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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, 2019
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: 001-01011

cvshealtha19.jpg
CVS HEALTH CORPORATION
(Exact name of registrant as specified in its charter)
Delaware

05-0494040
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
One CVS Drive,
Woonsocket,
Rhode Island
 
02895
 (Address of principal executive offices)
 
 (Zip Code)
 
 
 
 
 
Registrant’s telephone number, including area code:     
 
(401)
765-1500
Former name, former address and former fiscal year, if changed since last report:
N/A
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
CVS
New 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 29, 2019, the registrant had 1,300,964,007 shares of common stock issued and outstanding.







Part I.
Financial Information

Item 1.
Financial Statements

Index to Condensed Consolidated Financial Statements
 
Page
Condensed Consolidated Statements of Operations (Unaudited) for the three and nine months ended September 30, 2019 and 2018
 
 
Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three and nine months ended September 30, 2019 and 2018
 
 
Condensed Consolidated Balance Sheets (Unaudited) as of September 30, 2019 and December 31, 2018
 
 
Condensed Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2019 and 2018
 
 
Condensed Consolidated Statements of Shareholders’ Equity (Unaudited) for the three months ended September 30, 2019 and 2018, the three months ended June 30, 2019 and 2018 and the three months ended March 31, 2019 and 2018
 
 
Notes to Condensed Consolidated Financial Statements (Unaudited)
 
 
Report of the Independent Registered Public Accounting Firm



1


CVS Health Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
In millions, except per share amounts
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
Products
$
47,149

 
$
46,334

 
$
136,023

 
$
136,035

Premiums
15,539

 
627

 
47,612

 
2,684

Services
1,859

 
308

 
5,447

 
951

Net investment income
263

 
221

 
805

 
485

Total revenues
64,810

 
47,490

 
189,887

 
140,155

Operating costs:
 
 
 
 
 
 
 
Cost of products sold
40,437

 
39,502

 
116,654

 
115,883

Benefit costs
12,850

 
439

 
39,396

 
2,399

Goodwill impairment

 

 

 
3,921

Operating expenses
8,595

 
4,975

 
24,887

 
14,755

Total operating costs
61,882

 
44,916

 
180,937

 
136,958

Operating income
2,928

 
2,574

 
8,950

 
3,197

Interest expense
747

 
674

 
2,301

 
1,886

Loss on early extinguishment of debt
79

 

 
79

 

Other expense (income)
(31
)
 
1

 
(93
)
 
7

Income before income tax provision
2,133

 
1,899

 
6,663

 
1,304

Income tax provision
604

 
509

 
1,776

 
1,478

Income (loss) from continuing operations
1,529

 
1,390

 
4,887

 
(174
)
Loss from discontinued operations, net of tax

 

 

 
(1
)
Net income (loss)
1,529

 
1,390

 
4,887

 
(175
)
Net loss attributable to noncontrolling interests
1

 

 

 

Net income (loss) attributable to CVS Health
$
1,530

 
$
1,390

 
$
4,887

 
$
(175
)
 
 
 
 
 
 
 
 
Basic earnings (loss) per share:
 
 
 
 
 
 
 
Income (loss) from continuing operations attributable to CVS Health
$
1.17

 
$
1.36

 
$
3.76

 
$
(0.17
)
Loss from discontinued operations attributable to CVS Health
$

 
$

 
$

 
$

Net income (loss) attributable to CVS Health
$
1.17

 
$
1.36

 
$
3.76

 
$
(0.17
)
  Weighted average basic shares outstanding
1,302

 
1,020

 
1,300

 
1,018

Diluted earnings (loss) per share:
 
 
 
 
 
 
 
Income (loss) from continuing operations attributable to CVS Health
$
1.17

 
$
1.36

 
$
3.75

 
$
(0.17
)
Loss from discontinued operations attributable to CVS Health
$

 
$

 
$

 
$

Net income (loss) attributable to CVS Health
$
1.17

 
$
1.36

 
$
3.75

 
$
(0.17
)
  Weighted average diluted shares outstanding
1,305

 
1,022

 
1,303

 
1,018

Dividends declared per share
$
0.50

 
$
0.50

 
$
1.50

 
$
1.50


See accompanying notes to condensed consolidated financial statements (unaudited).

