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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, 2022
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

cvs-20220630_g1.jpg
CVS HEALTH CORPORATION
(Exact name of registrant as specified in its charter)
Delaware05-0494040
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
One CVS Drive,Woonsocket, Rhode Island02895
 (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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareCVSNew 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 filerAccelerated filer
Non-accelerated filerSmaller 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, 2022, the registrant had 1,312,828,807 shares of common stock issued and outstanding.




TABLE OF CONTENTS
Page
Part IFinancial Information
 
Item 1.
Item 2.
Item 3.
Item 4.
   
Part IIOther 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, 2022 and 2021
Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three and six months ended June 30, 2022 and 2021
Condensed Consolidated Balance Sheets (Unaudited) as of June 30, 2022 and December 31, 2021
Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2022 and 2021
Condensed Consolidated Statements of Shareholders’ Equity (Unaudited) for the three months ended June 30, 2022 and 2021 and the three months ended March 31, 2022 and 2021
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 amounts2022202120222021
Revenues:
Products$56,794 $50,525 $109,316 $97,912 
Premiums21,260 18,983 42,891 37,943 
Services2,436 2,819 4,941 5,272 
Net investment income146 289 314 586 
Total revenues80,636 72,616 157,462 141,713 
Operating costs:
Cost of products sold49,290 43,520 94,799 84,414 
Benefit costs17,606 15,901 35,557 31,605 
Operating expenses9,171 8,869 19,047 17,791 
Total operating costs76,067 68,290 149,403 133,810 
Operating income4,569 4,326 8,059 7,903 
Interest expense583 636 1,169 1,293 
Other income(43)(45)(85)(95)
Income before income tax provision4,029 3,735 6,975 6,705 
Income tax provision1,068 944 1,701 1,690 
Net income 2,961 2,791 5,274 5,015 
Net income attributable to noncontrolling interests(10)(8)(11)(9)
Net income attributable to CVS Health$2,951 $2,783 $5,263 $5,006 
Net income per share attributable to CVS Health:
Basic$2.25 $2.11 $4.01 $3.80 
Diluted$2.23 $2.10 $3.97 $3.78 
Weighted average shares outstanding:
Basic1,313 1,319 1,312 1,316 
Diluted1,321 1,327 1,325 1,325 
Dividends declared per share$0.55 $0.50 $1.10 $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 millions2022202120222021
Net income $2,961 $2,791 $5,274 $5,015 
Other comprehensive income (loss), net of tax:
Net unrealized investment gains (losses)(813)149 (1,968)(237)
Foreign currency translation adjustments(1)1 2 (1)
Net cash flow hedges15 (3)12 (7)
Pension and other postretirement benefits1 1 1 1 
Other comprehensive income (loss)(798)148 (1,953)(244)
Comprehensive income2,163 2,939 3,321 4,771 
Comprehensive income attributable to noncontrolling interests(10)(8)(11)(9)
Comprehensive income attributable to CVS Health$2,153 $2,931 $3,310 $4,762 

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 amountsJune 30,
2022
December 31,
2021
Assets: 
Cash and cash equivalents$12,116 $9,408 
Investments2,877 3,117 
Accounts receivable, net27,233 24,431 
Inventories17,375 17,760 
Other current assets2,541 5,292 
Total current assets62,142 60,008 
Long-term investments21,124 23,025 
Property and equipment, net12,764 12,896 
Operating lease right-of-use assets18,562 19,122 
Goodwill78,560 79,121 
Intangible assets, net28,135 29,026 
Separate accounts assets4,140 5,087 
Other assets4,852 4,714 
Total assets$230,279 $232,999 
Liabilities:
Accounts payable$13,238 $12,544 
Pharmacy claims and discounts payable18,393 17,330 
Health care costs payable 10,400 8,808 
Policyholders’ funds1,628 4,301 
Accrued expenses17,728 17,670 
Other insurance liabilities1,197 1,303 
Current portion of operating lease liabilities1,854 1,646 
Current portion of long-term debt4,019 4,205 
Total current liabilities68,457 67,807 
Long-term operating lease liabilities17,502 18,177 
Long-term debt50,797 51,971 
Deferred income taxes5,450 6,270 
Separate accounts liabilities4,140 5,087 
Other long-term insurance liabilities6,287 6,402 
Other long-term liabilities2,140 1,904 
Total liabilities154,773 157,618 
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; 1,755 shares issued and 1,312 shares outstanding at June 30, 2022 and 1,744 shares issued and 1,322 shares outstanding at December 31, 2021 and capital surplus
47,874 47,377 
Treasury stock, at cost: 443 shares at June 30, 2022 and 422 shares at December 31, 2021
(30,412)(28,173)
Retained earnings58,710 54,906 
Accumulated other comprehensive income (loss)(988)965 
Total CVS Health shareholders’ equity75,184 75,075 
Noncontrolling interests322 306 
Total shareholders’ equity75,506 75,381 
Total liabilities and shareholders’ equity$230,279 $232,999 

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 millions20222021
Cash flows from operating activities:
Cash receipts from customers$151,769 $136,621 
Cash paid for inventory and prescriptions dispensed by retail network pharmacies(90,887)(79,316)
Insurance benefits paid (33,920)(31,245)
Cash paid to other suppliers and employees(15,119)(14,900)
Interest and investment income received200 394 
Interest paid(1,150)(1,263)
Income taxes paid(1,887)(1,552)
Net cash provided by operating activities9,006 8,739 
Cash flows from investing activities:
Proceeds from sales and maturities of investments4,360 3,947 
Purchases of investments(5,010)(5,570)
Purchases of property and equipment(1,459)(1,315)
Acquisitions (net of cash acquired)(125)(108)
Proceeds from sale of subsidiaries (net of cash and restricted cash sold of $2,807)
(1,943) 
Other54 72 
Net cash used in investing activities(4,123)(2,974)
Cash flows from financing activities:
Repayments of long-term debt(1,529)(5,423)
Repurchase of common stock(2,000) 
Dividends paid(1,462)(1,306)
Proceeds from exercise of stock options348 330 
Payments for taxes related to net share settlement of equity awards(329)(159)
Other(139)46 
Net cash used in financing activities(5,111)(6,512)
Net decrease in cash, cash equivalents and restricted cash(228)(747)
Cash, cash equivalents and restricted cash at the beginning of the period12,691 11,043 
Cash, cash equivalents and restricted cash at the end of the period$12,463 $10,296 

5

Index to Condensed Consolidated Financial Statements
CVS Health Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
In millions20222021
Reconciliation of net income to net cash provided by operating activities:
Net income $5,274 $5,015 
Adjustments required to reconcile net income to net cash provided by operating activities:
Depreciation and amortization2,142 2,263 
Stock-based compensation236 232 
Gain on sale of subsidiary(225) 
Deferred income taxes and other noncash items(281)(370)
Change in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable, net(2,687)(2,384)
Inventories469 1,517 
Other assets(325)(219)
Accounts payable and pharmacy claims and discounts payable2,033 1,702 
Health care costs payable and other insurance liabilities1,467 104 
Other liabilities903 879 
Net cash provided by operating activities$9,006 $8,739 

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 (Loss)
Total
CVS Health
Shareholders’
 Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
Common
Shares
Treasury
Shares (1)
In millions
Balance at December 31, 20211,744 (422)$47,377 $(28,173)$54,906 $965 $75,075 $306 $75,381 
Net income— — — — 2,312 — 2,312 1 2,313 
Other comprehensive loss— — — — — (1,155)(1,155)— (1,155)
Stock option activity, stock awards and other3 — 300 — — — 300 — 300 
Purchase of treasury shares, net of ESPP issuances— (19)— (1,972)— — (1,972)— (1,972)
Common stock dividends— — — — (730)— (730)— (730)
Other increases in noncontrolling interests— — — — — — — 3 3 
Balance at March 31, 20221,747 (441)47,677 (30,145)56,488 (190)73,830 310 74,140 
Net income— — — — 2,951 — 2,951 10 2,961 
Other comprehensive loss (Note 8)— — — — — (798)(798)— (798)
Stock option activity, stock awards and other8 — 197 — — — 197 — 197 
Purchase of treasury shares, net of ESPP issuances— (2)— (267)— — (267)— (267)
Common stock dividends— — — — (729)— (729)— (729)
Other increases in noncontrolling interests— — — — — — — 2 2 
Balance at June 30, 20221,755 (443)$47,874 $(30,412)$58,710 $(988)$75,184 $322 $75,506 
_____________________________________________
(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, 2022, March 31, 2022 and December 31, 2021.
(2)Common stock and capital surplus includes the par value of common stock of $18 million as of June 30, 2022 and $17 million as of March 31, 2022 and December 31, 2021.
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, 20201,733 (423)$46,513 $(28,178)$49,640 $1,414 $69,389 $312 $69,701 
Net income— — — — 2,223 — 2,223 1 2,224 
Other comprehensive loss— — — — — (392)(392)— (392)
Stock option activity, stock awards and other2 — 214 — — — 214 — 214 
ESPP issuances, net of purchase of treasury shares— 1 — 76 — — 76 — 76 
Common stock dividends— — — — (660)— (660)— (660)
Other increases in noncontrolling interests— — — — — — — 1 1 
Balance at March 31, 20211,735 (422)46,727 (28,102)51,203 1,022 70,850 314 71,164 
Net income— — — — 2,783 — 2,783 8 2,791 
Other comprehensive income (Note 8)— — — — — 148 148 — 148 
Stock option activity, stock awards and other7 — 268 — — — 268 — 268 
Purchase of treasury shares, net of ESPP issuances— (2)— (150)— — (150)— (150)
Common stock dividends— — — — (655)— (655)— (655)
Other decreases in noncontrolling interests— — — — — — — (1)(1)
Balance at June 30, 20211,742 (424)$46,995 $(28,252)$53,331 $1,170 $73,244 $321 $73,565 
_____________________________________________
(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, 2021, March 31, 2021 and December 31, 2020.
(2)Common stock and capital surplus includes the par value of common stock of $17 million as of June 30, 2021, March 31, 2021 and December 31, 2020.

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