聯合健康 (UNH) 2024 Q2 法說會逐字稿

Good morning, and welcome to the UnitedHealth Group second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded.

早安，歡迎參加聯合健康集團 2024 年第二季財報電話會議。（操作員指示）提醒一下，此通話正在被錄音。

Here is some important introductory information. This call contains forward-looking statements under US 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 the 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資訊。本次電話會議包含美國聯邦證券法規定的前瞻性陳述。這些聲明受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有重大差異。我們向美國證券交易委員會提交的報告中包含了一些風險和不確定性的描述，包括我們目前和定期提交的文件中包含的警示性聲明。

This call will also reference non-GAAP amounts. A reconciliation of the non-GAAP to GAAP amount is available on the Financial & Earnings Reports section of the company's Investor Relations page at www.unitedhealthgroup.com. Information presented on the call is contained in the earnings release we issued this morning and in our Form 8-K dated July 16, 2024, which may be accessed from the Investor Relations page of the company's website.

本次電話會議也將參考非公認會計準則金額。非 GAAP 與 GAAP 金額的對帳表可在公司投資者關係頁面 www.unitedhealthgroup.com 的財務和收益報告部分找到。電話會議上提供的資訊包含在我們今天早上發布的收益報告和 2024 年 7 月 16 日的 8-K 表中，可從公司網站的投資者關係頁面存取。

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

現在，我將會議交給聯合健康集團執行長安德魯威蒂。

Thank you, Jennifer. Good morning, and thank you for joining us. The second-quarter results we reported today reflect diversified and durable growth and a commitment to ensuring high-quality care is available to every person we're privileged to serve.

謝謝你，詹妮弗。早安，感謝您加入我們。我們今天報告的第二季業績反映了多元化和持久的成長，以及我們致力於確保我們榮幸服務的每個人都能獲得高品質的照護。

In the first half of the year, revenues grew by nearly $14 billion with strong contributions from across the enterprise, led by double-digit growth in Optum. UnitedHealth Group entered the second half of the year with continuing and broad-based growth momentum. As a result, we are affirming our full-year adjusted earnings outlook, even as we absorbed $0.60 to $0.70 per share in business disruption impacts related to the cyberattack. These results come from the sustained focus of the 400,000 people of UnitedHealth Group on adding value for patients, consumers, and customers through the fundamental execution of our key priorities. We're also well positioned for growth in 2025.

今年上半年，公司營收成長近 140 億美元，整個企業的貢獻強勁，其中 Optum 實現了兩位數的成長。聯合健康集團進入下半年，繼續保持廣泛的成長動能。因此，儘管我們承受了與網路攻擊相關的每股 0.60 至 0.70 美元的業務中斷影響，但我們仍確認全年調整後的獲利預期。這些成果源於聯合健康集團 40 萬名員工的持續關注，他們致力於透過根本性地執行我們的關鍵優先事項為患者、消費者和客戶創造價值。我們也為 2025 年的成長做好了準備。

In the selling season to date, the most sophisticated thoughtful buyers of health benefits and services in the US, such as large employers, union, state, seniors, all continue to choose the offerings of UnitedHealth Group when they're looking for managed care, pharmacy services, or a Medicare Advantage plan that provides the best value. This consistent growth reflects customers' recognition of the need for a company like ours. As you know, UnitedHealth Group strives to help reduce the fragmentation and lack of coordination that drives up costs and erodes care outcomes in the $5 trillion US healthcare marketplace.

在迄今為止的銷售季節中，美國最成熟、最周到的健康福利和服務買家，例如大型雇主、工會、州、老年人，在尋找管理式醫療、藥房服務或提供最佳價值的醫療保險優勢計劃時，都會繼續選擇聯合健康集團的產品。這種持續的成長反映了客戶對像我們這樣的公司的需求的認可。眾所周知，聯合健康集團致力於幫助減少 5 兆美元美國醫療保健市場中導致成本上升和護理效果受損的碎片化和缺乏協調現象。

We aim to better coordinate and align incentives among caregivers, payers and pharmacy, enabling us to focus on the whole patient throughout their health journey. We believe this increases value for customers and consumers, improves people's experience and health, reduces redundancies and waste, and ultimately leads to a more sustainable health system.

我們的目標是更好地協調和統一護理人員、付款人和藥房之間的激勵措施，使我們能夠在整個健康過程中關注患者。我們相信這會增加客戶和消費者的價值，改善人們的體驗和健康，減少冗餘和浪費，最終實現更永續的醫療體系。

For example, the proven health and economic value to consumers and taxpayers of Medicare Advantage. A recent study by Milliman found that the cost to taxpayers of Medicare Advantage is 4% less than traditional fee-for-service Medicare.

例如，醫療保險優勢計劃已證明對消費者和納稅人的健康和經濟價值。Milliman 最近的一項研究發現，醫療保險優勢計劃的納稅人成本比傳統的按服務收費的醫療保險低 4%。

At the same time, Medicare Advantage provides seniors well over $2,000 per year in additional value through lower out-of-pocket cost and important services like dental, vision, and hearing, none of which fee-for-service Medicare covers. That means a lot to the majority of the people Medicare Advantage serves who have limited economic resources and otherwise would lack access to such services.

