- Reports 4Q21 loss per common share of $0.11 on a GAAP basis,
while reporting Adjusted EPS of $1.24; reports full year (FY) 2021
EPS of $22.67 on a GAAP basis, $20.64 on an Adjusted basis
- Announces FY 2022 EPS guidance of at least $23.08 on a GAAP
basis; at least $24.00 on an Adjusted basis, which contemplates an
explicit COVID-19 related headwind of $1.00
- Commits to drive $1 billion of additional value for the
enterprise through cost savings, productivity initiatives, and
value acceleration from previous investments to create capacity to
fund growth and investment in the Medicare Advantage business and
further expansion of Healthcare Services capabilities
Humana Inc. (NYSE: HUM) today reported consolidated pretax
results and results per common share for the quarter ended December
31, 2021 (4Q21) versus the quarter ended December 31, 2020 (4Q20)
and for the year ended December 31, 2021 (FY 2021) versus the year
ended December 31, 2020 (FY 2020) as noted in the tables below.
Consolidated (loss) income before
income taxes and equity in net earnings (pretax results) In
millions
4Q21 (a)
4Q20 (b)
FY 2021 (c)
FY 2020 (d)
Generally Accepted Accounting
Principles (GAAP)
($60
)
($458
)
$3,354
$4,600
Amortization associated with identifiable
intangibles
17
22
65
88
Gain on Kindred at Home equity method
investment
—
—
(1,129
)
—
Put/call valuation adjustments associated
with company's non-consolidating minority interest investments
30
40
597
103
Transaction and integration costs
associated with Kindred at Home acquisition
35
—
128
—
Change in fair market value of
publicly-traded equity securities
144
(102
)
341
(745
)
Receipt of commercial risk corridor
receivables previously written off, net
—
—
—
(578
)
Adjusted (non-GAAP)
$166
($498
)
$3,356
$3,468
(Loss per common share) or diluted
earnings per common share (EPS)
4Q21 (a)
4Q20 (b)
FY 2021 (c)
FY 2020 (d)
GAAP
($0.11
)
($2.07
)
$22.67
$25.31
Amortization associated with identifiable
intangibles
0.10
0.13
0.39
0.51
Gain on Kindred at Home equity method
investment
—
—
(8.73
)
—
Put/call valuation adjustments associated
with company's non-consolidating minority interest investments
0.18
0.24
3.56
0.60
Transaction and integration costs
associated with Kindred at Home acquisition
0.21
—
0.72
—
Change in fair market value of
publicly-traded equity securities
0.86
(0.60
)
2.03
(4.32
)
Receipt of commercial risk corridor
receivables previously written off, net
—
—
—
(3.35
)
Adjusted (non-GAAP)
$1.24
($2.30
)
$20.64
$18.75
The company has included financial
measures throughout this earnings release that are not in
accordance with GAAP. Management believes that these measures, when
presented in conjunction with the comparable GAAP measures, are
useful to both management and its investors in analyzing the
company’s ongoing business and operating performance. Consequently,
management uses these non-GAAP (Adjusted) financial measures as
indicators of the company’s business performance, as well as for
operational planning and decision making purposes. Non-GAAP
(Adjusted) financial measures should be considered in addition to,
but not as a substitute for, or superior to, financial measures
prepared in accordance with GAAP. All financial measures in this
press release are in accordance with GAAP unless otherwise
indicated. Please refer to the footnotes for a detailed description
of each item adjusted out of GAAP financial measures to arrive at a
non-GAAP (Adjusted) financial measure.
“Humana's core operations remain strong as we continue to create
value by growing our top-tier Medicare Advantage business,
increasing the contribution of our Healthcare Services lines,
improving the overall productivity of the organization, all while
remaining focused on quality, as evidenced by 97 percent of our
Medicare Advantage members in plans rated 4-stars or higher, and
delivering a leading customer experience with our Net Promoter
Score improving 930 basis points in 2021,” said Bruce D. Broussard,
Humana’s President and Chief Executive Officer. "Looking ahead, we
are confident in both the fundamentals of the Medicare Advantage
industry, and the long-term growth prospects for our company. We
expect that improved membership growth, further penetration in our
growing and maturing Healthcare Services businesses, and our
increased focus on productivity improvements will position us to
deliver on our long-term earnings target in 2023 and beyond."
