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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 | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 489.03 | 1,599 | 14:01:31 |
From Apr 2019 to Apr 2024
UnitedHealth Group (NYSE: UNH) reported third quarter results, with continued strong, well-diversified performance across the enterprise.
“These results reflect our businesses delivering increased value at an accelerating pace to society and the millions of people we serve – one person at a time,” said David S. Wichmann, chief executive officer of UnitedHealth Group.
The Company raised its outlook for 2018 net earnings per share to now approach $12.10, from the prior range of $11.80 to $12.05, and adjusted net earnings per share to now approach $12.80, from the prior range of $12.50 to $12.75.
Quarterly Financial PerformanceThree Months Ended
September 30, September 30, June 30,2018
2017
2018
Revenues $56.6 billion $50.3 billion $56.1 billion Earnings From Operations $4.6 billion $4.1 billion $4.2 billion Net Margin 5.6% 4.9% 5.2%UnitedHealthcare provides global health care benefits, serving individuals and employers, and Medicare and Medicaid beneficiaries. UnitedHealthcare is dedicated to improving the value health care 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 PerformanceThree Months Ended
September 30, September 30, June 30,2018
2017
2018
Revenues $45.9 billion $40.7 billion $45.8 billion Earnings From Operations $2.6 billion $2.4 billion $2.4 billion Operating Margin 5.6% 5.9% 5.1%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 and health system performance.
Quarterly Financial PerformanceThree Months Ended
September 30, September 30, June 30,2018
2017
2018
Revenues $25.4 billion $22.9 billion $24.7 billion Earnings From Operations $2.0 billion $1.7 billion $1.8 billion Operating Margin 8.0% 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: UnitedHealthcare, which provides health care coverage and benefits services; and Optum, which provides information and technology-enabled health 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 Investors page of the Company’s website (www.unitedhealthgroup.com). Following the call, a webcast replay will be available on the same site through October 30, 2018. The conference call replay can also be accessed by dialing 1-800-695-2533. This earnings release and the Form 8-K dated October 16, 2018 can also be accessed from the Investors 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 within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA). These statements are intended to take advantage of the “safe harbor” provisions of the PSLRA. Generally the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “forecast,” “outlook,” “plan,” “project,” “should” and similar expressions identify forward-looking statements, which generally are not historical in nature. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. We caution that actual results could differ materially from those that management expects, depending on the outcome of certain factors.
Some factors that could cause actual results to differ materially from results discussed or implied in the forward-looking statements include: our ability to effectively estimate, price for and manage our medical costs, including the impact of any new coverage requirements; new laws or regulations, or changes in existing laws or regulations, or their enforcement or application, including increases in medical, administrative, technology or other costs or decreases in enrollment resulting from U.S., South American and other jurisdictions’ regulations affecting the health care industry; the outcome of the DOJ’s legal action relating to the risk adjustment submission matter; our ability to maintain and achieve improvement in CMS star ratings and other quality scores that impact revenue; reductions in revenue or delays to cash flows received under Medicare, Medicaid and other government programs, including the effects of a prolonged U.S. government shutdown or debt ceiling constraints; changes in Medicare, including changes in payment methodology, the CMS star ratings program or the application of risk adjustment data validation audits; cyber-attacks or other privacy or data security incidents; failure to comply with privacy and data security regulations; regulatory and other risks and uncertainties of the pharmacy benefits management industry; competitive pressures, which could affect our ability to maintain or increase our market share; changes in or challenges to our public sector contract awards; our ability to execute contracts on competitive terms with physicians, hospitals and other service providers; failure to achieve targeted operating cost productivity improvements, including savings resulting from technology enhancement and administrative modernization; increases in costs and other liabilities associated with increased litigation, government investigations, audits or reviews; failure to manage successfully our strategic alliances or complete or receive anticipated benefits of acquisitions and other strategic transactions; fluctuations in foreign currency exchange rates on our reported shareholders’ equity and results of operations; downgrades in our credit ratings; the performance of our investment portfolio; impairment of the value of our goodwill and intangible assets if estimated future results do not adequately support goodwill and intangible assets recorded for our existing businesses or the businesses that we acquire; failure to maintain effective and efficient information systems or if our technology products do not operate as intended; and our ability to obtain sufficient funds from our regulated subsidiaries or the debt or capital markets to fund our obligations, to maintain our debt to total capital ratio at targeted levels, to maintain our quarterly dividend payment cycle or to continue repurchasing shares of our common stock.
This list of important factors is not intended to be exhaustive. We discuss certain of these matters more fully, as well as certain risk factors that may affect our business operations, financial condition and results of operations, in our filings with the Securities and Exchange Commission, including our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Any or all forward-looking statements we make may turn out to be wrong, and can be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties. 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 future 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 applicable securities laws.