同時，醫療保險優勢計劃透過降低自付費用以及提供牙科、視力和聽力等重要服務，為老年人提供每年超過 2,000 美元的額外價值，而這些服務都是按服務收費的醫療保險所不涵蓋的。這對大多數享受醫療保險優勢計劃服務的人來說意義重大，因為他們的經濟資源有限，否則將無法獲得此類服務。

The home visits we offer seniors further illustrate the value of MA. Last year, our medical professionals made more than 2.5 million home visits. As a direct result, our clinicians identified 300,000 seniors with emerging health needs that may otherwise have gone undiagnosed. They connected more than 500,000 seniors to essential resources to help them with unaddressed needs such as food and security, medication affordability, transportation, and financial support. They also identified and helped close more than three million gaps in care that made a real difference in people's lives. Within 90 days of one of our home visits, 75% of patients received follow-up in a clinical setting.

我們為老年人提供的家訪進一步說明了 MA 的價值。去年，我們的醫護人員進行了超過250萬次家訪。直接的結果是，我們的臨床醫生發現了 30 萬名有新興健康需求的老年人，否則這些需求可能無法診斷。他們為 50 多萬老年人提供了重要資源，幫助他們解決食品和安全、藥物負擔能力、交通和經濟支持等未解決的需求。他們還發現並幫助彌補了300多萬個醫療缺口，真正改變了人們的生活。在我們進行家訪後的 90 天內，75% 的患者在臨床環境中接受了追蹤。

Additionally, Medicare Advantage patients with chronic conditions who receive these home visits end up with better managed and more stable health outcomes, as evidenced by spending measurably less time than fee-for-service patients in emergency room and other hospital settings. The bottom line, our home visit programs help patients live healthier lives and save taxpayers' money. It is only Medicare Advantage that makes programs and results like this possible.

此外，接受這些家訪的患有慢性疾病的醫療保險優勢計劃患者最終會獲得更好的管理和更穩定的健康結果，這從他們在急診室和其他醫院環境中花費的時間比按服務收費的患者少得多就可以看出。最重要的是，我們的家訪計劃可以幫助患者過上更健康的生活並節省納稅人的錢。只有醫療保險優勢計劃才能實現這樣的計劃和結果。

Similarly, Optum Rx clients continue to appreciate the efforts we make to ensure delivery of the lowest-cost drugs in the face of drug company's sole ability to set prices. They also recognize the importance of the comprehensive pharmacy services we provide to people that's driving our momentum this year and bodes well for 2025.

同樣，在製藥公司擁有唯一定價權的情況下，Optum Rx 的客戶也繼續讚賞我們為確保提供最低成本藥品所做的努力。他們也認識到我們為人們提供的全面藥房服務的重要性，這推動了我們今年的發展勢頭，並預示著 2025 年將會有良好的發展。

We also continue to bring practical innovation to people through new products and services and by using new and emerging technologies to improve our own operating efficiency. For example, Surest continues to differentiate itself in the marketplace, which is why more and more customers are offering it to their employees and why the offering continues to grow substantially.

我們也不斷透過新產品和服務為人們帶來實用的創新，並利用新興技術來提高我們自身的營運效率。例如，Surest 繼續在市場上脫穎而出，這就是為什麼越來越多的客戶向員工提供該產品，以及為什麼該產品的供應持續大幅成長。

Additionally, investments in modernization of legacy technology and new emerging technologies are enabling our consumer-centric advancement of healthcare. For example, our growing AI portfolio made up of hundreds of practical use cases will generate billions of dollars of efficiencies over the next several years.

此外，對傳統技術和新興技術的現代化的投資正在推動我們以消費者為中心的醫療保健的發展。例如，我們不斷成長的人工智慧產品組合由數百個實際用例組成，將在未來幾年產生數十億美元的效率。

These investments enable us to improve consumer experience, enhance provider find and price care capabilities to meet people's needs, and improve clinical back-office execution. We expect technology innovation to become an increasingly core driver of our growth over the next two to five years.

這些投資使我們能夠改善消費者體驗，增強供應商查找和定價護理能力以滿足人們的需求，並改善臨床後台執行。我們預計，未來兩到五年，科技創新將成為我們成長的核心驅動力。

And now I'll turn it over to our President and Chief Financial Officer, John Rex.

現在我將把發言權交給我們的總裁兼財務長約翰·雷克斯 (John Rex)。

Thank you, Andrew. I'll start this morning by providing context on some of the unique items in the quarter, then I'll follow with perspectives on care activity and general business updates. The overarching theme I hope you leave with today is that UnitedHealth Group continues to deliver broadly diversified growth with expanding opportunities, works that positions us for continued strong performance in '25 and beyond.

謝謝你，安德魯。今天早上我將首先介紹本季的一些獨特項目的背景，然後我將介紹護理活動和一般業務更新的觀點。我希望大家今天能記住的首要主題是，聯合健康集團將繼續透過不斷擴大的機會實現廣泛多元化的成長，這將使我們在 25 年及以後繼續保持強勁的表現。

Now to update on Change Healthcare. Our focus has centered on the patients, care providers, and customers who rely on us to keep the health system running. Payment and claims as well as for most care providers are back to normal, but we know that is not the case for some. So we continue to work with those who are not there yet.

現在來更新一下「改變醫療保健」的情況。我們的重點集中在依靠我們維持醫療系統運作的患者、護理提供者和客戶身上。大多數護理提供者的付款和索賠都已恢復正常，但我們知道有些護理提供者的情況並非如此。因此，我們將繼續與那些尚未到達那裡的人合作。

UnitedHealth Group has provided more than $9 billion in loans and advanced payments to help providers mitigate the impact of the attack, all at no cost to them. Cyber impacts in the quarter totaled $0.92 per share, and we now estimate the full-year impact will be $1.90 to $2.05 per share. But let me break that down a couple of steps further for you.

