UNH
$499.19
Unitedhealth Group
$13.40
2.76%
Earnings Details
Quarter December 2022
Friday, January 13, 2023 5:55:00 AM
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Summary

Unitedhealth Group Beats

Unitedhealth Group (UNH) reported Quarter December 2022 earnings of $5.34 per share on revenue of $82.8 billion. The consensus earnings estimate was $5.17 per share on revenue of $82.0 billion. The Earnings Whisper number was $5.30 per share. Revenue grew 12.3% on a year-over-year basis.

The company said it continues to expect 2023 earnings of $24.40 to $24.90 per share on revenue of $357.0 billion to $360.0 billion. The current consensus earnings estimate is $24.84 per share on revenue of $352.53 billion for the year ending December 31, 2023.

UnitedHealth Group 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.

Results
Reported Earnings
$5.34
Earnings Whisper
$5.30
Consensus Estimate
$5.17
Reported Revenue
$82.79 Bil
Revenue Estimate
$81.97 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

UnitedHealth Group Reports 2022 Results

  • Revenues of $324.2 Billion Grew 13% Year-Over-Year, with Double-Digit Growth at both Optum and UnitedHealthcare
  • Cash Flows from Operations were $26.2 Billion or 1.3x Net Income
  • Full Year and Fourth Quarter Net Earnings were $21.18 and $5.03 Per Share
  • Full Year and Fourth Quarter Adjusted Net Earnings were $22.19 and $5.34 Per Share

MINNETONKA, Minn.--(BUSINESS WIRE)--UnitedHealth Group (NYSE: UNH) reported full year and fourth quarter 2022 results reflecting broad-based growth at Optum and UnitedHealthcare.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230113005085/en/

UnitedHealth Group Corporate Headquarters (Photo: Business Wire)

UnitedHealth Group Corporate Headquarters (Photo: Business Wire)

“We expect the efforts by the people of our company that led to strong performance in 2022 will define 2023 as well, especially delivering balanced growth enterprise-wide, improving support for consumers and care providers, and investing to make high-quality care simpler, more accessible and affordable for everyone,” said Andrew Witty, chief executive officer of UnitedHealth Group.

UnitedHealth Group affirmed the 2023 growth and performance objectives established at its November 29th Investor Conference, including revenues of $357 billion to $360 billion, net earnings of $23.15 to $23.65 per share, adjusted net earnings of $24.40 to $24.90 per share and cash flows from operations of $27 billion to $28 billion.

Quarterly and Annual Financial Performance

 

 

Three Months Ended

Year Ended

 

December 31,

2022

December 31,

2021

September 30,

2022

December 31,

2022

December 31,

2021

 

Revenues

$82.8 billion

$73.7 billion

$80.9 billion

 

$324.2 billion

 

$287.6 billion

Earnings from Operations

$6.9 billion

$5.5 billion

$7.5 billion

$28.4 billion

$24.0 billion

 

 

 

 

 

Net Margin

5.8%

5.5%

6.5%

6.2%

6.0%

 
 
  • UnitedHealth Group’s 2022 revenues grew $36.6 billion or 13% year-over-year to $324.2 billion with double digit growth at both Optum and UnitedHealthcare, driven primarily by serving more people and by serving them more comprehensively.
  • Full year 2022 earnings from operations were $28.4 billion, an increase of 19%, with strong contributions from Optum and UnitedHealthcare. Earnings per share grew 17% compared to last year.
  • The medical care ratio at 82.0% for full year 2022 and 82.8% for the fourth quarter was consistent with the company’s recent Investor Conference outlook. Days claims payable were 49.9 in the fourth quarter compared to 46.8 a year ago and 50.8 in third quarter 2022. Favorable medical reserve development was $620 million in the quarter.
  • The full year 2022 operating cost ratio of 14.7% compared to 14.8% in 2021, with ongoing productivity gains offset by business mix and continued investments in growth initiatives.
  • Cash flows from operations for the full year were $26.2 billion or 1.3-times net income. During 2022, the company returned approximately $13 billion to shareholders through dividends and share repurchases. Return on equity of 27.2% in 2022 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

