UnitedHealth Group Reports 2023 Results
- Revenues grew 15% year-over-year
- Earnings from operations grew 14%
- Cash flows from operations were $29.1 billion
- Full year and fourth quarter net earnings were reported at $23.86 and $5.83 per share
- Adjusted net earnings were $25.12 and $6.16 per share
- UnitedHealth Group affirmed its 2024 performance objectives
- None.
Insights
The reported revenue and earnings growth for UnitedHealth Group is a strong indicator of the company's robust financial performance. The 15% year-over-year increase in revenues to $371.6 billion, coupled with a 14% growth in earnings from operations, showcases the company's successful expansion and operational efficiency. The consistent net margin around 6% reflects a stable profitability level despite the scale of growth. Additionally, the operating cash flow of $29.1 billion, being 1.3 times the net income, signifies healthy liquidity and financial flexibility, which is crucial for future investments and shareholder returns.
UnitedHealth Group's return on equity (ROE) of 27% is particularly noteworthy, as it indicates that the company is using its capital effectively to generate profit. This level of ROE is impressive and suggests a strong competitive position within the healthcare industry. The company's strategy of returning $14.8 billion to shareholders through dividends and share repurchases is indicative of its commitment to delivering shareholder value and confidence in its financial stability.
The detailed segment performance of UnitedHealth Group reveals significant growth in both its UnitedHealthcare and Optum businesses. The double-digit growth in UnitedHealthcare, with an increase in people served by over 1 million, highlights the company's successful market penetration and customer acquisition strategy. The growth in commercial benefits and tailored product designs for seniors and people with complex needs underscores the company's focus on diversified and specialized service offerings. However, the decline in state-based community offerings due to Medicaid eligibility redetermination presents a challenge that the company is actively addressing.
Optum's impressive revenue growth of 24% year-over-year, with a substantial increase in patients served under value-based arrangements, reflects the shift in healthcare towards outcome-based models. The expansion in care types and levels, along with investments in patient health outcomes, aligns with industry trends of integrated care and value-based services. The growth in Optum Insight revenue by 29.8%, driven by the acquisition of Change Healthcare and advancements in technology-enabled offerings, positions the company at the forefront of healthcare analytics and data management.
The financial performance of UnitedHealth Group is a testament to its strategic positioning within the healthcare sector. The company's broad-based growth is a result of its diversified services across insurance and health services, which is a strategic advantage in the face of regulatory changes and market fluctuations. The increase in the medical care ratio to 83.2% from 82% last year indicates a slight uptick in healthcare service utilization, which could be a result of the company's expanding customer base and possibly an industry-wide trend of increased outpatient care services.
The growth in adjusted scripts for Optum Rx and the expansion in specialty and community-based pharmacy services suggest a strategic focus on high-growth areas within the pharmacy benefit management (PBM) space. The reported revenue backlog for Optum Insight of over $32 billion provides visibility into future earnings and underscores the growing demand for advanced data analytics in healthcare. These factors combined suggest that UnitedHealth Group is well-positioned to capitalize on the growing healthcare market, with a particular emphasis on technology and data-driven services.
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Revenues of
$371.6 Billion 15% Year-Over-Year -
Earnings from Operations Grew
14% -
Cash Flows from Operations were
$29.1 Billion -
Full Year and Fourth Quarter Net Earnings were
$23.86 $5.83 -
Full Year and Fourth Quarter Adjusted Net Earnings were
$25.12 $6.16
UnitedHealth Group (NYSE: UNH) reported full year and fourth quarter 2023 results reflecting broad-based growth at Optum and UnitedHealthcare.
UnitedHealth Group corporate headquarters (Photo: Business Wire)
“UnitedHealth Group enters 2024 well prepared to build on our efforts to improve patient care and consumer experiences broadly, and to continue delivering strong and balanced growth,” said Andrew Witty, chief executive officer of UnitedHealth Group.
UnitedHealth Group affirmed the 2024 performance objectives established at its November 29th Investor Conference, excluding the potential impacts from the pending sale of its
Quarterly and Annual Financial Performance |
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UnitedHealth Group’s 2023 revenues grew
$47.5 billion 14.6% year-over-year to$371.6 billion $32.4 billion 13.8% . -
The full year medical care ratio at
83.2% compared to82% last year, driven by previously noted outpatient care, primarily serving seniors, and business mix. The fourth quarter medical care ratio was85% . Days claims payable of 47.9 compared to 49.9 at year end 2022 and 50.7 in the third quarter 2023. Medical reserve development was$840 million $100 million -
The full year 2023 operating cost ratio of
14.7% was consistent with last year, reflecting strong operating cost management, offset by continued growth of the services businesses and investments to support growth. -
Cash flows from operations for the full year were
$29.1 billion $14.8 billion 27% in 2023 reflected the company’s strong overall growth and efficient capital structure.