聯合健康集團已提供超過 90 億美元的貸款和預付款，幫助供應商減輕攻擊的影響，而且這些費用均免費。本季網路影響總計每股 0.92 美元，我們現在估計全年影響將達到每股 1.90 美元至 2.05 美元。但讓我進一步為您分解幾個步驟。

Of the total in the quarter, $0.64 per share were direct costs incurred in restoring the clearinghouse platform and other response efforts. These included higher medical expenses directly stemming from the temporary pause of some care management activities.

本季總計中，每股 0.64 美元是恢復清算平台和其他回應工作產生的直接成本。其中包括由於一些護理管理活動暫時停止而直接導致的醫療費用增加。

For the full year, we now estimate these direct costs at $1.30 to $1.35 per share. The $0.40 to $0.45 per share increase in this estimate is primarily related to care provider financial support and costs for producing and mailing the consumer notifications that will begin later this month. As a reminder, these direct costs are included in net earnings, but are excluded from adjusted earnings per share.

就全年而言，我們現在估計這些直接成本為每股 1.30 美元至 1.35 美元。該估計每股增加 0.40 美元至 0.45 美元主要與護理提供者的財務支持以及本月稍後開始製作和郵寄消費者通知的成本有關。提醒一下，這些直接成本包含在淨收益中，但不包含在調整後的每股盈餘中。

The other component affecting our results relates to disruption of the ongoing Change Healthcare business. This largely encompasses the loss of revenues combined with the cost of keeping these capabilities fully ready to serve. Notably, these effects are not excluded from adjusted earnings.

影響我們績效的另一個因素與正在進行的變革醫療保健業務的中斷有關。這主要包括收入損失以及保持這些能力完全可用所需的成本。值得注意的是，這些影響並未排除在調整後的收益之外。

In the second quarter, this impact was $0.28 per share. For the full year, we now estimate the business disruption impacts at $0.60 to $0.70 per share compared to the $0.30 to $0.40 we estimated last quarter.

第二季度，這一影響為每股 0.28 美元。就全年而言，我們現在估計業務中斷的影響為每股 0.60 美元至 0.70 美元，而上個季度我們估計的影響為每股 0.30 美元至 0.40 美元。

Most of the service functionality is now restored, and revenues are rebuilding even as the pacing of this process varies. These important services are now more modern, secure, and capable and continuing to advance rapidly. Our ambition continues to be to return to baseline performance in '25 and to grow strongly from there.

目前，大多數服務功能已恢復，儘管恢復過程的節奏有所不同，但收入正在重新恢復。這些重要服務現在更加現代化、安全、更強大，並且持續快速發展。我們的目標仍然是在 25 年恢復基線業績並從此實現強勁增長。

Turning to international. Following the sale last quarter of our much larger Brazil operations, we classified the remaining South American businesses as held for sale. This is a natural step following the Brazil sale. We highly value the relationships we have built with our dedicated colleagues over the last several years and wish them continued success.

轉向國際。繼上個季度出售規模更大的巴西業務後，我們將剩餘的南美業務歸類為持有待售業務。這是繼巴西銷售之後的自然舉措。我們高度重視過去幾年與敬業的同事建立的關係，並祝福他們繼續取得成功。

In a diverse enterprise with a strong growth record and capabilities such as ours, such portfolio evolutions enable us to keep our focus on the many compelling growth opportunities before us. The second quarter includes a total of $1.3 billion in South American impacts, the majority of which is noncash and largely due to foreign currency translation losses accumulated over the years.

在像我們這樣擁有強勁成長記錄和能力的多元化企業中，這樣的產品組合演變使我們能夠將注意力集中在我們面前的眾多引人注目的成長機會上。第二季南美影響總計 13 億美元，其中大部分是非現金，主要是因為多年累積的外幣折算損失。

About $220 million of this stems from a regulatory action in Chile, affecting all health plans. You'll see that as a component in the supplemental financial tables we provided this morning. The action relates to industry premium increases dating back to 2020, but as configured will be reflected in consumer premium credits to be issued in future years. As a result, the entire $220 million was recorded as a reduction to premium revenue in the second quarter, increasing our reported medical care ratio by about 25 basis points.

其中約 2.2 億美元源自智利的監管行動，影響所有健康計畫。您會在今天早上我們提供的補充財務表中看到它。該舉措與 2020 年以來的行業保費上漲有關，但按照配置，將反映在未來幾年發放的消費者保費抵免中。結果，整個 2.2 億美元被記錄為第二季度保費收入的減少，使我們報告的醫療保健比率增加了約 25 個基點。

Turning to the second-quarter medical care ratio, it was also impacted by about 40 basis points or $290 million due to the suspension of some care management activities after the cyberattack. That makes for a total of about 65 basis points of nonrepeating impacts, including South America.

談到第二季度的醫療保健比率，由於網路攻擊後一些護理管理活動暫停，該比率也受到約 40 個基點或 2.9 億美元的影響。這就造成了包括南美洲在內的總共約 65 個基點的非重複影響。

Beyond these effects, the care ratio in the quarter was also modestly affected by three other factors, one being member mix within Medicare Advantage and dual special needs plans, which this year has been shaped by the unusual competitive benefit configurations in the marketplace. A second being the timing mismatch between the current health status of remaining Medicaid members and the state rate updates, a timing mismatch we expect to realign in the months ahead. And third, the lingering upshift in provider coding intensity, which we believe was spurred by the temporary suspension of our care review activities and carry pass.

