UNITEDHEALTH GROUP INC. The following discussion should be read together with the accompanying Condensed Consolidated Financial Statements and Notes and with our 2021 10-K, including the Consolidated Financial Statements and Notes included in Part II, Item 8, "Financial Statements and Supplementary Data" in that report. Unless the context indicates otherwise, references to the terms "UnitedHealth Group ," the "Company," "we," "our" or "us" used throughout this Management's Discussion and Analysis of Financial Condition and Results of Operations refer toUnitedHealth Group Incorporated and its consolidated subsidiaries. Readers are cautioned that the statements, estimates, projections or outlook contained in this Management's Discussion and Analysis of Financial Condition and Results of Operations, including discussions regarding financial prospects, economic conditions, trends and uncertainties contained in this Item 2, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA). These forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the results discussed or implied in the forward-looking statements. A description of some of the risks and uncertainties is set forth in Part I, Item 1A, "Risk Factors" in our 2021 10-K and in the discussion below. EXECUTIVE OVERVIEW GeneralUnitedHealth Group Incorporated 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. Our two distinct, yet complementary business platforms - Optum and UnitedHealthcare - are working to help build a modern, high-performing health system through improved access, affordability, outcomes and experiences for the individuals and organizations we are privileged to serve.
We have four reportable segments across our two business platforms, Optum and UnitedHealthcare:
•Optum Health; •Optum Insight; •Optum Rx; and
•UnitedHealthcare, which includes UnitedHealthcare Employer & Individual,
UnitedHealthcare Medicare & Retirement and
Further information on our business is presented in Part I, Item 1, "Business" and Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2021 10-K and additional information on our segments, including the realignment of our UnitedHealthcare operating segments to combine UnitedHealthcare Global and UnitedHealthcare Employer and Individual, can be found in this Item 2 and in Note 9 of Notes to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this report. Business Trends Our businesses participate inthe United States ,South America and certain other international health markets. Overall spending on health care is impacted by inflation, utilization, medical technology and pharmaceutical advancement, regulatory requirements, demographic trends in the population and national interest in health and well-being. The rate of market growth may be affected by a variety of factors, including macroeconomic conditions, such as the economic impact of COVID-19, and regulatory changes, which could impact our results of operations, including our continued efforts to control health care costs. Pricing Trends. To price our health care benefit products, we start with our view of expected future costs, including any potential impacts from COVID-19. We frequently evaluate and adjust our approach in each of the local markets we serve, considering all relevant factors, such as product positioning, price competitiveness and environmental, competitive, legislative and regulatory considerations, including minimum medical loss ratio (MLR) thresholds and similar revenue adjustments. We will continue seeking to balance growth and profitability across all these dimensions. The commercial risk market remains highly competitive in the small group, large group and individual segments. We expect broad-based competition to continue as the industry adapts to individual and employer needs.
Government programs in the community and senior sector tend to receive lower rates of increase than the commercial market due to governmental budget pressures and lower cost trends.
Medical Cost Trends. Our medical cost trends primarily relate to changes in unit
costs, health system utilization and prescription drug costs. COVID-19 related
care and testing costs as well as the deferral of care have also impacted
medical cost trends in the current year and may continue in future years. Future
medical cost trends may be impacted by increased consumer
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demand for care, and potentially even higher acuity care, due to the temporary deferral of care since the onset of the pandemic. We endeavor to mitigate those increases by engaging physicians and consumers with information and helping them make clinically sound choices, with the objective of helping them achieve high-quality, affordable care. The continued uncertain impact of COVID-19 may impact our ability to estimate medical costs payable, which has resulted in, and could result in, increased variability to medical cost reserve development.
COVID-19 Trends and Uncertainties
The COVID-19 pandemic continues to evolve and the ultimate impact on our business, results of operations, financial condition and cash flows remains uncertain. During the six months endedJune 30, 2022 , overall care was near normal baseline levels, with certain areas of care at or approaching seasonal baselines, and other areas below. COVID-19 treatment and testing costs continue to be mitigated by the temporary deferral of care, both generally varying with COVID-19 incidence rates. The relationship between COVID-19 care costs and non-COVID-19 utilization lagged in the second quarter, with increased non-COVID-19 utilization not as rapidly coinciding with decreased COVID-19 care and incidence rates as it had throughout the pandemic. In future periods, care patterns may moderately exceed normal baselines as previously deferred care is obtained. Though not yet experienced, acuity may temporarily rise due to missed regular care. COVID-19 may continue to influence customer and consumer behavior, which could impact how and where care is delivered, benefit product designs, and the manner in which consumers wish to receive their prescription drugs or infusion services. Disrupted care patterns, as a result of the pandemic, have affected and may continue to temporarily affect the ability to obtain complete member health status information, impacting revenue in businesses utilizing risk adjustment methodologies. The ultimate overall impact is uncertain and dependent on the future pacing, intensity and duration of the pandemic, the severity of new variants of the COVID-19 virus, the effectiveness and extent of administration of vaccination and treatments and general economic uncertainty.
