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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                     
Commission file number: 001-16751
eh_logo.jpg
ELEVANCE HEALTH, INC.
(Exact name of registrant as specified in its charter)
Indiana 35-2145715
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification Number)
220 Virginia Avenue
Indianapolis, Indiana 46204
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (833401-1577
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueELVNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ☒ No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer  Accelerated filer
Non-accelerated filer  Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ☒
As of October 11, 2023, 234,959,135 shares of the Registrant’s Common Stock were outstanding.



Elevance Health, Inc.
Quarterly Report on Form 10-Q
For the Period Ended September 30, 2023
Table of Contents
 
  Page
PART I. FINANCIAL INFORMATION
ITEM 1.
ITEM 2.
ITEM 3.
ITEM 4.
PART II. OTHER INFORMATION
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.
-1-


PART I. FINANCIAL INFORMATION
ITEM 1.    FINANCIAL STATEMENTS
Elevance Health, Inc.
Consolidated Balance Sheets
September 30,
2023
December 31,
2022
(In millions, except share and per share data)(Unaudited)(Restated)
Assets
Current assets:
Cash and cash equivalents$10,919 $7,387 
Fixed maturity securities (amortized cost of $30,139 and $28,226; allowance for credit losses of $3 and $9)
27,811 25,952 
Equity securities165 953 
Premium receivables7,883 7,083 
Self-funded receivables3,756 4,663 
Other receivables5,293 4,298 
Other current assets5,358 5,281 
Total current assets61,185 55,617 
Long-term investments:
Fixed maturity securities (amortized cost of $874 and $789; allowance for credit losses of $0 and $0)
816 752 
Other invested assets6,118 5,685 
Property and equipment, net4,248 4,316 
Goodwill25,291 24,383 
Other intangible assets10,491 10,315 
Other noncurrent assets2,329 1,687 
Total assets$110,478 $102,755 
Liabilities and equity
Liabilities
Current liabilities:
Medical claims payable$16,176 $15,596 
Other policyholder liabilities5,681 5,933 
Unearned income4,332 1,112 
Accounts payable and accrued expenses5,983 5,607 
Short-term borrowings 265 
Current portion of long-term debt799 1,500 
Other current liabilities10,366 9,683 
Total current liabilities43,337 39,696 
Long-term debt, less current portion24,045 22,349 
Reserves for future policy benefits807 803 
Deferred tax liabilities, net1,779 2,015 
Other noncurrent liabilities1,971 1,562 
Total liabilities71,939 66,425 
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 –
234,906,987 and 237,958,067
2 2 
Additional paid-in capital8,830 9,084 
Retained earnings32,103 29,647 
Accumulated other comprehensive loss(2,512)(2,490)
Total shareholders’ equity38,423 36,243 
Noncontrolling interests116 87 
Total equity38,539 36,330 
Total liabilities and equity$110,478 $102,755 


See accompanying notes.
-2-


Elevance Health, Inc.
Consolidated Statements of Income
(Unaudited) 
 Three Months Ended 
 September 30
Nine Months Ended 
 September 30
2023202220232022
(In millions, except per share data)(Restated)(Restated)
Revenues
Premiums$35,259 $33,722 $107,716 $99,583 
Product revenue5,177 3,972 14,058 10,841 
Service fees2,044 1,931 5,981 5,569 
Total operating revenue42,480 39,625 127,755 115,993 
Net investment income493 371 1,296 1,112 
Net losses on financial instruments(124)(57)(358)(439)
Total revenues42,849 39,939 128,693 116,666 
Expenses
Benefit expense30,606 29,421 92,996 86,447 
Cost of products sold4,648 3,437 12,456 9,389 
Operating expense5,470 4,516 15,088 13,133 
Interest expense259 213 771 622 
Amortization of other intangible assets212 225 668 520 
Total expenses41,195 37,812 121,979 110,111 
Income before income tax expense
1,654 2,127 6,714 6,555 
Income tax expense354 529 1,554 1,544 
Net income1,300 1,598 5,160 5,011 
Net (income) loss attributable to noncontrolling interests(11)5 (29)18 
Shareholders’ net income$1,289 $1,603 $5,131 $5,029 
Shareholders’ net income per share
Basic $5.48 $6.69 $21.70 $20.91 
Diluted $5.45 $6.62 $21.56 $20.67 
Dividends per share$1.48 $1.28 $4.44 $3.84 















See accompanying notes.