除了這些影響之外，本季的照護比例還受到其他三個因素的輕微影響，其中之一是醫療保險優勢計劃和雙重特殊需求計劃中的成員組合，今年這些組合受到市場上不同尋常的競爭性福利配置的影響。第二個原因是剩餘醫療補助成員的當前健康狀況與州費率更新之間的時間不匹配，我們預計這種時間不匹配將在未來幾個月內重新調整。第三，提供者編碼強度持續上升，我們認為這是由於我們的護理審查活動和攜帶通行證的暫時中止所致。

This impact is not reflected in our cyberattack direct response costs, and we have been addressing it. Nonetheless, we continue to expect our full-year medical care ratio, excluding 30 basis points of cyber and South American effects, to be within the range we offered in November, albeit at the upper end.

這種影響並未反映在我們的網路攻擊直接回應成本中，我們一直在解決這個問題。儘管如此，我們仍然預計，全年醫療保健比率（不包括 30 個基點的網絡和南美影響）將在我們 11 月提供的範圍內，儘管處於較高水平。

For our 2025 Medicare Advantage planning process, we assume care patterns and mix at the levels we are seeing today, in addition to fully incorporating the second of the three-year phased funding cuts. And we have been fully attuned to how the Inflation Reduction Act will affect Medicare Part D offerings in '25. Also as noted, we expect the Medicaid timing mismatch to subside as rates are updated throughout the remainder of this year and into next, appropriately reflecting current member health status.

對於我們的 2025 年醫療保險優勢計劃流程，我們假設護理模式和組合與我們今天看到的水平相同，此外還全面納入了三年分階段資金削減中的第二次削減。我們已經完全了解《通貨膨脹削減法案》將如何影響 25 年的聯邦醫療保險 D 部分服務。另外如上所述，我們預計醫療補助時間不匹配的問題將會消退，因為今年剩餘時間和明年的費率都會更新，從而適當反映當前成員的健康狀況。

Turning to the performance of our businesses. At UnitedHealthcare, revenues of $74 billion grew by $3.6 billion. UHC domestic commercial membership grew 2.3 million in the first half of this year as employers and consumers responded to our distinctive offerings. And while the '25 selling season is ongoing, we are encouraged by the continued momentum we see.

談談我們業務的表現。聯合健康保險的營收為 740 億美元，成長了 36 億美元。超健康生活由於雇主和消費者對我們獨特服務的正面回應，今年上半年國內商業會員數量增加了 230 萬人。儘管 25 年銷售旺季仍在繼續，但我們對所看到的持續成長勢頭感到鼓舞。

Our recently filed Medicare Advantage bid for '25 again took a balanced approach to provide as much stability for seniors as possible, while factoring in the realities of the funding cuts and current care patterns. You can expect us to continue to prioritize balanced and durable performance over transitory market share gains. In Medicaid, we expect membership levels to stabilize as we head into the second half of the year, and our teams are executing well with both renewals and expansions.

我們最近提交的 25 年醫療保險優勢計劃再次採取了平衡的方法，為老年人提供盡可能多的穩定性，同時考慮到資金削減和當前護理模式的現實。您可以期待我們繼續優先考慮平衡和持久的性能，而不是暫時的市場份額成長。在醫療補助方面，我們預計隨著進入下半年，會員水準將會穩定下來，我們的團隊在續約和擴展方面都表現良好。

OptumHealth's revenues grew by 13% to $27 billion, and the operating margin expanded over last year. We are on track to approach five million patients in value-based care by the end of this year and are progressing strongly on our earlier and deeper engagement with patients, with a purposeful focus on our newer regions to more rapidly improve health outcomes and experiences.

OptumHealth 的營收成長了 13%，達到 270 億美元，營業利潤率比去年有所擴大。我們預計在今年年底前為 500 萬名患者提供基於價值的醫療服務，並且在與患者的早期和更深入的接觸方面取得了長足的進步，並有目的地關注我們的新地區，以更快地改善健康結果和體驗。

Optum Rx revenues grew 13% to over $32 billion, driven by strong customer response to the differentiated value, consumer experience, and clinical expertise we offer. At OptumInsight, for the services beyond Change Healthcare, we see strong performance in line with our expectations. The revenue backlog increased to nearly $33 billion, growth of over $1 billion from a year ago, driven by business process and information technology services for health systems.

Optum Rx 的營收成長了 13%，達到 320 多億美元，這得益於客戶對我們提供的差異化價值、消費者體驗和臨床專業知識的強烈反響。在 OptumInsight，對於 Change Healthcare 以外的服務，我們看到了符合我們預期的強勁表現。營收積壓增加至近 330 億美元，比去年同期成長了 10 多億美元，這得益於醫療系統的業務流程和資訊科技服務。

A few additional items of note. As we highlighted in April, we established an additional $800 million in medical reserves in the first quarter to reflect the potential for the cyberattack to have affected claims receipt timing. With claims now flowing at more normalized levels, we continue to prudently analyze these trends. Similar to last quarter, the second-quarter results do not reflect any favorable earnings impacting medical reserve development.

還有一些值得注意的事項。正如我們在四月所強調的那樣，我們在第一季額外設立了 8 億美元的醫療儲備金，以應對網路攻擊可能影響索賠接收時間的情況。隨著索賠流程目前處於更正常化的水平，我們將繼續謹慎地分析這些趨勢。與上一季類似，第二季的業績並未反映出任何影響醫療儲備發展的有利收益。

Days and claims payable at 45.2 compared to 47.1 in the first quarter. The change was due primarily to the return to more normal claims submission patterns from providers and, to a lesser extent, some impact from reclassifying the remaining South American operations to held for sale.

應付索賠天數為 45.2，而第一季為 47.1。這項變更主要是由於保險公司恢復了更正常的索賠提交模式，在較小程度上，也由於將剩餘的南美業務重新歸類為持有待售業務而產生了一些影響。

Cash flows from operations in the quarter were at $6.7 billion or 1.5 times net income, even with the accelerated funding for care providers. In June, our Board of Directors increased the dividend by 12%, marking the 15th consecutive year of double-digit dividend increases to shareholders.

即使加速了對護理提供者的資助，本季的營運現金流仍達到 67 億美元，即淨收入的 1.5 倍。6 月份，我們的董事會將股息提高了 12%，這是連續第 15 年向股東實現兩位數的股息成長。

During the quarter, as I mentioned earlier, we prioritized devoting resources to support care providers in the wake of the cyberattack over some activities such as share repurchase. It was the right thing to do, devoting all our efforts to provide stability for the health system. Still, with our ongoing strong capital capacities and with support needs abating, we expect to achieve the full-year repurchase objective we shared with you last November.

正如我之前提到的，在本季度，我們優先投入資源來支持網路攻擊後的護理提供者，而不是股票回購等活動。盡一切努力確保衛生系統的穩定是正確的做法。儘管如此，憑藉我們持續強大的資本能力和支持需求的減弱，我們預計將實現去年 11 月與您分享的全年回購目標。

In summary, it is the confidence we have in the performance of our diversified businesses that allows us to affirm full-year adjusted EPS in the range of $27.50 to $28, the objective we established last year, even as we have absorbed the unanticipated $0.60 to $0.70 in business disruption impacts. Within this, we expect a balanced pacing in the second half. Now I'll turn it back to Andrew.

總而言之，我們對多元化業務的表現充滿信心，這使我們能夠確認全年調整後每股收益在 27.50 美元至 28 美元之間，這是我們去年設定的目標，即使我們已經吸收了意外的 0.60 美元至 0.70 美元的業務中斷影響。在此背景下，我們預計下半年的節奏將會保持平衡。現在我將話題轉回給安德魯。

John, thank you. As I said in November at our investor conference, we operate in an environment where change is constant. What you've come to see is that when changes happen, foreseen or unforeseen, we just deal with it. UnitedHealth Group is a nimble and adaptable enterprise, well suited to meet the challenges that come our way and the opportunities we pursue with the many and diverse capabilities available to us.

約翰，謝謝你。正如我在 11 月的投資者會議上所說，我們經營的環境瞬息萬變。您會發現，當發生變化時，無論是可預見的還是不可預見的，我們都會應對。聯合健康集團是一家靈活且適應性強的企業，憑藉我們擁有的多種多樣的能力，我們能夠很好地應對所面臨的挑戰和所追求的機會。

In this first half, as we've done before, we navigated a complex external environment, while managing through a significant business disruption. We continue to deliver on our growth objectives and are committed to delivering on our 13% to 16% long-term growth target.

今年上半年，正如我們以前所做的那樣，我們應對了複雜的外部環境，同時度過了重大的業務中斷。我們繼續實現我們的成長目標，並致力於實現13%至16%的長期成長目標。

We'll now answer any questions you might have. Operator, please?

我們現在將回答您可能有的任何問題。接線員，請說？

(Operator Instructions) AJ Rice, UBS.

（操作員指示） AJ Rice，瑞銀。

Hi, thanks for the question. Just to make sure -- expanding on John's comments, if we're thinking about the -- you're thinking on MLR overall for the rest of the year, it sounds like beyond Change, beyond Latin America, there's two items you're calling out.

你好，謝謝你的提問。只是為了確保 - 擴展約翰的評論，如果我們正在考慮 - 你正在考慮今年剩餘時間的 MLR 總體情況，聽起來除了變化之外，除了拉丁美洲之外，你還提到了兩件事。

One is the Medicaid timing mismatch, which sounds like you think it's short term and then this upcoding, coding intensity comment. And I assume that's mainly in the insurance business, but maybe it's in OptumHealth as well. Can you just give us a sense of how much those are impacting your thinking? And how much is second quarter versus the impact in the back half on those?

一是醫療補助時間不匹配，聽起來您認為這是短期的，然後是這種上調編碼、編碼強度評論。我認為這主要發生在保險業務中，但也可能發生在 OptumHealth 中。您能否讓我們了解這些對您的想法有多大影響？那麼第二季與下半年相比，影響有多大？

Yeah, AJ, thanks for the question. Let me ask John to get right to it.

是的，AJ，謝謝你的提問。讓我請約翰立即開始。

Good morning, AJ. Yeah, and there's really kind of three items that we're talking to in addition to those two here also. The member mix component here when you bring it all together, those additional items that we're looking at in terms of -- versus where we were and how we're thinking about it. I would say they're kind of roughly equivalent zone in terms of their impact here. And then how they flow throughout the year -- the rest of year, really, you'll see some of those elements.

早上好，AJ。是的，除了這兩個之外，我們還在討論三個項目。當您將所有這些放在一起時，這裡的會員組合組成部分就是我們正在考慮的那些附加項目——與我們之前的位置以及我們對此的看法相比。我想說，就其影響而言，它們大致相當於一個區域。然後它們如何在一年中的剩餘時間流動——實際上，你會看到其中的一些元素。

So as it relates to Medicaid impacts, pricing goes on over a period of, say, kind of 12 months or so. So there's pricing that occurs over the rest of this year into next year. So those elements in terms of catching up -- that mismatch catching up with the acuity that we have in the remaining population occurs over a period. Certainly, we are addressing the elements we talked about in terms of what we're seeing in the coding up shift. And we're well underway in addressing those elements, but we'll continue to address them throughout the course of the year.

