聯合健康 (UNH) 2022 Q2 法說會逐字稿

Good morning, and welcome to the UnitedHealth Group's Second Quarter 2022 Earnings Conference Call. A question-and-answer session will follow UnitedHealth Group's prepared remarks. As a reminder, this call is being recorded.

早上好，歡迎參加聯合健康集團 2022 年第二季度收益電話會議。問答環節將在聯合健康集團準備好的評論之後進行。提醒一下，此通話正在錄音中。

Here are some important introductory information. This call contains forward-looking statements under the U.S. federal securities laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations. A description of some of these risks and uncertainties can be found in the reports that we file with the Securities and Exchange Commission, including the cautionary statements included in our current and periodic filings.

以下是一些重要的介紹性信息。本次電話會議包含美國聯邦證券法下的前瞻性陳述。這些陳述受到風險和不確定性的影響，可能導致實際結果與歷史經驗或當前預期存在重大差異。我們向證券交易委員會提交的報告中可以找到對其中一些風險和不確定性的描述，包括我們當前和定期提交的文件中的警示性聲明。

This call will also reference non-GAAP amounts. A reconciliation of the non-GAAP to GAAP amounts is available on the Financial & Earnings Reports section of the company's Investor Relations page at www.unitedhealthgroup.com. Information presented on this call is contained in the earnings release we issued this morning and in our Form 8-K dated July 15, 2022, which may be accessed from the Investor Relations page of the company's website.

本次電話會議還將參考非公認會計原則金額。非 GAAP 與 GAAP 金額的對賬可在 www.unitedhealthgroup.com 公司投資者關係頁面的財務和收益報告部分獲得。本次電話會議中提供的信息包含在我們今天上午發布的收益報告和日期為 2022 年 7 月 15 日的 8-K 表格中，可從公司網站的投資者關係頁面訪問。

I will now turn the conference over to the Chief Executive Officer of UnitedHealth Group, Andrew Witty.

我現在將把會議轉交給聯合健康集團的首席執行官 Andrew Witty。

Katy, thank you, and good morning, everybody, and thank you for joining us today.

凱蒂，謝謝你們，大家早上好，謝謝你們今天加入我們。

UnitedHealth Group ended the second half of the year with sustained momentum as we execute on our objective to serve more people more effectively with connected high-quality care. For that, I want to thank our 360,000 colleagues. It's their unwavering commitment to our mission and their hard work and support of the people we serve that makes all of this possible.

聯合健康集團在今年下半年以持續的勢頭結束了我們的目標，即通過互聯的高質量護理更有效地為更多人服務。為此，我要感謝我們的 360,000 名同事。正是他們對我們使命的堅定承諾以及他們對我們所服務的人們的辛勤工作和支持使這一切成為可能。

As a result of the strong performance at both Optum and UnitedHealthcare, we are increasing our adjusted earnings per share outlook for the year to a range of $21.40 to $21.90 per share. Comprehensive value-based care is a central theme of our growth strategy, helping more patients and care providers transition from traditional fee-for-service to a value-based orientation. We aim to drive better and more consistent care outcomes at lower overall cost, often for people who are among society's most vulnerable with multiple chronic conditions, limited income and unmet social needs.

由於 Optum 和 UnitedHealthcare 的強勁表現，我們將調整後的今年每股收益預期提高至每股 21.40 美元至 21.90 美元的範圍。以價值為基礎的綜合護理是我們增長戰略的中心主題，幫助更多的患者和護理提供者從傳統的按服務收費轉變為以價值為導向。我們的目標是以更低的總體成本推動更好、更一致的護理結果，通常是針對那些患有多種慢性病、收入有限和社會需求未得到滿足的社會最脆弱人群。

Optum Health and Optum Rx's clinical platforms span a continuum of care settings, from virtual to post-acute, in-clinic and at home, enabling our care teams to meet patients' unique needs by providing personalized connected care. Our approach helps patients stick with their prescribed care programs, allowing them to spend more time in the comfort of their own homes. The high consumer satisfaction with this comprehensive and consumer-focused approach is evidenced, for example, by a Net Promoter Score of 80 for the 1.5 million people served by our Dual Special Needs Plans.

Optum Health 和 Optum Rx 的臨床平台跨越一系列護理環境，從虛擬到急性後、診所和在家，使我們的護理團隊能夠通過提供個性化的連接護理來滿足患者的獨特需求。我們的方法幫助患者堅持他們規定的護理計劃，讓他們有更多的時間在自己舒適的家中度過。例如，我們的雙重特殊需求計劃所服務的 150 萬人獲得了 80 分的淨推薦值，證明了這種以消費者為中心的綜合方法的高消費者滿意度。

We again delivered growth across our health benefits offerings this quarter. As you might expect, right now, our Medicare teams are finalizing offerings for this fall's open enrollment, focused, as always, on delivering more value, stability and predictability for seniors. Throughout the year, we gather extensive consumer broker and market feedback to continually improve our products. Our approach is grounded in providing deep customer engagement, high-touch service and access to the best care.

本季度，我們的健康福利產品再次實現增長。正如您所料，目前，我們的醫療保險團隊正在為今年秋季的公開招生敲定產品，一如既往地專注於為老年人提供更多價值、穩定性和可預測性。全年，我們收集廣泛的消費者經紀人和市場反饋，以不斷改進我們的產品。我們的方法以提供深入的客戶參與、高接觸服務和獲得最佳護理為基礎。

The benefits of this approach are striking. People served by Medicare Advantage spend about 40% less out of pocket than those participating in Fee-for-Service, which translates into savings of about $2,000 each year for seniors, most of whom are on limited income. And compared to traditional Fee-for-Service, Medicare Advantage plans devote up to 30% more in resources to primary care and perform up to 50% more preventative screening and testing services for their seniors. The response among seniors in our plans is positive. Plan satisfaction ratings have risen by 450 basis points over the past 5 years, nearly twice that of the industry.

這種方法的好處是驚人的。 Medicare Advantage 服務的人比參加按服務收費的人少花約 40%，這意味著老年人每年可節省約 2,000 美元，其中大多數人收入有限。與傳統的按服務收費相比，Medicare Advantage 計劃將多達 30% 的資源用於初級保健，並為其老年人提供多達 50% 的預防性篩查和檢測服務。在我們的計劃中，老年人的反應是積極的。計劃滿意度評級在過去 5 年中上升了 450 個基點，幾乎是行業的兩倍。

Consumer satisfaction is best demonstrated by the almost 3.4 million additional seniors who have chosen our plans over the same period. Meanwhile, in our domestic commercial health benefits business, over the past 12 months, we have grown to serve over 250,000 more people as a result of innovation in and expansion of our products, including our digital first offerings.

同期選擇我們計劃的近 340 萬新增老年人最能體現消費者的滿意度。同時，在我們的國內商業健康福利業務中，在過去的 12 個月中，由於我們產品的創新和擴展，包括我們的數字優先產品，我們已經發展到為超過 250,000 人提供服務。

To continue driving affordability in areas of greatest need, we are announcing today an important initiative from UnitedHealthcare supported by Optum Rx. Starting in 2023, there will be no co-pay , $0 out of pocket for several critical medicines on our preferred drug list for UnitedHealthcare Group fully insured members. Included are medicines such as insulin, epinephrine for severe allergic reactions, and albuterol for acute asthma attacks. While this is an important step for vulnerable people's health, the larger and longer term cost containment of drugs depends upon manufacturers restraining and lowering the list price of their products, which is a fundamental driver of costs. We will continue to use our capabilities to do everything we can to lower out-of-pocket costs for consumers, building on past actions, including point-of-sale discounts.

為了繼續推動最需要的地區的負擔能力，我們今天宣布了由 Optum Rx 支持的 UnitedHealthcare 的一項重要舉措。從 2023 年開始，我們為 UnitedHealthcare 集團全保成員提供的首選藥物清單中的幾種關鍵藥物將不再支付共付額，0 美元自付費用。包括藥物，如胰島素、用於嚴重過敏反應的腎上腺素和用於急性哮喘發作的沙丁胺醇。雖然這對弱勢人群的健康來說是重要的一步，但更大和更長期的藥物成本控制取決於製造商限制和降低其產品的標價，這是成本的根本驅動因素。我們將繼續利用我們的能力，在過去的行動（包括銷售點折扣）的基礎上，盡我們所能降低消費者的自付費用。

Stepping back and looking across each of our 5 growth areas, you'll see a common theme: The deepening of our relationships with the consumers served by Optum and UnitedHealthcare. Throughout 2022, we've been rapidly expanding and accelerating investments in capabilities to reach and serve a broader base of consumers ever more effectively. This includes further enhancing our digital experiences to help consumers find trusted, health-related information and drive greater engagement with our direct-to-consumer platforms.

回顧我們 5 個增長領域中的每一個，您會看到一個共同的主題：加深我們與 Optum 和 UnitedHealthcare 服務的消費者的關係。整個 2022 年，我們一直在迅速擴大和加速對能力的投資，以更有效地接觸和服務更廣泛的消費者群。這包括進一步增強我們的數字體驗，以幫助消費者找到值得信賴的健康相關信息，並推動更多地參與我們的直接面向消費者的平台。

Now I'd like to turn it over to Dirk McMahon, our President and Chief Operating Officer, to share more about these efforts. Dirk?

現在我想把它交給我們的總裁兼首席運營官 Dirk McMahon 來分享更多關於這些努力的信息。短劍？

Thank you, Andrew.

謝謝你，安德魯。

Picking off on Andrew's comments, I want to provide you with a little more color on the progress we have been making on our growth strategies. This progress is evidenced by -- is evidenced in our work to serve more people through value-based arrangements and to deliver better care. We are well along in our goals for the year.