SELECTED OPERATING PERFORMANCE AND OTHER SIGNIFICANT ITEMS
The following summarizes select second quarter 2022 year-over-year operating comparisons to second quarter 2021 and other financial results.
•Consolidated revenues grew 13%, UnitedHealthcare revenues grew 12% and Optum revenues grew 18%.
•UnitedHealthcare served 1.6 million more people, led by growth in community and senior programs.
•Consolidated earnings from operations of
•Diluted earnings per common share were
•Cash flows from operations for the six months ended
•Return on equity was 27.9%.
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RESULTS SUMMARY
The following table summarizes our consolidated results of operations and other
financial information:
Three Months Ended Increase/ Six Months Ended
(in millions, except June 30, (Decrease) June 30, Increase/(Decrease)
percentages and per share data) 2022 2021 2022 vs. 2021 2022 2021 2022 vs. 2021
Revenues:
Premiums $ 63,896 $ 56,233 $ 7,663 14 % $ 127,966 $ 111,719 $ 16,247 15 %
Products 9,496 8,433 1,063 13 18,836 16,773 2,063 12
Services 6,645 6,099 546 9 13,017 12,017 1,000 8
Investment and other income 295 556 (261) (47) 662 1,008 (346) (34)
Total revenues 80,332 71,321 9,011 13 160,481 141,517 18,964 13
Operating costs:
Medical costs 52,093 46,546 5,547 12 104,616 91,450 13,166 14
Operating costs 11,709 10,359 1,350 13 23,110 20,582 2,528 12
Cost of products sold 8,596 7,660 936 12 17,083 15,232 1,851 12
Depreciation and amortization 802 778 24 3 1,590 1,536 54 4
Total operating costs 73,200 65,343 7,857 12 146,399 128,800 17,599 14
Earnings from operations 7,132 5,978 1,154 19 14,082 12,717 1,365 11
Interest expense (467) (410) (57) 14 (900) (807) (93) 12
Earnings before income taxes 6,665 5,568 1,097 20 13,182 11,910 1,272 11
Provision for income taxes (1,466) (1,196) (270) 23 (2,835) (2,560) (275) 11
Net earnings 5,199 4,372 827 19 10,347 9,350 997 11
Earnings attributable to
noncontrolling interests (129) (106) (23) 22 (250) (222) (28) 13
Net earnings attributable to
UnitedHealth Group common
shareholders $ 5,070 $ 4,266 $ 804 19 % $ 10,097 $ 9,128 $ 969 11 %
Diluted earnings per share
attributable to UnitedHealth
Group common shareholders $ 5.34 $ 4.46 $ 0.88 20 % $ 10.61 $ 9.55 $ 1.06 11 %
Medical care ratio (a) 81.5 % 82.8 % (1.3) % 81.8 % 81.9 % (0.1) %
Operating cost ratio 14.6 14.5 0.1 14.4 14.5 (0.1)
Operating margin 8.9 8.4 0.5 8.8 9.0 (0.2)
Tax rate 22.0 21.5 0.5 21.5 21.5 -
Net earnings margin (b) 6.3 6.0 0.3 6.3 6.5 (0.2)
Return on equity (c) 27.9 % 25.2 % 2.7 % 27.9 % 27.3 % 0.6 %
(a)Medical care ratio (MCR) is calculated as medical costs divided by premium
revenue.
(b)Net earnings margin attributable to UnitedHealth Group shareholders.
(c)Return on equity is calculated as annualized net earnings attributable to
UnitedHealth Group common shareholders divided by average shareholders' equity.
Average shareholders' equity is calculated using the shareholders' equity
balance at the end of the preceding year and the shareholders' equity balances
at the end of each of the quarters in the year presented.
2022 RESULTS OF OPERATIONS COMPARED TO 2021 RESULTS OF OPERATIONS
Consolidated Financial Results
Revenues
The increases in revenues were primarily driven by growth in the number of people served through Medicare Advantage, Medicaid and commercial offerings; pricing trends; and growth across the Optum businesses.
