEALTH GROUP RECONCILIATION OF NON-GAAP FINANCIAL MEASURE (in millions, except per share data) (unaudited) ADJUSTED NET EARNINGS PER SHARE(a)Three Months Ended September 30,
Nine Months Ended September 30,
Projected Year Ended December 31,
2021
2020
2021
2020
2021
GAAP net earnings attributable to UnitedHealth Group common shareholders$4,086
$3,172
$13,214
$13,191
$16,900 - $17,150 Intangible amortization305
269
904
801
~1,200 Tax effect of intangible amortization(74)
(64)
(220)
(194)
~(290) Adjusted net earnings attributable to UnitedHealth Group common shareholders$4,317
$3,377
$13,898
$13,798
$17,800 - $18,050 GAAP diluted earnings per share$4.28
$3.30
$13.82
$13.73
$17.70 - $17.95 Intangible amortization per share0.32
0.28
0.95
0.83
~1.25 Tax effect per share of intangible amortization(0.08)
(0.07)
(0.23)
(0.20)
~(0.30) Adjusted diluted earnings per share$4.52
$3.51
$14.54
$14.36
$18.65 - $18.90 (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/20211014005338/en/
Investors: Brett Manderfeld Senior Vice President 952-936-7216
Media: Matt Stearns Senior Vice President 202-276-0085
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