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 and Annual Financial Performance |
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Earnings from Operations |
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Operating Margin |
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UnitedHealthcare full year revenues of
$281.4 billion $31.6 billion 12.7% year-over-year and operating earnings increased14.2% to$16.4 billion - The number of consumers served with commercial benefits grew by over 800,000 in 2023, reflecting the strong customer response to the company’s innovative and affordable benefit offerings.
- The number of people served by the company’s offerings for seniors and people with complex needs grew by 950,000 due to product designs tailored to meet the specific needs of individuals and their families with limited economic resources and who are often underserved.
-
People served by the company’s state-based community offerings declined by 700,000 due to the ongoing Medicaid eligibility redetermination process. The UnitedHealthcare team remains actively engaged with the individuals impacted and continues with its comprehensive outreach to help families maintain, reinstate or find other affordable coverage.
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 and technology to yield clinical insights, Optum helps improve overall health system performance by optimizing care quality, reducing care costs and improving the consumer experience.
Quarterly and Annual Financial Performance |
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Revenues |
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Earnings from Operations |
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Operating Margin |
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Optum full year revenues of
$226.6 billion $43.9 billion 24% year-over-year and operating earnings increased13.4% to$15.9 billion -
Optum Health revenue increased
33.9% over last year, driven by growth in patients served under value-based arrangements and continued expansion of the types and levels of care provided. The operating results reflect previously noted higher care activity and continued investments to improve patient health outcomes. The number of patients served under value-based arrangements grew by nearly 900,000 to more than 4.1 million. -
Optum Insight revenue increased
29.8% due to the addition of Change Healthcare and growth in its technology-enabled offerings, which serve health systems, care providers, health plans and life sciences organizations. Optum Insight continues to build and invest in advanced data capabilities to meet the rising needs of customers. The revenue backlog increased by more than$2 billion $32 billion -
Optum Rx revenue increased
16.4% in 2023 due to growth in serving new clients, expanded relationships with existing clients and continued advancement in the comprehensive scope of pharmacy services offered, including specialty and community-based pharmacies. Adjusted scripts grew to 1.54 billion compared to 1.44 billion last year.
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 UnitedHealth Group on LinkedIn.
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.com/Replay through January 26, 2024. This earnings release and the Form 8-K dated January 12, 2024, 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