1 Reflects net consumer growth excluding the TRICARE military health program, which concluded in 2017.
2 Reflects net consumer growth excluding the TRICARE military health program, which concluded in 2017.
UNITEDHEALTH GROUP Earnings Release Schedules and Supplementary Information Quarter Ended September 30, 2018- 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, 2018 2017 2018 2017 Revenues Premiums $ 44,613 $ 39,552 $ 133,155 $ 118,075 Products 7,344 6,665 21,050 19,209 Services 4,217 3,858 12,590 11,089 Investment and other income 382 247 1,035 725 Total revenues 56,556 50,322 167,830 149,098 Operating costs Medical costs 36,158 32,201 108,448 96,829 Operating costs 8,479 7,387 25,371 21,737 Cost of products sold 6,718 6,068 19,373 17,633 Depreciation and amortization 611 578 1,791 1,667 Total operating costs 51,966 46,234 154,983 137,866 Earnings from operations 4,590 4,088 12,847 11,232 Interest expense (353 ) (294 ) (1,026 ) (878 ) Earnings before income taxes 4,237 3,794 11,821 10,354 Provision for income taxes (953 ) (1,233 ) (2,603 ) (3,252 ) Net earnings 3,284 2,561 9,218 7,102 Earnings attributable to noncontrolling interests (96 ) (76 ) (272 ) (161 )Net earnings attributable to UnitedHealth Group common shareholders
$ 3,188 $ 2,485 $ 8,946 $ 6,941Diluted earnings per share attributable to UnitedHealth Group common shareholders
$ 3.24 $ 2.51 $ 9.09 $ 7.06Adjusted earnings per share attributable to UnitedHealth Group common shareholders (a)
$ 3.41 $ 2.66 $ 9.60 $ 7.49 Diluted weighted-average common shares outstanding 983 989 984 983(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, 2018 2017 Assets Cash and short-term investments $ 13,849 $ 15,490 Accounts receivable, net 10,992 9,568 Other current assets 13,913 12,026 Total current assets 38,754 37,084 Long-term investments 31,929 28,341 Other long-term assets 80,404 73,633 Total assets $ 151,087 $ 139,058 Liabilities, redeemable noncontrolling interests and equity Medical costs payable $ 19,850 $ 17,871 Commercial paper and current maturities of long-term debt 1,500 2,857 Other current liabilities 35,027 29,735 Total current liabilities 56,377 50,463 Long-term debt, less current maturities 32,053 28,835 Other long-term liabilities 8,292 7,738 Redeemable noncontrolling interests 1,769 2,189 Equity 52,596 49,833 Total liabilities, redeemable noncontrolling interests and equity $ 151,087 $ 139,058 UNITEDHEALTH GROUP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (unaudited) Nine Months Ended September 30, 2018 2017 Operating Activities Net earnings $ 9,218 $ 7,102 Noncash items: Depreciation and amortization 1,791 1,667 Deferred income taxes and other (127 ) (291 ) Share-based compensation 512 456 Net changes in operating assets and liabilities 1,923 7,239 Cash flows from operating activities 13,317 16,173 Investing Activities Purchases of investments, net of sales and maturities (3,729 ) (3,566 ) Purchases of property, equipment and capitalized software (1,505 ) (1,391 ) Cash paid for acquisitions, net (5,824 ) (908 ) Other, net (187 ) (30 ) Cash flows used for investing activities (11,245 ) (5,895 ) Financing Activities Common share repurchases (3,650 ) (1,173 ) Dividends paid (2,454 ) (2,046 ) Net change in commercial paper and long-term debt 1,200 (4,877 ) Other, net 1,211 3,639 Cash flows used for financing activities (3,693 ) (4,457 ) Effect of exchange rate changes on cash and cash equivalents (97 ) 18 (Decrease) increase in cash and cash equivalents (1,718 ) 5,839 Cash and cash equivalents, beginning of period 11,981 10,430 Cash and cash equivalents, end of period $ 10,263 $ 16,269 Supplemental Schedule of Noncash Investing Activities Common stock issued for acquisition $ - $ 2,164 UNITEDHEALTH GROUP SUPPLEMENTAL FINANCIAL INFORMATION - BUSINESSES (in millions, except percentages) (unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Revenues UnitedHealthcare $ 45,937 $ 40,734 $ 137,242 $ 121,658 Optum 25,391 22,885 73,718 66,793 Eliminations (14,772 ) (13,297 ) (43,130 ) (39,353 ) Total consolidated revenues $ 56,556 $ 50,322 $ 167,830 $ 149,098 Earnings from Operations UnitedHealthcare $ 2,559 $ 2,391 $ 7,316 $ 6,736 Optum (a) 2,031 1,697 5,531 4,496 Total consolidated earnings from operations $ 4,590 $ 4,088 $ 12,847 $ 11,232 Operating Margin UnitedHealthcare 5.6 % 5.9 % 5.3 % 5.5 % Optum 8.0 % 7.4 % 7.5 % 6.7 % Consolidated operating margin 8.1 % 8.1 % 7.7 % 7.5 % Revenues UnitedHealthcare Employer & Individual $ 13,734 $ 13,054 $ 40,856 $ 38,759 UnitedHealthcare Medicare & Retirement 18,789 16,306 56,573 49,605 UnitedHealthcare Community & State 11,054 9,378 32,471 27,505 UnitedHealthcare Global 2,360 1,996 7,342 5,789 OptumHealth $ 6,052 $ 5,252 $ 17,752 $ 15,107 OptumInsight 2,254 2,004 6,508 5,840 OptumRx 17,437 15,953 50,484 46,740 Optum eliminations (352 ) (324 ) (1,026 ) (894 ) (a)Earnings from operations for Optum for the three and nine months ended September 30, 2018 included $622 and $1,680 for OptumHealth; $534 and $1,382 for OptumInsight; and $875 and $2,469 for OptumRx, respectively. Earnings from operations for Optum for the three and nine months ended September 30, 2017 included $513 and $1,267 for OptumHealth; $414 and $1,080 for OptumInsight; and $770 and $2,149 for OptumRx, respectively.