2


CVS Health Corporation
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
In millions
2019
 
2018
 
2019
 
2018
Net income (loss)
$
1,529

 
$
1,390

 
$
4,887

 
$
(175
)
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Net unrealized investment gains
136

 

 
721

 

Foreign currency translation adjustments
153

 
(8
)
 
157

 
(34
)
Net cash flow hedges
(23
)
 
(4
)
 
(30
)
 
335

Other comprehensive income (loss)
266

 
(12
)
 
848

 
301

Comprehensive income
1,795

 
1,378

 
5,735

 
126

Comprehensive loss attributable to noncontrolling interests
1

 

 

 

Comprehensive income attributable to CVS Health
$
1,796

 
$
1,378

 
$
5,735

 
$
126


See accompanying notes to condensed consolidated financial statements (unaudited).

3


CVS Health Corporation
Condensed Consolidated Balance Sheets
(Unaudited)
In millions, except per share amounts
September 30,
2019
 
December 31,
2018
Assets:
 
 
 
Cash and cash equivalents
$
5,193

 
$
4,059

Investments
2,334

 
2,522

Accounts receivable, net
19,789

 
17,631

Inventories
16,028

 
16,450

Other current assets
4,841

 
4,581

Total current assets
48,185

 
45,243

Long-term investments
17,342

 
15,732

Property and equipment, net
11,651

 
11,349

Operating lease right-of-use assets
20,757

 

Goodwill
79,548

 
78,678

Intangible assets, net
33,655

 
36,524

Separate accounts assets
4,590

 
3,884

Other assets
4,385

 
5,046

Total assets
$
220,113

 
$
196,456

 
 
 
 
Liabilities:
 
 
 
Accounts payable
$
9,442

 
$
8,925

Pharmacy claims and discounts payable
13,099

 
11,365

Health care costs payable
7,014

 
6,147

Policyholders’ funds
2,938

 
2,939

Accrued expenses
11,615

 
10,711

Other insurance liabilities
1,790

 
1,937

Current portion of operating lease liabilities
1,798

 

Short-term debt
1,070

 
720

Current portion of long-term debt
3,778

 
1,265

Total current liabilities
52,544

 
44,009

Long-term operating lease liabilities
18,826

 

Long-term debt
64,206

 
71,444

Deferred income taxes
7,279

 
7,677

Separate accounts liabilities
4,590

 
3,884

Other long-term insurance liabilities
7,557

 
8,119

Other long-term liabilities
2,178

 
2,780

Total liabilities
157,180

 
137,913

 
 
 
 
Shareholders’ equity:
 
 
 
Preferred stock, par value $0.01: 0.1 shares authorized; none issued or outstanding

 

Common stock, par value $0.01: 3,200 shares authorized; 1,725 shares issued and 1,301 shares outstanding at September 30, 2019 and 1,720 shares issued and 1,295 shares outstanding at December 31, 2018 and capital surplus
45,854

 
45,440

Treasury stock, at cost: 424 shares at September 30, 2019 and 425 shares at December 31, 2018
(28,207
)
 
(28,228
)
Retained earnings
44,017

 
40,911

Accumulated other comprehensive income
950

 
102

Total CVS Health shareholders’ equity
62,614

 
58,225

Noncontrolling interests
319

 
318

Total shareholders’ equity
62,933

 
58,543

Total liabilities and shareholders’ equity
$
220,113

 
$
196,456



See accompanying notes to condensed consolidated financial statements (unaudited).

4


CVS Health Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 
Nine Months Ended
September 30,
In millions
2019
 
2018
Cash flows from operating activities:
 
 
 
Cash receipts from customers
$
184,519

 
$
132,275

Cash paid for inventory and prescriptions dispensed by retail network pharmacies
(109,958
)
 
(107,920
)
Insurance benefits paid
(38,812
)
 
(2,400
)
Cash paid to other suppliers and employees
(21,411
)
 
(12,305
)
Interest and investment income received
756

 
406

Interest paid
(2,675
)
 
(1,759
)
Income taxes paid
(2,205
)
 
(1,911
)
Net cash provided by operating activities
10,214

 
6,386

 
 
 
 
Cash flows from investing activities:
 
 
 
Proceeds from sales and maturities of investments
5,616

 
43

Purchases of investments
(6,011
)
 
(97
)
Purchases of property and equipment
(1,890
)
 
(1,452
)
Acquisitions (net of cash acquired)
(361
)
 
(616
)
Proceeds from sale of subsidiary

 
725

Other
16

 
11

Net cash used in investing activities
(2,630
)
 
(1,386
)
 
 
 
 
Cash flows from financing activities:
 
 
 
Net borrowings (repayments) of short-term debt
350

 
(1,276
)
Proceeds from issuance of long-term debt
3,458

 
39,376

Repayments of long-term debt
(8,350
)
 
(2,266
)
Derivative settlements
(25
)
 
446

Dividends paid
(1,952
)
 