 

 

Three Months Ended

Year Ended

 

December 31,

2022

December 31,

2021

September 30,

2022

December 31,

2022

December 31,

2021

 

Revenues

$63.0 billion

$56.4 billion

$62.0 billion

$249.7 billion

$222.9 billion

Earnings from Operations

$2.9 billion

$2.1 billion

$3.8 billion

$14.4 billion

$12.0 billion

 

 

 

 

 

 

 

Operating Margin

4.7%

3.8%

6.1%

5.8%

5.4%

 
 
  • UnitedHealthcare full year revenues of $249.7 billion grew $26.8 billion or 12% year-over-year, reflecting growth in the number of people served.
  • Full year operating earnings were $14.4 billion compared to $12.0 billion last year, reflecting growth in people served and continued strong medical and operating cost management.
  • People served domestically by UnitedHealthcare grew by over 1.2 million in 2022, led by the company’s community-based and senior offerings. The number of consumers served with domestic commercial benefit offerings grew by 275,000 over the past nine months.

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: optimizing care quality, reducing care costs and improving the consumer experience.

Quarterly and Annual Financial Performance

 

 

Three Months Ended

Year Ended

 

December 31,

2022

December 31,

2021

September 30,

2022

December 31,

2022

December 31,

2021

 

Revenues

 

$47.9 billion

 

$41.1 billion

 

$46.6 billion

 

$182.8 billion

 

$155.6 billion

 

Earnings from Operations

$4.0 billion

$3.4 billion

$3.7 billion

$14.1 billion

$12.0 billion

 

 

 

 

 

 

Operating Margin

8.3%

8.3%

7.9%

7.7%

7.7%

 
 
 
  • Optum full year revenues of $182.8 billion grew $27.2 billion or 17% year-over-year, led by Optum Health, and full year operating earnings increased to $14.1 billion compared to $12.0 billion last year.
  • Optum Health revenue per consumer served increased by 29% in 2022, driven by growth in patients served under value-based arrangements; expansion of care delivery services, including in-home, clinic-based, ambulatory surgery, behavioral and digital; and overall increasing acuity levels of the care that can be offered.
  • Optum Insight’s revenue backlog increased by $7.6 billion in 2022 to $30 billion, driven by the addition of Change Healthcare and growth in comprehensive managed services. In order to speed improved system performance and experiences for patients and care providers, Optum Insight is advancing its investment initiatives.
  • Optum Rx revenue growth of 9% in 2022 reflects continued expansion of its pharmacy care services, adding clinical value to medications, including specialty and community-based pharmacies. Adjusted scripts grew to 1.44 billion compared to 1.37 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 @UnitedHealthGrp on Twitter.

Earnings Conference Call

As previously announced, UnitedHealth Group will discuss the company’s results, strategy and future outlook on a conference call with investors at 8:45 a.m. Eastern Time today. UnitedHealth Group will host a live webcast of this conference call from the Investor Relations page of the company’s website (www.unitedhealthgroup.com). Following the call, a webcast replay will be on the Investor Relations page and at https://uhg.com/Replay through January 27, 2023. This earnings release and the Form 8-K dated January 13, 2023, 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; 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
Year Ended December 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
December 31,
 Year Ended
December 31,

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Revenues   
Premiums

$

64,700

 

 

$

57,547

 

 

$

257,157

 

 

$

226,233

 

Products

 

9,398

 

 

 

8,961

 

 

 

37,424

 

 

 

34,437

 

Services

 

7,834

 

 

 

6,422

 

 

 

27,551

 

 

 

24,603

 

Investment and other income

 

855

 

 

 

813

 

 

 

2,030

 

 

 

2,324

 

    
Total revenues

 

82,787

 

 

 