Year-over-Year Comparison
Considerations
Results in 4Q21 and FY 2021 continued to be influenced by the
ongoing effects of the COVID-19 pandemic.
The year-over-year comparisons of quarter and full year GAAP
consolidated pretax and EPS results were impacted by the following
factors:
- the unmitigated COVID-19 related headwind of $1.00 EPS in FY
2021,
- $1.13 billion gain recorded in the third quarter of 2021
associated with the company's previous minority ownership in
Kindred at Home (non-taxable),
- the change in the fair market value of publicly-traded equity
securities,
- the receipt of unpaid risk corridor payments that were
previously written off (received in third quarter of 2020),
- put/call valuation adjustments associated with the company's
non-consolidating minority interest investments, and
- transaction and integration costs associated with the Kindred
at Home acquisition.
The year-over-year changes in GAAP and Adjusted EPS for 4Q21 and
FY 2021 further reflect the beneficial tax impact of the
termination of the health insurance industry fee (HIF) in 2021 and
a lower number of shares used to compute EPS, primarily reflective
of share repurchases in 2020.
Please refer to the tables above, as well as the consolidated
and segment highlight sections in the detailed earnings release for
additional discussion of the factors impacting the
year-over-comparisons.
In addition, below is a summary of key consolidated and segment
statistics comparing 4Q21 to 4Q20 and FY 2021 to FY 2020.
Humana Inc. Summary of Results
(dollars in millions, except per share amounts)
4Q21 (a)
4Q20 (b)
FY 2021 (c)
FY 2020 (d)
CONSOLIDATED
Revenues - GAAP
$21,054
$19,062
$83,064
$77,155
Revenues - Adjusted
$21,198
$18,960
$83,405
$75,801
Pretax (loss) income - GAAP
($60
)
($458
)
$3,354
$4,600
Pretax income (loss) - Adjusted
$166
($498
)
$3,356
$3,468
(Loss per common share) diluted EPS -
GAAP
($0.11
)
($2.07
)
$22.67
$25.31
Diluted EPS (loss per common share) -
Adjusted
$1.24
($2.30
)
$20.64
$18.75
Benefits expense ratio - GAAP
87.9
%
88.3
%
86.7
%
83.1
%
Benefits expense ratio - Adjusted
87.9
%
88.3
%
86.7
%
83.8
%
Operating cost ratio - GAAP
16.1
%
16.3
%
12.2
%
13.2
%
Operating cost ratio - Adjusted
15.9
%
16.3
%
12.1
%
13.3
%
Operating cash flows - GAAP
($96
)
$283
$2,262
$5,639
Parent company cash and short term
investments
$1,334
$772
Debt-to-total capitalization
43.7
%
32.7
%
RETAIL SEGMENT
Revenues - GAAP
$18,411
$16,834
$74,044
$67,298
Benefits expense ratio - GAAP
89.0
%
87.0
%
87.9
%
84.2
%
Operating cost ratio - GAAP
11.5
%
14.0
%
9.2
%
11.0
%
Segment (loss) earnings - GAAP
($149
)
($210
)
$1,937
$3,017
Segment (loss) earnings - Adjusted
($145
)
($207
)
$1,953
$3,032
GROUP AND SPECIALTY SEGMENT
Revenues - GAAP
$1,722
$1,791
$6,872
$7,285
Benefits expense ratio - GAAP
86.6
%
104.3
%
82.5
%
85.6
%
Operating cost ratio - GAAP
26.8
%
28.1
%
24.6
%
25.0
%
Segment (loss) earnings - GAAP
($37
)
($375
)
$149
($143
)
Segment (loss) earnings - Adjusted
($36
)
($374
)
$154
($139
)
HEALTHCARE SERVICES SEGMENT
Revenues - GAAP
$8,482
$7,291
$31,242
$28,448
Operating cost ratio - GAAP
94.9
%
97.8
%
95.4
%
96.3
%
Segment earnings attributable to Humana-
GAAP
$375
$128
$1,328
$944
Adjusted earnings before interest, taxes,
depreciation and amortization (Adjusted EBITDA) (e)
$425
$196
$1,557
$1,232
2022 Earnings Guidance
The company provided its GAAP and Adjusted EPS guidance for the
year ending December 31, 2022 (FY 2022) as detailed below.
