What changed in this filing

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Item 1. Financial Statements

2025-05-07 compared with 2024-11-04 · 62 added, 190 removed, 370 unchanged (41% of the section changed)

2 unchanged sentences

Condensed Consolidated Balance Sheets

(in millions, except per share data) September 30,

(in millions, except per share data) March 31,

2025 December 31,

4 unchanged sentences

Other current receivables, net 26,022 26,089

Assets under management — 3,755

Prepaid expenses and other current assets 9,036 8,212

2 unchanged sentences

Property, equipment and capitalized software, net 10,734 10,553

10,139 11,450

Goodwill 107,566 106,734

20 unchanged sentences

910 and 915 issued and outstanding

Additional paid-in capital 461 —

Retained earnings 97,934 96,036

7 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30,

(in millions, except per share data) 2025 2024

15 unchanged sentences

Provision for income taxes ( 1,632 ) ( 1,222 )

Net earnings 6,258 6,038 9,458 17,469

Net earnings (loss) 6,474 ( 1,221 )

Earnings attributable to noncontrolling interests ( 182 ) ( 188 )

Net earnings attributable to UnitedHealth Group common shareholders $ 6,055 $ 5,841 $ 8,862 $ 16,926

Earnings per share attributable to UnitedHealth Group common shareholders:

Net earnings (loss) attributable to UnitedHealth Group common shareholders $ 6,292 $ ( 1,409 )

Earnings (loss) per share attributable to UnitedHealth Group common shareholders:

Basic $ 6.90 $ ( 1.53 )

8 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30,

(in millions) 2025 2024

Net earnings $ 6,258 $ 6,038 $ 9,458 $ 17,469

Other comprehensive income (loss):

Net earnings (loss) $ 6,474 $ ( 1,221 )

Other comprehensive income:

Gross unrealized gains (losses) on investment securities during the period 521 ( 290 )

1 unchanged sentence

Total unrealized gains (losses), net of tax 402 ( 222 )

Gross reclassification adjustment for net realized (gains) losses included in net earnings ( 291 ) 7 ( 349 ) ( 27 )

Gross reclassification adjustment for net realized gains included in net earnings ( 10 ) ( 32 )

Income tax effect 2 7

Total reclassification adjustment, net of tax ( 8 ) ( 25 )

( 224 ) 5 ( 269 ) ( 21 )

Foreign currency translation gains (losses) 88 ( 293 )

Reclassification adjustment for translation losses included in net earnings — — 4,214 —

Total foreign currency translation gains (losses) 88 ( 354 ) 4,017 254

Other comprehensive income (loss) 970 ( 1,038 ) 4,574 ( 295 )

Reclassification adjustment for translation losses included in net earnings (loss) — 4,128

Total foreign currency translation gains 88 3,835

Other comprehensive income 482 3,588

Comprehensive income 6,956 2,367

5 unchanged sentences

Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Loss Nonredeemable Noncontrolling Interests Total

Three months ended September 30,

(in millions) Shares Amount Net Unrealized (Losses) Gains on Investments Foreign Currency Translation (Losses) Gains

Balance at June 30, 2024 921 $ 9 $ 373 $ 92,400 $ ( 2,296 ) $ ( 1,127 ) $ 5,317 $ 94,676

Net earnings 6,055 155 6,210

Other comprehensive income 882 88 970

Issuances of common stock, and related tax effects

Share-based compensation

Common share repurchases ( 2 ) — ( 957 ) — ( 957 )

Cash dividends paid on common shares ($ 2.10 per share)

( 1,937 ) ( 1,937 )

Redeemable noncontrolling interests fair value and other adjustments

Acquisition and other adjustments of nonredeemable noncontrolling interests

Distribution to nonredeemable noncontrolling interests

( 154 ) ( 154 )

Balance at September 30, 2024 923 $ 9 $ 461 $ 96,518 $ ( 1,414 ) $ ( 1,039 ) $ 5,346 $ 99,881