(1,528
)
Proceeds from exercise of stock options
183

 
214

Payments for taxes related to net share settlement of equity awards
(85
)
 
(39
)
Other
11

 

Net cash provided by (used in) financing activities
(6,410
)
 
34,927

Net increase in cash, cash equivalents and restricted cash
1,174

 
39,927

Cash, cash equivalents and restricted cash at the beginning of the period
4,295

 
1,900

Cash, cash equivalents and restricted cash at the end of the period
$
5,469

 
$
41,827



5


CVS Health Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 
Nine Months Ended
September 30,
In millions
2019
 
2018
Reconciliation of net income (loss) to net cash provided by operating activities:
 
 
 
Net income (loss)
$
4,887

 
$
(175
)
Adjustments required to reconcile net income (loss) to net cash provided by operating activities:
 
 
 
Depreciation and amortization
3,275

 
1,911

Goodwill impairment

 
3,921

Stock-based compensation
355

 
172

Loss on sale of subsidiary
205

 
86

Loss on early extinguishment of debt
79

 

Deferred income taxes and other noncash items
(38
)
 
210

Change in operating assets and liabilities, net of effects from acquisitions:
 
 
 
Accounts receivable, net
(2,312
)
 
(1,725
)
Inventories
413

 
472

Other assets
(374
)
 
(3
)
Accounts payable and pharmacy claims and discounts payable
2,330

 
1,839

Health care costs payable and other insurance liabilities
535

 

Other liabilities
859

 
(322
)
Net cash provided by operating activities
$
10,214

 
$
6,386


See accompanying notes to condensed consolidated financial statements (unaudited).


6


CVS Health Corporation
Condensed Consolidated Statements of Shareholders’ Equity
(Unaudited)
 
 
 
Attributable to CVS Health
 
 
 
Number of shares outstanding
 
Common
 
 
Accumulated
Total
 
 
 
 
Stock and
 
 
Other
CVS Health
 
Total
 
Common
Treasury
 
Capital
Treasury
Retained
Comprehensive
Shareholders’
Noncontrolling
Shareholders’
In millions
Shares
Shares (1)
 
Surplus (2)
Stock (1)
Earnings
Income
Equity
Interests
Equity
Balance at December 31, 2018
1,720

(425
)
 
$
45,440

$
(28,228
)
$
40,911

$
102

$
58,225

$
318

$
58,543

Adoption of new accounting standard (Note 1)


 


178


178


178

Net income


 


1,421


1,421

6

1,427

Other comprehensive income


 



331

331


331

Stock option activity, stock awards and other
2


 
175




175


175

Purchase of treasury shares, net of ESPP issuances

1

 

7



7


7

Common stock dividends


 


(651
)

(651
)

(651
)
Other decreases in noncontrolling interests


 





(4
)
(4
)
Balance at March 31, 2019
1,722

(424
)
 
45,615

(28,221
)
41,859

433

59,686

320

60,006

Net income (loss)


 


1,936


1,936

(5
)
1,931

Other comprehensive income


 



251

251


251

Stock option activity, stock awards and other
2


 
104




104


104

Purchase of treasury shares, net of ESPP issuances

(1
)
 

(36
)


(36
)

(36
)
Common stock dividends


 


(659
)

(659
)

(659
)
Other increases in noncontrolling interests


 





2

2

Balance at June 30, 2019
1,724

(425
)
 
45,719

(28,257
)
43,136

684

61,282

317

61,599

Net income (loss)


 


1,530


1,530

(1
)
1,529

Other comprehensive income (Note 9)


 



266

266


266

Stock option activity, stock awards and other
1


 
135




135


135

Purchase of treasury shares, net of ESPP issuances

1

 

50



50


50

Common stock dividends


 


(649
)

(649
)

(649
)
Other increases in noncontrolling interests


 





3

3

Balance at September 30, 2019
1,725

(424
)
 
$
45,854

$
(28,207
)
$
44,017

$
950

$
62,614

$
319

$
62,933

_____________________________________________ 
(1)
Treasury shares includes 1 million shares held in trust and treasury stock includes $29 million related to shares held in trust as of September 30, 2019, June 30, 2019, March 31, 2019 and December 31, 2018.
(2)
Common stock and capital surplus includes the par value of common stock of $17 million as of September 30, 2019, June 30, 2019, March 31, 2019 and December 31, 2018.


7


CVS Health Corporation
Condensed Consolidated Statements of Shareholders’ Equity
(Unaudited)
 
 
 
Attributable to CVS Health
 
 
 
Number of shares outstanding
 
Common
 
 
Accumulated
Total
 
 
 
 
Stock and