FCF on the other hand stands at a meager $516 million for the TTM. However, as I always highlight when performing analysis on these kinds of beath insurance stocks: FCF is very volatile for these companies, so we have to gauge what I call a "normalized" FCF. "Normalized" FCF is the anoount of FCF ELV should be able to generate in an average year. In my last article, I calculated that ELV was able to convert 85% of EBIT into FCF (on average) for the fiscal years 2016-2022. I wil just use this conversion rati ...

文章核心观点 - 公司第二季度收入为432亿美元,同比下降0.4%,略高于预期 [1] - 收入下降主要由于医疗保险会员流失,部分被更高的保费收益所抵消 [2] - 医疗保险公司面临Medicaid会员流失压力,Medicaid利润何时触底以及何时可能恢复存在不确定性 [3] 行业分析 - 与Elevance Health相比,Centene、Cigna和Molina Healthcare的估值低3倍,尽管Elevance Health的多元化和质量可以部分解释其溢价,但也限制了其进一步上涨的潜力 [4] - 此前Elevance Health被视为缺乏Medicare Advantage(MA)业务曝光度,但这一观点可能会改变,因为UnitedHealth的业绩强于预期,监管环境也可能改善 [5] - 自四年前暂停重新确定资格以来,风险池恶化导致费率不足一直是一个担忧,分析师此前已下调了专注Medicaid的公司评级 [6] - 尽管公司长期以来一直主张,州政府知道风险池变化,费率会主动反映更糟糕的人群,但利润压力仍高于预期 [7] - 分析师认为,费率最终将反映人群状况,但ELV也提到基础利用率加快是一个独立因素,加上医院谈到Medicaid量增加,这增加了压力可能持续到2025年的可能性 [8]

文章核心观点 - 公司在第二季度业绩超预期,总营收下降0.4%,调整后每股收益增长11.9% [7][9] - 公司预计下半年营收将恢复增长,主要受益于Medicaid重新认定结束和收购Paragon Healthcare公司 [13][14] - 公司长期增长前景良好,预计2024-2026年每年调整后每股收益将增长12%以上 [11][12][15] - 公司估值被低估,目前股价较公允价值有14%的折价 [17] 公司财务和运营情况 - 公司第二季度总营收为432.3亿美元,同比下降0.4% [7] - 其中保费收入下降3.2%至354亿美元,主要受Medicaid重新认定影响 [7] - 产品收入和服务费收入增长分别为13.8%和18%,但占比较小 [8] - 公司调整后每股收益为10.12美元,同比增长11.9%,超预期 [9] - 公司通过成本管控和股票回购提升了利润率和每股收益 [10] - 公司财务状况良好,利息覆盖率为11.9倍,信用评级为A级 [15] 未来发展前景 - 公司预计下半年营收将恢复增长,主要受益于Medicaid重新认定结束和收购Paragon Healthcare公司 [13][14] - 公司长期增长前景良好,预计2024-2026年每年调整后每股收益将增长12%以上 [11][12][15] - 公司有望通过会员增长、定价提升、技术优化等手段,将营业利润率提升至6.5%-7% [15] - 公司丰富的自由现金流将支持股票回购和并购等举措 [15] 估值分析 - 公司当前股价较公允价值有14%的折价 [17] - 公司当前市盈率为13.9倍,低于10年平均水平15.2倍 [17] - 未来12个月预计每股收益为39.73美元,对应公允价值为605美元,较当前有14%的上涨空间 [17]

The unrecognized loss for all expired and terminated cash flow hedges included in accumulated other comprehensive loss, net of tax, was $205 and $211 at June 30, 2024 and December 31, 2023, respectively. 7. Fair Value A summary of fair value measurements by level for assets and liabilities measured at fair value on a recurring basis at June 30, 2024 and December 31, 2023 is as follows: -19- In addition to the preceding disclosures on assets recorded at fair value in the consolidated balance sheets, FASB gui ...

Elevance Health, Inc. (ELV) reported second-quarter 2024 adjusted earnings of $10.12 per share, which outpaced the Zacks Consensus Estimate by 1.3%. The bottom line improved 12% year over year. The quarterly results were driven by improved product revenues in the CarelonRx business and a significant rise in net investment income. However, the upside was partly offset by a decline in Medicaid and Medicare membership and reduced premium revenues, thus impacting overall margins. Medical membership of Elevance ...