因此，就與醫療補助的影響而言，定價會持續約 12 個月左右的時間。因此，今年剩餘時間到明年的定價都是固定的。因此，就追趕而言，這些因素——與剩餘人口的敏銳度之間的不匹配需要一段時間才能趕上。當然，我們正在根據編碼升級過程中看到的情況來解決我們所討論的要素。我們正在順利解決這些問題，但我們將在全年繼續解決這些問題。

The member mix is kind of the member mix we have now at this point. And that really pertains to just the elements that I've mentioned in my prepared comments about some of the benefit design impacts and how that impacted both our growth and also the type of membership that we were left with as we saw our full configuration. That really lasts with us throughout the year. So -- but that was an element we also incorporated into our view for 2025 as we approached our bid for '25. Thank you.

會員組合就是我們現在擁有的會員組合。這實際上只涉及我在準備好的評論中提到的一些要素，這些要素涉及一些福利設計的影響，以及這些影響如何影響我們的成長以及我們在看到我們的完整配置時所剩下的會員類型。這確實會伴隨我們一整年。所以——但這也是我們在製定 2025 年目標時納入 2025 年願景的因素。謝謝。

Well said, John. And maybe just to reiterate one thing John said and then maybe add a further point, AJ. Super important just to hear what you said in terms of that member mix. Obviously, we deal with it during this year, but we obviously had the opportunity to incorporate into our '25 planning and bid. So we feel very good about that.

說得好，約翰。也許只是重申約翰說過的一件事，然後再補充一點，AJ。聽聽您對成員組合的看法非常重要。顯然，我們今年將處理這個問題，但我們顯然有機會將其納入我們的 25 年規劃和競標中。因此我們對此感到非常高興。

And then secondly, maybe just to reflect, step back just a little bit on as we think of MLR, really, the biggest incoming dynamic on MLR at the beginning of this year was the funding reduction in MA, the V28 significant reduction in funding. And you can see that we are fundamentally navigating that, I think, extremely well.

其次，也許只是為了反思，當我們思考 MLR 時，稍微回顧一下，實際上，今年年初 MLR 最大的動態是 MA 的資金減少，V28 資金大幅減少。您可以看到，我們正在從根本上解決這個問題，我認為，做得非常好。

And yes, there are a couple of areas of pressure at the margin. I think, as you just heard from John, they're primarily boxed off in terms of they're going to work their way through the pricing cycle with Medicaid. Or in the case of concerns around coding activity, we're very focused on that, confident we're -- we'll be able to -- we are addressing that. So those things feel transitory.

是的，邊緣領域確實存在一些壓力。我認為，正如你剛才從約翰那裡聽到的，他們主要在透過醫療補助計劃完成定價週期方面受到限制。或者在有關編碼活動的擔憂的情況下，我們非常關注這一點，相信我們 - 我們能夠 - 我們正在解決這個問題。所以這些事情感覺都是暫時的。

Most importantly, we feel good about the way our response to the V28 funding cut is playing out for us in the overall business. And really, as we started the year, that was the much bigger thing to make sure we got right, and I'm feeling like we're well on our way through the first year of this three-year cycle. And we've talked to you repeatedly about how critical it is to make sure we navigate that over the long run, and we feel good about that.

最重要的是，我們對 V28 資金削減的應對措施在整體業務中發揮的作用感到滿意。事實上，當我們開始新的一年時，這是一件需要確保我們做對的更重要的事情，我感覺我們已經順利度過了這個三年周期的第一年。我們已經多次跟你們說過，確保我們長期順利地解決這個問題是多麼重要，我們對此感到滿意。

So thanks, AJ. Next question?

所以謝謝你，AJ。下一個問題？

Lisa Gill, JPMorgan.

摩根大通的麗莎吉爾。

Thanks very much and good morning. I want to focus for a minute on SG&A, which came in much better than expected. Can you maybe talk about the key components of where you're seeing cost savings, the durability?

非常感謝，早安。我想專注於銷售、一般及行政開支 (SG&A)，其收入比預期好得多。您能否談談您所看到的成本節約的關鍵因素，即耐用性？

And Andrew, you touched a little bit about AI efficiencies there. Are you starting to see that in this quarter? And how much opportunity is there from an SG&A perspective when we think about AI?

安德魯，你稍微談到了人工智慧的效率。您在本季開始看到這一點了嗎？當我們考慮人工智慧時，從銷售、一般及行政費用 (SG&A) 的角度來看，有多少機會？

Lisa, thanks so much for the question. I'm going to ask John to comment a little bit. Let me make a couple of kind of upfront comments and then maybe a couple of examples more specifically to help you a little bit on this.

麗莎，非常感謝你提出這個問題。我要請約翰發表一點評論。讓我先發表幾點坦白的評論，然後再舉幾個更具體的例子來幫助你解決這個問題。

So to get to your last point, we are running now hundreds of AI use case deployments. I'd say the first wave of those are essentially allowing us to do things much more quickly, much more reliably, much more efficiently than humans can do them, so an ability to navigate complexity to find the answers within complex datasets. And super important, and I'll give you a couple of examples of how that begins to help us as we go on.

所以回到你的最後一點，我們現在正在運行數百個 AI 用例部署。我想說，第一波技術本質上使我們能夠比人類更快、更可靠、更有效率地完成任務，從而能夠在複雜的資料集中找到答案。這非常重要，我會給你們舉幾個例子，說明這如何幫助我們繼續前進。

I think we are now -- you will also start to see, as we roll through the end of this year and next year, those same kind of tools begin to be deployed in fundamental reimagination of business process. So one is essentially allowing an existing process to run more efficiently. The second is can we actually take steps out of a process and really start to change things.

我認為我們現在——您還將開始看到，隨著我們進入今年年底和明年，相同類型的工具將開始部署在業務流程的根本性重塑中。因此，本質上就是讓現有流程運作得更有效率。第二，我們能否真正採取措施，開始改變現狀。

I'd call out payment integrity as a front runner in that particular regard. And you'll start to see a lot of movement there over the next year or so, Lisa. And it's going to be, I think, OptumInsight, '25, '26, '27 in terms of deployment of technology to change many of the processes that we've been used to for decades is coming. And that's going to be a very exciting phase.

在這方面，我認為支付誠信是領先者。麗莎，在接下來的一年左右，你會開始看到那裡發生很多變化。我認為，OptumInsight 將在 25、26、27 年部署技術，改變我們幾十年來習慣的許多流程。這將會是一個非常令人興奮的階段。

If you look in the short run -- I'll give you a couple of examples, and this plays a little bit around technology. I certainly wouldn't say these are all generative AI examples, but they're certainly digitization examples. They are certainly technology-enabled examples.

如果你從短期來看——我會給你舉幾個例子，這與技術有點關係。我當然不會說這些都是生成式人工智慧的例子，但它們肯定是數位化的例子。它們確實是技術支援的例子。

So for example, we brought on this year Optum Rx a record number of clients. You've seen the growth. You can imagine the number of folks who've been signed up into Rx platforms. We actually spent 9% less this year in the onboarding of that record volume than we did the prior year, 9%, entirely due to digitization, technology efficiency deployed through the organization.

例如，今年 Optum Rx 的客戶數量創下了歷史新高。您已經看到了增長。您可以想像有多少人已經註冊了 Rx 平台。事實上，我們今年在創紀錄的入職培訓上的花費比前一年減少了 9%，這完全歸功於整個組織部署的數位化和技術效率。

Let me take you to another part of the organization, OptumHealth. We've more or less increased our number of risk -- fully risk delegated lives within OptumHealth by about 40% over the last two years. That's -- by the way, that's in excess of a million -- almost 1.5 million more lives over that period with zero increase in personnel headcount in the risk-based businesses. So zero increase in headcount in a business which has increased its served members by close to 40%.

讓我帶您了解組織的另一個部分，OptumHealth。在過去兩年中，我們或多或少增加了 OptumHealth 內的風險——完全風險委託生命的數量，增加了約 40%。順便說一下，這超過了一百萬——在那段時期內，幾乎增加了 150 萬人的生命，而風險型業務的員工數量卻沒有增加。因此，一家服務會員數量增加了近 40% 的企業的員工數量卻沒有增加。

So those are just a couple of examples. You're seeing that show up in those two examples, Optum. That's why you're starting to see that leverage flow through the Optum business line and it's something we obviously expect to continue to sustain over many, many quarters and years. And John, I'd love you to go a little deeper.

這些只是幾個例子。您會在 Optum 這兩個例子中看到這一點。這就是為什麼您開始看到槓桿作用流經 Optum 業務線，而且我們顯然預計這種情況將在未來許多季度和許多年份繼續維持下去。約翰，我希望你能更深入地談談。

Yeah, good morning, Lisa. As you can -- I guess I'd start by -- it's early in that journey in terms of potential and opportunity for what we can do. And yes, it was a very strong quarter in terms of cost management. But let me just step back a moment here. As you can imagine, given how some of these businesses were built and the fragmentation of the system, there are duplicative functions and uneven consumer experiences throughout that we're addressing. And as our businesses begin to scale, our ability to produce efficiencies accelerates while, at same time, we can improve those customer experiences and expand the best practice across the broader base.

是的，早上好，麗莎。正如你所知——我想我會從——就我們能做的事情的潛力和機會而言，這段旅程才剛開始。是的，從成本管理的角度來看這是一個非常強勁的季度。但讓我在這裡稍微回顧一下。你可以想像，考慮到其中一些企業的建立方式和系統的碎片化，存在著重複的功能和不均衡的消費者體驗，我們正在解決這些問題。隨著我們的業務開始擴大，我們提高效率的能力也隨之增強，同時，我們可以改善客戶體驗，並在更廣泛的範圍內擴展最佳實踐。

These comments -- the comments that Andrew was offering in his answer to your question, it's just really a natural outgrowth as these businesses begin to move beyond what we have viewed the earliest phases to a more adolescent phase. That's what we're seeing very strong this quarter. Over the longer term, we can expect advancement.

這些評論——安德魯在回答你的問題時提出的評論，實際上只是一種自然的結果，因為這些企業開始從我們所看到的早期階段進入更成熟的階段。這就是我們本季看到的強勁表現。從長遠來看，我們可以期待進步。

I wouldn't expect it to remain at this level consistently as we look ahead over the next few quarters, though. It was a super strong quarter. But we are going to look to invest in many of these items that Andrew just articulated here, getting to a more modern streamlined experiences as these businesses evolve further. So I wouldn't expect it to persist right at this level as we make those investments, and we're anxious and ambitious to make those investments.