Balance at June 30, 2023 927 $ 9 $ — $ 89,994 $ ( 2,643 ) $ ( 5,007 ) $ 5,015 $ 87,368

5,841 149 5,990

Other comprehensive loss ( 684 ) ( 354 ) ( 1,038 )

Issuances of common stock, and related tax effects

Share-based compensation

Common share repurchases ( 3 ) — ( 588 ) ( 923 ) ( 1,511 )

Cash dividends paid on common shares ($ 1.88 per share)

( 1,739 ) ( 1,739 )

Redeemable noncontrolling interests fair value and other adjustments

( 42 ) ( 42 )

Acquisition and other adjustments of nonredeemable noncontrolling interests 42 42

Distribution to nonredeemable noncontrolling interests

( 136 ) ( 136 )

Balance at September 30, 2023 925 $ 9 $ — $ 93,173 $ ( 3,327 ) $ ( 5,361 ) $ 5,070 $ 89,564

See Notes to the Condensed Consolidated Financial Statements

UnitedHealth Group

Condensed Consolidated Statements of Changes in Equity

Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Loss Nonredeemable Noncontrolling Interests Total

Nine months ended September 30,

Three months ended March 31,

(in millions) Shares Amount Net Unrealized (Losses) Gains on Investments Foreign Currency Translation (Losses) Gains

10 unchanged sentences

Distribution to nonredeemable noncontrolling interests ( 179 ) ( 179 )

Balance at September 30, 2024 923 $ 9 $ 461 $ 96,518 $ ( 1,414 ) $ ( 1,039 ) $ 5,346 $ 99,881

Balance at March 31, 2025 910 9 — 97,934 ( 1,832 ) ( 1,073 ) 5,773 100,811

Balance at January 1, 2024 924 $ 9 $ — $ 95,774 $ ( 1,971 ) $ ( 5,056 ) $ 5,665 $ 94,421

16,926 401 17,327

Net (loss) earnings ( 1,409 ) 149 ( 1,260 )

Other comprehensive (loss) income ( 247 ) 3,835 3,588

9 unchanged sentences

( 151 ) ( 151 )

Balance at September 30, 2023 925 $ 9 $ — $ 93,173 $ ( 3,327 ) $ ( 5,361 ) $ 5,070 $ 89,564

Balance at March 31, 2024 920 $ 9 $ — $ 90,118 $ ( 2,218 ) $ ( 1,221 ) $ 5,682 $ 92,370

See Notes to the Condensed Consolidated Financial Statements

1 unchanged sentence

Condensed Consolidated Statements of Cash Flows

Nine Months Ended

September 30,

Three Months Ended

(in millions) 2025 2024

Operating activities

Net earnings $ 9,458 $ 17,469

Net earnings (loss) $ 6,474 $ ( 1,221 )

Noncash items:

26 unchanged sentences

Repayments of long-term debt — ( 750 )

(Repayments of) proceeds from short-term borrowings, net ( 191 ) 1,579

Proceeds from short-term borrowings, net 3,911 6,189

Proceeds from issuance of long-term debt — 5,925

1 unchanged sentence

Other, net ( 505 ) ( 563 )

Cash flows from (used for) financing activities 4,830 ( 4,373 )

Cash flows from financing activities 99 8,231

Effect of exchange rate changes on cash and cash equivalents 15 ( 48 )

Increase in cash and cash equivalents, including cash within businesses held for sale 5,496 2,987

cash within businesses held for sale ( 254 ) —

net increase in cash within businesses held for sale ( 91 ) —

Net increase in cash and cash equivalents 5,405 2,987

20 unchanged sentences

Revenues - Products and Services

As of September 30, 2024 and December 31, 2023, accounts receivable related to products and services were $ 9.2 billion and $ 8.6 billion, respectively.

As of September 30, 2024, revenue expected to be recognized in any future year related to remaining performance obligations, excluding revenue pertaining to contracts having an original expected duration of one year or less, contracts where revenue is recognized as invoiced and contracts with variable consideration related to undelivered performance obligations, was $ 13.0 billion, of which approximately half is expected to be recognized in the next three years .