Humana's GAAP and Adjusted EPS guidance contemplates an explicit
COVID-19 related headwind of $1.00 per diluted common share. To the
extent the $1.00 explicit COVID-19 related headwind is not
ultimately realized, the company will be conservative regarding the
timing and pace with which it adjusts its FY 2022 earnings
guidance.
GAAP and Adjusted EPS results for FY 2021 are also shown for
comparison.
Diluted earnings per common
share
FY 2022 Guidance (f)
FY 2021 (c)
GAAP
at least $23.08
$22.67
Amortization of identifiable
intangibles
0.42
0.39
Gain on Kindred at Home equity method
investment
—
(8.73)
Put/call valuation adjustments associated
with company's non-consolidating minority interest investments
—
3.56
Transaction and integration costs
associated with the Kindred at Home acquisition
0.50
0.72
Change in fair market value of
publicly-traded equity securities
—
2.03
Adjusted (non-GAAP) – FY 2022
projected; FY 2021 reported
at least $24.00
$20.64
Value Creation
Initiatives
In order to create capacity to fund growth and investment in its
Medicare Advantage business and further expansion of its Healthcare
Services capabilities in 2023, Humana is committing to drive $1
billion of additional value for the enterprise through cost saving,
productivity initiatives, and value acceleration from previous
investments. It is the company's intention that these efforts will
span several areas, including the following:
- performing a critical review of ongoing strategic initiatives
across the company, intending to further focus investments on
priorities where Humana has the greatest conviction of significant
value potential,
- driving further organizational efficiencies by optimizing the
company's workforce to increase speed, agility, and the pace at
which Humana must work as a large, integrated healthcare
organization,
- reducing and optimizing third-party spend, including
significantly rationalizing its real estate portfolio, and
- driving greater operational efficiencies across the
organization by modernizing, streamlining, and improving processes
through automation and digital advancement.
As a result of this work, the company anticipates that it will
experience certain one-time restructuring charges in FY 2022 that
will impact its GAAP results, but will be adjusted for non-GAAP
purposes.
Detailed Press Release
Humana’s full earnings press release including the statistical
pages has been posted to the company’s Investor Relations site and
may be accessed at https://humana.gcs-web.com/ or via a current
report on Form 8-K filed by the company with the Securities and
Exchange Commission this morning (available at www.sec.gov or on
the company’s website).
Conference Call
Humana will host a conference call at 9:00 a.m. Eastern time
today to discuss its financial results for the quarter and the
company’s expectations for future earnings.
To participate via phone, please register in advance at this
link - http://www.directeventreg.com/registration/event/5176725.
Upon registration, telephone participants will receive a
confirmation email detailing how to join the conference call,
including dial-in number, event passcode, and unique registrant ID
that can be used to access the call. A webcast of the 4Q21 earnings
call may also be accessed via Humana’s Investor Relations page at
humana.com. The company suggests participants for both the
conference call and those listening via the web dial in or sign on
at least 15 minutes in advance of the call.
For those unable to participate in the live event, the archive
will be available in the Historical Webcasts and Presentations
section of the Investor Relations page at humana.com, approximately
two hours following the live webcast. Telephone replays will be
available from approximately 12:30 p.m. Eastern time on February 2,
2022 until 12:30 p.m. Eastern time on February 9, 2022 and can be
accessed by dialing 855-859-2056 and providing the conference ID
#5176725.
Footnotes
(a) 4Q21 Adjusted results exclude the
following:
- Amortization expense for identifiable intangibles of
approximately $17 million pretax, or $0.10 per common share. GAAP
measures affected in this release include consolidated pretax, EPS,
and segment earnings (including amortization expense of $4 million
in the Retail segment and $1 million in the Group and Specialty
segment).