繼安德魯的評論之後，我想為您提供更多關於我們在增長戰略方面取得的進展的信息。這一進步體現在——體現在我們通過基於價值的安排為更多人服務並提供更好護理的工作中。我們今年的目標進展順利。

This expansion has significant implications for clinical quality and consistency. MA patients in value-based arrangements with Optum Care physicians are more engaged in their care, with adherence to wellness checks running 5 points higher than Medicare Fee-for-Service patients, helping to deliver a nearly 20% lower hospitalization rate. Further, Optum Care COPD patients served in our value-based arrangements had 80% higher medication adherence rates than Medicare Fee-for-Service patients, contributing to about 60% fewer respiratory complications, enabling people to avoid emergency room visits. Clinical results like these are a small part of the track record we have built in delivering value-based care at a substantial scale for years now, and what gives real urgency to our work to expand access to such care.

這種擴展對臨床質量和一致性具有重要意義。與 Optum Care 醫生進行基於價值的安排的 MA 患者更多地參與他們的護理，堅持健康檢查比 Medicare 按服務收費的患者高 5 個百分點，有助於降低近 20% 的住院率。此外，在我們基於價值的安排中服務的 Optum Care COPD 患者的藥物依從率比 Medicare 按服務收費的患者高 80%，這有助於減少約 60% 的呼吸並發症，使人們能夠避免急診室就診。像這樣的臨床結果只是我們多年來在大規模提供基於價值的護理方面所建立的一小部分記錄，也是我們真正緊迫地擴大獲得此類護理的工作的原因。

We also remain committed as an organization to improving access by driving down the cost of health care through applied technology. For example, we are investing hundreds of millions of dollars to enhance the technology backbone of health care. Areas such as platform rationalization to reduce unnecessary complexities, greater end-to-end eligibility management for a more seamless customer experience, and a common platform to facilitate a consistent clinical experience for our consumers and providers. These investments will ultimately lead to an enhanced end-to-end service experience, lower overall operating cost and greater value for people we serve.

作為一個組織，我們還繼續致力於通過應用技術降低醫療保健成本來改善可及性。例如，我們正在投資數億美元來增強醫療保健的技術骨幹。諸如平台合理化以減少不必要的複雜性、更大的端到端資格管理以提供更無縫的客戶體驗以及為我們的消費者和提供者提供一致的臨床體驗的通用平台等領域。這些投資最終將提升端到端服務體驗、降低整體運營成本並為我們所服務的人創造更大價值。

A simpler experience is at the center of our work on the integrated consumer card developed by our Optum financial services team. We have seen great consumer response within our initial pilot groups. The simplicity of combining all benefits, even healthy food purchases onto a single widely-accepted card has been a differentiator with consumers. Based on this initial work, we intend to introduce the card to all our individual Medicare Advantage members in 2023.

更簡單的體驗是我們 Optum 金融服務團隊開發的綜合消費卡工作的核心。我們在最初的試點群體中看到了巨大的消費者反響。將所有福利（甚至健康食品購買）整合到一張廣為接受的卡片上的簡單性一直是與消費者的差異化因素。基於這項初步工作，我們打算在 2023 年將這張卡介紹給我們所有的 Medicare Advantage 會員。

Another key element of our work to improve experience is the optimization of consumer transactions. We know members need and expect timely information at their fingertips, and I'm pleased to report they are responding well to our digital offerings for everything from understanding their coverage to completing a virtual visit. Digital engagement has jumped 170% among Medicare members during the last couple of years.

我們改善體驗工作的另一個關鍵要素是優化消費者交易。我們知道會員需要並期望觸手可及的及時信息，我很高興地報告他們對我們的數字產品反應良好，從了解他們的覆蓋範圍到完成虛擬訪問。在過去幾年中，Medicare 成員的數字參與度增長了 170%。

Lastly, in pharmacy services, we are very focused on improving quality of care and access for consumers by driving pharmacist-led offerings. We are on track to have nearly 700 community pharmacies by the end of the year and continue to increase the integrated community pharmacy footprint in our clinical locations.

最後，在藥房服務方面，我們非常注重通過推動以藥劑師為主導的產品來提高消費者的護理質量和獲取途徑。我們有望在今年年底前擁有近 700 家社區藥房，並繼續在我們的臨床地點增加綜合社區藥房的足跡。

With that, now I'll turn it over to Chief Financial Officer, John Rex.

有了這個，現在我將把它交給首席財務官約翰雷克斯。

Thank you, Dirk.

謝謝你，德克。

As Andrew noted, we entered the second half of this year with strong growth momentum. First half revenues of over $160 billion grew 13% compared to last year. Performance is well balanced, with double-digit growth at both Optum and UnitedHealthcare.

正如安德魯所說，我們進入今年下半年，增長勢頭強勁。上半年收入超過 1600 億美元，比去年增長 13%。業績平衡良好，Optum 和 UnitedHealthcare 均實現了兩位數的增長。

To begin, let me touch briefly on the care patterns we have observed so far this year. Principally, we have seen what had been a balanced relationship between COVID and non-COVID care activity over the past couple of years diverge modestly, with the latter not returning quite as rapidly with lower levels of COVID care. We also continue to see some variation in underlying care patterns, with certain areas remaining below historical levels. For example, pediatrics and emergency department.

首先，讓我簡要介紹一下我們今年迄今為止觀察到的護理模式。主要是，我們已經看到過去幾年中 COVID 和非 COVID 護理活動之間的平衡關係略有不同，後者在 COVID 護理水平較低的情況下不會很快恢復。我們還繼續看到基礎護理模式的一些變化，某些領域仍低於歷史水平。例如，兒科和急診科。

And others coming back more fully, such as the levels at which seniors are obtaining important preventative care. In recent weeks, we are seeing rising COVID-related hospital admissions but with a lower average length of stay compared with earlier periods. As always, we watch closely for longer term health impacts on people due to care, which might have been deferred during earlier periods. Thus far, we are still not seeing patterns, which indicate shifting acuity.

而其他人則更全面地回歸，例如老年人獲得重要預防性護理的水平。最近幾週，我們看到與 COVID 相關的住院人數不斷增加，但與早期相比，平均住院時間較短。與往常一樣，我們密切關注因護理而對人們的長期健康影響，這可能在早期被推遲。到目前為止，我們仍然沒有看到表明敏銳度變化的模式。

There are, of course, many reasonable theories about what is driving the current environment, and they are all no doubt interesting. But here is what we are actually doing. Consistent with the long-standing practice at UnitedHealth Group, our primary intent is to ensure people are getting the care they need and to help them in that process as much as we can. We remain, as always, highly respectful of medical cost trends and how they can evolve rapidly, and we will continue to position our offerings accordingly.

當然，關於當前環境的驅動因素有許多合理的理論，它們無疑都很有趣。但這就是我們實際在做的事情。與聯合健康集團的長期做法一致，我們的主要目的是確保人們得到他們需要的護理，並在這個過程中盡可能地幫助他們。我們一如既往地高度尊重醫療成本趨勢以及它們如何快速發展，我們將繼續相應地定位我們的產品。

Moving now to the businesses. Optum Health revenue grew by over $4 billion or 32% in the second quarter. Revenue per consumer increased 30%, led by growth in patients served under value-based arrangements. Earnings from operations rose 24% even as we accelerated investments in our care delivery practices to support value-based expansions. We also saw strong contributions from Optum's ambulatory surgery centers, which continue to advance the scope and complexity of procedures performed in these optimal settings, all while delivering a superior patient and surgeon experience and high-quality clinical outcomes.

現在轉移到企業。 Optum Health 第二季度收入增長超過 40 億美元或 32%。每位消費者的收入增長了 30%，這主要得益於基於價值的安排服務的患者數量的增長。儘管我們加快了對護理服務實踐的投資以支持基於價值的擴張，但運營收益仍增長了 24%。我們還看到 Optum 的門診手術中心做出了巨大貢獻，這些中心繼續推進在這些最佳環境中進行的手術的範圍和復雜性，同時提供卓越的患者和外科醫生體驗以及高質量的臨床結果。

Our centers have nearly tripled the number of high-acuity joint, spine and cardiovascular procedures performed compared to just 2 years ago. Care providers increasingly recognize the benefits these centers offer, and consumers place high value on the care quality and experience, with an NPS consistently in excess of 90.

與僅 2 年前相比，我們的中心進行的高敏度關節、脊柱和心血管手術的數量幾乎增加了兩倍。護理提供者越來越認識到這些中心提供的好處，消費者高度重視護理質量和體驗，NPS 始終超過 90。

Optum Insight revenue grew 11% year-over-year. The revenue backlog was $23.6 billion, growth of $2.3 billion compared to last year. We continue to drive technological advancements, applying artificial intelligence and machine learning more deeply in high-value knowledge-based services, including an expanding suite of information technology and data analytics offerings.

Optum Insight 收入同比增長 11%。積壓的收入為 236 億美元，與去年相比增長了 23 億美元。我們繼續推動技術進步，將人工智能和機器學習更深入地應用於基於知識的高價值服務，包括不斷擴大的信息技術和數據分析產品套件。

Optum Rx revenues grew 10% to nearly $25 billion, reflecting continued strong sales results and execution in the core PBM as well as our growth in our pharmacy care services. These vital and expanding care offerings serve and improve the health of people, including in such areas as our high-touch specialty services where we tightly monitor and track the effectiveness of complex treatments.