Assets Under Management

In July 2024, the Company amended and restated its Medicare Supplement Program with a membership organization (the Medicare Supplement Program).

The amendments provide the Company the right to use a trade name and other intellectual property in marketing efforts for Medicare Supplement offerings.

Amounts previously reported as assets under management are now included within the Company’s Condensed Consolidated Balance Sheet based upon their classification.

For periods prior to the amended and restated Medicare Supplement Program, the Company excluded the effects of certain balance sheet amounts in its Condensed Consolidated Statements of Cash Flows, while these effects are included for periods after the amendments .

As of March 31, 2025 and December 31, 2024, accounts receivable related to products and services were $ 11.7 billion and $ 9.9 billion, respectively.

As of March 31, 2025, revenue expected to be recognized in any future year related to remaining performance obligations, excluding revenue pertaining to contracts having an original expected duration of one year or less, contracts where revenue is recognized as invoiced and contracts with variable consideration related to undelivered performance obligations, was $ 12.4 billion, of which approximately half is expected to be recognized in the next three years .

A summary of debt securities by major security type is as follows:

(in millions) Amortized

September 30, 2024

March 31, 2025

Debt securities - available-for-sale:

25 unchanged sentences

Total debt securities $ 50,327 $ 62 $ ( 2,962 ) $ 47,427

The Company held $ 4.9 billion of equity securities as of September 30, 2024 and December 31, 2023.

The Company held $ 5.1 billion and $ 4.9 billion of equity securities as of March 31, 2025 and December 31, 2024, respectively.

The Company’s investments in equity securities primarily consist of venture investments and employee savings plan related investments.

Additionally, the Company’s investments included $ 1.8 billion and $ 1.4 billion of equity method investments primarily in operating businesses in the health care sector as of September 30, 2024 and December 31, 2023, respectively.

The allowance for credit losses on held-to-maturity securities at September 30, 2024 and December 31, 2023 was not material.

The amortized cost and fair value of debt securities as of September 30, 2024, by contractual maturity, were as follows:

Additionally, the Company’s investments included $ 3.4 billion and $ 3.8 billion of equity method investments primarily in operating businesses in the health care sector as of March 31, 2025 and December 31, 2024, respectively.

The allowance for credit losses on held-to-maturity securities at March 31, 2025 and December 31, 2024 was not material.

The amortized cost and fair value of debt securities as of March 31, 2025, by contractual maturity, were as follows:

Available-for-Sale Held-to-Maturity

11 unchanged sentences

(in millions) Fair

September 30, 2024

March 31, 2025

Debt securities - available-for-sale:

government and agency obligations $ 1,540 $ ( 28 ) $ 1,944 $ ( 184 ) $ 3,484 $ ( 212 )

$ 894 $ ( 7 ) $ 2,448 $ ( 175 ) $ 3,342 $ ( 182 )

State and municipal obligations 2,111 ( 67 ) 4,150 ( 300 ) 6,261 ( 367 )

2 unchanged sentences

agency mortgage-backed securities 557 ( 4 ) 1,745 ( 144 ) 2,302 ( 148 )

138 ( 1 ) 1,990 ( 153 ) 2,128 ( 154 )

Total debt securities - available-for-sale $ 15,095 $ ( 359 ) $ 23,204 $ ( 2,104 ) $ 38,299 $ ( 2,463 )

2 unchanged sentences

government and agency obligations $ 1,475 $ ( 51 ) $ 2,152 $ ( 223 ) $ 3,627 $ ( 274 )

$ 1,270 $ ( 7 ) $ 2,077 $ ( 227 ) $ 3,347 $ ( 234 )

State and municipal obligations 2,593 ( 58 ) 4,085 ( 317 ) 6,678 ( 375 )

2 unchanged sentences

agency mortgage-backed securities 416 ( 5 ) 1,863 ( 170 ) 2,279 ( 175 )

279 ( 6 ) 2,202 ( 234 ) 2,481 ( 240 )

Total debt securities - available-for-sale $ 16,677 $ ( 518 ) $ 24,223 $ ( 2,440 ) $ 40,900 $ ( 2,958 )

The Company’s unrealized losses from debt securities as of September 30, 2024 were generated from approximately 27,000 positions out of a total of 41,000 positions.