- Put/call valuation adjustments of approximately $30 million
pretax, or $0.18 per common share, associated with Humana’s
non-consolidating minority interest investments. GAAP measures
affected in this release include consolidated pretax and EPS.
- Transaction and integration costs associated with the Kindred
at Home acquisition of approximately $35 million pretax, or $0.21
per common share; GAAP measure affected in this release include
consolidated pretax, EPS, and the consolidated operating cost
ratio.
- Change in fair market value of publicly-traded equity
securities of $144 million pretax, or $0.86 per common share. GAAP
measures affected in this release include consolidated pretax, EPS,
and consolidated revenues.
(b) 4Q20 Adjusted results exclude the
following:
- Amortization expense for identifiable intangibles of
approximately $22 million pretax, or $0.13 per common share. GAAP
measures affected in this release include consolidated pretax, EPS,
and segment earnings (including amortization expense of $3 million
in the Retail segment and $1 million in the Group and Specialty
segment).
- Put/call valuation adjustments of approximately $40 million
pretax, or $0.24 per common share, associated with Humana’s
non-consolidating minority interest investments. GAAP measures
affected in this release include consolidated pretax and EPS.
- Change in fair market value of publicly-traded equity
securities of $102 million pretax, or $0.60 per common share. GAAP
measures affected in this release include consolidated pretax, EPS,
and consolidated revenues.
(c) FY 2021 Adjusted results exclude the
following:
- Amortization expense for identifiable intangibles of
approximately $65 million pretax, or $0.39 per diluted common
share. GAAP measures affected in this release include consolidated
pretax, EPS, and segment earnings (including amortization expense
of $16 million in the Retail segment and $5 million in the Group
and Specialty segment).
- Gain associated with Kindred at Home equity method investment
of approximately $1,129 million pretax, or $8.73 per diluted common
share; the gain was recorded upon closing of the Kindred at Home
transaction in August 2021. GAAP measures affected in this release
include consolidated pretax and EPS.
- Put/call valuation adjustments of approximately $597 million
pretax, or $3.56 per diluted common share, associated with Humana’s
non-consolidating minority interest investments, including the
impact of the termination of the put/call agreement related to
Kindred at Home as a result of the transaction announced on April
27, 2021. GAAP measures affected in this release include
consolidated pretax and EPS.
- Transaction and integration costs associated with the Kindred
at Home acquisition of approximately $128 million or $0.72 per
diluted common share; GAAP measure affected in this release include
consolidated pretax, EPS, and the consolidated operating cost
ratio.
- Change in fair market value of publicly-traded equity
securities of $341 million pretax, or $2.03 per diluted common
share. GAAP measures affected in this release include consolidated
pretax, EPS, and consolidated revenues.
(d) FY 2020 Adjusted results exclude the
following:
- Amortization expense for identifiable intangibles of
approximately $88 million pretax, or $0.51 per diluted common
share. GAAP measures affected in this release include consolidated
pretax, EPS, and segment earnings (including amortization expense
of $15 million in the Retail segment and $4 million in the Group
and Specialty segment).
- Put/call valuation adjustments of approximately $103 million
pretax, or $0.60 per diluted common share, associated with Humana’s
non-consolidating minority interest investments. GAAP measures
affected in this release include consolidated pretax and EPS.
- Change in fair market value of publicly-traded equity
securities of $745 million pretax, or $4.32 per diluted common
share. GAAP measures affected in this release include consolidated
pretax, EPS, and consolidated revenues.
- Net adjustment of $578 million pretax, or $3.35 per diluted
common share, related to the receipt of unpaid risk corridor
payments associated with the losses incurred by the company under
the ACA business in 2014 to 2016 (previously written off). GAAP
measures affected in this release include consolidated pretax, EPS,
consolidated revenues, consolidated benefits expense ratio, and
consolidated operating cost ratio.