Optum Rx 收入增長 10% 至近 250 億美元，反映了持續強勁的銷售業績和核心 PBM 的執行以及我們在藥房護理服務方面的增長。這些重要且不斷擴大的護理產品服務並改善了人們的健康，包括在我們的高接觸專業服務等領域，我們在這些領域密切監控和跟踪複雜治療的有效性。

Turning to UnitedHealthcare. Revenue grew by a strong $6.6 billion or 12%, with contributions from all our businesses. In our offerings for seniors, we continue to expect to serve up to 800,000 additional people within Medicare Advantage this year. About 3/4 will be in individual and group Medicare Advantage and the remainder in Dual Special Needs Plans. This puts us on track for our seventh consecutive year of share gaining growth in Medicare Advantage.

轉向聯合醫療。在我們所有業務的貢獻下，收入強勁增長了 66 億美元或 12%。在我們為老年人提供的服務中，我們繼續預計今年將在 Medicare Advantage 內為多達 800,000 名額外的人提供服務。大約 3/4 將用於個人和團體 Medicare Advantage，其餘用於雙重特殊需求計劃。這使我們在 Medicare Advantage 中的份額連續第七年增長。

People served by our Medicaid offerings grew by 180,000 in the second quarter. At this point, we anticipate the impact to Medicaid enrollment as a result of state redetermination activities will be experienced next year. We continue to prepare resources to help people find uninterrupted access to appropriate coverage as this transition occurs.

第二季度，我們的 Medicaid 產品服務的人數增加了 180,000 人。在這一點上，我們預計明年將經歷州重新確定活動對醫療補助登記的影響。我們將繼續準備資源，以幫助人們在這種轉變發生時不間斷地獲得適當的覆蓋範圍。

We added 80,000 new people in domestic commercial plans during the quarter. Within that, fully-insured commercial offerings grew by 60,000 from the first quarter of this year, with balanced growth across group and individual fully-insured offerings. Of note, some 90% of the growth within our individual and family plans was among people who chose a plan featuring convenient and cost-effective access to virtual visits.

本季度，我們在國內商業計劃中增加了 80,000 人。其中，全保商業產品較今年第一季度增加了 60,000 份，團體和個人全保產品平衡增長。值得注意的是，在我們的個人和家庭計劃中，大約 90% 的增長來自於選擇方便且經濟高效地訪問虛擬訪問的計劃的人。

Our capital capacities remain strong. Second quarter cash flows from operations were $6.9 billion or 1.3x net income, and we continue to expect full year cash flows of about $24 billion. In the first half of this year, we returned nearly $8 billion to shareholders through dividends and share repurchase. In June, our Board increased the dividend by 14%, and we deployed more than $7 billion in capital to enhance our care delivery capacities and consumer strategies to improve outcomes and experiences for the people we serve and for the benefit of the broader health system.

我們的資本能力依然強勁。第二季度運營現金流為 69 億美元或淨收入的 1.3 倍，我們繼續預計全年現金流約為 240 億美元。今年上半年，我們通過分紅和股票回購向股東返還了近80億美元。 6 月，我們的董事會將股息提高了 14%，我們部署了超過 70 億美元的資本，以增強我們的醫療服務能力和消費者戰略，以改善我們所服務的人們的結果和體驗，並造福於更廣泛的衛生系統。

As noted earlier, based on this growth outlook, today, we increased our adjusted earnings outlook to a range of $21.40 to $21.90 per share.

如前所述，基於這一增長前景，今天，我們將調整後的盈利前景提高至每股 21.40 美元至 21.90 美元的範圍。

Now, I'll turn it back to Andrew.

現在，我將把它轉回給安德魯。

Thanks, John.

謝謝，約翰。

Before the Q&A, let me underscore a few key points. First, the strong momentum throughout our business. The people we serve are continually seeking value, high-quality care at fair cost, and our colleagues across Optum and UnitedHealthcare are raising the bar every day. You see that manifested in our business performance and the strong growth in our core platforms, double-digit growth across the Benefits businesses, a growing revenue backlog in Optum Insight, robust growth in our pharmacy services and expansion across Optum Health. We see tremendous opportunity ahead, and we remain confident in our ability to deliver our long-term 13% to 16% earnings per share growth objective and further advance our mission to help people live healthier lives and to help make the health system work better for everyone.

在問答之前，讓我強調幾個關鍵點。一是整個業務發展勢頭強勁。我們所服務的人不斷地以公平的成本尋求價值、高質量的護理，我們在 Optum 和 UnitedHealthcare 的同事每天都在提高標準。您會看到我們的業務表現和核心平台的強勁增長、福利業務的兩位數增長、Optum Insight 的收入積壓增長、藥房服務的強勁增長以及 Optum Health 的擴張。我們看到了巨大的機遇，我們仍然相信我們有能力實現每股收益 13% 至 16% 的長期增長目標，並進一步推進我們幫助人們過上更健康的生活並幫助使衛生系統更好地為每個人。

With that, operator, let's open it up for questions. One per caller, please.

有了這個，操作員，讓我們打開它來提問。請每位來電者一個。

(Operator Instructions) We'll take our first question from A.J. Rice with Credit Suisse.

（操作員說明）我們將從 A.J.瑞信的賴斯。

I wondered if maybe we could ask you to comment a little bit more on your discussions with the employer groups as we go through the selling season on the Benefits business? I have 2 open questions. It seems like to me there's this sort of back and forth about need to retain employees, a tight labor market in many industries. But alternatively, concerns about the recession, and how is that coloring conversations? And then also this issue of pressure on some of the provider areas from their tight labor markets, how is that impacting discussions with employers about their benefit outlook for next year?

我想知道在福利業務的銷售旺季期間，我們是否可以請您就您與雇主團體的討論發表更多評論？我有 2 個未解決的問題。在我看來，對於留住員工的需求，許多行業的勞動力市場都處於緊張狀態。但另一方面，對經濟衰退的擔憂，以及這對對話有何影響？還有一些供應商地區因勞動力市場緊張而面臨的壓力問題，這對與雇主就明年的福利前景進行的討論有何影響？

A.J., thanks so much for the question.

A.J.，非常感謝這個問題。

So first off, before I hand this to Brian Thompson to give you a few thoughts, we've been super pleased with the progression, particularly across the Benefits business, as you've seen in the report this morning. But certainly within our E&I business, the commercial business having a very strong year. And I think the team have worked extremely hard to understand the kind of pressures you're describing as employers are obviously concerned about managing their own cost environment and how we make sure that the benefits availability for their employees are appropriate.

所以首先，在我把這個交給布賴恩湯普森給你一些想法之前，我們對進展非常滿意，特別是在福利業務方面，正如你在今天早上的報告中看到的那樣。但可以肯定的是，在我們的 E&I 業務中，商業業務今年表現非常強勁。而且我認為團隊非常努力地理解你所描述的那種壓力，因為雇主顯然關心管理他們自己的成本環境以及我們如何確保他們的員工可以獲得適當的福利。

Really, I would say, take just this opportunity just to emphasize how important the role of a company like UnitedHealthcare is here. Because as we all know, we're in a more inflationary environment. The role of UnitedHealthcare to help deliver affordability, affordable health care coverage to the employees of all of those companies that rely on it is super important. And maybe with that, I'll hand it to Brian to give you a little bit more sense of how things are playing out.

真的，我想說，藉此機會強調像 UnitedHealthcare 這樣的公司在這裡的作用是多麼重要。因為眾所周知，我們處於一個更加通貨膨脹的環境中。 UnitedHealthcare 的作用是幫助所有依賴它的公司的員工提供負擔得起的、負擔得起的醫療保險，這一點非常重要。也許有了這個，我會把它交給布賴恩，讓你對事情的發展有更多的了解。

Yes. Thanks for the question, A.J., and I appreciate that lead in, Andrew. Most of these conversations have been around innovation and how do we continue to drive value-based solutions in the form of product design. That has really been the central theme throughout. We've showed up to the market with some new ideas around virtual care. You've heard about that with our partnership with Optum, both in terms of product design as well as broader access beyond medical, integrated with behavioral, et cetera, and how we really enable the consumer. High deductibles have often been a part of the equation for a long time, but Bind really puts that consumer in the driver's seat, where they're able to choose what coverage they want with pre-service guaranteed costs, and that really resonates in the marketplace. And most importantly, for employers, it not only provides great quality but lower price points. So I would say the conversations have been less around staffing and employment levels and more around value, and these examples of products have really resonated.

是的。感謝 A.J. 的提問，我很感激 Andrew 的引導。這些對話大多圍繞創新以及我們如何繼續以產品設計的形式推動基於價值的解決方案。這確實是貫穿始終的中心主題。我們向市場展示了一些關於虛擬護理的新想法。通過我們與 Optum 的合作，您已經聽說過這一點，無論是在產品設計方面，還是在醫療之外的更廣泛的訪問、與行為等方面的整合，以及我們如何真正為消費者提供支持方面。長期以來，高免賠額一直是等式的一部分，但 Bind 確實讓消費者坐在駕駛座上，在那裡他們可以選擇他們想要的保險範圍和服務前保證成本，這在市場。最重要的是，對於雇主來說，它不僅提供了優質的產品，而且價格更低。所以我會說，談話較少圍繞人員配備和就業水平，而更多地圍繞價值，這些產品示例確實引起了共鳴。

Brian, thanks so much. Next question please.

布賴恩，非常感謝。請下一個問題。

We'll go next to Justin Lake with Wolfe Research.

我們將與 Wolfe Research 一起前往 Justin Lake。

Question on cost trend. One, it would be great if you could just run us through what you were seeing by business segment. And then two, in terms of digging into next year, one, are you starting to price for some level of COVID kind of being normal? I know you've always guided above for normal plus COVID. Are you starting to price that COVID in pricing above normal for next year? And two, what are hospital unit costs looking like for next year versus the 4% to 5% that we typically take in terms of new contracts?