The Company’s unrealized losses from debt securities as of March 31, 2025 were generated from approximately 32,000 positions out of a total of 42,000 positions.

The Company believes that it will timely collect the principal and interest due on its debt securities that have an amortized cost in excess of fair value.

2 unchanged sentences

The Company evaluated the expected cash flows, the underlying credit quality and credit ratings of the issuers, noting no significant credit deterioration since purchase.

As of September 30, 2024, the Company did not have the intent to sell any of the available-for-sale debt securities in an unrealized loss position.

As of March 31, 2025, the Company did not have the intent to sell any of the available-for-sale debt securities in an unrealized loss position.

Therefore, the Company believes these losses to be temporary.

The allowance for credit losses on available-for-sale debt securities at September 30, 2024 and December 31, 2023 was not material.

The allowance for credit losses on available-for-sale debt securities at March 31, 2025 and December 31, 2024 was not material.

Certain assets and liabilities are measured at fair value in the Condensed Consolidated Financial Statements or have fair values disclosed in the Notes to the Condensed Consolidated Financial Statements.

7 unchanged sentences

Fair and Carrying

September 30, 2024

March 31, 2025

Cash and cash equivalents $ 30,183 $ 534 $ — $ 30,717

19 unchanged sentences

Equity securities 1,859 24 65 1,948

Assets under management 1,505 2,140 110 3,755

Total assets at fair value $ 31,330 $ 42,347 $ 502 $ 74,179

Percentage of total assets at fair value 42 % 57 % 1 % 100 %

There were no transfers in or out of Level 3 financial assets or liabilities during the nine months ended September 30, 2024 or 2023.

There were no transfers in or out of Level 3 financial assets or liabilities during the three months ended March 31, 2025 or 2024.

The following table presents a summary of fair value measurements by level and carrying values for certain financial instruments not measured at fair value on a recurring basis in the Condensed Consolidated Balance Sheets:

4 unchanged sentences

Value Total Carrying Value

September 30, 2024

March 31, 2025

Debt securities - held-to-maturity $ 464 $ 25 $ — $ 489 $ 492

4 unchanged sentences

Nonfinancial assets and liabilities or financial assets and liabilities that are measured at fair value on a nonrecurring basis are subject to fair value adjustments only in certain circumstances, such as when the Company records an impairment.

The assets and liabilities within our South American operations held for sale as of September 30, 2024 were measured at the lower of carrying value or fair value less cost to sell.

The assets and liabilities within our South American operations held for sale as of March 31, 2025 were measured at the lower of carrying value or fair value less cost to sell.

Fair value is measured based upon unobservable amounts, such as estimated selling price derived from Company-specific information and market conditions.

There were no other significant fair value adjustments for assets and liabilities recorded during the nine months ended September 30, 2024 or 2023.

There were no significant fair value adjustments for assets and liabilities recorded during the three months ended March 31, 2025 or 2024.

Medical Costs Payable

The following table shows the components of the change in medical costs payable for the nine months ended September 30:

The following table shows the components of the change in medical costs payable for the three months ended March 31:

(in millions) 2025 2024

7 unchanged sentences

Payments for current year ( 43,827 ) ( 38,652 )

( 165,544 ) ( 149,671 )

Payments for prior years ( 26,669 ) ( 24,759 )

Total medical payments ( 70,496 ) ( 63,411 )

medical costs payable included within businesses held for sale ( 200 ) —

increase in medical costs payable included within businesses held for sale ( 3 ) —

Medical costs payable, end of period $ 37,136 $ 34,032

For the nine months ended September 30, 2024 and 2023, prior years’ medical cost reserve development included no individual factors that were significant.

Medical costs payable included reserves for claims incurred by consumers but not yet reported to the Company of $ 24.1 billion and $ 22.3 billion at September 30, 2024 and December 31, 2023, respectively.