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: 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; 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; the DOJ’s legal action relating to the risk adjustment submission matter; our ability to maintain and achieve improvement in quality scores impacting revenue; 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 our businesses providing pharmacy care services; competitive pressures, including our ability to maintain or increase our market share; changes in or challenges to our public sector contract awards; failure to achieve targeted operating cost productivity improvements; failure to develop and maintain satisfactory relationships with health care payers, physicians, hospitals and other service providers; the impact of potential changes in tax laws and regulations; increases in costs and other liabilities associated with litigation, government investigations, audits or reviews; failure to complete, manage or integrate strategic transactions; risk and uncertainties associated with the pending sale of operations in
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 | ||||||||
| Year Ended December 31, 2023 | ||||||||
| - 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 December 31, |
Year Ended December 31, |
|||||||||||||||
2023 |
2022 |
2023 |
2022 |
|||||||||||||
| Revenues | ||||||||||||||||
| Premiums | $ |
73,228 |
|
$ |
64,700 |
|
$ |
290,827 |
|
$ |
257,157 |
|
||||
| Products |
|
11,311 |
|
|
9,398 |
|
|
42,583 |
|
|
37,424 |
|
||||
| Services |
|
8,709 |
|
|
7,834 |
|
|
34,123 |
|
|
27,551 |
|
||||
| Investment and other income |
|
1,179 |
|
|
855 |
|
|
4,089 |
|
|
2,030 |
|
||||
| Total revenues |
|
94,427 |
|
|
82,787 |
|
|
371,622 |
|
|
324,162 |
|
||||
| Operating costs | ||||||||||||||||
| Medical costs |
|
62,231 |
|
|
53,591 |
|
|
241,894 |
|
|
210,842 |
|
||||
| Operating costs |
|
13,339 |
|
|
13,009 |
|
|
54,628 |
|
|
47,782 |
|
||||
| Cost of products sold |
|
10,194 |
|
|
8,314 |
|
|
38,770 |
|
|
33,703 |
|
||||
| Depreciation and amortization |
|
974 |
|
|
982 |
|
|
3,972 |
|
|
3,400 |
|
||||
| Total operating costs |
|
86,738 |
|
|
75,896 |
|
|
339,264 |
|
|
295,727 |
|
||||
| Earnings from operations |
|
7,689 |
|
|
6,891 |
|
|
32,358 |
|
|
28,435 |
|
||||
| Interest expense |
|
(830 |
) |
|
(676 |
) |
|
(3,246 |
) |
|
(2,092 |
) |
||||
| Earnings before income taxes |
|
6,859 |
|
|
6,215 |
|
|
29,112 |
|
|
26,343 |
|
||||
| Provision for income taxes |
|
(1,184 |
) |
|
(1,307 |
) |
|
(5,968 |
) |
|
(5,704 |
) |
||||
| Net earnings |
|
5,675 |
|
|
4,908 |
|
|
23,144 |
|
|
20,639 |
|
||||
| Earnings attributable to noncontrolling interests |
|
(220 |
) |
|
(147 |
) |
|
(763 |
) |
|
(519 |
) |
||||
| Net earnings attributable to UnitedHealth Group common shareholders | $ |
5,455 |
|
$ |
4,761 |
|
$ |
22,381 |
|
$ |
20,120 |
|
||||
| Diluted earnings per share attributable to UnitedHealth Group common shareholders | $ |
5.83 |
|
$ |
5.03 |
|
$ |
23.86 |
|
$ |
21.18 |
|
||||
| Adjusted earnings per share attributable to UnitedHealth Group common shareholders (a) | $ |
6.16 |
|
$ |
5.34 |
|
$ |
25.12 |
|
$ |
22.19 |
|
||||
| Diluted weighted-average common shares outstanding |
|
935 |
|
|
947 |
|
|
938 |
|
|
950 |
|
||||
(a) See page 6 for a reconciliation of the non-GAAP measure |
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| UNITEDHEALTH GROUP | |||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
| (in millions) | |||||
| (unaudited) | |||||
December 31, |
December 31, |
||||
2023 |
2022 |
||||
| Assets | |||||
| Cash and short-term investments | $ |
29,628 |
$ |
27,911 |
|
| Accounts receivable, net |
|
21,276 |
|
17,681 |
|
| Other current assets |
|
27,533 |
|
23,477 |
|
| Total current assets |
|
78,437 |
|
69,069 |
|
| Long-term investments |
|
47,609 |
|
43,728 |
|
| Other long-term assets |
|
147,674 |
|
132,908 |
|
| Total assets | $ |
273,720 |
$ |
245,705 |
|
| Liabilities, redeemable noncontrolling interests and equity | |||||
| Medical costs payable | $ |
32,395 |
$ |
29,056 |
|
| Short-term borrowings and current maturities of long-term debt |
|
4,274 |
|
3,110 |