關於成本趨勢的問題。第一，如果您能簡單介紹一下您所看到的業務部門，那就太好了。然後是第二，就明年的研究而言，第一，您是否開始為某種程度的正常 COVID 定價？我知道你一直在上面指導正常加 COVID。您是否開始以高於正常水平的價格為明年的 COVID 定價？第二，明年的醫院單位成本與我們通常在新合同方面採取的 4% 到 5% 相比如何？

Justin, thanks so much for the question. Before I ask John to maybe comment a little bit on the business cost evolution. And then Brian, I think, will give you a little bit of perspective of what they're seeing in terms of hospital conversation. Just a couple of step back observations, maybe I would offer here.

賈斯汀，非常感謝這個問題。在我請約翰就業務成本演變發表一些評論之前。然後布賴恩，我認為，會給你一點關於他們在醫院談話中看到的觀點。只是退後一步的觀察，也許我會在這裡提供。

First off, as we look across the overall business, we're seeing tremendous growth opportunities and tremendous potential for us to invest behind those, and you see that picked up in some of the increase in investment levels that you see in the quarter this time around. I think that's an incredibly positive sign of the forward potential of the overall organization. John will talk a little bit more to some of those in a second.

首先，當我們縱觀整個業務時，我們看到了巨大的增長機會和巨大的投資潛力，你會看到這在你本季度看到的一些投資水平的增加中有所回升大約。我認為這是整個組織向前發展潛力的一個令人難以置信的積極跡象。約翰稍後將與其中一些人多談一點。

I think in terms of 2023, we're not going to get into a ton of detail on how we're thinking about pricing. But as always, we are very, very respectful of the kind of underlying phenomena within the cost trends of the environment. Of course, that includes a sense of where COVID may or may not be. And I think we've all learned to be deeply respectful of something like a pandemic and the uncertainties it can present. And even in the last few months, we've seen that play out a little bit. And of course, respectful of things like inflationary trends in the environment. And all of that plays into how we think about these things. Maybe just to give you a little bit more depth on the first part of your question, I'll pass it to John and then maybe, John, you could pass it to Brian just to finish off on the second part.

我認為就 2023 年而言，我們不會詳細說明我們如何考慮定價。但與往常一樣，我們非常非常尊重環境成本趨勢中的潛在現象。當然，這包括對 COVID 可能在哪里或不在哪裡的感覺。我認為我們都學會了對流行病及其可能帶來的不確定性深表尊重。即使在過去的幾個月裡，我們也看到了這種情況。當然，也要尊重環境中的通貨膨脹趨勢等因素。所有這些都會影響我們對這些事情的看法。也許只是為了讓您對問題的第一部分有更深入的了解，我會將其傳遞給 John，然後 John，您可以將其傳遞給 Brian，以完成第二部分。

Sure. Justin, just a few thoughts and in particular, maybe we'll look at some of the observations really from the quarter from the first half and what we've seen because this influence is really what you're getting at and asking and how our thinking is developing. So you heard in my prepared comments, talked about that we had typically seen a very balanced relationship between COVID care and non-COVID care over the course of the last 2 years. And that's what shifted a little bit here in recent months. The lower level of COVID care, and let's put that in the second quarter, probably about 1/3 the number of inpatient admissions as compared to the first quarter. It was not as quickly accompanied by a higher level of non-COVID utilization. So that was an important kind of underlying factor here that we saw in recent months.

當然。賈斯汀，只是一些想法，特別是，也許我們會看看上半季度的一些觀察結果以及我們所看到的，因為這種影響確實是您所了解和詢問的內容，以及我們如何思維正在發展。因此，您在我準備好的評論中聽到，談到在過去 2 年的過程中，我們通常看到 COVID 護理和非 COVID 護理之間的關係非常平衡。這就是最近幾個月在這裡發生的一些變化。 COVID 護理水平較低，讓我們將其放在第二季度，與第一季度相比，住院人數可能約為 1/3。它並沒有很快伴隨更高水平的非 COVID 利用率。所以這是我們最近幾個月看到的一個重要的潛在因素。

I think the other important thing here is, and as you look across care broadly, we've gone longer really between intervals in COVID hospitalizations that any other point since the pandemic now. So that further illuminates the core underlying non-COVID care patterns that we're seeing also. So helping illuminate what's going on underneath all of that.

我認為這裡的另一件重要的事情是，當你從廣義上看待護理時，我們在 COVID 住院期間的間隔時間實際上比現在大流行以來的任何其他時間都更長。因此，這進一步闡明了我們也看到的核心潛在的非 COVID 護理模式。因此，有助於闡明所有這些背後發生的事情。

I think the other point that I wanted to speak to that we're seeing, we've been very encouraged that we're seeing some pockets of care moving towards more normal levels. Ones that we would say are kind of bellwethers for future care and important. For example, super important for us. Annual wellness visits among our Medicare patients, they're back at pre-pandemic baseline levels. That's very important for us in getting them the care they need. First fill prescriptions are trending above baseline a little bit, so we're seeing people get some care they need. We're seeing important pickups in some preventative care such as colonoscopies, also those now getting back to baseline.

我認為我想談的另一點是我們看到的，我們非常鼓舞的是，我們看到一些護理領域正朝著更正常的水平發展。我們會說的是未來護理的領頭羊和重要的。例如，對我們來說超級重要。我們的醫療保險患者每年進行一次健康檢查，他們回到了大流行前的基線水平。這對我們為他們提供所需的護理非常重要。首次填充處方的趨勢略高於基線，因此我們看到人們得到了他們需要的一些護理。我們看到一些預防性護理（例如結腸鏡檢查）的重要回升，以及現在恢復到基線的那些。

So all that kind of influencing in terms of how we think about the future. We got to make sure people are getting the care that they need. We've seen the greatest response really in our senior populations. I think some of that is our ability to get into their homes to influence that care and to get them into that.

因此，所有這些都會影響我們對未來的看法。我們必須確保人們得到他們需要的護理。我們已經在老年人群中看到了最大的反應。我認為其中一些是我們有能力進入他們的家以影響這種護理並讓他們參與其中。

And certainly, back to your kind of core fundamental in how we think about the future, yes, enormously respectful of the outlook for future impacts from COVID hospitalizations. Here we are sitting in a period where we're seeing COVID hospitalizations rise again after kind of pausing since January. So super respectful in our outlook towards how that might progress throughout this year and next, and the potential for that to continue to be somewhat variable and to accelerate again.

當然，回到我們如何看待未來的核心基礎，是的，非常尊重 COVID 住院對未來影響的前景。在這裡，我們正處於一個時期，我們看到 COVID 住院人數在自 1 月以來的某種暫停之後再次上升。我們非常尊重我們對今年和明年如何取得進展的展望，以及這種情況可能會繼續有所變化並再次加速。

Brian?

布賴恩？

Yes, John, I think you summarized that well. I might just add on inflation. Obviously, as you well know, Justin, we priced to our forward view of cost, that includes inflation. We're certainly respectful of what we're seeing in terms of labor cost with our provider partners. And as you might expect, obviously, with long-term agreements, there will be more impact in 2023 than 2022, just as a function of time and how we renew these contracts. So certainly respectful of that dynamic and environment.

是的，約翰，我認為你總結得很好。我可能會加上通貨膨脹。顯然，賈斯汀，正如你所知道的，我們根據我們對成本的前瞻性看法進行定價，其中包括通貨膨脹。我們當然尊重我們與供應商合作夥伴在勞動力成本方面所看到的情況。正如你所預料的那樣，顯然，有了長期協議，2023 年的影響將比 2022 年更大，這取決於時間和我們續簽這些合同的方式。所以當然尊重這種動態和環境。

Next question, please.

下一個問題，請。

We'll go next to Ricky Goldwasser with Morgan Stanley.

我們將與摩根士丹利一起去 Ricky Goldwasser 旁邊。

Yes. I'll focus on Optum Rx. So when we look at Optum Rx, clearly, you've seen very strong top line and growth and membership growth, but we haven't seen necessarily the flow-through on the margins. So what kind of like trends are you seeing just in terms of mix that have impacted results? And how should we think about the progression for the rest of the year for Optum -- for Optum Rx?

是的。我將專注於 Optum Rx。因此，當我們看 Optum Rx 時，很明顯，您已經看到了非常強勁的收入、增長和會員增長，但我們不一定看到利潤的流動。那麼，就影響結果的組合而言，您看到了什麼樣的類似趨勢？我們應該如何看待 Optum 今年剩餘時間的進展——對於 Optum Rx？

Ricky, yes, great. Ricky, thanks so much for the question. Before I ask Heather to make a few comments on that, I think one of the overwhelming census that we see around Optum Rx is the really strong growth and the bringing on board of very significant new clients. And of course, that, as you know, brings with it a kind of front-loading investment phenomenon as you gear up for supporting that, and that's one of the reasons why you see this lag between the revenue growth and the earnings growth.

瑞奇，是的，很棒。瑞奇，非常感謝這個問題。在我要求 Heather 對此發表評論之前，我認為我們在 Optum Rx 周圍看到的壓倒性人口普查之一是真正強勁的增長和非常重要的新客戶的加入。當然，正如你所知，當你準備支持它時，它會帶來一種前期投資現象，這就是你看到收入增長和收益增長之間存在這種滯後的原因之一。

And maybe to give you a little bit more of a sense of all of that and other aspects, Heather?

也許是為了讓你對所有這些和其他方面有更多的了解，Heather？

Yes. Thanks.