For the three months ended March 31, 2025 and 2024, prior years’ medical cost reserve development included no individual factors that were significant.

Medical costs payable included reserves for claims incurred by consumers but not yet reported to the Company of $ 25.9 billion and $ 23.7 billion at March 31, 2025 and December 31, 2024, respectively.

Short-Term Borrowings and Long-Term Debt

In March 2024, the Company issued $ 6.0 billion of senior unsecured notes consisting of the following:

(in millions, except percentages) Par Value

4.600 % notes due April 2027

4.700 % notes due April 2029

4.900 % notes due April 2031

5.000 % notes due April 2034

5.375 % Notes due April 2054

5.500 % Notes due April 2064

In July 2024, the Company issued $ 12.0 billion of senior unsecured notes consisting of the following:

(in millions, except percentages) Par Value

Floating rate notes due July 2026

4.750 % notes due July 2026

4.800 % notes due January 2030

4.950 % notes due January 2032

5.150 % notes due July 2034

5.500 % notes due July 2044

5.625 % notes due July 2054

5.750 % notes due July 2064

As of September 30, 2024, the Company had $ 1.2 billion of commercial paper outstanding, with a weighted-average annual interest rate of 5.4 %.

In May 2024, the Company entered into an additional $ 3 billion 364 -day revolving bank credit facility and a $ 5 billion 364 -day delayed draw term loan.

The $ 5 billion 364 -day delayed draw term loan was terminated in September 2024.

As of September 30, 2024 no amount had been drawn on any of the bank credit facilities.

As of March 31, 2025, the Company had $ 5.2 billion of commercial paper outstanding, with a weighted-average annual interest rate of 4.4 %.

For more information on the Company’s short-term borrowings, debt covenants and long-term debt, see Note 8 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” in the 2024 10-K.

Other Intangible Assets

The fair values and weighted-average useful lives assigned to intangible assets as a result of transactions completed during the nine months ended September 30, 2024 consisted of the following:

(in millions, except years) Fair Value Weighted-Average Useful Life

Customer-related $ 1,070 13 years

Trademarks and technology 509 5 years

Other 20 8 years

Total finite-lived $ 1,599 11 years

Total indefinite-lived - trade names, trademarks, operating licenses and certificates and other 8,793

Total intangible assets $ 10,392

Shareholders’ Equity

Share Repurchase Program

In June 2024, the Company’s Board of Directors amended the Company’s share repurchase program to authorize the repurchase of up to 35 million shares of Common Stock, in addition to all remaining shares authorized to be repurchased under the Board’s 2018 renewal of the program.

As of September 30, 2024, the Company had 42 million shares remaining available under its share repurchase authorization.

In June 2024, the Company’s Board of Directors increased the Company’s quarterly cash dividend to shareholders to an annual rate of $8.40 compared to $7.52 per share, which the Company had paid since June 2023.

Declaration and payment of future quarterly dividends is at the discretion of the Board of Directors and may be adjusted as business needs or market conditions change.

The following table provides details of the Company’s dividend payments during the nine months ended September 30, 2024:

Payment Date Amount per Share Total Amount Paid

(in millions)

March 19 $ 1.88 $ 1,729

June 25 2.10 1,935

September 24 2.10 1,937

Commitments and Contingencies

Pending Transactions

As of September 30, 2024, the Company had entered into transaction agreements in the health care sector, subject to regulatory approval and/or other customary closing conditions.

The total anticipated consideration required for these transactions, excluding the payoff of acquired indebtedness, was approximately $ 5 billion .

Pending Acquisitions

As of March 31, 2025, the Company had entered into agreements to acquire companies in the health care sector, subject to regulatory approval and other customary closing conditions.

The total anticipated capital required for these acquisitions, excluding the payoff of acquired indebtedness, was approximately $ 4 billion.

Legal Matters

20 unchanged sentences

Certain of the Company’s businesses have been reviewed or are currently under review, including for, among other matters, compliance with coding and other requirements under the Medicare risk-adjustment model.