|
| Other current liabilities |
|
62,385 |
|
57,071 |
|
| Total current liabilities |
|
99,054 |
|
89,237 |
|
| Long-term debt, less current maturities |
|
58,263 |
|
54,513 |
|
| Other long-term liabilities |
|
17,484 |
|
15,608 |
|
| Redeemable noncontrolling interests |
|
4,498 |
|
4,897 |
|
| Equity |
|
94,421 |
|
81,450 |
|
| Total liabilities, redeemable noncontrolling interests and equity | $ |
273,720 |
$ |
245,705 |
|
| UNITEDHEALTH GROUP | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (in millions) | |||||||
| (unaudited) | |||||||
Year Ended
|
|||||||
2023 |
2022 |
||||||
| Operating Activities | |||||||
| Net earnings | $ |
23,144 |
|
$ |
20,639 |
|
|
| Noncash items: | |||||||
| Depreciation and amortization |
|
3,972 |
|
|
3,400 |
|
|
| Deferred income taxes and other |
|
(750 |
) |
|
(1,004 |
) |
|
| Share-based compensation |
|
1,059 |
|
|
925 |
|
|
| Net changes in operating assets and liabilities |
|
1,643 |
|
|
2,246 |
|
|
| Cash flows from operating activities |
|
29,068 |
|
|
26,206 |
|
|
| Investing Activities | |||||||
| Purchases of investments, net of sales and maturities |
|
(1,777 |
) |
|
(6,837 |
) |
|
| Purchases of property, equipment and capitalized software |
|
(3,386 |
) |
|
(2,802 |
) |
|
| Cash paid for acquisitions, net |
|
(10,136 |
) |
|
(21,458 |
) |
|
| Other, net |
|
(275 |
) |
|
2,621 |
|
|
| Cash flows used for investing activities |
|
(15,574 |
) |
|
(28,476 |
) |
|
| Financing Activities | |||||||
| Common share repurchases |
|
(8,000 |
) |
|
(7,000 |
) |
|
| Dividends paid |
|
(6,761 |
) |
|
(5,991 |
) |
|
| Net change in short-term borrowings and long-term debt |
|
4,280 |
|
|
12,536 |
|
|
| Other, net |
|
(1,048 |
) |
|
4,681 |
|
|
| Cash flows (used for) from financing activities |
|
(11,529 |
) |
|
4,226 |
|
|
| Effect of exchange rate changes on cash and cash equivalents |
|
97 |
|
|
34 |
|
|
| Increase in cash and cash equivalents |
|
2,062 |
|
|
1,990 |
|
|
| Cash and cash equivalents, beginning of period |
|
23,365 |
|
|
21,375 |
|
|
| Cash and cash equivalents, end of period | $ |
25,427 |
|
$ |
23,365 |
|
|
UNITEDHEALTH GROUP |
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SUPPLEMENTAL FINANCIAL INFORMATION - BUSINESSES |
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(in millions, except percentages) |
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(unaudited) |
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| Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||||
2023 |
2022 |
2023 |
2022 |
|||||||||||||
| Revenues | ||||||||||||||||
| UnitedHealthcare | $ |
70,808 |
|
$ |
63,046 |
|
$ |
281,360 |
|
$ |
249,741 |
|
||||
| Optum |
|
59,495 |
|
|
47,868 |
|
|
226,635 |
|
|
182,768 |
|
||||
| Eliminations |
|
(35,876 |
) |
|
(28,127 |
) |
|
(136,373 |
) |
|
(108,347 |
) |
||||
| Total consolidated revenues | $ |
94,427 |
|
$ |
82,787 |
|
$ |
371,622 |
|
$ |
324,162 |
|
||||
| Earnings from Operations | ||||||||||||||||
| UnitedHealthcare | $ |
3,122 |
|
$ |
2,932 |
|
$ |
16,415 |
|
$ |
14,379 |
|
||||
| Optum (a) |
|
4,567 |
|
|
3,959 |
|
|
15,943 |
|
|
14,056 |
|
||||
| Total consolidated earnings from operations | $ |
7,689 |
|
$ |
6,891 |
|
$ |
32,358 |
|
$ |
28,435 |
|
||||
| Operating Margin | ||||||||||||||||
| UnitedHealthcare |
|
4.4 |
% |
|
4.7 |
% |
|
5.8 |
% |
|
5.8 |
% |
||||
| Optum |
|
7.7 |
% |
|
8.3 |
% |
|
7.0 |
% |
|
7.7 |
% |
||||
| Consolidated operating margin |
|
8.1 |
% |
|
8.3 |
% |
|
8.7 |
% |
|
8.8 |
% |
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| Revenues | ||||||||||||||||
| UnitedHealthcare Employer & Individual - Domestic | $ |
17,030 |
|
$ |
16,281 |
|
$ |
67,187 |
|
$ |
63,599 |
|
||||
| UnitedHealthcare Employer & Individual - Global |
|
2,402 |
|
|
2,168 |
|
|
9,307 |