是的。謝謝。

So as Andrew said, really strong growth this year, and you see that as a result of new client growth and the membership that we've brought in the direct Optum Rx as well as the UnitedHealthcare book. And you're seeing that in the revenue, you're seeing that in the scripts volume, we see strong utilization, and you also we're seeing that in the earnings growth.

正如 Andrew 所說，今年的增長非常強勁，您會看到這是由於新客戶的增長以及我們在直接 Optum Rx 和 UnitedHealthcare 書籍中帶來的會員資格。您會在收入中看到這一點，在腳本量中看到這一點，我們看到了強勁的利用率，您也在收益增長中看到了這一點。

With respect to investments, which do impact margins in the quarter, but we will see a return on those through the year and in our long-term plan, I point you to actually 4 things. Number one, those client investments that Andrew talked about. Number two, we talked to you about the new businesses. We've referenced Genoa that we continue to expand into new sites so we can serve more individuals in underserved communities.

關於投資，這確實會影響本季度的利潤率，但我們將看到全年的回報，在我們的長期計劃中，我實際上指出了四件事。第一，安德魯談到的那些客戶投資。第二，我們與您討論了新業務。我們引用了熱那亞，我們將繼續擴展到新站點，以便我們可以為服務不足的社區中的更多人提供服務。

But I'd maybe point you to 2 additional ones that I think provide some great context where we're investing for the year. That's, number one, with our existing clients and even being responsive to those or prospective clients in our PBM, it's moving very urgently with innovation, like Brian's seeing on the UnitedHealthcare side. To develop products today that address specialty drug costs that are high and rising in addition to consumer affordability. Building on the tools that we've already, I think, delivered significant value. Our specialty tools has delivered over $1 billion of value over the last 2.5 years, and we're not done. We're working urgently to bring more services and products. So that's happening real time in the quarter, and those investments will pay off.

但我可能會向您指出另外兩個我認為提供了我們今年投資的很好的背景。第一，我們現有的客戶，甚至是對我們 PBM 中的這些或潛在客戶的響應，它正在非常緊迫地推動創新，就像布賴恩在 UnitedHealthcare 方面看到的那樣。開發當今的產品，以解決除了消費者負擔能力之外的高昂且不斷上升的特殊藥物成本。我認為，建立在我們已經提供的工具之上，帶來了巨大的價值。在過去的 2.5 年裡，我們的專業工具創造了超過 10 億美元的價值，但我們還沒有完成。我們正在緊急工作以帶來更多的服務和產品。所以這在本季度實時發生，這些投資將得到回報。

And then the last one I'd point you to are those -- are our pharmacies. So our pharmacies are fast growing. We're seeing that impacting in our top line growth and in our earnings. But you'll see us not just invest in our operations, and we've talked to you about that before, and in our digital experience. But I'm most excited about the fact that we're also integrating the service. So putting the pharmacist first. We have over 7,000 pharmacists that work hard every day not just to serve and sync meds, but to help our individuals navigate, educate and guide people through our best-in-class capabilities. And so really, integrating those pharmacies with the pharmacist-first and a service-first model is one of our biggest investments in the quarter, and you're going to see a return on that through the rest of the year, but I think it's also going to pay off in the growth of those pharmacies and better service to individuals that need us most.

然後我要指出的最後一個是我們的藥房。所以我們的藥店正在快速增長。我們看到這對我們的收入增長和收益產生了影響。但是您會看到我們不僅投資於我們的運營，而且我們之前已經與您討論過這一點，以及我們的數字體驗。但我最興奮的是我們也在整合這項服務。所以把藥劑師放在第一位。我們擁有 7,000 多名藥劑師，他們每天都在努力工作，不僅提供和同步藥物，還幫助我們的個人通過我們一流的能力導航、教育和指導人們。真的，將這些藥店與藥劑師優先和服務優先模式整合是我們本季度最大的投資之一，你將在今年餘下時間看到回報，但我認為這是也將在這些藥店的發展和為最需要我們的個人提供更好的服務中得到回報。

Great. Thanks, Heather. Next question, please.

偉大的。謝謝，希瑟。下一個問題，請。

Moving next to Matt Borsch with BMO Capital Markets.

在 BMO Capital Markets 與 Matt Borsch 合作。

Yes. If I could ask a question about the -- I think it was about a month ago that the U.S. Supreme Court elected not to take up the case that had gone through the district to appellate courts regarding the CMS rule on risk coding, if I'm referring to it in the right way. Can you just help us understand anything you can say about implications, or at least maybe next steps in that process?

是的。如果我可以問一個關於 - 我認為大約一個月前，美國最高法院選擇不受理該案件，該案件已經通過地區上訴法院就風險編碼的 CMS 規則，如果我'我以正確的方式指代它。您能否幫助我們了解您可以說的有關影響的任何內容，或者至少可能是該過程的後續步驟？

Matt, thanks very much for the question. I mean, I think not to be too disappointing too, but I don't think you'd be too surprised that we don't generally comment on ongoing legal processes. And I think in this case, that certainly applies. So not really in a position to be able to give you too much information on that, but certainly appreciate the question.

馬特，非常感謝這個問題。我的意思是，我認為也不要太令人失望，但我認為您不會對我們通常不對正在進行的法律程序發表評論感到太驚訝。我認為在這種情況下，這當然適用。因此，實際上無法為您提供太多信息，但肯定會感謝這個問題。

Next question, please.

下一個問題，請。

We'll go next to Scott Fidel with Stephens.

我們將和斯蒂芬斯一起去斯科特菲德爾旁邊。

Just had a question just around the LHCG pending acquisition. And clearly, just recently, CMS put out their home health proposal for 2023 and with a pretty disappointing rate cut that they're proposing for next year. Just interested in how that rate cut may influence your thinking on the financial impact of the LHCG acquisition in 2023? And then also whether that influences how you think about deploying that asset potentially in different ways if CMS does end up going through with the rate cut in the final rates when they release those?

剛剛有一個關於 LHCG 待收購的問題。很明顯，就在最近，CMS 提出了 2023 年的家庭健康提案，並且他們提議的明年降息非常令人失望。只是對降息可能如何影響您對 2023 年收購 LHCG 的財務影響的想法感興趣？然後，如果 CMS 在發布最終利率時最終降息，這是否會影響您以不同方式部署該資產的想法？

Scott, thanks so much for the question. And listen, let me start off by saying we really believe that enhancing and building high-quality care provision in the home is going to be a key feature of the future. And the more that, that can be linked to other aspects of care, so for example, physician clinic, virtual and the rest, it's very much a central focus of our Optum Health development. And so the bringing together of LHC within the overall Optum organization is really important to us, and we're very committed to that transaction. We believe it really is going to be a significant enhancement of the quality of care that can be delivered. And we think we can really -- it can really contribute towards improved value-based delivery for patients.

斯科特，非常感謝這個問題。聽著，讓我首先說，我們真的相信在家庭中加強和建立高質量的護理服務將成為未來的一個關鍵特徵。而且，這可以與護理的其他方面聯繫起來，例如，醫生診所、虛擬和其他方面，這在很大程度上是我們 Optum Health 發展的核心焦點。因此，將 LHC 整合到整個 Optum 組織中對我們來說非常重要，我們非常致力於這項交易。我們相信這確實會顯著提高可提供的護理質量。而且我們認為我們真的可以 - 它可以真正為改善患者的基於價值的交付做出貢獻。

I think, as is always the case, making sure that the incentive system is appropriate to drive the right kind of care is really important. So I hope very much over time that CMS and others continue to see the value of home care and that, in fact, the support is given and the signals are given to continue to increase the development of high-quality care in the home environment. And so we'll see how that plays out. Honestly, we are committed to this agenda very much because we see it as a strategically critical way of extending better care to folks in homes.

我認為，與往常一樣，確保激勵系統適合推動正確的護理是非常重要的。因此，我非常希望隨著時間的推移，CMS 和其他人繼續看到家庭護理的價值，並且實際上給予支持並發出信號，以繼續增加家庭環境中高質量護理的發展。因此，我們將看到結果如何。老實說，我們非常致力於這一議程，因為我們將其視為向居家人士提供更好護理的戰略性關鍵方式。

And you have to remember, Scott, some of these folks can't get out of their homes. I mean, this is really -- this isn't kind of elective for them. They need -- we need to find ways to get more help to them. And as you know, we've got a long history in this in areas like house calls, which have delivered amazing health assessment and preventive direction to millions of people, and this is another big step for us to extend.

你必須記住，斯科特，這些人中的一些人不能離開他們的家。我的意思是，這真的 - 這對他們來說不是一種選修課。他們需要——我們需要想辦法為他們獲得更多幫助。如您所知，我們在上門服務等領域擁有悠久的歷史，為數百萬人提供了驚人的健康評估和預防指導，這是我們擴展的又一大步。

So we're optimistic about this. We hope very much that CMS and others will continue to send signals of support through the way in which they choose to invest in this arena, and we'll see how that plays out during the rest of the year. Thanks so much for the question.

所以我們對此持樂觀態度。我們非常希望 CMS 和其他公司將繼續通過他們選擇在這個領域投資的方式發出支持信號，我們將在今年餘下的時間裡看到這種情況如何發揮作用。非常感謝這個問題。

Next question, please.

下一個問題，請。

Over next to Lisa Gill with JPMorgan.

在摩根大通旁邊的麗莎吉爾。

Andrew, I appreciate your comments on Optum Rx and what you're doing for 2023 around the no co-pay, $0 co-pay. But I'm wondering if you or Heather could maybe comment on 2 things. One, the 2023 selling season?

安德魯，我感謝您對 Optum Rx 的評論以及您在 2023 年圍繞無共付額、0 美元共付額所做的工作。但我想知道你或希瑟是否可以評論兩件事。一、2023年銷售旺季？

And then secondly, I know you and I have talked in the past about shift towards value-based care within Rx. Are you seeing new programs for 2023 beyond what you talked about as we think about value-based care?

其次，我認識你，我過去曾談到在 Rx 內轉向基於價值的護理。當我們考慮基於價值的護理時，您是否看到了超出您所說的 2023 年的新計劃？

Lisa, thanks so much for the question. And I think UHC supported by Optum Rx are doing the completely right thing here to bring $0 co-pay and $0 out of pocket on some critical meds. And you've got to think about the consequences of folks who are unfortunately affected by the conditions that these meds address. If they don't get the meds when they need them, they're going to end up in the emergency room or worse. And that brings with enormous personal human consequence and, of course, cost. And so we believe this is a really appropriate place for us to lean in and to address that.

麗莎，非常感謝這個問題。而且我認為 Optum Rx 支持的 UHC 在這裡做的是完全正確的事情，在一些關鍵藥物上帶來了 0 美元的共付額和 0 美元的自付費用。而且您必須考慮不幸受到這些藥物所針對的條件影響的人們的後果。如果他們在需要時沒有得到藥物，他們最終會被送進急診室或更糟。這會帶來巨大的個人人類後果，當然還有成本。因此，我們相信這是一個非常適合我們關注並解決這個問題的地方。

In terms of -- before I go to Heather to talk about specifically Optum Rx selling season, I just want to step back for a second. I just want to let you know, Optum is in the middle of a record selling season across the board. If you look at the first 6 months of Optum, of course, including Optum Rx, but also the other 2 businesses, that we are in a record selling season. So this is a really significant period for us in terms of the fit of the products and services that we're offering across the marketplace. One of the reasons why you've seen a step up in our investment profile in the business is because we're seeing such a strong pickup in our services.

就 - 在我去 Heather 專門談論 Optum Rx 銷售季節之前，我只想退後一步。我只想告訴你，Optum 正處於創紀錄的銷售旺季。如果你看一下 Optum 的前 6 個月，當然包括 Optum Rx，還有其他 2 家企業，我們正處於創紀錄的銷售旺季。因此，就我們在整個市場上提供的產品和服務的適合性而言，這對我們來說是一個非常重要的時期。您看到我們在業務中的投資狀況有所提高的原因之一是因為我們看到我們的服務出現如此強勁的回升。

And maybe with that, Heather, you could address specifically what you're seeing in Optum Rx as you think about selling seasons into '23? And maybe also just touch on the value-based care aspect that Lisa described.

也許有了這個，Heather，當您考慮將季節銷售到 23 年時，您可以具體解決您在 Optum Rx 中看到的內容？也許也只是觸及麗莎描述的基於價值的護理方面。

Absolutely. As Andrew said, strong selling season across Optum, Optum Rx is enjoying that as well. And the way I think about that, first of all, it came off a really strong '22 season. Sitting where we are today, 2 ways to think about it. The first is client retention. We're going to be in the high 90s again this year with most of the book in right now. With respect to new business activity, based on sales activity, including finalists and win rates right now, we're ahead of where we were at this time last year. And I really think that's the result of the real-time innovation. We're working again with our clients now to bring them services today. We're not waiting. We're not waiting for other market factors or the environment to make us innovate and drive down cost, and that's showing up. Also I think we have the best client management team and responsive client management team in the industry, and that's paying off for us. So I think we're going to be very busy again in 2023. That's going to require some investments. But we're going to be very busy with another 2023 year serving our clients.

絕對地。正如安德魯所說，整個 Optum 的銷售旺季，Optum Rx 也很享受這一點。我認為，首先，這是一個非常強勁的 22 賽季。坐在我們今天的位置，有兩種思考方式。首先是客戶保留。今年我們將再次進入 90 年代，大部分書籍現在都在。關於新業務活動，基於銷售活動，包括現在的決賽入圍者和獲勝率，我們領先於去年這個時候的水平。我真的認為這是實時創新的結果。我們現在再次與客戶合作，為他們帶來今天的服務。我們不等。我們不會等待其他市場因素或環境來促使我們進行創新並降低成本，而這正在顯現。此外，我認為我們擁有業內最好的客戶管理團隊和響應迅速的客戶管理團隊，這對我們來說是有回報的。所以我認為我們將在 2023 年再次變得非常忙碌。這將需要一些投資。但是我們將非常忙於為我們的客戶服務的另一個 2023 年。

With respect to value based, I guess, I think about it in 2 respects. We're seeing definitely more interest and pressure from our clients. And we're also seeing more engagement from our clients to engage in the elements of value-based care and to incorporate pharmacy, including specialty pharmacy, into those constructs. The role for us to play is, number one, to ensure that our pharma partners are bringing the most affordable value-based and clinically appropriate drugs to drive those results. But the other thing is that we bring tools real time that integrate products, with treatment protocols.

關於基於價值的，我想，我從兩個方面考慮。我們從客戶那裡看到了更多的興趣和壓力。我們還看到我們的客戶更多地參與到基於價值的護理元素中，並將包括專業藥房在內的藥房納入這些結構。首先，我們要發揮的作用是確保我們的製藥合作夥伴帶來最實惠的基於價值和臨床上合適的藥物來推動這些結果。但另一件事是我們帶來了將產品與治療方案集成在一起的實時工具。

We work very closely with Optum Health, and particularly with most -- with many of our Optum Care prescribers and providers, to experiment with these tools and services that will help prescribers make the right choices, our plans and plan sponsors to be able to have more predictability in their services and for us, to be an important piece of that value-based shift. So you'll continue to see us invest there, and I think we'll see even more -- the PBMs being a bigger piece of driving value-based care and integrating pharmacy.

我們與 Optum Health 密切合作，尤其是與我們的許多 Optum Care 開藥者和提供者密切合作，以試驗這些工具和服務，幫助開藥者做出正確的選擇，我們的計劃和計劃贊助商能夠擁有他們的服務和對我們來說更具可預測性，成為這種基於價值的轉變的重要組成部分。因此，您將繼續看到我們在那裡投資，我認為我們會看到更多——PBM 在推動基於價值的護理和整合藥房方面發揮更大作用。

Heather, thanks so much. And Lisa, I think you're really right to focus us on this value-based piece. And as Heather just said, rather than it being an Optum Rx kind of stand-alone agenda, it's very much an Optum agenda, right, in terms of how we build value-based care propositions. And of course, you've seen that very substantially within -- in the primary care, kind of holistic approach that Optum Health is leading on.

希瑟，非常感謝。還有麗莎，我認為你把我們的注意力集中在這個基於價值的作品上是對的。正如希瑟剛剛所說，就我們如何建立基於價值的護理主張而言，它不是 Optum Rx 的一種獨立議程，而是一個 Optum 議程。當然，您已經在初級保健中看到了這一點，這是 Optum Health 正在引領的一種整體方法。

You'll continue to see us prospect, experiment and invest in areas like behavioral health and in areas like oncology, and these are going to be important areas for us to solve. Right now, I'd say those are early day opportunities. But as you think about where the burden of cost and complexity sits in the health care environment, those are the kind of places where we need to make progress, and we are. And you should expect to hear much more from us on that over the next 2 or 3 years.

您將繼續看到我們在行為健康和腫瘤學等領域進行展望、試驗和投資，這些將是我們需要解決的重要領域。現在，我會說這些都是早期的機會。但是，當您考慮到醫療保健環境中成本和復雜性的負擔在哪裡時，我們需要在這些地方取得進步，而我們就是。在接下來的 2 或 3 年內，您應該期待聽到我們更多關於這方面的信息。

Next question.

下一個問題。

We'll go next to Josh Raskin with Nephron Research.

我們將與 Nephron Research 一起前往 Josh Raskin。

As you look at the senior market over the next couple of years beyond the obvious primary care services that you're building out, are there other capabilities that you think you need to develop or acquire? Things that are now emerging in the market that you think are going to be even more important in the future?

當您關注未來幾年的老年人市場時，除了您正在建立的明顯的初級保健服務之外，您認為您是否需要開發或獲得其他能力？您認為現在市場上出現的事物在未來會變得更加重要嗎？

Yes, Josh, great question. Really appreciate it. And we continue to see a very strong performance in our senior book of business. You see that continued progression toward 800,000 folks joining us this year for the first time. That's really important, continued market share growth. And all of that is built on the stability of the service offering that we're giving. And I think the experience that the seniors are taking, but you're totally right to ask the question about where next. And maybe Tim Noel, you could speak to that?

是的，喬希，好問題。真的很感激。我們繼續在我們的高級業務書中看到非常強勁的表現。您會看到今年首次有 800,000 人加入我們。這真的很重要，市場份額的持續增長。所有這一切都建立在我們提供的服務產品的穩定性之上。我認為前輩們正在接受的經驗，但你問下一步去哪裡的問題是完全正確的。也許蒂姆諾埃爾，你可以談談嗎？

(technical difficulty) Based on seasons for Medicare Advantage, (technical difficulty) last number and also seeing, as John talked about, really great engagement. I think about senior market's continuous agenda of innovation is a super important contract. (technical difficulty)

（技術難度）基於 Medicare Advantage 的季節，（技術難度）最後一個數字，並且正如 John 所說，還看到了非常好的參與度。我認為高級市場的持續創新議程是一項非常重要的合同。 （技術難度）

Dirk talked about the U Card, which is something that makes our benefits easier to use, more simple for members to understand and experience. But beyond that, we'll continue to bring forth consistent innovations that make the member experience easier for people. Things like the digital experience, more personalized member experiences as well.

Dirk 談到了 U 卡，它使我們的福利更易於使用，更易於會員理解和體驗。但除此之外，我們將繼續推出始終如一的創新，讓人們的會員體驗更輕鬆。諸如數字體驗，更個性化的會員體驗之類的東西。

I think another theme for the senior population will continue to be to -- on expand at-home services. That's really important. I think we've historically thought of the center of care for seniors to be in the physician's office. More and more, though, that's becoming something that needs to occur out of the home given mobility challenges for folks, the vulnerability of this population, bringing care into the home is absolutely essential to the delivery of high-quality care.

我認為老年人的另一個主題將繼續是——擴大家庭服務。這真的很重要。我認為我們歷來都認為老年人護理中心設在醫生辦公室。然而，鑑於人們的流動性挑戰，這一人群的脆弱性，將護理帶入家中對於提供高質量的護理絕對必不可少，因此越來越多的事情需要在家中發生。

So those are the big themes. For me, looking forward is continue to advance the at-home capabilities for seniors and continue to innovate, make using benefits easier, more understandable, simple, affordable.

所以這些是大主題。對我來說，展望是繼續提升老年人的居家能力並繼續創新，讓使用福利更容易、更容易理解、更簡單、更實惠。

Tim, thanks so much. And I think maybe there was a little glitch with Tim's mic at the beginning of his comments. So I hope very much you were able to hear him, and certainly hear the latter part of his commentary. And I think the sense of urgency and depth of thinking around innovation for our senior members and where that service can go over the next several years is really substantive, and you should continue to see us be super active in that space.

蒂姆，非常感謝。而且我認為在蒂姆的評論開始時，他的麥克風可能有一點小故障。所以我非常希望你能聽到他的聲音，當然也能聽到他評論的後半部分。我認為我們的高級成員圍繞創新思考的緊迫感和深度以及未來幾年該服務的發展方向確實是實質性的，你應該繼續看到我們在這個領域非常活躍。

Next question, please.

下一個問題，請。

We'll go next to Kevin Fischbeck with Bank of America.

我們將與美國銀行一起去凱文菲施貝克旁邊。

Great. I was wondering if you could talk a little bit about the capital position growth in the quarter? How do you think about the ability to continue to add doctors at this rate, the competitive landscape? And how should we think about where the margin and the capital position business compared to Optum Health broadly and where that segment could go over time?

偉大的。我想知道你能否談談本季度的資本頭寸增長？您如何看待以這種速度繼續增加醫生的能力，競爭格局？與 Optum Health 相比，我們應該如何考慮利潤率和資本頭寸業務與 Optum Health 相比，以及隨著時間的推移該細分市場會走向何方？

Great questions, Kevin. I'm going to ask John in a second to talk to the margin progression opportunity. But maybe first, Dr. Decker, Head of Optum Health, might speak to the whole dynamic around physician recruitment.

好問題，凱文。我馬上要請約翰談談保證金提昇機會。但也許首先，Optum Health 的負責人 Decker 博士可能會談到圍繞醫生招聘的整個動態。

Yes. Kevin, thanks for the question. Absolutely, we are seeing continued growth of our physicians in Optum Health and Optum Care. What we found is that physicians are increasingly attracted to the value proposition that we offer them, which is less clerical burden and more focused on doing the work that they love, which is providing clinical care. Moving physicians to value-based care paradigms is especially appealing, so you're seeing us appeal to large groups like Atrius and Kelsey that have recently joined Optum Health, as well as doctors coming straight out of residency.

是的。凱文，謝謝你的問題。當然，我們看到我們在 Optum Health 和 Optum Care 領域的醫生持續增長。我們發現，醫生越來越被我們提供給他們的價值主張所吸引，這種價值主張減少了文書負擔，更專注於做他們喜歡的工作，即提供臨床護理。將醫生轉移到基於價值的護理模式尤其具有吸引力，因此您會看到我們吸引了像 Atrius 和 Kelsey 這樣最近加入 Optum Health 的大型團體，以及直接從住院醫師中出來的醫生。

So we're tracking nicely towards our growth agenda of adding 10,000 physicians and advanced practitioners during the year, and look forward to following up with you at the investor conference to share those numbers.

因此，我們正在很好地跟踪我們在今年增加 10,000 名醫生和高級從業者的增長議程，並期待在投資者會議上與您跟進以分享這些數字。

Kevin, it's John here. So considering the growth in Optum Health and the earnings progression that you should expect out of that, the primary focus continues to be on expanding our capabilities for value-based care, that build out. These investments, as you know well because you've looked at this for a while, are made well in advance of any revenue impact that we get from bringing those physicians on.

凱文，這裡是約翰。因此，考慮到 Optum Health 的增長以及您應該從中預期的收益增長，主要關注點仍然是擴大我們的基於價值的護理能力，這是建立起來的。正如您所知道的，因為您已經研究了一段時間，所以這些投資是在我們從這些醫生中獲得的任何收入影響之前進行的。

As we look at our pipeline, so when I talk pipeline, there are 2 ways to think about it. It's both potential future adds. But when I'm talking about it now with you here, I'm talking about even our existing base of clinical care delivery capabilities and where we have to build out that capability in terms of future value-based expansion. We're still quite early stage in that, which is why we hang in this 8% to 10% margin range for Optum Health, view being here that there is a decade ahead of build for us, so. And just when you look at our existing pipeline and what that can drive in terms of strong double-digit top line growth for many years as we bring this on.

當我們查看我們的管道時，所以當我談論管道時，有兩種方式來考慮它。這都是潛在的未來補充。但是，當我現在在這裡與您談論它時，我指的是我們現有的臨床護理交付能力基礎，以及我們必須在未來基於價值的擴張方面建立這種能力的地方。我們在這方面仍處於早期階段，這就是為什麼我們將 Optum Health 的利潤率保持在 8% 到 10% 的範圍內，因為在這裡我們認為我們還有十年的時間來建設，所以。就在您查看我們現有的管道以及隨著我們帶來這一點而多年以來強勁的兩位數頂線增長所帶來的推動力時。

And the importance, in particular because of the value it brings to the patients we serve, of continuing to invest in these value-based capabilities. So as we build along this, you'll see as we try to do this, we try to -- we look to deliver in this 8% to 10% margin rate, and I expect that to continue just because of these deep investments. And still considering this very early innings, third inning in terms of the build that we'd like to see looking ahead for care delivery.

以及繼續投資於這些基於價值的能力的重要性，特別是因為它為我們所服務的患者帶來的價值。因此，當我們沿著這個方向發展時，你會看到，當我們嘗試這樣做時，我們會嘗試——我們希望實現 8% 到 10% 的保證金率，我希望這會繼續下去，因為這些深度投資。並且仍然考慮這個非常早期的一局，就構建而言，我們希望看到展望未來護理服務的第三局。

John, thank you very much. Next question, please.

約翰，非常感謝。下一個問題，請。

We'll go next to Whit Mayo with SVB Securities.

我們將與 SVB 證券一起去 Whit Mayo 旁邊。

I would have thought that investment income would have been a little higher this quarter. Were there any write-downs on Optum Ventures, anything that would negatively impact that? Just wondering how you're marking some of those investments that you've made in recent years.

我原以為本季度的投資收益會高一些。 Optum Ventures 是否有任何減記，有什麼會產生負面影響的嗎？只是想知道你是如何標記你近年來所做的一些投資的。

Yes. Whit, thanks so much. Let me hand it straight to John.

是的。惠特，非常感謝。讓我直接把它交給約翰。

Whit, yes, within the quarter, we actually took -- we realized some losses as we repositioned the portfolio a bit here, looking out to the future, try to get that all keyed up for the environment we're in right now. And so when you look at that, the quarterly progression, which I believe that's what you're focusing on, I'd call it some of the realized losses we chose to take in this quarter.

惠特，是的，在本季度，我們實際上承擔了一些損失，因為我們在這裡重新定位了投資組合，展望未來，努力為我們現在所處的環境做好準備。因此，當您查看季度進展時，我相信這就是您關注的重點，我將其稱為我們選擇在本季度承擔的一些已實現損失。

Thanks, John. Next question, please.

謝謝，約翰。下一個問題，請。

We'll go next to Gary Taylor with Cowen and Company.

我們將和 Cowen and Company 一起去 Gary Taylor 旁邊。

I just wanted to follow up on the Kelsey-Seybold and Atrius commentary just a little bit. You spent just under $6 billion on acquisitions this quarter, which is about what you've spent annually each of the last 5 years. So just wondering, given the size of that, if you could give us any more color on kind of where those organizations are fee-for-service versus capitation? How they might impact Optum Health margins in the second half?

我只是想稍微跟進一下 Kelsey-Seybold 和 Atrius 的評論。本季度你在收購上花費了不到 60 億美元，這大約是你在過去 5 年中每年花費的金額。所以只是想知道，考慮到它的規模，你是否可以給我們更多的顏色來說明這些組織是按服務收費還是按人頭收費？他們將如何影響 Optum Health 下半年的利潤率？

And then just broadly on the environment, are the valuations that you're able to garner still far below public company value-based care valuations even after they've corrected? Or is there anything there that becomes more intriguing?

然後就大環境而言，即使在修正後，您能夠獲得的估值是否仍遠低於基於上市公司價值的護理估值？或者有什麼更有趣的地方嗎？

So I'll ask John to make a few comments on this in a second, but I'm glad you saw that substantial continued deployment of our capital to grow the business. As you know, a key part of our long-term growth strategy is, of course, organic and complemented by bringing on board new businesses and teams who can supplement what we have. And there's nothing more powerful to that agenda than building out the value-based care piece. Now we believe in both Atrius and Kelsey-Seybold organizations. They have amazing teams, people, organizations which have got real character, history, personality of themselves that we think is going to really add to the diversity of the company and bringing with it a tremendous amount of skills and perspective.

所以我會要求約翰稍後對此發表一些評論，但我很高興你看到我們持續大量部署資本來發展業務。如您所知，我們長期增長戰略的一個關鍵部分當然是有機的，並通過引入可以補充我們現有資源的新業務和團隊來補充。沒有什麼比構建基於價值的護理更強大的了。現在我們相信 Atrius 和 Kelsey-Seybold 組織。他們擁有令人驚嘆的團隊、人員和組織，他們擁有真實的性格、歷史和個性，我們認為這將真正增加公司的多樣性，並帶來大量的技能和觀點。

And as you know, a number of them already -- in both cases, they have developed themselves some significant thinking around value-based care, so the fit is really good. Of course, when you bring in new organizations, there's typically a feathering process before they fully contribute, and I'm sure that will be the case here as well. But really, we continue to be extremely active in how we sensibly think about deploying capital, and we remain very optimistic about our ability to do that.

如你所知，他們中的一些人已經 - 在這兩種情況下，他們已經圍繞基於價值的護理髮展了一些重要的思考，所以非常適合。當然，當你引入新的組織時，在他們完全貢獻之前通常會有一個羽化過程，我相信這裡也是如此。但實際上，我們繼續非常積極地考慮如何明智地考慮部署資本，並且我們對我們這樣做的能力仍然非常樂觀。

But maybe go a little further around valuation perspective, John?

但是，約翰，也許從估值角度走得更遠一點？

Yes. As it relates to valuation perspective, I mean, our pipeline and our conversations as we expand in care delivery, these are multiyear conversations that we have. Often by the time we are able to partner with another care delivery organization, we've probably been in conversations with them for 5 years. Super long pipelines, development processes, relationships, understanding the organization. That is us understanding their organization, them understanding us. These go on for quite a long period of time.

是的。因為它與估值視角有關，我的意思是，我們的管道和我們在擴大護理服務方面的對話，這些都是我們多年的對話。通常，當我們能夠與另一個護理提供機構合作時，我們可能已經與他們進行了 5 年的對話。超長的管道、開發過程、關係、了解組織。那是我們了解他們的組織，他們了解我們。這些持續了相當長的一段時間。

So with that perspective there, there's probably a little bit less volatility than you might expect in terms of as we face out and we think about valuations in this business and where we would have stepped into it maybe a number of years ago where we are now. And even if you look towards a public market and such, they just don't manifest quite as quickly. But they also kind of on the other side, they weren't manifesting as quickly. So I would call it a little less impactful at this point and juncture, but the key point that I think we focused on is these have been multiyear conversations and relationship builds for us as we move into these, and typically not a 6-month process.

因此，從這個角度來看，就我們面臨的問題而言，波動性可能比您預期的要小一些，我們會考慮這項業務的估值以及我們可能會在幾年前涉足的領域，而我們現在所處的位置.即使你著眼於公共市場等，它們也不會很快顯現出來。但他們也有點在另一邊，他們沒有那麼快地顯現出來。所以我認為在這一點和關鍵時刻影響較小，但我認為我們關注的關鍵點是，隨著我們進入這些階段，我們已經進行了多年的對話和建立關係，通常不是 6 個月的過程.

Absolutely. We just have time for one last question. So final question, please, operator.

絕對地。我們只有時間回答最後一個問題。最後一個問題，請接線員。

We'll go to Nathan Rich with Goldman Sachs.

我們將和高盛一起去內森·里奇。

I wanted to ask on utilization in the current inflationary environment that consumers are facing. If, given the greater consumerization of health care in today's market, how do you think consumers might change how they utilize the system given some of the pressures that they're facing? And have you seen any signs of changes in behavior so far?

我想問一下消費者在當前通脹環境下的使用情況。如果，鑑於當今市場上醫療保健的消費化程度更高，您認為消費者在面臨一些壓力的情況下會如何改變他們使用該系統的方式？到目前為止，您是否看到任何行為變化的跡象？

Nate, thanks so much for the question. I'm maybe going to go to Brian in a couple of minutes just to give you a little bit of what he's seeing and what is kind of reflected in his membership. But listen, obviously, we all see the inflationary pressures around us, and we all know that, that has -- that really focuses people's minds on how they prioritize their spend and investment. What it really means for us is we have to double down on getting a great deal for them. We have to use our capabilities to get the very best quality care available at the most affordable cost. And whether that's through the PBM, whether that's through the UnitedHealthcare negotiations with the rest of the medical environment. That's a really important role we're stepping into play, and we're going to continue to lean into that very much.

內特，非常感謝這個問題。我可能會在幾分鐘後去找布賴恩，只是為了給你一點他所看到的以及他的會員資格中反映的內容。但是聽著，很明顯，我們都看到了我們周圍的通脹壓力，而且我們都知道，這確實讓人們的注意力集中在他們如何優先考慮支出和投資上。這對我們來說真正意味著的是，我們必須加倍努力為他們爭取到很多優惠。我們必須利用我們的能力以最實惠的成本獲得最優質的護理。無論是通過 PBM，還是通過 UnitedHealthcare 與其他醫療環境的談判。這是我們正在扮演的一個非常重要的角色，我們將繼續非常重視這一點。

Now then, it speaks to really being astute around understanding how within the consumer experience, some things are more problematic than others. And I'll call out one of the things we're announcing today to eliminate those co-pays on for people who are in really vulnerable situation. This is the right time to do that, to help those folks who are struggling, and we know that we need those folks to make sure they fill their prescriptions properly. And if there's anything caused by the inflationary environment that might hold that back, there's going to be really bad downside to that. And we don't want that to happen.

現在，它說明了在了解消費者體驗中，有些事情比其他事情更成問題的方式。我將提出我們今天宣布的一件事，以消除那些處於非常脆弱境況的人的共同支付。現在是這樣做的正確時機，以幫助那些正在苦苦掙扎的人，我們知道我們需要這些人確保他們正確地服用處方藥。如果通脹環境造成的任何事情可能會阻礙這一點，那麼這將是非常糟糕的不利因素。我們不希望這種情況發生。

So we will lean into that. I'd call out things like virtual, call out things as you think about much more digital engagement. Call out choice. I mean, giving consumers more choice. The more pressure there is in the environment, you've got to lean into it. And that's why, as an organization, we have over the last 2 years really doubled down on our commitment to consumer strategy across the board. Core capability of this company going forward will be consumer capability. And that's an area where you will see us continue to talk about, invest in, build, innovate, and we hope really lead in terms of moving the consumer to the center of thinking in health care.

所以我們會傾向於這一點。我會提到虛擬之類的東西，當你考慮更多的數字參與時會提到一些東西。呼喚選擇。我的意思是，給消費者更多的選擇。環境中的壓力越大，你就必須適應它。這就是為什麼，作為一個組織，我們在過去 2 年裡確實加倍致力於全面的消費者戰略。這家公司未來的核心能力將是消費者能力。這是一個您將看到我們繼續談論、投資、建設、創新的領域，我們希望真正引領消費者進入醫療保健思維的中心。

And maybe just to finish off, Brian, would love to get your perspective on what you're seeing from your very significant membership.

也許只是為了結束，布賴恩，很想從你非常重要的成員中得到你對你所看到的東西的看法。

Sure. Thanks for that, Andrew. Maybe to put it in 2 zones macro, I think Andrew hit it right in that macro environment. It's really around virtual care and around emergency department use. We've seen, obviously, virtual care increase and emergency department use go down. As I think in the particular, again, back to that concept of consumer and choice, it's around product design, Bind being our best example when we can put that consumer in the driver's seat where they can choose site of service and optimize both their cost and quality, they do. And when you couple that with a high-performing network, obviously, you get the benefit both of the unit cost as well as that consumer choice. So those are the greatest examples that I can see really emerging in this environment.

當然。謝謝你，安德魯。也許把它放在 2 個區域宏中，我認為 Andrew 在那個宏環境中擊中了它。它實際上是圍繞虛擬護理和急診部門的使用。顯然，我們已經看到虛擬護理的增加和急診科的使用下降。我特別認為，再次回到消費者和選擇的概念，它圍繞產品設計，Bind 是我們最好的例子，當我們可以讓消費者坐在駕駛座上，他們可以選擇服務地點並優化他們的成本和質量，他們做到了。當您將其與高性能網絡相結合時，顯然，您會從單位成本和消費者選擇中獲益。所以這些是我可以看到在這個環境中真正出現的最好的例子。

Thanks so much. We certainly appreciate your time and attention today. And I hope what you heard is the story of growth and focused execution as our strategy continues to generate momentum across our businesses and advance our mission on behalf of every person and every community we're privileged to serve. Really grateful for your attention this morning. Thank you so much for your questions. We look forward to following up as usual with any further questions you might have offline. Thanks so much, and have a great day.

非常感謝。我們當然感謝您今天的時間和關注。我希望您聽到的是增長和專注執行的故事，因為我們的戰略繼續在我們的業務中產生動力，並代表我們有幸服務的每個人和每個社區推進我們的使命。非常感謝您今天早上的關注。非常感謝您的提問。我們期待像往常一樣跟進您在離線時可能遇到的任何其他問題。非常感謝，祝您有美好的一天。

That will conclude today's call. We appreciate your participation.

這將結束今天的電話會議。我們感謝您的參與。