Summary
UnitedHealth Group (UNH) filed an 8-K on April 18, 2013, to report its first quarter 2013 financial results. The primary focus of this filing is the announcement of these results, accompanied by a press release (Exhibit 99.1) detailing the company's performance. Investors should note the company's use of a non-GAAP financial measure, 'adjusted cash flows from operating activities,' to present a clearer comparison of performance across periods. This adjusted figure specifically excludes a Medicare premium payment received in March 2012 that was intended for April 2012. While management believes this non-GAAP measure enhances comparability, investors are reminded that it should be considered alongside, not as a replacement for, GAAP-based financial measures. The company emphasizes transparency by providing reconciliations and continuing to report on a GAAP basis.
Key Highlights
- 1UnitedHealth Group reported its first quarter 2013 financial results on April 18, 2013.
- 2The filing includes a press release (Exhibit 99.1) containing the detailed Q1 2013 earnings announcement.
- 3The company is utilizing a non-GAAP financial measure: 'adjusted cash flows from operating activities'.
- 4This adjusted measure aims to improve period-over-period comparability by excluding a specific Medicare premium payment timing difference.
- 5The excluded item is a Centers for Medicare & Medicaid Services (CMS) premium payment received in March 2012 but allocated for April 2012.
- 6The most directly comparable GAAP measure for Q1 2012 cash flows from operating activities was $3.6 billion.
- 7Investors are advised to consider non-GAAP measures alongside GAAP results and review provided reconciliations.