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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 June 30, 2020
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

cvshealtha39.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 July 27, 2020, the registrant had 1,308,703,450 shares of common stock issued and outstanding.




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.
 
 
 



Form 10-Q Table of Contents

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 six months ended June 30, 2020 and 2019
 
 
Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three and six months ended June 30, 2020 and 2019
 
 
Condensed Consolidated Balance Sheets (Unaudited) as of June 30, 2020 and December 31, 2019
 
 
Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2020 and 2019
 
 
Condensed Consolidated Statements of Shareholders’ Equity (Unaudited) for the three months ended June 30, 2020 and 2019 and the three months ended March 31, 2020 and 2019
 
 
Notes to Condensed Consolidated Financial Statements (Unaudited)
 
 
Report of Independent Registered Public Accounting Firm



1

Index to Condensed Consolidated Financial Statements

CVS Health Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
In millions, except per share amounts
2020
 
2019
 
2020
 
2019
Revenues:
 
 
 
 
 
 
 
Products
$
46,355

 
$
45,531

 
$
93,358

 
$
88,874

Premiums
16,927

 
15,791

 
34,567

 
32,073

Services
1,875

 
1,816

 
3,825

 
3,588

Net investment income
184

 
293

 
346

 
542

Total revenues
65,341

 
63,431

 
132,096

 
125,077

Operating costs:
 
 
 
 
 
 
 
Cost of products sold
40,242

 
38,970

 
80,589

 
76,217

Benefit costs
11,751

 
13,087

 
26,138

 
26,546

Operating expenses
8,668

 
8,042

 
17,231

 
16,292

Total operating costs
60,661

 
60,099

 
123,958

 
119,055

Operating income
4,680

 
3,332

 
8,138

 
6,022

Interest expense
765

 
772

 
1,498

 
1,554

Other income
(45
)
 
(31
)
 
(99
)
 
(62
)
Income before income tax provision
3,960

 
2,591

 
6,739

 
4,530

Income tax provision
974

 
660

 
1,741

 
1,172

Net income
2,986

 
1,931

 
4,998

 
3,358

Net (income) loss attributable to noncontrolling interests
(11
)
 
5

 
(16
)
 
(1
)
Net income attributable to CVS Health
$
2,975

 
$
1,936

 
$
4,982

 
$
3,357

 
 
 
 
 
 
 
 
Net income per share attributable to CVS Health:
 
 
 
 
 
 
 
Basic
$
2.27

 
$
1.49

 
$
3.81

 
$
2.58

Diluted
$
2.26

 
$
1.49

 
$
3.79

 
$
2.58

Weighted average shares outstanding:
 
 
 
 
 
 
 
Basic
1,309

 
1,301

 
1,307

 
1,299

Diluted
1,314

 
1,302

 
1,313

 
1,302

Dividends declared per share
$
0.50

 
$
0.50

 
$
1.00

 
$
1.00


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

2

Index to Condensed Consolidated Financial Statements

CVS Health Corporation
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
In millions
2020
 
2019
 
2020
 
2019
Net income
$
2,986

 
$
1,931

 
$
4,998

 
$
3,358

Other comprehensive income, net of tax:
 
 
 
 
 
 
 
Net unrealized investment gains
524

 
251

 
213

 
585

Foreign currency translation adjustments
6

 
3

 
(6
)
 
4

Net cash flow hedges
(3
)
 
(3
)
 
(12
)
 
(7
)
Pension and other postretirement benefits
(1
)
 

 
(1
)
 

Other comprehensive income
526

 
251

 
194

 
582

Comprehensive income
3,512

 
2,182

 
5,192

 
3,940

Comprehensive (income) loss attributable to noncontrolling interests
(11
)
 
5

 
(16
)
 
(1
)
Comprehensive income attributable to CVS Health
$
3,501

 
$
2,187

 
$
5,176

 
$
3,939


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

3

Index to Condensed Consolidated Financial Statements

CVS Health Corporation
Condensed Consolidated Balance Sheets
(Unaudited)
In millions, except per share amounts
June 30,
2020
 
December 31,
2019
Assets:
 
 
 
Cash and cash equivalents
$
14,869

 
$
5,683

Investments
2,596

 
2,373

Accounts receivable, net
22,520

 
19,617

Inventories
16,519

 
17,516

Other current assets
6,002

 
5,113

Total current assets
62,506

 
50,302

Long-term investments
18,594

 
17,314

Property and equipment, net
12,221

 
12,044

Operating lease right-of-use assets
20,571

 
20,860

Goodwill
80,057

 
79,749

Intangible assets, net
32,225

 
33,121

Separate accounts assets
4,639

 
4,459

Other assets
4,682

 
4,600

Total assets
$
235,495

 
$
222,449

 
 
 
 
Liabilities:
 
 
 
Accounts payable
$
9,919

 
$
10,492

Pharmacy claims and discounts payable
15,541

 
13,601

Health care costs payable
7,362

 
6,879

Policyholders’ funds
3,636

 
2,991

Accrued expenses
15,634

 
12,133

Other insurance liabilities
1,644

 
1,830

Current portion of operating lease liabilities
1,766

 
1,596

Current portion of long-term debt
8,192

 
3,781

Total current liabilities
63,694

 
53,303

Long-term operating lease liabilities
18,612

 
18,926

Long-term debt
63,481

 
64,699

Deferred income taxes
7,136

 
7,294

Separate accounts liabilities
4,639

 
4,459

Other long-term insurance liabilities
7,270

 
7,436

Other long-term liabilities
2,308

 
2,162

Total liabilities
167,140

 
158,279

 
 
 
 
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; 1,732 shares issued and 1,307 shares outstanding at June 30, 2020 and 1,727 shares issued and 1,302 shares outstanding at December 31, 2019 and capital surplus
46,276

 
45,972

Treasury stock, at cost: 425 shares at both June 30, 2020 and December 31, 2019
(28,235
)
 
(28,235
)
Retained earnings
48,768

 
45,108

Accumulated other comprehensive income
1,213

 
1,019

Total CVS Health shareholders’ equity
68,022

 
63,864

Noncontrolling interests
333

 
306

Total shareholders’ equity
68,355

 
64,170

Total liabilities and shareholders’ equity
$
235,495

 
$
222,449



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

4

Index to Condensed Consolidated Financial Statements

CVS Health Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 
Six Months Ended
June 30,
In millions
2020
 
2019
Cash flows from operating activities:
 
 
 
Cash receipts from customers
$
129,218

 
$
120,808

Cash paid for inventory and prescriptions dispensed by retail network pharmacies
(76,381
)
 
(70,567
)
Insurance benefits paid
(26,483
)
 
(25,992
)
Cash paid to other suppliers and employees
(14,688
)
 
(14,497
)
Interest and investment income received
395

 
512

Interest paid
(1,407
)
 
(1,502
)
Income taxes paid
(230
)
 
(1,476
)
Net cash provided by operating activities
10,424

 
7,286

 
 
 
 
Cash flows from investing activities:
 
 
 
Proceeds from sales and maturities of investments
2,710

 
3,786

Purchases of investments
(3,688
)
 
(4,062
)
Purchases of property and equipment
(1,190
)
 
(1,289
)
Acquisitions (net of cash acquired)
(768
)
 
(250
)
Other
6

 
14

Net cash used in investing activities
(2,930
)
 
(1,801
)
 
 
 
 
Cash flows from financing activities:
 
 
 
Net repayments of short-term debt

 
(275
)
Proceeds from issuance of long-term debt
3,946

 

Repayments of long-term debt
(1,016
)
 
(1,899
)
Dividends paid
(1,315
)
 
(1,306
)
Proceeds from exercise of stock options
166

 
111

Payments for taxes related to net share settlement of equity awards
(68
)
 
(80
)
Other
(16
)
 
7

Net cash provided by (used in) financing activities
1,697

 
(3,442
)
Net increase in cash, cash equivalents and restricted cash
9,191

 
2,043

Cash, cash equivalents and restricted cash at the beginning of the period
5,954

 
4,295

Cash, cash equivalents and restricted cash at the end of the period
$
15,145

 
$
6,338



5

Index to Condensed Consolidated Financial Statements

CVS Health Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 
Six Months Ended
June 30,
In millions
2020
 
2019
Reconciliation of net income to net cash provided by operating activities:
 
 
 
Net income
$
4,998

 
$
3,358

Adjustments required to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
2,188

 
2,183

Stock-based compensation
179

 
226

Deferred income taxes and other noncash items
(101
)
 
(42
)
Change in operating assets and liabilities, net of effects from acquisitions:
 
 
 
Accounts receivable, net
(2,233
)
 
(681
)
Inventories
1,003

 
939

Other assets
(560
)
 
(314
)
Accounts payable and pharmacy claims and discounts payable
1,671

 
917

Health care costs payable and other insurance liabilities
(415
)
 
496

Other liabilities
3,694

 
204

Net cash provided by operating activities
$
10,424

 
$
7,286


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


6

Index to Condensed Consolidated Financial Statements

CVS Health Corporation
Condensed Consolidated Statements of Shareholders’ Equity
(Unaudited)
 
 
 
Attributable to CVS Health
 
 
 
Number of shares outstanding
 
Common
Stock and
Capital
Surplus
(2)
Treasury
Stock
(1)
Retained
Earnings
Accumulated
Other
Comprehensive
Income
Total
CVS Health
Shareholders’
Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
 
 
 
Common
Shares
Treasury
Shares
(1)
 
In millions
 
Balance at December 31, 2019
1,727

(425
)
 
$
45,972

$
(28,235
)
$
45,108

$
1,019

$
63,864

$
306

$
64,170

Adoption of new accounting standard (Note 1)


 


(3
)

(3
)

(3
)
Net income


 


2,007


2,007

5

2,012

Other comprehensive loss


 



(332
)
(332
)

(332
)
Stock option activity, stock awards and other
2


 
208




208


208

Purchase of treasury shares, net of ESPP issuances

1

 

53



53


53

Common stock dividends


 


(657
)

(657
)

(657
)
Other increases in noncontrolling interests


 





23

23

Balance at March 31, 2020
1,729

(424
)
 
46,180

(28,182
)
46,455

687

65,140

334

65,474

Net income


 


2,975


2,975

11

2,986

Other comprehensive income (Note 7)


 



526

526


526

Stock option activity, stock awards and other
3


 
96




96


96

Purchase of treasury shares, net of ESPP issuances

(1
)
 

(53
)


(53
)

(53
)
Common stock dividends


 


(662
)

(662
)

(662
)
Other decreases in noncontrolling interests


 





(12
)
(12
)
Balance at June 30, 2020
1,732

(425
)
 
$
46,276

$
(28,235
)
$
48,768

$
1,213

$
68,022

$
333

$
68,355

_____________________________________________ 
(1)
Treasury shares include 1 million shares held in trust and treasury stock includes $29 million related to shares held in trust as of June 30, 2020, March 31, 2020 and December 31, 2019.
(2)
Common stock and capital surplus includes the par value of common stock of $17 million as of June 30, 2020, March 31, 2020 and December 31, 2019.

7

Index to Condensed Consolidated Financial Statements

 
 
 
Attributable to CVS Health
 
 
 
Number of shares outstanding
 
Common
Stock and
Capital
Surplus
(2)
Treasury
Stock
(1)
Retained
Earnings
Accumulated
Other
Comprehensive
Income
Total
CVS Health
Shareholders’
Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
 
 
 
Common
Shares
Treasury
Shares
(1)
 
In millions
 
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 (3)


 


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