73,743

 

 

 

324,162

 

 

 

287,597

 

    
Operating costs   
Medical costs

 

53,591

 

 

 

48,159

 

 

 

210,842

 

 

 

186,911

 

Operating costs

 

13,009

 

 

 

11,272

 

 

 

47,782

 

 

 

42,579

 

Cost of products sold

 

8,314

 

 

 

8,000

 

 

 

33,703

 

 

 

31,034

 

Depreciation and amortization

 

982

 

 

 

771

 

 

 

3,400

 

 

 

3,103

 

    
Total operating costs

 

75,896

 

 

 

68,202

 

 

 

295,727

 

 

 

263,627

 

    
Earnings from operations

 

6,891

 

 

 

5,541

 

 

 

28,435

 

 

 

23,970

 

    
Interest expense

 

(676

)

 

 

(431

)

 

 

(2,092

)

 

 

(1,660

)

    
Earnings before income taxes

 

6,215

 

 

 

5,110

 

 

 

26,343

 

 

 

22,310

 

    
Provision for income taxes

 

(1,307

)

 

 

(919

)

 

 

(5,704

)

 

 

(4,578

)

    
Net earnings

 

4,908

 

 

 

4,191

 

 

 

20,639

 

 

 

17,732

 

    
Earnings attributable to noncontrolling interests

 

(147

)

 

 

(120

)

 

 

(519

)

 

 

(447

)

    
Net earnings attributable to UnitedHealth Group common shareholders

$

4,761

 

 

$

4,071

 

 

$

20,120

 

 

$

17,285

 

    
Diluted earnings per share attributable to   
UnitedHealth Group common shareholders

$

5.03

 

 

$

4.26

 

 

$

21.18

 

 

$

18.08

 

    
Adjusted earnings per share attributable to   
UnitedHealth Group common shareholders (a)

$

5.34

 

 

$

4.48

 

 

$

22.19

 

 

$

19.02

 

    
Diluted weighted-average common shares outstanding

 

947

 

 

 

955

 

 

 

950

 

 

 

956

 

    
    

(a) See page 6 for a reconciliation of the non-GAAP measure

UNITEDHEALTH GROUP
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)
(unaudited)
  
December 31, December 31,

2022

 

2021

Assets 
Cash and short-term investments

$

27,911

 

$

23,907

Accounts receivable, net

 

17,681

 

 

14,216

Other current assets

 

23,477

 

 

23,635

  
Total current assets

 

69,069

 

 

61,758

  
Long-term investments

 

43,728

 

 

43,114

Other long-term assets

 

132,908

 

 

107,334

  
Total assets

$

245,705

 

$

212,206

  
  
Liabilities, redeemable noncontrolling interests and equity 
Medical costs payable

$

29,056

 

$

24,483

Short-term borrowings and current maturities of long-term debt

 

3,110

 

 

3,620

Other current liabilities

 

57,071

 

 

50,189

  
Total current liabilities

 

89,237

 

 

78,292

  
Long-term debt, less current maturities

 

54,513

 

 

42,383

Other long-term liabilities

 

15,608

 

 

15,052

Redeemable noncontrolling interests

 

4,897

 

 

1,434

Equity

 

81,450

 

 

75,045

  
Total liabilities, redeemable noncontrolling interests and equity

$

245,705

 

$

212,206

UNITEDHEALTH GROUP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
  
Year Ended December 31,

 

2022

 

 

 

2021

 

Operating Activities 
Net earnings

$

20,639

 

 

$

17,732

 

Noncash items: 
Depreciation and amortization

 

3,400

 

 

 

3,103

 

Deferred income taxes and other

 

(1,004

)

 

 

(814

)

Share-based compensation

 

925

 

 

 

800

 

Net changes in operating assets and liabilities

 

2,246

 

 

 

1,522

 

  
Cash flows from operating activities

 

26,206

 

 

 

22,343

 

