- Second quarter GAAP net income was $7.79 per share,
including net negative adjustment items of $1.25 per share.
Adjusted net income was $9.04* per share.
- Operating revenue grew 12.7% year-over-year to $43.4
billion
- Operating gain grew 12.0% year-over-year to $2.6
billion
- Medical enrollment increased 938 thousand members
year-over-year to 48.0 million members
- Third quarter 2023 dividend of $1.48 per share declared to
shareholders
Elevance Health, Inc. (NYSE: ELV) reported second quarter 2023
results reflecting strong financial performance, including
double-digit growth in revenue, operating earnings, and adjusted
earnings per share.
“Our solid execution and continued progress of our strategy to
become a lifetime trusted health partner resulted in strong second
quarter and first half results,” said Gail K. Boudreaux, President
and CEO. “Our focused efforts to optimize our mature businesses,
invest in high-growth opportunities, and accelerate our growth
through Carelon to meet the whole health needs of consumers
positions us well for the rest of 2023 and beyond.”
Given the strong performance in the first half of the year and
momentum across Elevance Health, we now expect GAAP net income to
be greater than $29.09 per share in 2023, and adjusted net income
to be greater than $32.85 per share.
*Refer to GAAP reconciliation tables.
CONSOLIDATED HIGHLIGHTS
Earnings Per Share: GAAP net income was $7.79 per share
in the second quarter, including net negative adjustment items of
$1.25 per share. Adjusted net income was $9.04* per share.
*Please refer to the GAAP reconciliation tables.
Membership: Medical membership totaled approximately 48.0
million as of June 30, 2023, an increase of 938 thousand, or 2.0
percent year-over-year, driven primarily by growth in Medicaid,
BlueCard, ACA health plan, and Medicare Advantage members,
partially offset by attrition in our Employer Group risk-based
business.
During the second quarter of 2023, medical membership decreased
by 135 thousand driven by attrition in Medicaid due to the
resumption of eligibility redeterminations.
Operating Revenue: Operating revenue was $43.4 billion in
the second quarter of 2023, an increase of $4.9 billion, or 12.7
percent year-over-year. The increase was primarily driven by
premium rate increases in our Health Benefits business and higher
premium revenue due to membership growth in Medicaid and Medicare.
The increase in operating revenue was further attributable to
growth in pharmacy product revenue within CarelonRx driven by
growth in external pharmacy members served and the acquisition of
BioPlus in the first quarter of 2023.
Benefit Expense Ratio: The benefit expense ratio was 86.4
percent in the second quarter of 2023, a decrease of 70 basis
points year-over-year. The decrease was driven by premium rate
adjustments to more accurately reflect cost of care.
Medical claims reserves established at December 31, 2022
developed in line with the Company’s expectations as of the second
quarter of 2023.
Days in Claims Payable: Days in Claims Payable was 46.5
days as of June 30, 2023, an increase of 0.5 days from March 31,
2023 and a decrease of 1.3 days compared to June 30, 2022. The
timing of certain provider pass-through payments and corresponding
reserves set in the prior year had the effect of increasing Days in
Claims Payable by 1.8 days in the second quarter of 2022. Adjusting
for these impacts, Days in Claims Payable would have increased 0.5
days year-over-year.
Operating Expense Ratio: The operating expense ratio was
11.1 percent in the second quarter of 2023, unchanged from 11.1
percent in the second quarter of 2022.
Operating Cash Flow: Operating cash flow was
approximately $2.0 billion, or 1.1 times net income in the second
quarter of 2023.
Share Repurchase Program: During the second quarter of
2023, the Company repurchased 1.4 million shares of its common
stock for $646 million, at a weighted average price of $457.34.
Year-to-date, as of the end of the second quarter, the Company
repurchased 2.7 million shares of its common stock for $1.3
billion, at a weighted average price of $466.62. As of June 30,
2023, the Company had approximately $5.6 billion of Board-approved
share repurchase authorization remaining.
Cash Dividend: During the second quarter of 2023, the
Company paid a quarterly dividend of $1.48 per share, representing
a distribution of cash totaling $350 million.
On July 18, 2023, the Audit Committee of the Company's Board of
Directors declared a third quarter 2023 dividend to shareholders of
$1.48 per share. The third quarter dividend is payable on September
22, 2023, to shareholders of record at the close of business on
September 8, 2023.
Investment Portfolio & Capital Position: During the
second quarter of 2023, the Company recorded net losses of $121
million. During the second quarter of 2022, the Company recorded
net losses of $231 million. These amounts are excluded from
adjusted earnings per share.
As of June 30, 2023, the Company’s net unrealized loss position
in the investment portfolio was $1.9 billion, consisting primarily
of fixed maturity securities. As of June 30, 2023, cash and
investments at the parent company totaled approximately $1.0
billion.
REPORTABLE SEGMENTS
Elevance Health has four reportable segments: Health Benefits,
the aggregation of our Commercial & Specialty Business and
Government Business (comprised of Individual, Employer Group
risk-based, Employer Group fee-based, BlueCard businesses,
Medicaid, Medicare, and Federal Health Products & Services
businesses); CarelonRx (formerly IngenioRx); Carelon Services
(formerly known as Diversified Business Group); and Corporate &
Other (comprised of businesses that do not individually meet the
quantitative thresholds for an operating division as well as
corporate expenses not allocated to our other reportable
segments).
Elevance Health, Inc.
Reportable Segment
Highlights
(Unaudited)
(In millions)
Three Months Ended June 30
Six Months Ended June 30
2023
2022
Change
2023
2022
Change
(Restated)
(Restated)
Operating Revenue
Health Benefits
$38,000
$34,396
10.5
%
$75,280
$68,423
10.0
%
Carelon1
11,907
10,054
18.4
%
23,243
19,685
18.1
%
Corporate & Other
287
315
(8.9
)%
538
588
(8.5
)%
Eliminations
(6,817
)
(6,283
)
8.5
%
(13,786
)
(12,328
)
11.8
%
Total Operating Revenue2
$43,377
$38,482
12.7
%
$85,275
$76,368
11.7
%
Operating Gain (Loss)
Health Benefits
$2,148
$1,781
20.6
%
$4,307
$3,632
18.6
%
Carelon1
632
592
6.8
%
1,353
1,190
13.7
%
Corporate & Other
(152
)
(27
)
NM3
(201
)
(49
)
NM3
Total Operating Gain2
$2,628
$2,346
12.0
%
$5,459
$4,773
14.4
%
Operating Margin
Health Benefits
5.7
%
5.2
%
50
bp
5.7
%
5.3
%
40
bp
Carelon1
5.3
%
5.9
%
(60
) bp
5.8
%
6.0
%
(20
) bp
Total Operating Margin2
6.1
%
6.1
%
—
bp
6.4
%
6.3
%
10
bp
1.
Operating Revenue and Operating Gain for
Carelon for the three months ended June 30, 2023 included $8,466
and $496 for CarelonRx; $3,441 and $136 for Carelon Services,
respectively. Operating Revenue and Operating Gain for Carelon for
the three months ended June 30, 2022 included $7,071 and $479 for
CarelonRx; $2,983 and $113 for Carelon Services, respectively.
Operating Revenue and Operating Gain for Carelon for the six months
ended June 30, 2023 included $16,490 and $1,008 for CarelonRx;
$6,753 and $345 for Carelon Services, respectively. Operating
Revenue and Operating Gain for Carelon for the six months ended
June 30, 2022 included $13,754 and $877 for CarelonRx; $5,931 and
$313 for Carelon Services, respectively.
2.
See “Basis of Presentation.”
3.
"NM" = calculation not meaningful.
Health Benefits: Operating gain in the Health Benefits
segment totaled $2.1 billion in the second quarter of 2023, an
increase of $367 million from $1.8 billion in the second quarter of
2022, representing growth of approximately 21%. The increase was
primarily driven by premium rate adjustments to more accurately
reflect cost of care and membership growth in Medicaid, partially
offset by a charge associated with a court ruling impacting health
plans in a certain state related to prior years' COVID-19
costs.
Carelon: Operating gain in the Carelon segment was $632
million in the second quarter of 2023, an increase of $40 million
from $592 million in the second quarter of 2022. The increase was
primarily driven by improved performance in our medical management
business and the expansion of our post-acute care services,
partially offset by higher medical cost trends and the
non-recurrence of an out of period favorable adjustment in the
second quarter of 2022 in CarelonRx.
Corporate & Other: The Company reported an operating
loss of $152 million in the Corporate & Other segment for the
second quarter of 2023, a decrease of $125 million from an
operating loss of $27 million in the second quarter of 2022, driven
by an increase in unallocated corporate expenses.
Basis of Presentation
- Operating revenue and operating gain/loss are the key measures
used by management to evaluate performance in each of its reporting
segments, allocate resources, set incentive compensation targets
and to forecast future operating performance. Operating gain/loss
is calculated as total operating revenue less benefit expense, cost
of products sold and operating expense. It does not include net
investment income, net gains/losses on financial instruments,
interest expense, amortization of other intangible assets,
gains/losses on extinguishment of debt or income taxes, as these
items are managed in a corporate shared service environment and are
not the responsibility of operating segment management. Refer to
the GAAP reconciliation tables.
- Operating margin is defined as operating gain divided by
operating revenue.
Conference Call and Webcast
Management will host a conference call and webcast today at 8:30
a.m. Eastern Daylight Time (“EDT”) to discuss the company’s second
quarter results and outlook. The conference call should be accessed
at least 15 minutes prior to the start of the call with the
following numbers:
888-947-9963 (Domestic)
800-391-9853 (Domestic Replay)
312-470-0178 (International)
203-369-3269 (International Replay)
The access code for today's conference call is 3972058. There is
no access code for the replay. The replay will be available from
11:30 a.m. EDT today, until the end of the day on August 18, 2023.
The call will also be available through a live webcast at
www.elevancehealth.com under the “Investors” link. A webcast replay
will be available following the call.
About Elevance Health, Inc.
Elevance Health is a lifetime, trusted health partner fueled by
its purpose to improve the health of humanity. The company supports
consumers, families, and communities across the entire care journey
– connecting them to the care, support, and resources they need to
lead healthier lives. Elevance Health’s companies serve
approximately 118 million people through a diverse portfolio of
industry-leading medical, digital, pharmacy, behavioral, clinical,
and complex care solutions. For more information, please visit
www.elevancehealth.com or follow us @ElevanceHealth on Twitter and
Elevance Health on LinkedIn.
Elevance Health, Inc.
Membership and Other
Metrics
(Unaudited)
Change from
Medical
Membership (in thousands)
June 30, 2023
June 30, 2022
March 31, 2023
June 30, 2022
March 31, 2023
Individual
949
803
942
18.2
%
0.7
%
Employer Group Risk-Based
3,765
4,020
3,798
(6.3
)%
(0.9
)%
Commercial Risk-Based
4,714
4,823
4,740
(2.3
)%
(0.5
)%
BlueCard®
6,737
6,445
6,607
4.5
%
2.0
%
Employer Group Fee-Based
20,160
20,086
20,278
0.4
%
(0.6
)%
Commercial Fee-Based
26,897
26,531
26,885
1.4
%
—
%
Medicare Advantage
2,059
1,946
2,053
5.8
%
0.3
%
Medicare Supplement
926
942
925
(1.7
)%
0.1
%
Total Medicare
2,985
2,888
2,978
3.4
%
0.2
%
Medicaid
11,759
11,181
11,889
5.2
%
(1.1
)%
Federal Employees Health Benefits
1,634
1,628
1,632
0.4
%
0.1
%
Total Medical Membership
47,989
47,051
48,124
2.0
%
(0.3
)%
Other Membership
(in thousands)
Life and Disability Members
4,686
4,779
4,771
(1.9
)%
(1.8
)%
Dental Members
6,728
6,620
6,743
1.6
%
(0.2
)%
Dental Administration Members
1,694
1,589
1,697
6.6
%
(0.2
)%
Vision Members
9,850
9,385
9,904
5.0
%
(0.5
)%
Medicare Part D Standalone Members
263
276
264
(4.7
)%
(0.4
)%
Other Metrics (in
millions)
CarelonRx Quarterly Adjusted Scripts
77.4
76.4
75.7
1.3
%
2.2
%
Carelon Services Consumers Served
103.6
104.7
104.0
(1.1
)%
(0.4
)%
Elevance Health, Inc.
Consolidated Statements of
Income
(Unaudited)
(In millions, except per share data)
Three Months Ended
June 30
2023
2022
Change
(Restated)
Revenues
Premiums
$
36,589
$
33,076
10.6
%
Product revenue
4,859
3,568
36.2
%
Service fees
1,929
1,838
5.0
%
Total operating revenue
43,377
38,482
12.7
%
Net investment income
416
381
9.2
%
Net losses on financial instruments
(121
)
(231
)
NM
Total revenues
43,672
38,632
13.0
%
Expenses
Benefit expense
31,604
28,795
9.8
%
Cost of products sold
4,327
3,069
41.0
%
Operating expense
4,818
4,272
12.8
%
Interest expense
261
208
25.5
%
Amortization of other intangible
assets
221
166
33.1
%
Total expenses
41,231
36,510
12.9
%
Income before income tax expense
2,441
2,122
15.0
%
Income tax expense
585
488
19.9
%
Net income
1,856
1,634
13.6
%
Net (income) loss attributable to
noncontrolling interests
(3
)
3
NM
Shareholders' net income
$
1,853
$
1,637
13.2
%
Shareholders' net income per diluted
share
$
7.79
$
6.73
15.8
%
Diluted shares
237.8
243.4
(2.3
)%
Benefit expense as a percentage of
premiums
86.4
%
87.1
%
(70
) bp
Operating expense as a percentage of total
operating revenue
11.1
%
11.1
%
—
bp
Income before income tax expense as a
percentage of total revenue
5.6
%
5.5
%
10
bp
"NM" = calculation not meaningful
Elevance Health, Inc.
Consolidated Statements of
Income
(Unaudited)
(In millions, except per share data)
Six Months Ended
June 30
2023
2022
Change
(Restated)
Revenues
Premiums
$
72,457
$
65,861
10.0
%
Product revenue
8,881
6,869
29.3
%
Service fees
3,937
3,638
8.2
%
Total operating revenue
85,275
76,368
11.7
%
Net investment income
803
741
8.4
%
Net losses on financial instruments
(234
)
(382
)
NM
Total revenues
85,844
76,727
11.9
%
Expenses
Benefit expense
62,390
57,026
9.4
%
Cost of products sold
7,808
5,952
31.2
%
Operating expense
9,618
8,617
11.6
%
Interest expense
512
409
25.2
%
Amortization of other intangible
assets
456
295
54.6
%
Total expenses
80,784
72,299
11.7
%
Income before income tax expense
5,060
4,428
14.3
%
Income tax expense
1,200
1,015
18.2
%
Net income
3,860
3,413
13.1
%
Net (income) loss attributable to
noncontrolling interests
(18
)
13
NM
Shareholders' net income
$
3,842
$
3,426
12.1
%
Shareholders' net income per diluted
share
$
16.10
$
14.05
14.6
%
Diluted shares
238.7
243.9
(2.1
)%
Benefit expense as a percentage of
premiums
86.1
%
86.6
%
(50
) bp
Operating expense as a percentage of total
operating revenue
11.3
%
11.3
%
—
bp
Income before income tax expense as a
percentage of total revenue
5.9
%
5.8
%
10
bp
"NM" = calculation not meaningful
Elevance Health, Inc.
Consolidated Balance
Sheets
(In millions)
June 30, 2023
December 31,
2022
Assets
(Unaudited)
(Restated)
Current assets:
Cash and cash equivalents
$
9,991
$
7,387
Fixed maturity securities
28,021
25,952
Equity securities
272
953
Premium receivables
7,431
7,083
Self-funded receivables
3,896
4,663
Other receivables
5,196
4,298
Other current assets
4,936
5,281
Total current assets
59,743
55,617
Long-term investments:
Fixed maturity securities
775
752
Other invested assets
5,993
5,685
Property and equipment, net
4,547
4,316
Goodwill
25,274
24,383
Other intangible assets
10,703
10,315
Other noncurrent assets
2,133
1,687
Total assets
$
109,168
$
102,755
Liabilities and equity
Liabilities
Current liabilities:
Medical claims payable
$
16,165
$
15,596
Other policyholder liabilities
5,954
5,933
Unearned income
4,458
1,112
Accounts payable and accrued expenses
5,033
5,607
Short-term borrowings
265
265
Current portion of long-term debt
—
1,500
Other current liabilities
9,696
9,683
Total current liabilities
41,571
39,696
Long-term debt, less current portion
24,859
22,349
Reserves for future policy benefits
797
803
Deferred tax liabilities, net
1,852
2,015
Other noncurrent liabilities
1,777
1,562
Total liabilities
70,856
66,425
Shareholders’ equity
Common stock
2
2
Additional paid-in capital
8,761
9,084
Retained earnings
31,608
29,647
Accumulated other comprehensive loss
(2,166
)
(2,490
)
Total shareholders’ equity
38,205
36,243
Noncontrolling interests
107
87
Total equity
38,312
36,330
Total liabilities and equity
$
109,168
$
102,755
Elevance Health, Inc.
Consolidated Statements of
Cash Flows
(Unaudited)
(In millions)
Six Months Ended June 30
2023
2022
(Restated)
Operating activities
Net income
$
3,860
$
3,413
Adjustments to reconcile net income to net
cash provided by operating activities:
Net losses on financial instruments
234
382
Equity in net earnings of other invested
assets
73
(258
)
Depreciation and amortization
895
751
Deferred income taxes
(393
)
(181
)
Share-based compensation
139
122
Changes in operating assets and
liabilities:
Receivables, net
(299
)
(662
)
Other invested assets
(42
)
32
Other assets
(529
)
(412
)
Policy liabilities
583
1,548
Unearned income
3,346
(182
)
Accounts payable and other liabilities
160
632
Income taxes
391
(159
)
Other, net
1
(33
)
Net cash provided by operating
activities
8,419
4,993
Investing activities
Purchases of investments
(17,648
)
(13,253
)
Proceeds from sale of investments
5,339
7,140
Maturities, calls and redemptions from
investments
10,656
4,347
Changes in securities lending
collateral
145
(620
)
Purchases of subsidiaries, net of cash
acquired
(1,651
)
(609
)
Purchases of property and equipment
(651
)
(549
)
Other, net
(46
)
(58
)
Net cash used in investing activities
(3,856
)
(3,602
)
Financing activities
Net proceeds from commercial paper
borrowings
90
250
Net proceeds from (repayments of)
short-term borrowings
(90
)
(100
)
Net proceeds from (repayments of)
long-term borrowings
666
357
Changes in securities lending payable
(145
)
620
Changes in bank overdrafts
(500
)
817
Repurchase and retirement of common
stock
(1,268
)
(1,169
)
Cash dividends
(701
)
(618
)
Proceeds from issuance of common stock
under employee stock plans
81
116
Taxes paid through withholding of common
stock under employee stock plans
(99
)
(88
)
Other, net
5
10
Net cash (used in) provided by financing
activities
(1,961
)
195
Effect of foreign exchange rates on cash
and cash equivalents
2
(10
)
Change in cash and cash equivalents
2,604
1,576
Cash and cash equivalents at beginning of
period
7,387
4,880
Cash and cash equivalents at end of
period
$
9,991
$
6,456
Elevance Health, Inc.
Reconciliation of Medical
Claims Payable
Six Months Ended June 30
Years Ended December 31
2023
2022
2022
2021
2020
(In millions)
(Unaudited)
(Unaudited)
Gross medical claims payable, beginning of
period
$
15,348
$
13,282
$
13,282
$
11,135
$
8,647
Ceded medical claims payable, beginning of
period
(6
)
(21
)
(21
)
(46
)
(33
)
Net medical claims payable, beginning of
period
15,342
13,261
13,261
11,089
8,614
Business combinations and purchase
adjustments
—
133
133
420
339
Net incurred medical claims:
Current year
61,290
55,737
113,414
100,440
85,094
Prior years redundancies1
(1,112
)
(972
)
(869
)
(1,703
)
(637
)
Total net incurred medical claims
60,178
54,765
112,545
98,737
84,457
Net payments attributable to:
Current year medical claims
48,217
42,882
98,997
88,156
74,629
Prior years medical claims
11,409
10,401
11,600
8,829
7,692
Total net payments
59,626
53,283
110,597
96,985
82,321
Net medical claims payable, end of
period
15,894
14,876
15,342
13,261
11,089
Ceded medical claims payable, end of
period
8
13
6
21
46
Gross medical claims payable, end of
period
$
15,902
$
14,889
$
15,348
$
13,282
$
11,135
Current year medical claims paid as a
percentage of current year net incurred medical claims
78.7
%
76.9
%
87.3
%
87.8
%
87.7
%
Prior year redundancies in the current
year as a percentage of prior year net medical claims payable less
prior year redundancies in the current year
7.8
%
7.9
%
7.0
%
18.1
%
8.0
%
Prior year redundancies in the current
year as a percentage of prior year net incurred medical claims
1.0
%
1.0
%
0.9
%
2.0
%
0.8
%
1. Negative amounts reported for net
incurred medical claims related to prior years result from claims
being settled for amounts less than originally estimated.
Elevance Health, Inc. GAAP
Reconciliation (Unaudited)
Elevance Health, Inc. has
referenced “Adjusted Net Income” and “Adjusted Net Income Per
Share,” which are non-GAAP measures, in this document. These
non-GAAP measures are not intended to be alternatives to any
measure calculated in accordance with GAAP. In addition to these
non-GAAP measures, references are made to the measures “Operating
Revenue” and “Operating Gain.” Each of these measures is provided
to further aid investors in understanding and analyzing the
company’s core operating results and comparing Elevance Health,
Inc.’s financial results. A reconciliation of Operating Revenue to
Total Revenue is set forth in the Consolidated Statements of Income
herein. A reconciliation of the non-GAAP measures to the most
directly comparable measures calculated in accordance with GAAP,
together with a reconciliation of reportable segments operating
gain to income before income tax expense, is reported below. Prior
amounts may be grouped differently to conform to current
presentation.
Three Months Ended June 30
Six Months Ended June 30
(In millions, except per share data)
2023
2022
Change
2023
2022
Change
Shareholders' net income - As reported
$
1,853
$
1,653
12.1
%
$
3,842
$
3,458
11.1
%
Impact of Accounting Standards Update
2018-12 Adoption
—
(16
)
—
(32
)
Shareholders' net income - Restated
$
1,853
$
1,637
13.2
%
$
3,842
$
3,426
12.1
%
Add / (Subtract):
Net losses on financial instruments
121
231
234
382
Amortization of other intangible
assets
221
166
456
295
Transaction and integration related
costs
55
14
81
23
Litigation expenses
2
4
3
5
Tax impact of non-GAAP adjustments
(103
)
(111
)
(200
)
(189
)
Net adjustment items
296
304
574
516
Adjusted shareholders' net income
$
2,149
$
1,941
10.7
%
$
4,416
$
3,942
12.0
%
Shareholders' net income per diluted share
- As reported
$
7.79
$
6.79
14.7
%
$
16.10
$
14.18
13.5
%
Impact of Accounting Standards Update
2018-12 Adoption
—
(0.06
)
—
(0.13
)
Shareholders' net income per diluted share
- Restated
7.79
6.73
15.8
%
16.10
14.05
14.6
%
Add / (Subtract):
Net losses on financial instruments
0.51
0.95
0.98
1.57
Amortization of other intangible
assets
0.93
0.68
1.91
1.21
Transaction and integration related
costs
0.23
0.06
0.34
0.09
Litigation expenses
0.01
0.02
0.01
0.02
Tax impact of non-GAAP adjustments
(0.43
)
(0.46
)
(0.84
)
(0.77
)
Rounding impact
—
(0.01
)
—
(0.01
)
Net adjustment items
1.25
1.24
2.40
2.11
Adjusted shareholders' net income per
diluted share
$
9.04
$
7.97
13.4
%
$
18.50
$
16.16
14.5
%
Full Year 2023 Outlook
Shareholders' net income per diluted
share
Greater than $29.09
Add / (Subtract):
Net losses on financial instruments
$0.98
Transaction and integration related
costs
$0.34
Litigation expenses
$0.01
Amortization of other intangible
assets
$3.68
Tax impact of non-GAAP adjustments
Approximately $(1.25
)
Net adjustment items
$3.76
Adjusted shareholders' net income per
diluted share
Greater Than $32.85
Three Months Ended June 30
Six Months Ended June 30
(In millions)
2023
2022
Change
2023
2022
Change
(Restated)
(Restated)
Income before income tax expense
$
2,441
$
2,122
15.0
%
$
5,060
$
4,428
14.3
%
Net investment income
(416
)
(381
)
(803
)
(741
)
Net losses on financial instruments
121
231
234
382
Interest expense
261
208
512
409
Amortization of other intangible
assets
221
166
456
295
Reportable segments operating gain
$
2,628
$
2,346
12.0
%
$
5,459
$
4,773
14.4
%
Forward-Looking Statements
This document contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements reflect our views about future
events and financial performance and are generally not historical
facts. Words such as “expect,” “feel,” “believe,” “will,” “may,”
“should,” “anticipate,” “intend,” “estimate,” “project,”
“forecast,” “plan” and similar expressions are intended to identify
forward-looking statements. These statements include, but are not
limited to: financial projections and estimates and their
underlying assumptions; statements regarding plans, objectives and
expectations with respect to future operations, products and
services; and statements regarding future performance. Such
statements are subject to certain risks and uncertainties, many of
which are difficult to predict and generally beyond our control,
that could cause actual results to differ materially from those
expressed in, or implied or projected by, the forward-looking
statements. You are cautioned not to place undue reliance on these
forward-looking statements that speak only as of the date hereof.
You are also urged to carefully review and consider the various
risks and other disclosures discussed in our reports filed with the
U.S. Securities and Exchange Commission from time to time, which
attempt to advise interested parties of the factors that affect our
business. Except to the extent required by law, we do not undertake
to update or revise any forward-looking statements to reflect
events or circumstances occurring after the date hereof. These
risks and uncertainties include, but are not limited to: trends in
healthcare costs and utilization rates; reduced enrollment; our
ability to secure and implement sufficient premium rates; the
impact of large scale medical emergencies, such as public health
epidemics and pandemics, including COVID-19, and other
catastrophes; the impact of new or changes in existing federal,
state and international laws or regulations, including healthcare
laws and regulations, or their enforcement or application; the
impact of cyber-attacks or other privacy or data security incidents
or breaches or our failure to comply with any privacy or security
laws or regulations, including any investigations, claims or
litigation related thereto; information technology disruptions;
changes in economic and market conditions, as well as regulations
that may negatively affect our liquidity and investment portfolios;
competitive pressures and our ability to adapt to changes in the
industry and develop and implement strategic growth opportunities;
risks and uncertainties regarding Medicare and Medicaid programs,
including those related to non-compliance with the complex
regulations imposed thereon; our ability to maintain and achieve
improvement in Centers for Medicare and Medicaid Services Star
ratings and other quality scores and funding risks with respect to
revenue received from participation therein; a negative change in
our healthcare product mix; costs and other liabilities associated
with litigation, government investigations, audits or reviews; our
ability to contract with providers on cost-effective and
competitive terms; failure to effectively maintain and modernize
our information systems; risks associated with providing pharmacy,
healthcare and other diversified products and services, including
medical malpractice or professional liability claims and
non-compliance by any party with the pharmacy services agreement
between us and CaremarkPCS Health, L.L.C.; risks associated with
mergers, acquisitions, joint ventures and strategic alliances;
possible impairment of the value of our intangible assets if future
results do not adequately support goodwill and other intangible
assets; possible restrictions in the payment of dividends from our
subsidiaries and increases in required minimum levels of capital;
our ability to repurchase shares of our common stock and pay
dividends on our common stock due to the adequacy of our cash flow
and earnings and other considerations; the potential negative
effect from our substantial amount of outstanding indebtedness and
the risk that increased interest rates or market volatility could
impact our access to or further increase the cost of financing; a
downgrade in our financial strength ratings; the effects of any
negative publicity related to the health benefits industry in
general or us in particular; events that may negatively affect our
licenses with the Blue Cross and Blue Shield Association; intense
competition to attract and retain employees; risks associated with
our international operations; and various laws and provisions in
our governing documents that may prevent or discourage takeovers
and business combinations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230718890984/en/
Investor Relations Stephen
Tanal Stephen.Tanal@elevancehealth.com
Media Leslie Porras
Leslie.Porras@elevancehealth.com
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