Medical Costs and MCR
Medical costs increased due to growth in people served through Medicare Advantage, Medicaid and commercial offerings. For the three months endedJune 30, 2022 , MCR decreased due to COVID-19 effects and business mix. For the six months endedJune 30, 2022 , MCR decreased as a result of COVID-19 effects offset by business mix and decreased prior years favorable development, primarily due to the effects of COVID-19 in 2021. 18
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Operating Cost Ratio
For the three months endedJune 30, 2022 , the operating cost ratio increased primarily due to business mix and investments, partially offset by COVID-19 related revenue effects. For the six months endedJune 30, 2022 , the operating cost ratio decreased as a result of COVID-19 related revenue effects, partially offset by business mix. Reportable Segments See Note 9 of Notes to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this report for more information on our segments. We utilize various metrics to evaluate and manage our reportable segments, including people served by UnitedHealthcare by major market segment and funding arrangement, people served byOptum Health and adjusted scripts for Optum Rx. These metrics are the main drivers of revenue, earnings and cash flows at each business. The metrics also allow management and investors to evaluate and understand business mix, including the mix of care delivered through value-based care models atOptum Health , level and scope of services provided to people and pricing trends when comparing the metrics to revenue by segment. The following table presents a summary of the reportable segment financial information: Three Months Ended Six Months Ended June 30, Increase/(Decrease) June 30, Increase/(Decrease) (in millions, except percentages) 2022 2021 2022 vs. 2021 2022 2021 2022 vs. 2021 Revenues UnitedHealthcare$ 62,105 $ 55,474 $ 6,631 12 %$ 124,700 $ 110,588 $ 14,112 13 % Optum Health 17,583 13,300 4,283 32 34,265 25,703 8,562 33 Optum Insight 3,282 2,957 325 11 6,501 5,809 692 12 Optum Rx 24,805 22,524 2,281 10 48,716 44,128 4,588 10 Optum eliminations (588) (478) (110) 23 (1,141) (953) (188) 20 Optum 45,082 38,303 6,779 18 88,341 74,687 13,654 18 Eliminations (26,855) (22,456) (4,399) 20 (52,560) (43,758) (8,802) 20 Consolidated revenues$ 80,332 $ 71,321 $ 9,011 13 %$ 160,481 $ 141,517 $ 18,964 13 % Earnings from operations UnitedHealthcare$ 3,850 $ 3,095 $ 755 24 %$ 7,648 $ 7,203 $ 445 6 % Optum Health 1,399 1,128 271 24 2,765 2,090 675 32 Optum Insight 839 762 77 10 1,686 1,541 145 9 Optum Rx 1,044 993 51 5 1,983 1,883 100 5 Optum 3,282 2,883 399 14 6,434 5,514 920 17 Consolidated earnings from operations$ 7,132 $ 5,978 $ 1,154 19 %$ 14,082 $ 12,717 $ 1,365 11 % Operating margin UnitedHealthcare 6.2 % 5.6 % 0.6 % 6.1 % 6.5 % (0.4) % Optum Health 8.0 8.5 (0.5) 8.1 8.1 - Optum Insight 25.6 25.8 (0.2) 25.9 26.5 (0.6) Optum Rx 4.2 4.4 (0.2) 4.1 4.3 (0.2) Optum 7.3 7.5 (0.2) 7.3 7.4 (0.1) Consolidated operating margin 8.9 % 8.4 % 0.5 % 8.8 % 9.0 % (0.2) % 19
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UnitedHealthcare
The following table summarizes UnitedHealthcare revenues by business:
Three Months Ended June 30 , Increase/(Decrease) Six Months Ended June 30 , Increase/(Decrease)
(in millions, except percentages) 2022 2021 2022 vs. 2021 2022 2021 2022 vs. 2021
UnitedHealthcare Employer & Individual - Domestic
$ 14,942 $ 625 4 %$ 31,389 $ 29,574 $ 1,815 6 % UnitedHealthcare Employer & Individual - Global (a) 2,247 2,118 129 6 4,380 4,153 227 5 UnitedHealthcare Employer & Individual - Total (a) 17,814 17,060 754 4 35,769 33,727 2,042 6 UnitedHealthcare Medicare & Retirement 28,625 25,304 3,321 13 57,725 50,778 6,947 14UnitedHealthcare Community & State 15,666 13,110 2,556 19 31,206 26,083 5,123 20 Total UnitedHealthcare revenues$ 62,105 $ 55,474 $ 6,631 12 %$ 124,700 $ 110,588 $ 14,112 13 %
(a) On
The following table summarizes the number of people served by our UnitedHealthcare businesses, by major market segment and funding arrangement:
June 30, Increase/(Decrease)
(in thousands, except percentages) 2022 2021 2022 vs. 2021
Commercial - domestic:
Risk-based 8,010 7,840 170 2 %
Fee-based 18,480 18,395 85 -
Total commercial - domestic 26,490 26,235 255 1
Medicare Advantage 6,945 6,385 560 9
Medicaid 7,990 7,130 860 12
Medicare Supplement (Standardized) 4,355 4,390 (35) (1)
Total community and senior 19,290 17,905 1,385 8
Total UnitedHealthcare - domestic medical 45,780 44,140 1,640 4
Commercial - global 5,465 5,485 (20) -
Total UnitedHealthcare - medical 51,245 49,625 1,620 3 %
Supplemental Data:
Medicare Part D stand-alone 3,330 3,750 (420) (11) %
Commercial business increased primarily due to organic growth and business
combinations. Medicare Advantage increased due to growth in people served
through individual and group Medicare Advantage plans. The increase in people
served through Medicaid was primarily driven by states continuing to ease
redetermination requirements due to COVID-19, new state-based awards and growth
in people served through Dual Special Needs Plans.