CMS has selected certain of the

Company’s local plans for risk adjustment data validation (RADV) audits to validate the coding practices of and supporting documentation maintained by health care providers and such audits may result in retrospective adjustments to payments made to the Company’s health plans.

CMS has selected certain of the Company’s local plans for risk adjustment data validation (RADV) audits to validate the coding practices of and supporting documentation maintained by health care providers and such audits may result in retrospective adjustments to payments made to the Company’s health plans.

On February 14, 2017, the DOJ announced its decision to pursue certain claims within a lawsuit initially asserted against the Company and filed under seal by a whistleblower in 2011.

The whistleblower’s complaint, which was unsealed on February 15, 2017, alleges the Company made improper risk adjustment submissions and violated the False Claims Act.

On February 12, 2018, the court granted in part and denied in part the Company’s motion to dismiss.

In May 2018, the DOJ moved to dismiss the Company’s counterclaims, which were filed in March 2018, and moved for partial summary judgment.

In March 2019, the court denied the government’s motion for partial summary judgment and dismissed the Company’s counterclaims without prejudice.

In March 2025, a Special Master appointed by the court issued a report recommending that the court enter summary judgment in the Company’s favor on all remaining claims.

In April 2025, the DOJ filed a motion asking the court to reject the Special Master’s report.

The Company cannot reasonably estimate the outcome which may result from this matter given its procedural status.

Dispositions and Held for Sale

During the nine months ended September 30, 2024, the Company completed or initiated various business portfolio and asset disposition activities.

The Company recorded a loss of $ 7.1 billion related to the sale of its Brazil operations, of which $ 4.1 billion related to the impact of cumulative foreign currency translation losses previously included in accumulated other comprehensive loss, and a loss of $ 1.2 billion related to the reclassification of the Company’s remaining South American operations as held for sale, of which $ 876 million related to the impact of cumulative foreign currency translation losses.

The Company also sold other businesses and assets for $ 1.0 billion in total consideration, with a carrying value of $ 241 million, and the difference reflected in the Condensed Consolidated Statement of Operations.

The sales of the Company’s remaining South American assets are expected to close within a year, subject to regulatory and other customary closing conditions.

Assets and liabilities held for sale have been included within prepaid and other current assets and other current liabilities on the Condensed Consolidated Balance Sheet, respectively.

The assets and liabilities of the Brazil and held for sale disposal groups as of the date of the sale and as of September 30, 2024, respectively, were as follows:

(in millions) Brazil

Disposition Businesses

Held for Sale

The Company’s planned sales of its remaining South American operations are expected to close within the year, subject to regulatory and other customary closing conditions.

Assets and liabilities held for sale have been included within prepaid expenses and other current assets and other current liabilities on the Condensed Consolidated Balance Sheet, respectively.

The assets and liabilities of the held for sale disposal groups as of March 31, 2025, were as follows:

(in millions) Businesses

Held for Sale

Cash and cash equivalents $ 310

Accounts receivable and other current assets 637

Long-term investments 788 36

Property, equipment and capitalized software 690

Deferred tax assets 1,035 —

Goodwill and other intangible assets 440

13 unchanged sentences

Eliminations Consolidated

Three Months Ended September 30, 2024

Three Months Ended March 31, 2025

Revenues - unaffiliated customers:

9 unchanged sentences

Total revenues $ 84,617 $ 25,309 $ 4,630 $ 35,132 $ ( 1,186 ) $ 63,885 $ ( 38,927 ) $ 109,575

Total operating costs (a) $ 79,391 $ 23,695 $ 3,669 $ 33,814 $ ( 1,186 ) $ 59,992 $ ( 38,927 ) $ 100,456

Earnings from operations $ 5,226 $ 1,614 $ 961 $ 1,318 $ — $ 3,893 $ — $ 9,119

3 unchanged sentences

$ 5,211 $ 1,614 $ 961 $ 1,318 $ — $ 3,893 $ ( 998 ) $ 8,106

Three Months Ended September 30, 2023

Revenues - unaffiliated customers:

Premiums $ 66,709 $ 5,630 $ — $ — $ — $ 5,630 $ — $ 72,339

Products — 61 40 10,253 — 10,354 — 10,354

Services 2,550 3,629 1,938 554 — 6,121 — 8,671

Total revenues - unaffiliated customers

69,259 9,320 1,978 10,807 — 22,105 — 91,364

Total revenues - affiliated customers

— 14,227 2,964 17,999 ( 961 ) 34,229 ( 34,229 ) —

Investment and other income

594 317 35 51 — 403 — 997

Total revenues $ 69,853 $ 23,864 $ 4,977 $ 28,857 $ ( 961 ) $ 56,737 $ ( 34,229 ) $ 92,361

Earnings from operations $ 4,592 $ 1,568 $ 1,109 $ 1,257 $ — $ 3,934 $ — $ 8,526

Interest expense — — — — — — ( 834 ) ( 834 )

Earnings before income taxes

$ 4,592 $ 1,568 $ 1,109 $ 1,257 $ — $ 3,934 $ ( 834 ) $ 7,692

(in millions) UnitedHealthcare Optum Health Optum Insight Optum Rx Optum Eliminations Optum Corporate and

Eliminations Consolidated

Nine Months Ended September 30, 2024

Total assets $ 131,902 $ 97,722 $ 34,470 $ 60,379 $ — $ 192,571 $ ( 14,683 ) $ 309,790

Purchases of property, equipment and capitalized software 196 279 338 85 — 702 — 898

Depreciation and Amortization 219 287 344 211 — 842 — 1,061

Three Months Ended March 31, 2024

Revenues - unaffiliated customers:

9 unchanged sentences

Total revenues $ 75,357 $ 26,731 $ 4,502 $ 30,835 $ ( 1,016 ) $ 61,052 $ ( 36,613 ) $ 99,796

Total operating costs (a) $ 70,962 $ 24,832 $ 4,012 $ 29,688 $ ( 1,016 ) $ 57,516 $ ( 36,613 ) $ 91,865

Earnings from operations $ 4,395 $ 1,899 $ 490 $ 1,147 $ — $ 3,536 $ — $ 7,931

3 unchanged sentences

$ ( 2,691 ) $ 1,899 $ 490 $ 1,147 $ — $ 3,536 $ ( 844 ) $ 1

Nine Months Ended September 30, 2023

Revenues - unaffiliated customers:

Premiums $ 201,214 $ 16,385 $ — $ — $ — $ 16,385 $ — $ 217,599

Products — 156 119 30,997 — 31,272 — 31,272

Services 7,689 10,259 5,859 1,607 — 17,725 — 25,414

Total revenues - unaffiliated customers

208,903 26,800 5,978 32,604 — 65,382 — 274,285

Total revenues - affiliated customers

— 42,947 8,089 52,174 ( 2,713 ) 100,497 ( 100,497 ) —

Investment and other income

1,649 1,038 80 143 — 1,261 — 2,910

Total revenues $ 210,552 $ 70,785 $ 14,147 $ 84,921 $ ( 2,713 ) $ 167,140 $ ( 100,497 ) $ 277,195

Earnings from operations $ 13,293 $ 4,869 $ 2,984 $ 3,523 $ — $ 11,376 $ — $ 24,669

Interest expense — — — — — — ( 2,416 ) ( 2,416 )

Earnings before income taxes

$ 13,293 $ 4,869 $ 2,984 $ 3,523 $ — $ 11,376 $ ( 2,416 ) $ 22,253

Total assets $ 112,840 $ 94,861 $ 34,220 $ 55,291 $ — $ 184,372 $ ( 13,002 ) $ 284,210

Purchases of property, equipment and capitalized software 183 238 245 77 — 560 — 743

Depreciation and Amortization 235 272 310 180 — 762 — 997

(a) Total operating costs include medical costs, operating costs, cost of products sold and depreciation and amortization, as applicable for each reportable segment.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements