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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 | |
---|---|---|---|---|---|---|---|---|
-4.28 | -0.88% | 484.75 | 490.07 | 484.06 | 490.07 | 339,877 | 15:06:24 |
Strong and well-balanced performance continued across UnitedHealth Group (NYSE: UNH) in the third quarter of 2022.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221014005099/en/
UnitedHealth Group Corporate Headquarters (Photo: Business Wire)
“The strength of our performance reflects the diligence and determination of our colleagues to improve people’s experience across the health care system and make high-quality care simpler, more accessible and more affordable,” said Andrew Witty, chief executive officer of UnitedHealth Group.
Growth in the third quarter was driven by continued expansion in the number of people served throughout UnitedHealthcare and in the value-based care initiatives at Optum Health. The company increased its full year 2022 net earnings outlook to $20.85 to $21.05 per share and adjusted net earnings to $21.85 to $22.05 per share.
Quarterly Financial Performance
Three Months Ended
September 30,
2022
September 30,
2021
June 30,
2022
Revenues
$80.9 billion
$72.3 billion
$80.3 billion
Earnings from Operations
$ 7.5 billion
$ 5.7 billion
$ 7.1 billion
Net Margin
6.5%
5.6%
6.3%
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
September 30,
2022
September 30,
2021
June 30,
2022
Revenues
$62.0 billion
$55.9 billion
$62.1 billion
Earnings from Operations
$ 3.8 billion
$ 2.7 billion
$ 3.9 billion
Operating Margin
6.1%
4.7%
6.2%
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
September 30,
2022
September 30,
2021
June 30,
2022
Revenues
$46.6 billion
$39.8 billion
$45.1 billion
Earnings from Operations
$ 3.7 billion
$ 3.1 billion
$ 3.3 billion
Operating Margin
7.9%
7.7%
7.3%
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 on the Investor Relations page and at https://uhg.co/Replay through October 28, 2022. This earnings release and the Form 8-K dated October 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 September 30, 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 Measures UNITEDHEALTH GROUP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) (unaudited)Three Months Ended September 30,
Nine Months Ended September 30,
2022
2021
2022
2021
Revenues Premiums$
64,491
$
56,967
$
192,457
$
168,686
Products
9,190
8,703
28,026
25,476
Services
6,700
6,164
19,717
18,181
Investment and other income
513
503
1,175
1,511
Total revenues
80,894
72,337
241,375
213,854
Operating costs Medical costs
52,635
47,302
157,251
138,752
Operating costs
11,663
10,725
34,773
31,307
Cost of products sold
8,306
7,802
25,389
23,034
Depreciation and amortization
828
796
2,418
2,332
Total operating costs
73,432
66,625
219,831
195,425
Earnings from operations
7,462
5,712
21,544
18,429
Interest expense
(516
)
(422
)
(1,416
)
(1,229
)
Earnings before income taxes
6,946
5,290
20,128
17,200
Provision for income taxes
(1,562
)
(1,099
)
(4,397
)
(3,659
)
Net earnings
5,384
4,191
15,731
13,541
Earnings attributable to noncontrolling interests
(122
)
(105
)
(372
)
(327
)
Net earnings attributable to UnitedHealth Group common shareholders$
5,262
$
4,086
$
15,359
$
13,214
Diluted earnings per share attributable to UnitedHealth Group common shareholders
$
5.55
$
4.28
$
16.15
$
13.82
Adjusted earnings per share attributable to UnitedHealth Group common shareholders (a)
$
5.79
$
4.52
$
16.85
$
14.54
Diluted weighted-average common shares outstanding
948
955
951
956
(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,
2022
2021
Assets Cash and short-term investments$
42,527
$
23,907
Accounts receivable, net
17,047
14,216
Other current assets
23,363
23,635
Total current assets
82,937
61,758
Long-term investments
41,557
43,114
Other long-term assets
118,570
107,334
Total assets$
243,064
$
212,206
Liabilities, redeemable noncontrolling interests and equity Medical costs payable$
29,064
$
24,483
Short-term borrowings and current maturities of long-term debt
3,229
3,620
Other current liabilities
68,642
50,189
Total current liabilities
100,935
78,292
Long-term debt, less current maturities
45,438
42,383
Other long-term liabilities
13,770
15,052
Redeemable noncontrolling interests
4,857
1,434
Equity
78,064
75,045
Total liabilities, redeemable noncontrolling interests and equity$
243,064
$
212,206
UNITEDHEALTH GROUP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (unaudited)Nine Months Ended September 30,
2022
2021
Operating Activities Net earnings$
15,731
$
13,541
Noncash items: Depreciation and amortization
2,418
2,332
Deferred income taxes and other
(590
)
178
Share-based compensation
675
591
Net changes in operating assets and liabilities
12,505
2,483
Cash flows from operating activities
30,739
19,125
Investing Activities Purchases of investments, net of sales and maturities
(4,067
)
(3,702
)
Purchases of property, equipment and capitalized software
(1,936
)
(1,759
)
Cash paid for acquisitions, net
(7,154
)
(4,727
)
Other, net
50
(900
)
Cash flows used for investing activities
(13,107
)
(11,088
)
Financing Activities Common share repurchases
(6,000
)
(3,950
)
Dividends paid
(4,450
)
(3,915
)
Net change in short-term borrowings and long-term debt
3,806
3,733
Other, net
6,478
304
Cash flows used for financing activities
(166
)
(3,828
)