财务数据和关键指标变化 - 公司报告了第二季度调整后每股收益10.12美元,同比增长12% [7][19] - 公司维持了全年调整后每股收益至少37.20美元的指引,同比增长12% [8] - 公司的商业业务和个人ACA业务实现了强劲增长,会员人数大幅增加 [9] - 公司的Medicaid业务受到行业动态的影响,投资于CarelonRx的业务转型和能力提升 [8] 各条业务线数据和关键指标变化 - 商业业务继续推进利润率恢复计划,实现了稳健的会员增长 [9] - Medicaid业务在新业务中标和再投标方面表现良好,为未来增长奠定基础 [10] - Medicare Advantage业务的星级评级有所提升,但仍面临一定的监管压力和利润率挑战 [12] - Carelon Services业务实现了强劲的收入和利润增长,外部客户业务拓展良好 [13] - CarelonRx业务进行了一些收购整合,正在投资于基础设施和服务水平提升 [14][15] 各个市场数据和关键指标变化 - 公司在Medicaid重新认定过程中,积极主动联系会员以最大限度地确保他们获得医疗服务 [11] - 公司在蓝十字蓝盾州的Medicaid和商业业务协同效应较强,有助于会员重新加入 [11] 公司战略和发展方向及行业竞争 - 公司正在加速能力和服务的发展,投资高增长机会,优化健康保险业务 [16] - Carelon业务作为公司增长的"飞轮",未来有很大的发展潜力 [16] - 公司正在积极拓展Carelon的外部客户业务,并整合近期的收购资产 [13][36][37][57] - 公司在Medicare Advantage市场保持谨慎和纪律,平衡增长和利润率 [12] 管理层对经营环境和未来前景的评论 - 公司在动态的经营环境中保持了谨慎执行,并充分发挥了多元化业务的优势 [7] - 公司正在与各州政府密切合作,确保Medicaid费率保持精算平衡 [11][31][32] - 公司看好Carelon业务的长期增长潜力,并将其作为公司增长的"飞轮" [13][16][57][58] - 公司对Medicare Advantage市场前景保持谨慎乐观,将继续保持纪律和专注 [12] 其他重要信息 - 公司获得了多项外部认可,包括被评为2024年美国最佳工作场所和最佳公司 [17] - 公司正在大幅投资于人工智能技术,以提升会员、医生和员工的体验,提高运营效率 [94][95] 问答环节重要的提问和回答 问题1 **A.J. Rice 提问** 询问公司是否有加速2025年增长的计划 [27] **Gail Boudreaux 回答** 公司预计2025年各业务线收入都将加速增长,包括商业、Medicare Advantage和Medicaid [28] 问题2 **Nathan Rich 提问** 询问Medicaid业务的费率更新情况和利用率变化 [30][31] **Felicia Norwood 和 Mark Kaye 回答** 公司正与各州政府密切合作,确保Medicaid费率保持精算平衡,同时也在应对会员人群结构性变化带来的利用率上升 [32][33][72][73] 问题3 **Kevin Fischbeck 提问** 询问政府业务的利润率情况 [40] **Mark Kaye 回答** 公司预计Medicaid业务利润率将同比下降,Medicare Advantage利润率将有所改善,但仍低于长期目标区间 [41][50]

The Indianapolis company posted adjusted earnings per share (EPS) of $10.12 on operating revenue of $43.2 billion, topping analysts' consensus estimates compiled by Visible Alpha of $10 per share on revenue of $42.9 billion. Key Takeaways Elevance Health posted adjusted earnings per share (EPS) of $10.12 on revenue of $43.2 billion, beating analysts' expectations. Operating revenue fell year-over-year due to "attrition in Medicaid membership." The company reiterated its full-year adjusted EPS guidance of at ...

For the quarter ended June 2024, Elevance Health (ELV) reported revenue of $43.22 billion, down 0.4% over the same period last year. EPS came in at $10.12, compared to $9.04 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $42.99 billion, representing a surprise of +0.54%. The company delivered an EPS surprise of +1.30%, with the consensus EPS estimate being $9.99. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and ...

Loading... The decrease was driven by attrition in Medicaid membership, partially offset by higher premium yields reflecting the medical cost trend and growth in CarelonRx product revenue related to members served. Premiums fell 3.2% to $35.42 billion, and product revenue rose 14% to $5.53 billion. Services fees increased 18% to $2.28 billion. Reuters notes that Unlike rivals UnitedHealth Group Inc UNH and Humana Inc HUM, Elevance is less exposed to government-backed Medicare Advantage plans for people aged ...

Elevance Health (ELV) came out with quarterly earnings of $10.12 per share, beating the Zacks Consensus Estimate of $9.99 per share. This compares to earnings of $9.04 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 1.30%. A quarter ago, it was expected that this health insurer would post earnings of $10.54 per share when it actually produced earnings of $10.64, delivering a surprise of 0.95%. Over the last four quarters, the ...