Elevance Health, Inc. Files 10-Q for Q1 2024

TL;DR

<b>Elevance Health, Inc. has submitted its Q1 2024 10-Q filing, detailing financial performance and corporate information.</b>

AI Summary

Elevance Health, Inc. (ELV) filed a Quarterly Report (10-Q) with the SEC on April 18, 2024. Elevance Health, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of 2024, with data reported as of March 31, 2024. The company was formerly known as Anthem, Inc., WellPoint, Inc., and WellPoint Inc. Elevance Health is incorporated in Indiana and operates in the Hospital & Medical Service Plans industry. The filing includes financial data for periods ending December 31, 2023, March 31, 2023, and March 31, 2024.

Why It Matters

For investors and stakeholders tracking Elevance Health, Inc., this filing contains several important signals. This filing provides crucial insights into Elevance Health's financial health and operational performance during the first quarter of 2024, which is essential for investors to assess the company's current standing and future prospects. Understanding the historical company names and incorporation details helps in tracking the company's evolution and its regulatory and corporate history.

Risk Assessment

Risk Level: low — Elevance Health, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand revenue streams, expenses, and profitability for Q1 2024.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed period of report)
• 2024-04-18 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (First quarter of 2024)

Key Players & Entities

• Elevance Health, Inc. (company) — Filer name
• Anthem, Inc. (company) — Former company name
• WellPoint, Inc. (company) — Former company name
• Indiana (location) — State of incorporation

FAQ

Industry Context

Elevance Health operates within the Hospital & Medical Service Plans industry, a sector characterized by complex regulatory environments and significant competition.

Regulatory Implications

As a healthcare provider, Elevance Health is subject to extensive regulations from federal and state agencies, including those related to healthcare services, insurance, and patient data privacy.

What Investors Should Do

1. Analyze the consolidated balance sheets and statements of income for the three months ended March 31, 2024, and compare them to prior periods.
2. Examine any disclosures related to legal proceedings or risk factors mentioned in the filing.
3. Review the company's corporate structure and any changes in subsidiaries or business segments.

Key Dates

• 2024-03-31: Quarter End Date — Marks the end of the reporting period for the 10-Q filing.
• 2024-04-18: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive overview of a company's financial performance for a specific quarter.)

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 31, 2024, providing a snapshot of the company's performance at the start of the fiscal year.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value ELV New York Stock Exchange

Filing Documents

• elv-20240331.htm (10-Q) — 1646KB
• exhibit102poptionagreement.htm (EX-10.2P) — 155KB
• exhibit102qrsuagreement.htm (EX-10.2Q) — 158KB
• exhibit102rpsuagreement.htm (EX-10.2R) — 158KB
• exhibit104executiveagreeme.htm (EX-10.4) — 363KB
• exhibit311-20240331q12024.htm (EX-31.1) — 10KB
• exhibit312-20240331q12024.htm (EX-31.2) — 10KB
• exhibit321-20240331q12024.htm (EX-32.1) — 5KB
• exhibit322-20240331q12024.htm (EX-32.2) — 5KB
• elv-20240331_g1.jpg (GRAPHIC) — 20KB
• 0001156039-24-000066.txt (&nbsp;) — 10152KB
• elv-20240331.xsd (EX-101.SCH) — 46KB
• elv-20240331_cal.xml (EX-101.CAL) — 82KB
• elv-20240331_def.xml (EX-101.DEF) — 229KB
• elv-20240331_lab.xml (EX-101.LAB) — 709KB
• elv-20240331_pre.xml (EX-101.PRE) — 498KB
• elv-20240331_htm.xml (XML) — 1654KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Consolidated Balance Sheets as of March 31 , 202 4 (Unaudited) and December 31, 202 3 2 Consolidated Statements of Income (Unaudited) for the Three Months Ended March 3 1 , 202 4 and 202 3 3 Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months Ended March 3 1 , 202 4 and 202 3 4 Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 3 1 , 202 4 and 202 3 5 Consolidated Statements of Changes in Equity (Unaudited) for the Three Months Ended March 3 1 , 202 4 and 202 3 6

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 7

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 33

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 48

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 48

OTHER INFORMATION

PART II. OTHER INFORMATION

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 48

RISK FACTORS

ITEM 1A. RISK FACTORS 48

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 49

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 49

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 49

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 49

EXHIBITS

ITEM 6. EXHIBITS 50

SIGNATURES

SIGNATURES 51 -1-

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Elevance Health, Inc. Consolidated Balance Sheets March 31, 2024 December 31, 2023 (Unaudited) (In millions, except share and per share data) Assets Current assets: Cash and cash equivalents $ 6,226 $ 6,526 Fixed maturity securities (amortized cost of $ 30,427 and $ 30,446 ; allowance for credit losses of $ 4 and $ 4 ) 29,530 29,614 Equity securities 511 229 Premium receivables 8,931 7,902 Self-funded receivables 4,242 4,558 Other receivables 5,120 5,405 Other current assets 6,388 5,795 Total current assets 60,948 60,029 Long-term investments: Fixed maturity securities (amortized cost of $ 902 and $ 890 ; allowance for credit losses of $ 0 and $ 0 ) 880 876 Other invested assets 6,713 6,107 Property and equipment, net 4,451 4,359 Goodwill 25,947 25,317 Other intangible assets 10,710 10,273 Other noncurrent assets 2,245 1,967 Total assets $ 111,894 $ 108,928 Liabilities and equity Liabilities Current liabilities: Medical claims payable $ 16,459 $ 16,111 Other policyholder liabilities 5,298 5,600 Unearned income 1,474 1,402 Accounts payable and accrued expenses 5,658 6,910 Short-term borrowings 1,575 225 Current portion of long-term debt 2,900 1,649 Other current liabilities 10,970 9,894 Total current liabilities 44,334 41,791 Long-term debt, less current portion 21,976 23,246 Reserves for future policy benefits 765 778 Deferred tax liabilities, net 2,201 1,970 Other noncurrent liabilities 1,908 1,738 Total liabilities 71,184 69,523 Commitments and contingencies – Note 11 Shareholders' equity Preferred stock, without par value, shares authorized – 100,000,000 ; shares issued and outstanding – none — — Common stock, par value $ 0.01 , shares authorized – 900,000,000 ; shares issued and outstanding – 232,544,717 and 233,071,088 2 2 Additional paid-in capital 8,883 8,868 Retained earnings 33,088 31,749 Accumulated other comprehensive loss ( 1,365 ) ( 1,313 ) Total shareholders'

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) March 31, 2024 (In Millions, Except Per Share Data or As Otherwise Stated Herein) 1. Organization References to the terms "we," "our," "us" or "Elevance Health" used throughout these Notes to Consolidated Financial Statements refer to Elevance Health, Inc., an Indiana corporation, and unless the context otherwise requires, its direct and indirect subsidiaries. References to the "states" include the District of Columbia and Puerto Rico unless the context otherwise requires. Elevance Health is a health company with the purpose of improving the health of humanity. We are one of the largest health insurers in the United States in terms of medical membership, serving over 46 million medical members through our affiliated health plans as of March 31, 2024. We offer a broad spectrum of network-based managed care risk-based plans to Individual, Employer Group, Medicaid and Medicare markets. In addition, we provide a broad array of managed care services to fee-based customers, including claims processing, stop loss insurance, provider network access, medical management, care management, wellness programs, actuarial services and other administrative services. We provide services to the federal government in connection with our Federal Health Products & Services business, which administers the Federal Employees Health Benefits ("FEHB") Program. We provide an array of specialty services both to customers of our subsidiary health plans and also to unaffiliated health plans, including pharmacy services, dental, vision and supplemental health insurance benefits, as well as integrated health services. We are an independent licensee of the Blue Cross and Blue Shield Association ("BCBSA"), an association of independent health benefit plans. We serve our members as the Blue Cross licensee for California and as the Blue Cross and Blue Shield ("BCBS") licensee for Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Mis

View Full Filing

View this 10-Q filing on SEC EDGAR