The following discussion should be read together with the accompanying Condensed Consolidated Financial Statements and Notes and with our 2020 10-K, including the Consolidated Financial Statements and Notes in Part II, Item 8, "Financial Statements and Supplementary Data" in that report. Unless the context indicates otherwise, references to the terms "UnitedHealth Group ," "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 2020 10-K and in the discussion below. EXECUTIVE OVERVIEW GeneralUnitedHealth Group is a diversified health care company with a mission to help people live healthier lives and help make the health system work better for everyone. Our two complementary businesses - Optum and UnitedHealthcare - are driven by this unified mission and vision to improve health care access, affordability, experiences and outcomes for the individuals and organizations we are privileged to serve. We have four reportable segments across our two business platforms, Optum and UnitedHealthcare: •OptumHealth; •OptumInsight; •OptumRx; and •UnitedHealthcare, which includes UnitedHealthcare Employer & Individual, UnitedHealthcare Medicare & Retirement,UnitedHealthcare Community & State and UnitedHealthcare Global. 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 2020 10-K and additional information on our segments can be found in this Item 2 and in Note 7 of Notes to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this report. 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 three months endedMarch 31, 2021 , overall care activity, including COVID-19 related care, was nearly at seasonal baselines. This was primarily the result of temporary deferral of elective care activity, which generally tracked with COVID-19 incidence rates during the quarter. For the three months endedMarch 31, 2021 , the temporary deferral of care was more than offset by COVID-19 related care and testing costs, rebate requirements, and general economic impacts, such as impacts of unemployment. The temporary deferral of care, along with continued COVID-19 related care costs, may cause care patterns to moderately exceed normal baselines in future periods as utilization of health system capacity increases and consumers resume elective care. From time to time, health system capacity may be subject to possible increased volatility due to the pandemic. Specific trends and uncertainties related to our two business platforms are as follows: Optum. COVID-19 related care costs continued to impact ourOptumHealth risk-based care delivery businesses, which were partially offset by the continued temporary deferral of care. The temporary deferral of care reduced fee-for-service care delivery volume, as well asOptumInsight andOptumRx volume-based business activity. We believe COVID-19 will continue to influence customer and consumer behavior, both during and after the pandemic, which could impact how care is delivered and the manner in which consumers wish to receive their prescription drugs or infusion services. We expect COVID-19 related care costs and other economic impacts to only partially be offset by temporary deferrals of care in the second half of the year as health systems return to seasonally adjusted levels of care. As a result of the dynamic situation and broad-reaching impact to the health system, the ultimate impact of COVID-19 on our Optum businesses is uncertain. 14 -------------------------------------------------------------------------------- Table of Contents UnitedHealthcare. In 2021, we have continued expanded benefit coverage in areas such as COVID-19 related care and testing, telemedicine, and pharmacy; continuing to assist our customers, care providers, members and communities in addressing the COVID-19 crisis. Temporary care deferrals continued to impact UnitedHealthcare's results of operations for the three months endedMarch 31, 2021 , offset by COVID-19 related care and testing, rebate requirements and other revenue impacts and broader economic impacts. Enrollment in our commercial products declined primarily due to employer actions in response to the pandemic. Increased consumer demand for care, potentially even higher acuity care, along with continued COVID-19 related care and testing costs are expected to result in increased future medical costs in the second half of the year. Disrupted care patterns, as a result of the pandemic, have 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 and intensity of the pandemic, the duration of policies and initiatives to address COVID-19, and general economic uncertainty. Business Trends Our businesses participate inthe United States , South American 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 macro-economic conditions, such as the impacts 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 both the small group and large group segments. We expect broad-based competition to continue as the industry adapts to individual and employer needs amid reform changes. 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. 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. Regulatory Trends and Uncertainties Following is a summary of management's view of regulatory trends and uncertainties. For additional information regarding regulatory trends and uncertainties, see Part I, Item 1 "Business - Government Regulation," Part 1, Item 1A, "Risk Factors," Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2020 10-K and " Risk Factors " in Part II, Item 1A of this report. Medicare Advantage Rates. Final 2022 Medicare Advantage rates resulted in an increase in industry base rates of approximately 4.1%, short of the industry forward medical cost trend. We continue to manage costs through improving and expanding our coordinated care models, value-based care arrangements and various consumer engagement tools. Affordable Care Act (ACA) Tax. The Health Insurance Tax was permanently repealed byCongress , effectiveJanuary 1, 2021 . The permanent repeal of the tax impacts year-over-year comparability of our financial statements, including revenues, operating costs, medical care ratio (MCR), operating cost ratio, effective tax rate and cash flows from operations. 15 -------------------------------------------------------------------------------- Table of Contents SELECTED OPERATING PERFORMANCE AND OTHER SIGNIFICANT ITEMS The following summarizes select first quarter 2021 year-over-year operating comparisons to first quarter 2020. •Consolidated revenues grew 9%, UnitedHealthcare revenues grew 8% and Optum revenues grew 11%. •UnitedHealthcare served 1.1 million more people domestically, driven by growth in community and senior programs, partially offset by decreased people served by our commercial benefits business. •Consolidated earnings from operations increased 35%, including increases of 42% at UnitedHealthcare and 25% at Optum. •Diluted earnings per common share increased 44% to$5.08 . •Cash flows from operations for the three months endedMarch 31, 2021 were$6.0 billion . •Return on equity was 29.5%. RESULTS SUMMARY The following table summarizes our consolidated results of operations and other financial information: (in millions, except percentages and per Three Months Ended March 31, Increase/(Decrease) share data) 2021 2020 2021 vs. 2020 Revenues: Premiums$ 55,486 $ 50,640 $ 4,846 10 % Products 8,340 8,431 (91) (1) Services 5,918 4,985 933 19 Investment and other income 452 365 87 24 Total revenues 70,196 64,421 5,775 9 Operating costs: Medical costs 44,904 41,000 3,904 10 Operating costs 10,223 10,015 208 2 Cost of products sold 7,572 7,687 (115) (1) Depreciation and amortization 758 723 35 5 Total operating costs 63,457 59,425 4,032 7 Earnings from operations 6,739 4,996 1,743 35 Interest expense (397) (437) 40 (9) Earnings before income taxes 6,342 4,559 1,783 39 Provision for income taxes (1,364) (1,094) (270) 25 Net earnings 4,978 3,465 1,513 44 Earnings attributable to noncontrolling interests (116) (83) (33) 40 Net earnings attributable to UnitedHealth Group common shareholders$ 4,862 $ 3,382 $ 1,480 44 % Diluted earnings per share attributable to UnitedHealth Group common shareholders$ 5.08 $ 3.52 $ 1.56 44 % Medical care ratio (a) 80.9 % 81.0 % (0.1) % Operating cost ratio 14.6 15.5 (0.9) Operating margin 9.6 7.8 1.8 Tax rate 21.5 24.0 (2.5) Net earnings margin (b) 6.9 5.2 1.7 Return on equity (c) 29.5 % 23.6 % 5.9 % (a)Medical care ratio is calculated as medical costs divided by premium revenue. (b)Net earnings margin attributable toUnitedHealth Group shareholders. (c)Return on equity is calculated as annualized net earnings attributable toUnitedHealth 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. 16 -------------------------------------------------------------------------------- Table of Contents 2021 RESULTS OF OPERATIONS COMPARED TO 2020 RESULTS OF OPERATIONS Consolidated Financial Results Revenue The increases in revenue were primarily driven by the increase in the number of individuals served through Medicare Advantage and Medicaid; pricing trends; and organic and acquisition growth across the Optum business, primarily due to expansion in care delivery and managed services. The increases were partially offset by decreased individuals served through our commercial benefits business due to the continued economic impacts of COVID-19. Medical Costs and MCR Medical costs increased as a result of growth in people served through Medicare Advantage and Medicaid, medical cost trends and COVID-19 related care and testing costs, partially offset by the temporary deferral of care continued to be caused by COVID-19, decreased people served in commercial, increased prior year favorable reserve development and calendar day impacts. The MCR was stable due to the temporary deferral of care, increased prior year favorable reserve development and calendar day impacts, being offset by the permanent repeal of the Health Insurance Tax and COVID-19 related care and testing costs. Operating Cost Ratio The operating cost ratio decreased primarily due to the permanent repeal of the return of the Health Insurance Tax and operating efficiency gains, partially offset by business mix. Income Tax Rate Our effective tax rate decreased primarily due to the permanent repeal of the nondeductible Health Insurance Tax. Reportable Segments See Note 7 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 individuals served by UnitedHealthcare by major market segment and funding arrangement, people served byOptumHealth and adjusted scripts forOptumRx . 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, customer penetration and pricing trends when comparing the metrics to revenue by segment. 17
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Table of Contents The following table presents a summary of the reportable segment financial information:
Three Months Ended March 31, Increase/(Decrease) (in millions, except percentages) 2021 2020 2021 vs. 2020 Revenues UnitedHealthcare$ 55,114 $ 51,068 $ 4,046 8 % OptumHealth 12,403 9,192 3,211 35 OptumInsight 2,852 2,494 358 14 OptumRx 21,604 21,557 47 - Optum eliminations (475) (404) (71) 18 Optum 36,384 32,839 3,545 11 Eliminations (21,302) (19,486) (1,816) 9 Consolidated revenues$ 70,196 $ 64,421 $ 5,775 9 % Earnings from operations UnitedHealthcare$ 4,108 $ 2,888 $ 1,220 42 % OptumHealth 962 712 250 35 OptumInsight 779 536 243 45 OptumRx 890 860 30 3 Optum 2,631 2,108 523 25 Consolidated earnings from operations$ 6,739 $ 4,996 $ 1,743 35 % Operating margin UnitedHealthcare 7.5 % 5.7 % 1.8 % OptumHealth 7.8 7.7 0.1 OptumInsight 27.3 21.5 5.8 OptumRx 4.1 4.0 0.1 Optum 7.2 6.4 0.8 Consolidated operating margin 9.6 % 7.8 % 1.8 %
UnitedHealthcare
The following table summarizes UnitedHealthcare revenues by business:
Three Months Ended March 31, Increase/(Decrease) (in millions, except percentages) 2021 2020 2021 vs. 2020 UnitedHealthcare Employer & Individual$ 14,632 $ 14,280 $ 352 2 % UnitedHealthcare Medicare & Retirement 25,474 23,152 2,322 10 UnitedHealthcare Community & State 12,973 11,453 1,520 13 UnitedHealthcare Global 2,035 2,183 (148) (7) Total UnitedHealthcare revenues$ 55,114 $ 51,068 $ 4,046 8 % 18
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Table of Contents The following table summarizes the number of individuals served by our UnitedHealthcare businesses, by major market segment and funding arrangement:
March 31, Increase/(Decrease) (in thousands, except percentages) 2021 2020 2021 vs. 2020 Commercial: Risk-based 7,860 8,215 (355) (4) % Fee-based 18,455 18,825 (370) (2) Total commercial 26,315 27,040 (725) (3) Medicare Advantage 6,335 5,575 760 14 Medicaid 6,975 5,880 1,095 19 Medicare Supplement (Standardized) 4,390 4,440 (50) (1) Total community and senior 17,700 15,895 1,805 11 Total UnitedHealthcare - domestic medical 44,015 42,935 1,080 3 Global 5,460 5,605 (145) (3) Total UnitedHealthcare - medical 49,475 48,540 935 2 % Supplemental Data: Medicare Part D stand-alone 3,795 4,150 (355) (9) % Fee-based and risk-based commercial business decreased primarily due to increased unemployment. 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 revenue increased due to growth in the number of individuals served through Medicare Advantage and Medicaid and a greater mix of people with higher acuity needs, partially offset by a decrease in the number of individuals served through commercial benefits and the permanent repeal of the Health Insurance Tax. Earnings from operations increased due to the continued deferral of care caused by COVID-19 on the health system, the growth in people served through Medicare Advantage and Medicaid and the repeal of theHealth Insurance Tax, partially offset by COVID-19 related care and testing costs, the reduction in people served through commercial benefits and broader economic impacts of COVID-19. Optum Total revenues and earnings from operations increased due to growth atOptumHealth andOptumInsight . The results by segment were as follows:OptumHealth Revenue and earnings from operations atOptumHealth increased primarily due to organic growth and acquisitions in care delivery. Earnings from operations were also impacted by the temporary deferral of care at our risk-based businesses caused by COVID-19 and cost management initiatives, partially offset by COVID-19 related care costs.OptumHealth served approximately 99 million people as ofMarch 31, 2021 compared to 96 million people as ofMarch 31, 2020 .OptumInsight Revenue atOptumInsight increased primarily due to growth in technology and managed services, partially offset by decreased activity levels in volume-based services due to the impact of COVID-19 on payer and care provider clients. Earnings from operations increased primarily due to productivity gains and cost management initiatives, as well as the factors impacting revenue.OptumRx Revenue and earnings from operations atOptumRx grew modestly due to organic growth and acquisitions in pharmacy care services and pricing trends, offset by lower script volumes.OptumRx fulfilled 329 million and 339 million adjusted scripts in the first quarters of 2021 and 2020, respectively, as the first quarter 2020 included the advance provision of medications to people served in response to COVID-related supply concerns, with script levels then receding with care deferral patterns. 19 -------------------------------------------------------------------------------- Table of Contents LIQUIDITY, FINANCIAL CONDITION AND CAPITAL RESOURCES Liquidity Summary of our Major Sources and Uses of Cash and Cash Equivalents Three Months Ended March 31, Increase/(Decrease) (in millions) 2021 2020 2021 vs. 2020 Sources of cash: Cash provided by operating activities$ 6,005 $ 2,943 $ 3,062