|
|
8,668 |
|
||||
| UnitedHealthcare Employer & Individual - Total |
|
19,432 |
|
|
18,449 |
|
|
76,494 |
|
|
72,267 |
|
||||
| UnitedHealthcare Medicare & Retirement |
|
32,394 |
|
|
28,051 |
|
|
129,862 |
|
|
113,671 |
|
||||
| UnitedHealthcare Community & State |
|
18,982 |
|
|
16,546 |
|
|
75,004 |
|
|
63,803 |
|
||||
| Optum Health | $ |
24,534 |
|
$ |
18,446 |
|
$ |
95,319 |
|
$ |
71,174 |
|
||||
| Optum Insight |
|
4,785 |
|
|
4,387 |
|
|
18,932 |
|
|
14,581 |
|
||||
| Optum Rx |
|
31,166 |
|
|
25,854 |
|
|
116,087 |
|
|
99,773 |
|
||||
| Optum Eliminations |
|
(990 |
) |
|
(819 |
) |
|
(3,703 |
) |
|
(2,760 |
) |
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| (a) | Earnings from operations for Optum for the three months and year ended December 31, 2023 included |
| UNITEDHEALTH GROUP | |||||||||
| SUPPLEMENTAL FINANCIAL INFORMATION - BUSINESS METRICS | |||||||||
| UNITEDHEALTHCARE CUSTOMER PROFILE | |||||||||
| (in thousands) | |||||||||
| People Served | December 31, 2023 | September 30, 2023 | December 31, 2022 | ||||||
| Commercial - Domestic: | |||||||||
| Risk-based |
|
8,115 |
|
8,120 |
|
8,045 |
|||
| Fee-based |
|
19,200 |
|
19,130 |
|
18,640 |
|||
| Total Commercial - Domestic |
|
27,315 |
|
27,250 |
|
26,685 |
|||
| Medicare Advantage |
|
7,695 |
|
7,645 |
|
7,105 |
|||
| Medicaid |
|
7,845 |
|
8,065 |
|
8,170 |
|||
| Medicare Supplement (Standardized) |
|
4,355 |
|
4,345 |
|
4,375 |
|||
| Total Community and Senior |
|
19,895 |
|
20,055 |
|
19,650 |
|||
| Total UnitedHealthcare - Domestic Medical |
|
47,210 |
|
47,305 |
|
46,335 |
|||
| Commerical - Global |
|
5,540 |
|
5,475 |
|
5,360 |
|||
| Total UnitedHealthcare - Medical |
|
52,750 |
|
52,780 |
|
51,695 |
|||
| Supplemental Data | |||||||||
| Medicare Part D stand-alone |
|
3,315 |
|
3,335 |
|
3,295 |
|||
| OPTUM PERFORMANCE METRICS | |||||||||
| December 31, 2023 | September 30, 2023 | December 31, 2022 | |||||||
| Optum Health Consumers Served (in millions) |
|
103 |
|
103 |
|
102 |
|||
| Optum Insight Contract Backlog (in billions) | $ |
32.1 |
$ |
31.6 |
$ |
30.0 |
|||
| Optum Rx Quarterly Adjusted Scripts (in millions) |
|
400 |
|
383 |
|
370 |
|||
| Note: UnitedHealth Group served 152 million unique individuals across all businesses at December 31, 2023. | |||||||||
| UNITEDHEALTH GROUP | ||||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURE | ||||||||||||||||
| (in millions, except per share data) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| ADJUSTED NET EARNINGS PER SHARE(a) | ||||||||||||||||
Three Months Ended
|
Year Ended
|
|||||||||||||||
2023 |
2022 |
2023 |
2022 |
|||||||||||||
| GAAP net earnings attributable to UnitedHealth Group common shareholders | $ |
5,455 |
|
$ |
4,761 |
|
$ |
22,381 |
|
$ |
20,120 |
|
||||
| Intangible amortization |
|
400 |
|
|
396 |
|
|
1,578 |
|
|
1,292 |
|
||||
| Tax effect of intangible amortization |
|
(100 |
) |
|
(98 |
) |
|
(392 |
) |
|
(331 |
) |
||||
| Adjusted net earnings attributable to UnitedHealth Group common shareholders | $ |
5,755 |
|
$ |
5,059 |
|
$ |
23,567 |
|
$ |
21,081 |
|
||||
| GAAP diluted earnings per share | $ |
5.83 |
|
$ |
5.03 |
|
$ |
23.86 |
|
$ |
21.18 |
|
||||
| Intangible amortization per share |
|
0.44 |
|
|
0.42 |
|
|
1.68 |
|
|
1.36 |
|
||||
| Tax effect per share of intangible amortization |
|
(0.11 |
) |
|
(0.11 |
) |
|
(0.42 |
) |
|
(0.35 |
) |
||||
| Adjusted diluted earnings per share | $ |
6.16 |
|
$ |
5.34 |
|
$ |
25.12 |
|
$ |
22.19 |
|
||||
(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/20240112297126/en/
Investor Contact:
Zack Sopcak
952-936-7215
zack.sopcak@uhg.com
Media Contact:
Eric Hausman
952-936-3963
eric.hausman@uhg.com
Source: UnitedHealth Group
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