Revenues of $80.1 Billion Grew $10 Billion or 14% Year-Over-Year, with Double-Digit Growth at both Optum and UnitedHealthcare
Earnings from Operations were $7 Billion
Cash Flows from Operations were $5.3 Billion
Earnings were $5.27 Per Share, Adjusted Earnings $5.49 Per Share
MINNETONKA, Minn.--(BUSINESS WIRE)--Strong and well-balanced growth continued across UnitedHealth Group (NYSE: UNH) in the first quarter of 2022.
“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 Ended March 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 Ended March 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 Ended March 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-based | 7,950 |
7,985 |
7,860 |
Fee-based | 18,460 |
18,595 |
18,455 |
Total Commercial - Domestic | 26,410 |
26,580 |
26,315 |
Medicare Advantage | 6,890 |
6,490 |
6,335 |
Medicaid | 7,810 |
7,655 |
6,975 |
Medicare Supplement (Standardized) | 4,355 |
4,395 |
4,390 |
Total Community and Senior | 19,055 |
18,540 |
17,700 |
Total UnitedHealthcare - Domestic Medical | 45,465 |
45,120 |
44,015 |
Commercial - Global | 5,500 |
5,510 |
5,460 |
Total UnitedHealthcare - Medical | 50,965 |
50,630 |
49,475 |
Supplemental Data | |||
Medicare Part D stand-alone | 3,360 |
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 Ended March 31, |
Projected Year Ended December 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. |
Выручка в размере 80,1 миллиарда долларов Выросла на 10 миллиардов долларов, или на 14%, в годовом исчислении, при Двузначном росте как Optum, так и UnitedHealthcare
Прибыль от операций составила 7 миллиардов долларов
Денежные потоки от операционной деятельности составили 5,3 миллиарда долларов
Прибыль составила $5,27 На Акцию, Скорректированная Прибыль - $5,49 На Акцию
МИННЕТОНКА, Миннесота - (BUSINESS WIRE) - Сильный и сбалансированный рост продолжился в UnitedHealth Group (NYSE: UNH) в первом квартале 2022 года.
“Дисциплинированное выполнение нашей долгосрочной стратегии с уделением особого внимания обеспечению доступа к медицинской помощи для людей, которых мы обслуживаем, позволило нам обеспечить высококачественный и диверсифицированный рост в Optum и UnitedHealthcare в течение первого квартала 2022 года”, - сказал Эндрю Уитти, главный исполнительный директор UnitedHealth Group.
Основываясь на результатах первого квартала и прогнозах роста в масштабах всего предприятия, Компания повысила прогноз чистой прибыли за весь год до 20,30-20,80 долларов на акцию и скорректировала чистую прибыль до 21,20-21,70 долларов на акцию.
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 предоставляет медицинские услуги по всему миру, обслуживая частных лиц и работодателей, а также бенефициаров Medicare и Medicaid. UnitedHealthcare нацелена на повышение ценности, которую получают клиенты и потребители, путем улучшения здоровья и хорошего самочувствия, повышения качества получаемой медицинской помощи, упрощения медицинского обслуживания и снижения общей стоимости медицинской помощи.
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% |
Медицинские компании Optum обслуживают глобальный рынок медицинских услуг, включая плательщиков, поставщиков медицинских услуг, работодателей, правительства, компании, занимающиеся биологическими науками, и потребителей. Используя лидирующую на рынке информацию, аналитику, технологии и клинические данные, Optum помогает улучшить общую производительность системы здравоохранения: оптимизировать качество медицинской помощи, снизить затраты на лечение и улучшить потребительский опыт.
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% |
|
Об UnitedHealth Group
UnitedHealth Group (NYSE: UNH) - это компания, занимающаяся вопросами здравоохранения и благополучия, миссия которой - помогать людям вести более здоровый образ жизни и улучшать работу системы здравоохранения для всех с помощью двух отдельных и взаимодополняющих бизнесов. Optum обеспечивает уход с помощью технологий и данных, предоставляя людям, партнерам и поставщикам услуг рекомендации и инструменты, необходимые им для улучшения состояния здоровья. UnitedHealthcare предлагает полный спектр медицинских услуг, обеспечивая доступное медицинское обслуживание, упрощая медицинское обслуживание и предоставляя доступ к высококачественной медицинской помощи. Посетите UnitedHealth Group по адресу www.unitedhealthgroup.com и подписывайтесь на @UnitedHealthGrp в Твиттере.
Конференц-связь по доходам
Как было объявлено ранее, UnitedHealth Group обсудит результаты, стратегию и перспективы компании на телефонной конференции с инвесторами сегодня в 8:45 утра по восточному времени. UnitedHealth Group проведет прямую трансляцию этой телефонной конференции со страницы по связям с инвесторами на веб-сайте компании (www.unitedhealthgroup.com ). После звонка повтор веб-трансляции будет доступен на том же сайте до 28 апреля 2022 года. К воспроизведению конференц-вызова также можно получить доступ, набрав 1-888-203-1112, Код конференции: 3063505. К этому отчету о доходах и форме 8-K от 14 апреля 2022 года также можно получить доступ со страницы по связям с инвесторами на веб-сайте Компании.