Effect of exchange rate changes on cash and cash equivalents
4
(45
)
Increase in cash and cash equivalents
17,470
4,164
Cash and cash equivalents, beginning of period
21,375
16,921
Cash and cash equivalents, end of period
$
38,845
$
21,085
UNITEDHEALTH GROUP SUPPLEMENTAL FINANCIAL INFORMATION - BUSINESSES (in millions, except percentages) (unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2022
2021
2022
2021
Revenues UnitedHealthcare$
61,995
$
55,927
$
186,695
$
166,515
Optum
46,559
39,785
134,900
114,472
Eliminations
(27,660
)
(23,375
)
(80,220
)
(67,133
)
Total consolidated revenues$
80,894
$
72,337
$
241,375
$
213,854
Earnings from Operations UnitedHealthcare
$
3,799
$
2,651
$
11,447
$
9,854
Optum (a)
3,663
3,061
10,097
8,575
Total consolidated earnings from operations
$
7,462
$
5,712
$
21,544
$
18,429
Operating Margin UnitedHealthcare
6.1
%
4.7
%
6.1
%
5.9
%
Optum
7.9
%
7.7
%
7.5
%
7.5
%
Consolidated operating margin
9.2
%
7.9
%
8.9
%
8.6
%
Revenues UnitedHealthcare Employer & Individual - Domestic$
15,929
$
15,094
$
47,318
$
44,668
UnitedHealthcare Employer & Individual - Global
2,120
2,139
6,500
6,292
UnitedHealthcare Employer & Individual - Total
18,049
17,233
53,818
50,960
UnitedHealthcare Medicare & Retirement
27,895
24,931
85,620
75,709
UnitedHealthcare Community & State
16,051
13,763
47,257
39,846
Optum Health
$
18,463
$
13,812
$
52,728
$
39,515
Optum Insight
3,693
3,139
10,194
8,948
Optum Rx
25,203
23,337
73,919
67,465
Optum eliminations
(800
)
(503
)
(1,941
)
(1,456
)
(a) Earnings from operations for Optum for the three and nine months ended September 30, 2022 included $1,575 and $4,340 for Optum Health; $1,007 and $2,693 for Optum Insight; and $1,081 and $3,064 for Optum Rx, respectively. Earnings from operations for Optum for the three and nine months ended September 30, 2021 included $1,143 and $3,233 for Optum Health; $906 and $2,447 for Optum Insight; and $1,012 and $2,895 for Optum Rx, respectively. UNITEDHEALTH GROUP SUPPLEMENTAL FINANCIAL INFORMATION - BUSINESS METRICS UNITEDHEALTHCARE CUSTOMER PROFILE (in thousands) People Served September 30, 2022 June 30, 2022 December 31, 2021 September 30, 2021 Commercial - Domestic: Risk-based
8,055
8,010
7,985
7,960
Fee-based
18,500
18,480
18,595
18,595
Total Commercial - Domestic
26,555
26,490
26,580
26,555
Medicare Advantage
7,035
6,945
6,490
6,455
Medicaid
8,005
7,990
7,655
7,510
Medicare Supplement (Standardized)
4,370
4,355
4,395
4,405
Total Community and Senior
19,410
19,290
18,540
18,370
Total UnitedHealthcare - Domestic Medical
45,965
45,780
45,120
44,925
Commercial - Global
5,360
5,465
5,510
5,490
Total UnitedHealthcare - Medical
51,325
51,245
50,630
50,415
Supplemental Data Medicare Part D stand-alone
3,310
3,330
3,700
3,725
OPTUM PERFORMANCE METRICS September 30, 2022 June 30, 2022 December 31, 2021 September 30, 2021 Optum Health Consumers Served (in millions)
101
101
100
99
Optum Insight Contract Backlog (in billions)$
24.1
$
23.6
$
22.4
$
22.3
Optum Rx Quarterly Adjusted Scripts (in millions)
359
357
353
344
Note: UnitedHealth Group served 149 million unique individuals across all businesses at September 30, 2022. UNITEDHEALTH GROUP RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (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,
2022
2021
2022
2021
2022
GAAP net earnings attributable to UnitedHealth Group common shareholders$
5,262
$
4,086
$
15,359
$
13,214
$19,800 - $20,025 Intangible amortization
323
305
896
904
~1,290 Tax effect of intangible amortization
(92
)
(74
)
(233
)
(220
)
~(330) Adjusted net earnings attributable to UnitedHealth Group common shareholders$
5,493
$
4,317
$
16,022
$
13,898
$20,750 - $20,975 GAAP diluted earnings per share
$
5.55
$
4.28
$
16.15
$
13.82
$20.85 - $21.05 Intangible amortization per share
0.34
0.32
0.94
0.95
~1.35 Tax effect per share of intangible amortization
(0.10
)
(0.08
)
(0.24
)
(0.23
)
~(0.35) Adjusted diluted earnings per share$
5.79
$
4.52
$
16.85
$
14.54
$21.85 - $22.05 ADJUSTED CASH FLOWS FROM OPERATIONS(a) Three Months EndedSeptember 30, 2022 Nine Months EndedSeptember 30, 2022 GAAP cash flows from operations
$
18,549
$
30,739
Less: October CMS premium payments received in September
(9,763
)
(9,763
)
Adjusted cash flows from operations$
8,786
$
20,976
(a) Adjusted net earnings per share and adjusted cash flows from operations are non-GAAP financial measures. 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.Management believes the use of adjusted cash flows from operations provides investors and management with useful information to compare our cash flows from operations for the current period to other periods, when the Company does not receive its monthly payment from the Centers for Medicare and Medicaid Services (CMS) in the applicable quarter. CMS generally remits their monthly payments on the first calendar day of the applicable month. However, if the first calendar day of the month falls on a weekend or a holiday, CMS has typically paid the Company on the last business day of the preceding calendar month. Adjusted cash flows from operating activities presents operating cash flows assuming all CMS payments were received on the first calendar day of the applicable month.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221014005099/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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