  
Investing Activities 
Purchases of investments, net of sales and maturities

 

(6,837

)

 

 

(1,843

)

Purchases of property, equipment and capitalized software

 

(2,802

)

 

 

(2,454

)

Cash paid for acquisitions, net

 

(21,458

)

 

 

(4,821

)

Other, net

 

2,621

 

 

 

(1,254

)

  
Cash flows used for investing activities

 

(28,476

)

 

 

(10,372

)

  
Financing Activities 
Common share repurchases

 

(7,000

)

 

 

(5,000

)

Dividends paid

 

(5,991

)

 

 

(5,280

)

Net change in short-term borrowings and long-term debt

 

12,536

 

 

 

2,481

 

Other, net

 

4,681

 

 

 

344

 

  
Cash flows from (used for) financing activities

 

4,226

 

 

 

(7,455

)

  
Effect of exchange rate changes on cash and cash equivalents

 

34

 

 

 

(62

)

  
Increase in cash and cash equivalents

 

1,990

 

 

 

4,454

 

  
Cash and cash equivalents, beginning of period

 

21,375

 

 

 

16,921

 

  
Cash and cash equivalents, end of period

$

23,365

 

 

$

21,375

 

  
UNITEDHEALTH GROUP
SUPPLEMENTAL FINANCIAL INFORMATION - BUSINESSES
(in millions, except percentages)
(unaudited)
    
Three Months Ended
December 31,
 Year Ended
December 31,

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Revenues   
UnitedHealthcare

$

63,046

 

 

$

56,384

 

 

$

249,741

 

 

$

222,899

 

Optum

 

47,868

 

 

 

41,093

 

 

 

182,768

 

 

 

155,565

 

Eliminations

 

(28,127

)

 

 

(23,734

)

 

 

(108,347

)

 

 

(90,867

)

    
Total consolidated revenues

$

82,787

 

 

$

73,743

 

 

$

324,162

 

 

$

287,597

 

    
Earnings from Operations   
UnitedHealthcare

$

2,932

 

 

$

2,121

 

 

$

14,379

 

 

$

11,975

 

Optum (a)

 

3,959

 

 

 

3,420

 

 

 

14,056

 

 

 

11,995

 

    
Total consolidated earnings from operations

$

6,891

 

 

$

5,541

 

 

$

28,435

 

 

$

23,970

 

    
Operating Margin   
UnitedHealthcare

 

4.7

%

 

 

3.8

%

 

 

5.8

%

 

 

5.4

%

Optum

 

8.3

%

 

 

8.3

%

 

 

7.7

%

 

 

7.7

%

Consolidated operating margin

 

8.3

%

 

 

7.5

%

 

 

8.8

%

 

 

8.3

%

    
    
Revenues   
UnitedHealthcare Employer & Individual - Domestic

$

16,281

 

 

$

15,355

 

 

$

63,599

 

 

$

60,023

 

UnitedHealthcare Employer & Individual - Global

 

2,168

 

 

 

2,053

 

 

 

8,668

 

 

 

8,345

 

UnitedHealthcare Employer & Individual - Total

 

18,449

 

 

 

17,408

 

 

 

72,267

 

 

 

68,368

 

UnitedHealthcare Medicare & Retirement

 

28,051

 

 

 

24,843

 

 

 

113,671

 

 

 

100,552

 

UnitedHealthcare Community & State

 

16,546

 

 

 

14,133

 

 

 

63,803

 

 

 

53,979

 

    
Optum Health

$

18,446

 

 

$

14,550

 

 

$

71,174

 

 

$

54,065

 

Optum Insight

 

4,387

 

 

 

3,251

 

 

 

14,581

 

 

 

12,199

 

Optum Rx

 

25,854

 

 

 

23,849

 

 

 

99,773

 

 

 

91,314

 

Optum eliminations

 

(819

)

 

 

(557

)

 

 

(2,760

)

 

 

(2,013

)