UnitedHealthcare's revenues increased due to growth in the number of individuals
served through Medicare Advantage and Medicaid, including a greater mix of
people with higher acuity needs, and an increase in the number of individuals
served through commercial benefits. For the three months ended June 30, 2022 ,
earnings from operations increased due growth in people served and COVID-19
effects. For the six months ended June 30, 2022 , earnings from operations
increased due to growth in people served and COVID-19 effects, partially offset
by decreased prior years favorable development, primarily due to the effects of
COVID-19 in 2021.
Optum
Total revenues and earnings from operations increased due to growth across the Optum businesses. The results by segment were as follows:
Revenues at
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Optum Insight
Revenues and earnings from operations at Optum Insight increased due to growth in managed services and technology, with managed services growth driven by higher payer volumes and new health system partnerships.
Optum Rx
Revenues and earnings from operations at Optum Rx increased due to higher script volumes from growth in people served, increased utilization and organic growth in pharmacy care services, including community-behavioral and specialty pharmacy. Earnings from operations also increased as a result of continued supply chain management initiatives. Optum Rx fulfilled 357 million and 342 million adjusted scripts in the second quarters of 2022 and 2021, respectively.
LIQUIDITY, FINANCIAL CONDITION AND CAPITAL RESOURCES
Liquidity
Summary of our Major Sources and Uses of Cash and Cash Equivalents
Six Months Ended June 30, Increase/(Decrease)
(in millions) 2022 2021 2022 vs. 2021
Sources of cash:
Cash provided by operating activities $ 12,190 $ 11,545 $ 645
Issuances of short-term borrowings and long-term debt, net of repayments
6,162 4,858 1,304
Proceeds from common stock issuances 756 764 (8)
Customer funds administered 5,786 2,395 3,391
Total sources of cash 24,894 19,562
Uses of cash:
Common stock repurchases (5,000) (2,900) (2,100)
Cash paid for acquisitions, net of cash assumed (7,150) (4,642) (2,508)
Purchases of investments, net of sales and maturities (3,366) (2,789) (577)
Purchases of property, equipment and capitalized software (1,212) (1,130) (82)
Cash dividends paid (2,908) (2,548) (360)
Purchases of redeemable noncontrolling interests (97) (1,338) 1,241
Other (1,981) (1,310) (671)
Total uses of cash (21,714) (16,657)
Effect of exchange rate changes on cash and cash equivalents 57 6 51
Net increase in cash and cash equivalents $ 3,237 $ 2,911 $ 326
2022 Cash Flows Compared to 2021 Cash Flows
Increased cash flows provided by operating activities were primarily driven by increased net earnings partially offset by changes in working capital accounts. Other significant changes in sources or uses of cash year-over-year included increased customer funds administered, primarily driven by Medicare Part D timing, net issuances of short-term borrowings and long-term debt and decreased purchases of redeemable noncontrolling interests, partially offset by increased cash paid for acquisitions and share repurchases.