-3-


Elevance Health, Inc.
Consolidated Statements of Comprehensive Income
(Unaudited) 
 Three Months Ended 
 September 30
Nine Months Ended 
 September 30
(In millions)2023202220232022
(Restated)(Restated)
Net income$1,300 $1,598 $5,160 $5,011 
Other comprehensive (loss) income, net of tax:
Change in net unrealized losses/gains on investments(352)(639)(44)(2,630)
Change in non-credit component of impairment losses on investments
2 (1)(1)(3)
Change in net unrealized gains/losses on cash flow hedges1 2 16 8 
Change in net periodic pension and postretirement costs2 7 7 23 
Change in future policy benefits 3 7 2 24 
Foreign currency translation adjustments(4)(7)(2)(15)
Other comprehensive loss(348)(631)(22)(2,593)
Net (income) loss attributable to noncontrolling interests
(11)5 (29)18 
Other comprehensive loss attributable to noncontrolling interests2 3  11 
Total shareholders’ comprehensive income$943 $975 $5,109 $2,447 




















See accompanying notes.

-4-


Elevance Health, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended 
 September 30
20232022
(In millions)(Restated)
Operating activities
Net income$5,160 $5,011 
Adjustments to reconcile net income to net cash provided by operating activities:
Net losses on financial instruments358 439 
Equity in net earnings of other invested assets70 (304)
Depreciation and amortization1,321 1,202 
Impairment of property and equipment
446  
Deferred income taxes(361)(183)
Share-based compensation217 191 
Changes in operating assets and liabilities:
Receivables, net(727)(678)
Other invested assets(46)46 
Other assets(936)(465)
Policy liabilities333 1,588 
Unearned income3,220 2,548 
Accounts payable and other liabilities1,717 598 
Income taxes257 (41)
Other, net3 (35)
Net cash provided by operating activities11,032 9,917 
Investing activities
Purchases of investments(24,337)(19,612)
Proceeds from sale of investments7,830 9,402 
Maturities, calls and redemptions from investments14,531 7,606 
Changes in securities lending collateral55 (677)
Purchases of subsidiaries, net of cash acquired(1,570)(623)
Purchases of property and equipment(970)(854)
Other, net(82)(91)
Net cash used in investing activities(4,543)(4,849)
Financing activities
Net proceeds from commercial paper borrowings 375 
Proceeds from long-term borrowings2,574 1,286 
Repayments of long-term borrowings(1,908)(982)
Proceeds from short-term borrowings 1,365 
Repayments of short-term borrowings(265)(1,375)
Changes in securities lending payable(54)685 
Changes in bank overdrafts(523)181 
Repurchase and retirement of common stock(1,748)(1,748)
Cash dividends(1,049)(924)
Proceeds from issuance of common stock under employee stock plans112 152 
Taxes paid through withholding of common stock under employee stock plans(99)(91)
Other, net5 16 
Net cash used in financing activities(2,955)(1,060)
Effect of foreign exchange rates on cash and cash equivalents(2)(16)
Change in cash and cash equivalents3,532 3,992 
Cash and cash equivalents at beginning of period7,387 4,880 
Cash and cash equivalents at end of period$10,919 $8,872 
See accompanying notes.

-5-


Elevance Health, Inc.
Consolidated Statements of Changes in Equity
(Unaudited)
Total Shareholders’ Equity
 Common StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
Equity
(In millions)Number of
Shares
Par
Value
December 31, 2022 (restated)238.0 $2 $9,084 $29,647 $(2,490)$87 $36,330 
Net income— — — 1,989 — 15 2,004 
Other comprehensive income— — — — 440 2 442 
Repurchase and retirement of common stock, including excise tax(1.3)— (51)(575)— — (626)
Dividends and dividend equivalents— — — (354)— — (354)
Issuance of common stock under employee stock plans, net of related tax benefits0.4 — 6  — — 6 
Convertible debenture repurchases, conversions and tax adjustments— — (342)— — — (342)
March 31, 2023237.1 2 8,697 30,707 (2,050)104 37,460 
Net income — — — 1,853 — 3 1,856 
Other comprehensive loss
— — — — (116) (116)
Repurchase and retirement of common stock, including excise tax(1.4)— (52)(600)— — (652)
Dividends and dividend equivalents— — — (352)— — (352)
Issuance of common stock under employee stock plans, net of related tax benefits0.2 — 116 — — — 116 
June 30, 2023235.9 2 8,761 31,608 (2,166)107 38,312 
Net income— — — 1,289 — 11 1,300 
Other comprehensive loss
— — — — (346)(2)(348)
Repurchase and retirement of common stock, including excise tax
(1.1)— (40)(445)— — (485)
Dividends and dividend equivalents— — — (349)— — (349)
Issuance of common stock under employee stock plans, net of related tax benefits0.1 — 109 — — — 109 
September 30, 2023234.9 $2 $8,830 $32,103 $(2,512)$116 $38,539 











See accompanying notes.