(e) The Healthcare Services segment Adjusted earnings before
interest, taxes, depreciation and amortization (Adjusted EBITDA)
includes GAAP segment earnings attributable to Humana with
adjustments to add back depreciation and amortization expense,
interest expense, and income taxes. The Adjusted EBITDA includes
results from all lines of business within the segment. The Adjusted
EBITDA also includes the impact of Humana’s minority interest
related to the strategic partnership with Welsh, Carson, Anderson
& Stowe (WCAS) to develop and operate senior-focused,
payor-agnostic, primary care centers. Prior periods reflect the
impact of Humana's previous 40 percent minority interest in Kindred
at Home. In August 2021, Humana completed the acquisition of the
remaining 60 percent ownership of Kindred at Home and accordingly,
now consolidates its results.
Healthcare Services segment results
(in millions)
4Q21
4Q20
FY 2021
FY 2020
GAAP segment earnings attributable to
Humana
$375
$128
$1,328
$944
Depreciation and amortization expense
50
52
190
203
Interest and taxes
—
16
39
85
Adjusted EBITDA
$425
$196
$1,557
$1,232
(f) FY 2022 Adjusted EPS projections
exclude the following:
- Amortization expense for identifiable intangibles of $0.42 per
diluted common share.
- Transaction and integration costs associated with the Kindred
at Home acquisition of approximately $0.50 per diluted common
share.
- FY 2022 GAAP EPS guidance excludes the impact of future value
changes of the put/call options associated with Humana's
non-consolidating minority interest investments as the future value
changes cannot be estimated.
- The future value of publicly-traded equity securities, their
impact on GAAP EPS, and the related non-GAAP adjustment will
fluctuate on the public trading value of the stock. The guidance
set forth herein assumes no further change in the fair value of
these investments.
Cautionary Statement
This news release includes forward-looking statements regarding
Humana within the meaning of the Private Securities Litigation
Reform Act of 1995. When used in investor presentations, press
releases, Securities and Exchange Commission (SEC) filings, and in
oral statements made by or with the approval of one of Humana’s
executive officers, the words or phrases like “expects,”
“believes,” “anticipates,” “intends,” “likely will result,”
“estimates,” “projects” or variations of such words and similar
expressions are intended to identify such forward-looking
statements.
These forward-looking statements are not guarantees of future
performance and are subject to risks, uncertainties, and
assumptions, including, among other things, information set forth
in the “Risk Factors” section of the company’s SEC filings, a
summary of which includes but is not limited to the following:
- If Humana does not design and price its products properly and
competitively, if the premiums Humana receives are insufficient to
cover the cost of healthcare services delivered to its members, if
the company is unable to implement clinical initiatives to provide
a better healthcare experience for its members, lower costs and
appropriately document the risk profile of its members, or if its
estimates of benefits expense are inadequate, Humana’s
profitability could be materially adversely affected. Humana
estimates the costs of its benefit expense payments, and designs
and prices its products accordingly, using actuarial methods and
assumptions based upon, among other relevant factors, claim payment
patterns, medical cost inflation, and historical developments such
as claim inventory levels and claim receipt patterns. The company
continually reviews estimates of future payments relating to
benefit expenses for services incurred in the current and prior
periods and makes necessary adjustments to its reserves, including
premium deficiency reserves, where appropriate. These estimates
involve extensive judgment, and have considerable inherent
variability because they are extremely sensitive to changes in
claim payment patterns and medical cost trends. Accordingly,
Humana's reserves may be insufficient.
- If Humana fails to effectively implement its operational and
strategic initiatives, particularly its Medicare initiatives and
state-based contract strategy, the company’s business may be
materially adversely affected, which is of particular importance
given the concentration of the company’s revenues in these
products. In addition, there can be no assurances that the company
will be successful in maintaining or improving its Star ratings in
future years.
- If Humana fails to properly maintain the integrity of its data,
to strategically maintain existing or implement new information
systems, to protect Humana’s proprietary rights to its systems, or
to defend against cyber-security attacks or prevent other privacy
or data security incidents that result in security breaches that
disrupt our operations or in the unintentional dissemination of
sensitive personal information or proprietary or confidential
information, the company’s business may be materially adversely
affected.
- Humana is involved in various legal actions, or disputes that
could lead to legal actions (such as, among other things, provider
contract disputes and qui tam litigation brought by individuals on
behalf of the government), governmental and internal
investigations, and routine internal review of business processes
any of which, if resolved unfavorably to the company, could result
in substantial monetary damages or changes in its business
practices. Increased litigation and negative publicity could also
increase the company’s cost of doing business.
- As a government contractor, Humana is exposed to risks that may
materially adversely affect its business or its willingness or
ability to participate in government healthcare programs including,
among other things, loss of material government contracts;
governmental audits and investigations; potential inadequacy of
government determined payment rates; potential restrictions on
profitability; including by comparison of profitability of the
company’s Medicare Advantage business to non-Medicare Advantage
business; or other changes in the governmental programs in which
Humana participates. Changes to the risk-adjustment model utilized
by CMS to adjust premiums paid to Medicare Advantage, or MA, plans
according to the health status of covered members, including
proposed changes to the methodology used by CMS for risk adjustment
data validation audits that fail to address adequately the
statutory requirement of actuarial equivalence, if implemented,
could have a material adverse effect on our operating results,
financial position and cash flows.
- Humana's business activities are subject to substantial
government regulation. New laws or regulations, or legislative,
judicial, or regulatory changes in existing laws or regulations or
their manner of application could increase the company's cost of
doing business and have a material adverse effect on Humana’s
results of operations (including restricting revenue, enrollment
and premium growth in certain products and market segments,
restricting the company’s ability to expand into new markets,
increasing the company’s medical and operating costs by, among
other things, requiring a minimum benefit ratio on insured
products, lowering the company’s Medicare payment rates and
increasing the company’s expenses associated with a non-deductible
health insurance industry fee and other assessments); the company’s
financial position (including the company’s ability to maintain the
value of its goodwill); and the company’s cash flows.
- Humana’s failure to manage acquisitions, divestitures and other
significant transactions successfully may have a material adverse
effect on the company’s results of operations, financial position,
and cash flows.
- If Humana fails to develop and maintain satisfactory
relationships with the providers of care to its members, the
company’s business may be adversely affected.
- Humana faces significant competition in attracting and
retaining talented employees. Further, managing succession for, and
retention of, key executives is critical to the Company’s success,
and its failure to do so could adversely affect the Company’s
businesses, operating results and/or future performance.
- Humana’s pharmacy business is highly competitive and subjects
it to regulations and supply chain risks in addition to those the
company faces with its core health benefits businesses.
- Changes in the prescription drug industry pricing benchmarks
may adversely affect Humana’s financial performance.
- Humana’s ability to obtain funds from certain of its licensed
subsidiaries is restricted by state insurance regulations.
- Downgrades in Humana’s debt ratings, should they occur, may
adversely affect its business, results of operations, and financial
condition.
- The securities and credit markets may experience volatility and
disruption, which may adversely affect Humana’s business.
- The spread of, and response to, the novel coronavirus, or
COVID-19, underscores certain risks Humana faces, including those
discussed above, and the ongoing, heightened uncertainty created by
the pandemic precludes any prediction as to the ultimate adverse
impact to Humana of COVID-19.
As the COVID-19 pandemic continues, the
premiums the company charges may prove to be insufficient to cover
the cost of health care services delivered to its members, each of
which could be impacted by many factors, including the impacts that
Humana has experienced, and may continue to experience, to its
revenues due to limitations on its ability to implement clinical
initiatives to manage health care costs and chronic conditions of
its members, and appropriately document their risk profiles, as a
result of the company’s members being unable or unwilling to see
their providers due to actions taken to mitigate the spread of
COVID-19; increased costs that may result from higher utilization
rates of medical facilities and services and other increases in
associated hospital and pharmaceutical costs; and shifts in the
company’s premium and medical claims cost trends to reflect the
demographic impact of higher mortality during the COVID-19
pandemic. In addition, Humana is offering, and has been mandated by
legislative and regulatory action (including the Families First Act
and CARES Act) to provide, certain expanded benefit coverage to its
members, such as waiving, or reimbursing, certain costs for
COVID-19 testing, vaccinations and treatment. These measures taken
by Humana, or governmental action, to respond to the ongoing impact
of COVID-19 (including further expansion or modification of the
services delivered to its members, the adoption or modification of
regulatory requirements associated with those services and the
costs and challenges associated with ensuring timely compliance
with such requirements), and the potential for widespread testing,
treatments and the distribution and administration of COVID-19
vaccines, could adversely impact the company’s profitability.
The spread and impact of COVID-19 and
additional variants, or actions taken to mitigate this spread,
could have material and adverse effects on Humana’s ability to
operate effectively, including as a result of the complete or
partial closure of facilities or labor shortages. Disruptions in
public and private infrastructure, including communications,
availability of in-person sales and marketing channels, financial
services and supply chains, could materially and adversely disrupt
the company’s normal business operations. A significant subset of
the company's and the company's third party providers' employee
population are in a remote work environment in an effort to
mitigate the spread of COVID-19, which may exacerbate certain risks
to Humana’s business, including an increased demand for information
technology resources, increased risk of phishing and other
cybersecurity attacks, and increased risk of unauthorized
dissemination of sensitive personal, proprietary, or confidential
information. The continued COVID-19 pandemic has severely impacted
global economic activity, including the businesses of some of
Humana’s commercial customers, and caused significant volatility
and negative pressure in the financial markets. In addition to
disrupting Humana’s operations, these developments may adversely
affect the timing of commercial customer premium collections and
corresponding claim payments, the value of the company’s investment
portfolio, or future liquidity needs.
The ongoing, heightened uncertainty created
by the pandemic precludes any prediction as to the ultimate adverse
impact to Humana of COVID-19. Humana is continuing to monitor the
spread of COVID-19, changes to the company’s benefit coverages, and
the ongoing costs and business impacts of dealing with COVID-19,
including the potential costs and impacts associated with lifting
or reimposing restrictions on movement and economic activity, the
timing and degree in resumption of demand for deferred healthcare
services, the pace of administration of COVID-19 vaccines and the
effectiveness of those vaccines, and related risks. The magnitude
and duration of the pandemic remain uncertain, and its impact on
Humana’s business, results of operations, financial position, and
cash flows could be material.
In making forward-looking statements, Humana is not undertaking
to address or update them in future filings or communications
regarding its business or results. In light of these risks,
uncertainties, and assumptions, the forward-looking events
discussed herein may or may not occur. There also may be other
risks that the company is unable to predict at this time. Any of
these risks and uncertainties may cause actual results to differ
materially from the results discussed in the forward-looking
statements.
Humana advises investors to read the following documents as
filed by the company with the SEC for further discussion both of
the risks it faces and its historical performance:
- Form 10-K for the year ended December 31, 2020;
- Form 10-Q for the quarter ended March 31, 2021; June 30, 2021;
September 30, 2021; and
- Form 8-Ks filed during 2021 and 2022.
About Humana
Humana Inc. (NYSE: HUM) is committed to helping our millions of
medical and specialty members achieve their best health. Our
successful history in care delivery and health plan administration
is helping us create a new kind of integrated care with the power
to improve health and well-being and lower costs. Our efforts are
leading to a better quality of life for people with Medicare,
families, individuals, military service personnel, and communities
at large.
To accomplish that, we support physicians and other health care
professionals as they work to deliver the right care in the right
place for their patients, our members. Our range of clinical
capabilities, resources and tools – such as in-home care,
behavioral health, pharmacy services, data analytics and wellness
solutions – combine to produce a simplified experience that makes
health care easier to navigate and more effective.
More information regarding Humana is available to investors via
the Investor Relations page of the company’s website at humana.com,
including copies of:
- Annual reports to stockholders
- Securities and Exchange Commission filings
- Most recent investor conference presentations
- Quarterly earnings news releases and conference calls
- Calendar of events
- Corporate Governance information
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220202005372/en/
Lisa Stoner Humana Investor Relations (502) 580-2652 e-mail:
LStamper@humana.com
Mark Taylor Humana Corporate Communications (317) 753-0345
e-mail: MTaylor108@humana.com
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