Financial Condition
As ofJune 30, 2022 , our cash, cash equivalent, available-for-sale debt securities and equity securities balances of$68.0 billion included approximately$24.6 billion of cash and cash equivalents (of which$1.7 billion was available for general corporate use),$40.0 billion of debt securities and$3.4 billion of investments in equity securities. Given the significant portion of our portfolio held in cash and cash equivalents, we do not anticipate fluctuations in the aggregate fair value of our financial assets to have a material impact on our liquidity or capital position. Our available-for-sale debt securities portfolio had a weighted-average duration of 4.1 years and a weighted-average credit rating of "Double A" as ofJune 30, 2022 . When multiple credit ratings are available for an individual security, the average of the available ratings is used to determine the weighted-average credit rating. 21
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Capital Resources and Uses of Liquidity
In addition to cash flows from operations and cash and cash equivalent balances available for general corporate use, our capital resources and uses of liquidity are as follows: Cash Requirements. A summary of our cash requirements as ofDecember 31, 2021 was disclosed in Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2021 10-K. During the six months endedJune 30, 2022 , there were no material changes to this previously disclosed information outside the ordinary course of business. We believe our capital resources are sufficient to meet future, short-term and long-term, liquidity needs. We continually evaluate opportunities to expand our operations, including through internal development of new products, programs and technology applications and business combinations. Short-Term Borrowings. Our revolving bank credit facilities provide liquidity support for our commercial paper borrowing program, which facilitates the private placement of unsecured debt through independent broker-dealers, and are available for general corporate purposes. For more information on our commercial paper and bank credit facilities, see Note 8 of Notes to the Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2021 10-K. Our revolving bank credit facilities contain various covenants, including covenants requiring us to maintain a defined debt to debt-plus-shareholders' equity ratio of not more than 60%. As ofJune 30, 2022 , our debt to debt-plus-shareholders' equity ratio, as defined and calculated under the credit facilities, was approximately 37%. Long-Term Debt. Periodically, we access capital markets and issue long-term debt for general corporate purposes, such as, to meet our working capital requirements, to refinance debt, to finance acquisitions or for share repurchases. For more information on our long-term debt, see Note 5 of Notes to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this report and Note 8 of Notes to the Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2021 10-K.
Credit Ratings. Our credit ratings as of
Moody's S&P Global Fitch A.M. Best
Ratings Outlook Ratings Outlook Ratings Outlook Ratings Outlook
Senior unsecured debt A3 Positive A+ Stable A Stable A Stable
Commercial paper P-2 n/a A-1 n/a F1 n/a AMB-1+ n/a
The availability of financing in the form of debt or equity is influenced by
many factors, including our profitability, operating cash flows, debt levels,
credit ratings, debt covenants and other contractual restrictions, regulatory
requirements and economic and market conditions. A significant downgrade in our
credit ratings or adverse conditions in the capital markets may increase the
cost of borrowing for us or limit our access to capital.
Share Repurchase Program. During the six months ended June 30, 2022 , we
repurchased approximately 10 million shares at an average price of $492.11 per
share. As of June 30, 2022 , we had Board of Directors' authorization to purchase
up to 35 million shares of our common stock.
Dividends. In June 2022 , the Company's Board of Directors increased our
quarterly cash dividend to shareholders to an annual rate of $6.60 compared to
$5.80 per share. For more information on our dividend, see Note 6 of
Notes to the Condensed Consolidated Financial Statements included in Part I,
Item 1 of this report.
Pending Business Combinations. As of
For additional liquidity discussion, see Note 10 of Notes to the Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in Part II, Item 7 in our 2021 10-K.
RECENTLY ISSUED ACCOUNTING STANDARDS
There are no recently issued accounting standards that are expected to have a material impact on our Condensed Consolidated Financial Statements.
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CRITICAL ACCOUNTING ESTIMATES
In preparing our Condensed Consolidated Financial Statements, we are required to make judgments, assumptions and estimates, which we believe are reasonable and prudent based on the available facts and circumstances. These judgments, assumptions and estimates affect certain of our revenues and expenses and their related balance sheet accounts and disclosure of our contingent liabilities. We base our assumptions and estimates primarily on historical experience and consider known and projected trends. On an ongoing basis, we re-evaluate our selection of assumptions and the method of calculating our estimates. Actual results, however, may materially differ from our calculated estimates, and this difference would be reported in our current operations. Our critical accounting estimates include medical costs payable and goodwill. For a detailed description of our critical accounting estimates, see "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in Part II, Item 7 in our 2021 10-K. For a detailed discussion of our significant accounting policies, see Note 2 of Notes to the Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2021 10-K.
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, such as the COVID-19 pandemic; 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 theU.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 theSEC , 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.
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