Финансовая информация, не относящаяся к ОПБУ
В настоящем пресс-релизе представлена финансовая информация, не относящаяся к ОПБУ, представленная в качестве дополнения к результатам, представленным в соответствии с принципами бухгалтерского учета, общепринятыми в Соединенных Штатах Америки (“ОПБУ”). Сверка финансовой информации, не относящейся к GAAP, с наиболее непосредственно сопоставимым финансовым показателем GAAP приведена в сопроводительных таблицах, приведенных в конце этого выпуска.
Прогнозные заявления
Заявления, оценки, прогнозы, рекомендации или перспективы, содержащиеся в этом документе, включают “прогнозные” заявления, которые предназначены для использования положений федерального закона о ценных бумагах “безопасная гавань”. Слова “полагать”, ”ожидать“, ”намереваться“, ”оценивать“, ”предвидеть“, ”прогнозировать“, ”прогноз“, ”планировать“, ”проектировать“, "следует” и подобные выражения обозначают прогнозные заявления. Эти заявления могут содержать информацию о финансовых перспективах, экономических условиях и тенденциях и связаны с рисками и неопределенностями. Фактические результаты могут существенно отличаться от тех, что руководство ожидает, в зависимости от результатов определенных факторов, в том числе: риски, связанные с развитием здравоохранения, кризисы, масштабные скорой медицинской помощи и пандемий, такой как COVID-19 пандемией; нашу способность эффективно оценить, цене и управлять медицинских расходов; введение новых или изменения существующих медико-санитарных законов и инструкций, либо их реализация или применение; Министерство юстиции юридические действия, связанные с риском регулировка подачи вопроса; нам возможность поддерживать и достичь улучшения показателей качества, влияющих на объем продаж; сокращение поступлений или задержки денежных средств, полученных в рамках государственных программ; изменения в программе Medicare, ЦМШ звезд программу или приложение риска корректировки данных проверок; неспособность поддерживать эффективные и эффективные информационные системы и если наши технические средства не работают так, как предполагалось; кибератак, другие конфиденциальности/защиты данных инцидентов, или наша неспособность соблюдать соответствующие правила; неспособность защитить права наших баз данных, программного обеспечения и сопутствующих товаров; риски и неопределенности, связанные с нашим бизнесом оказания фармацевтической помощи услуг; конкурентное давление, в том числе и наша способность разрабатывать и поставлять инновационные продукты для здоровья плательщика и расширить доступ к виртуальным обслуживания, изменений или проблем нашего государственного сектора контрактами; неспособность развивать и поддерживать удовлетворительные отношения с плательщиками здравоохранения, врачей, больниц и других поставщиков услуг; неспособность привлекать, развивать, удерживать и управлять преемственности ключевых сотрудников и руководителей; влияние потенциальных изменений в налоговом законодательстве и нормативных актов (в том числе и любое повышение в США ставка налога на прибыль применяется к корпорациям); недостижение целевых производственных затрат повышение производительности; увеличение затрат и прочие обязательства, связанные с судебным разбирательством, правительственных расследований, проверок и обзоров; неспособность управлять успешно в нашей стратегических альянсов или полную или получить ожидаемых преимуществ стратегических сделок; колебания валютных курсов; снижений кредитных рейтингов; наш инвестиционный портфель производительность; обесценение наша деловая репутация и нематериальные активы; и наша способность получить достаточных средств от регламентированных дочерних или от внешнего финансирования для финансирования наших обязательств, поддержания нашего долга в общей сумме капитала коэффициент на целевых уровнях, поддерживать ежеквартальные выплаты дивидендов, или продолжить акций, выкупа обыкновенных акций компании. Приведенный выше список не является исчерпывающим. Мы более подробно обсуждаем эти вопросы, а также определенные риски, которые могут повлиять на наши деловые операции, финансовое состояние и результаты деятельности, в наших заявках в SEC, включая наши отчеты по формам 10-K, 10-Q и 8-K. По своей природе прогнозные заявления не являются гарантией будущих результатов или результатов и подвержены рискам, неопределенностям и допущениям, которые трудно предсказать или оценить количественно. Фактические результаты могут существенно отличаться от ожиданий, выраженных или подразумеваемых в этом документе или любом из наших предыдущих сообщений. Вы не должны чрезмерно полагаться на прогнозные заявления, которые действуют только на дату их составления. Мы не берем на себя обязательство обновлять или пересматривать какие-либо прогнозные заявления, за исключением случаев, предусмотренных законом.
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 Ended March 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 Ended March 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 Ended March 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-based | 7,950 |
7,985 |
7,860 |
Fee-based | 18,460 |
18,595 |
18,455 |
Total Commercial - Domestic | 26,410 |
26,580 |
26,315 |
Medicare Advantage | 6,890 |
6,490 |
6,335 |
Medicaid | 7,810 |
7,655 |
6,975 |
Medicare Supplement (Standardized) | 4,355 |
4,395 |
4,390 |
Total Community and Senior | 19,055 |
18,540 |
17,700 |
Total UnitedHealthcare - Domestic Medical | 45,465 |
45,120 |
44,015 |
Commercial - Global | 5,500 |
5,510 |
5,460 |
Total UnitedHealthcare - Medical | 50,965 |
50,630 |
49,475 |
Supplemental Data | |||
Medicare Part D stand-alone | 3,360 |
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 Ended March 31, |
Projected Year Ended December 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. |