Issuances of short-term borrowings and long-term debt, net of repayments
2,907 10,797 (7,890) Proceeds from common stock issuances 436 557 (121) Customer funds administered 2,131 1,062 1,069 Sales and maturities of investments, net of purchases - 30 (30) Total sources of cash 11,479 15,389 Uses of cash: Common stock repurchases (1,650) (1,691) 41 Cash paid for acquisitions, net of cash assumed (1,193) (929) (264) Purchases of investments, net of sales and maturities (1,714) - (1,714) Purchases of property, equipment and capitalized software (568) (469) (99) Cash dividends paid (1,181) (1,024) (157) Other (2,088) (563) (1,525) Total uses of cash (8,394) (4,676) Effect of exchange rate changes on cash and cash equivalents (51) (129) 78 Net increase in cash and cash equivalents$ 3,034 $ 10,584 $ (7,550) 2021 Cash Flows Compared to 2020 Cash Flows Increased cash flows provided by operating activities were primarily driven by increased net earnings and changes in working capital accounts. Other significant changes in sources or uses of cash year-over-year included decreased short-term borrowings and increased purchases of investments, partially offset by increased customer funds administered. Financial Condition As ofMarch 31, 2021 , our cash, cash equivalent, available-for-sale debt securities and equity securities balances of$63.4 billion included approximately$20.0 billion of cash and cash equivalents (of which$2.1 billion was available for general corporate use),$40.9 billion of debt securities and$2.6 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 3.8 years and a weighted-average credit rating of "Double A" as ofMarch 31, 2021 . 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. 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, 2020 was disclosed in Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations " in our 2020 10-K. During the three months endedMarch 31, 2021 , 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 acquisitions. 20 -------------------------------------------------------------------------------- Table of Contents 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 5 of Notes to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this report. 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 ofMarch 31, 2021 , our debt to debt-plus-shareholders' equity ratio, as defined and calculated under the credit facilities, was approximately 39%. 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. Credit Ratings. Our credit ratings as ofMarch 31, 2021 were as follows: Moody's S&P Global Fitch A.M. Best Ratings Outlook Ratings Outlook Ratings Outlook Ratings Outlook Senior unsecured debt A3 Stable A+ Stable A Stable A- Positive 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 three months endedMarch 31, 2021 , we repurchased approximately 5 million shares at an average price of$345.42 per share. As ofMarch 31, 2021 , we had Board authorization to purchase up to 53 million shares of our common stock. Dividends. Our quarterly cash dividend to shareholders reflects an annual dividend rate of$5.00 per share. Pending Acquisitions. The Company has entered into agreements to purchase companies in the health care sector, most notably Change Healthcare (NASDAQ: CHNG), which is expected to close in the second half of 2021, subject to regulatory approvals and other customary closing conditions. The total anticipated capital required for these acquisitions, excluding the payoff of acquired indebtedness, is approximately$12 billion . For additional liquidity discussion, see Note 10 of Notes to the Consolidated Financial Statements in Part II, Item 8, "Financial Statements and Supplementary Data" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 in our 2020 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. 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" in Part II, Item 7 in our 2020 10-K. For a detailed discussion of our significant accounting policies, see Note 2 of Notes to the Consolidated Financial Statements in Part II, Item 8, "Financial Statements" in our 2020 10-K. 21
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Table of Contents 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; risks and uncertainties associated with the pharmacy benefits management industry; competitive pressures; changes in or challenges to our public sector contract awards; our ability to contract on competitive terms with 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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