UNITEDHEALTH GROUP SUPPLEMENTAL FINANCIAL INFORMATION - BUSINESS METRICS UNITEDHEALTHCARE CUSTOMER PROFILE (in thousands)September 30, June 30, December 31, September 30,
People Served
2018 2018 2017 2017 Commercial group: Risk-based 7,955 7,905 7,935 7,805 Fee-based 18,365 18,415 18,595 18,610 Total commercial group 26,320 26,320 26,530 26,415 Individual 495 480 485 515 Total Commercial (a) 26,815 26,800 27,015 26,930 Medicare Advantage 4,915 4,790 4,430 4,390 Medicaid 6,630 6,710 6,705 6,375 Medicare Supplement (Standardized) 4,540 4,505 4,445 4,415 Total Public and Senior 16,085 16,005 15,580 15,180 Total UnitedHealthcare - Domestic Medical 42,900 42,805 42,595 42,110 International 6,070 6,020 4,080 4,080 Total UnitedHealthcare - Medical 48,970 48,825 46,675 46,190 Supplemental Data Medicare Part D stand-alone 4,725 4,730 4,940 4,945 OPTUM PERFORMANCE METRICS September 30, June 30, December 31, September 30, 2018 2018 2017 2017 OptumHealth Consumers Served (in millions) (a) 92 92 88 87 OptumInsight Contract Backlog (in billions) $15.7 $15.4 $15.0 $13.9 OptumRx Quarterly Adjusted Scripts (in millions) 331 332 333 321 (a) Excludes TRICARE of 2.9 million at December 31, 2017 and September 30, 2017. Note: UnitedHealth Group served 140 million unique individuals across all businesses at September 30, 2018.UNITEDHEALTH GROUP
Reconciliation of Non-GAAP Financial Measures
- Adjusted Net Earnings per Share
- Adjusted Cash Flows from Operations
Use of Non-GAAP Financial Measures
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 GAAP net earnings per share, intangible amortization and other items, if any, that do not reflect the Company's underlying business performance. Management believes the use of adjusted net earnings per share provides investors and management useful information about the earnings impact of acquisition-related intangible asset amortization. Management believes the exclusion of these items provides a more useful comparison of the Company's underlying business performance from period to period.
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.
UNITEDHEALTH GROUP RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in millions, except per share data) (unaudited) ADJUSTED NET EARNINGS PER SHAREProjected
Three Months Ended Nine Months Ended Year Ended September 30, September 30, December 31, 2018 2017 2018 2017 2018GAAP net earnings attributable to UnitedHealth Group common shareholders
$ 3,188 $ 2,485 $ 8,946 $ 6,941 Approaching $11,925 Intangible amortization 221 230 661 669 ~900 Tax effect of intangible amortization (54 ) (86 ) (165 ) (249 ) ~(225) Adjusted net earnings attributable to UnitedHealth Group common shareholders $ 3,355 $ 2,629 $ 9,442 $ 7,361 Approaching $12,600 GAAP diluted earnings per share $ 3.24 $ 2.51 $ 9.09 $ 7.06 Approaching $12.10 Intangible amortization per share 0.22 0.23 0.67 0.68 ~0.90 Tax effect per share of intangible amortization (0.05 ) (0.08 ) (0.16 ) (0.25 ) ~(0.20) Adjusted diluted earnings per share $ 3.41 $ 2.66 $ 9.60 $ 7.49 Approaching $12.80 ADJUSTED CASH FLOWS FROM OPERATIONS Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 GAAP cash flows from operations $ 941 $ 7,546 $ 13,317 $ 16,173 Add: July CMS premium payments received in June 5,166 4,454 - - Less: October CMS premium payments received in September - (4,568 ) - (4,568 ) Adjusted cash flows from operations $ 6,107 $ 7,432 $ 13,317 $ 11,605Click here to subscribe to Mobile Alerts for UnitedHealth Group.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181016005377/en/
UnitedHealth GroupInvestors:Brett Manderfeld, 952-936-7216Vice PresidentorJohn S. Penshorn, 952-936-7214Senior Vice PresidentorMedia:Tyler Mason, 424-333-6122Vice President
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