    
(a)Earnings from operations for Optum for the three months and year ended December 31, 2022 included $1,692 and $6,032 for Optum Health; $895 and $3,588 for Optum Insight; and $1,372 and $4,436 for Optum Rx, respectively. Earnings from operations for Optum for the three months and year ended December 31, 2021 included $1,229 and $4,462 for Optum Health; $951 and $3,398 for Optum Insight; and $1,240 and $4,135 for Optum Rx, respectively.
UNITEDHEALTH GROUP
SUPPLEMENTAL FINANCIAL INFORMATION - BUSINESS METRICS
   
   
UNITEDHEALTHCARE CUSTOMER PROFILE
(in thousands)
   
People ServedDecember 31, 2022 September 30, 2022 December 31, 2021
   
Commercial - Domestic:  
Risk-based

 

8,045

 

 

8,055

 

 

7,985

Fee-based

 

18,640

 

 

18,500

 

 

18,595

   
Total Commercial - Domestic

 

26,685

 

 

26,555

 

 

26,580

   
Medicare Advantage

 

7,105

 

 

7,035

 

 

6,490

Medicaid

 

8,170

 

 

8,005

 

 

7,655

Medicare Supplement (Standardized)

 

4,375

 

 

4,370

 

 

4,395

   
Total Community and Senior

 

19,650

 

 

19,410

 

 

18,540

Total UnitedHealthcare - Domestic Medical

 

46,335

 

 

45,965

 

 

45,120

   
Commerical - Global

 

5,360

 

 

5,360

 

 

5,510

   
Total UnitedHealthcare - Medical

 

51,695

 

 

51,325

 

 

50,630

   
   
Supplemental Data  
   
Medicare Part D stand-alone

 

3,295

 

 

3,310

 

 

3,700

   
  
   
OPTUM PERFORMANCE METRICS
   
December 31, 2022 September 30, 2022 December 31, 2021
   
Optum Health Consumers Served (in millions)

 

102

 

 

101

 

 

100

Optum Insight Contract Backlog (in billions)

$

30.0

 

$

24.1

 

$

22.4

Optum Rx Quarterly Adjusted Scripts (in millions)

 

370

 

 

359

 

 

353

   
   
Note: UnitedHealth Group served 151 million unique individuals across all businesses at December 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
December 31,
 Year Ended
December 31,
 Projected
Year Ended
December 31,

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

2023

GAAP net earnings attributable to UnitedHealth Group common shareholders

$

4,761

 

 

$

4,071

 

 

$

20,120

 

 

$

17,285

 

 $21,700 - $22,300
Intangible amortization

 

396

 

 

 

280

 

 

 

1,292

 

 

 

1,184

 

 ~1,540
Tax effect of intangible amortization

 

(98

)

 

 

(68

)

 

 

(331

)

 

 

(288

)

 ~(380)
Adjusted net earnings attributable to UnitedHealth Group common shareholders

$

5,059

 

 

$

4,283

 

 

$

21,081

 

 

$

18,181

 

 $22,850 - $23,450
     
GAAP diluted earnings per share

$

5.03

 

 

$

4.26

 

 

$

21.18

 

 

$

18.08

 

 $23.15 - $23.65
Intangible amortization per share

 

0.42

 

 

 

0.29

 

 

 

1.36

 

 

 

1.24

 

 ~1.65
Tax effect per share of intangible amortization

 

(0.11

)

 

 

(0.07

)

 

 

(0.35

)

 

 

(0.30

)

 ~(0.40)
Adjusted diluted earnings per share

$

5.34

 

 

$

4.48

 

 

$

22.19

 

 

$

19.02

 

 $24.40 - $24.90
     
     
(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.

 

Investor Contact:
Zack Sopcak
Senior Vice President
952-936-7215
zack.sopcak@uhg.com

Media Contact:
Matt Stearns
Senior Vice President
202-276-0085
matt.stearns@uhg.com

Source: UnitedHealth Group