不過，展望未來幾個季度，我預計它不會持續保持在這個水平。這是一個非常強勁的季度。但我們將考慮對安德魯剛才闡述的許多項目進行投資，隨著這些業務的進一步發展，獲得更現代化的精簡體驗。因此，當我們進行這些投資時，我預計它不會一直維持在這個水平，我們渴望並雄心勃勃地進行這些投資。

Great. So Lisa, thanks for raising it. You can tell it's a big focus for us. We laid out when V28 first was announced, that one of the three ways that we would respond to this is we would double down on our own cost management efficiency and productivity. You're absolutely seeing that. And that coincides with an extraordinarily and exciting moment around technological innovation, whether that's generative AI, digitization, all wrapped together in our march toward a greater consumer focus within the organization.

偉大的。所以麗莎，謝謝你提出這個問題。您可以說這是我們關注的一個重點。我們在 V28 首次發佈時就提出，我們應對這一問題的三種方式之一就是加倍提高我們自己的成本管理效率和生產力。您肯定看到了這一點。這與科技創新領域一個非凡而令人興奮的時刻相吻合，無論是產生人工智慧還是數位化，都融入到我們組織朝著更加關註消費者的方向邁進的進程中。

All of that really hangs together. It's very much the core focus of how we think about things going forward. Thanks, Lisa. Next question?

所有這些確實緊密相關。這是我們思考未來事物的核心焦點。謝謝，麗莎。下一個問題？

Josh Raskin, Nephron Research.

Josh Raskin，Nephron Research。

Hi, thanks. Good morning. Looking at your bids that you submitted for MA for 2025, I'd be curious if you could tell us if you were bidding to improve MA margins in 2025 or if you're still within that target range in light of the G&A savings. And then more importantly, maybe just some early thoughts on what sort of growth assumptions you have included in those bids, both your assumption for the market as well as any potential market share gains.

你好，謝謝。早安.查看您提交的 2025 年 MA 投標，我很好奇您是否可以告訴我們您是否在競標以提高 2025 年的 MA 利潤率，或者考慮到 G&A 節省，您是否仍在該目標範圍內。然後更重要的是，也許只是一些關於您在這些出價中包含了什麼樣的成長假設的早期想法，包括您對市場的假設以及任何潛在的市佔率成長。

Hey, Josh, thanks so much. I'm going to ask Tim Noel to address the first part of your question. On the second part, you're not going to be surprised. I'm going to defer from making any predictions about next year. It's still a little early. We'd like to see where everybody else plays out in this cycle.

嘿，喬希，非常感謝。我將請蒂姆·諾埃爾來回答你問題的第一部分。對於第二部分，你不會感到驚訝。我將不會對明年做出任何預測。現在還早了一點。我們想看看其他人在這個週期中的表現。

I think we all saw in the 2024 cycle, ultimately, the way growth plays out in the marketplace depends on how everybody bids, not just on how you bid. And it only takes one bid to be kind of out of expectation to completely distort your view of how things could play out.

我想我們都看到了 2024 年周期，最終，市場成長的方式取決於每個人的出價方式，而不僅僅是你如何出價。只需要一次出乎意料的出價就能完全扭曲你對事情發展的看法。

So just going to defer a little bit on that one. But on the first point, Tim, I'd love you to make a few comments.

因此，我打算在這一點上稍微推遲一下。但就第一點而言，提姆，我希望你發表一些評論。

Yeah. Thanks, Josh, for the question. So -- and as we think about margins in the MA business and as it relates to our bid, I think we've talked about the consistent approach to how we plan margins. And we maintain -- continue to maintain that. And we're operating comfortably within that margin range as we have in the past and as we're planning in 2025.

是的。謝謝喬希提出這個問題。因此 - 當我們考慮 MA 業務的利潤率以及它與我們的出價的關係時，我認為我們已經討論瞭如何規劃利潤率的一致方法。我們堅持——繼續堅持這一點。正如我們過去所做的那樣，以及我們在 2025 年所計劃的那樣，我們在該利潤範圍內順利運作。

And then when I think about our pricing approach for 2025, as Andrew mentioned, too early to get into a lot of specifics as CMS is reviewing those bids right now. But we're in a posture on how we've priced those products as we'll be comfortable with whatever growth is the outcome of the products that we bring to marketplace in 2025.

然後，當我考慮我們 2025 年的定價方法時，正如安德魯所提到的，現在討論很多細節還為時過早，因為 CMS 目前正在審查這些投標。但是，我們對這些產品的定價方式持謹慎態度，因為我們對 2025 年推向市場的產品所帶來的成長感到滿意。

Right. Thanks so much, Tim and Josh. Appreciate the question. Next question, please?

正確的。非常感謝，提姆和喬希。感謝你的提問。請問下一個問題？

Stephen Baxter, Wells Fargo.

富國銀行的史蒂芬‧巴克斯特。

Yes, hi, thanks. Can you speak in a little greater detail about your expectation that the Medicaid pressure starts to subside in the second half of the year? I guess, specifically, can you maybe speak to what you actually know about rates today, either draft or finalized versus perhaps speaking to a general reliance on actuarially sound rates playing out over a reasonable period of time? Just trying to understand a little bit of visibility that you have a bit better. Thank you.

是的，你好，謝謝。您能否更詳細地談談您對今年下半年醫療補助壓力開始減輕的預期？我想，具體來說，您能否談談您對當今利率的實際了解，無論是草案還是最終確定的利率，還是談談對合理時期內精算合理利率的普遍依賴？只是想更了解你的可見性。謝謝。

Okay. Stephen, thanks for the question. I'm going to ask Krista Nelson, who leads our Medicaid business to respond to that. Krista?

好的。史蒂芬，謝謝你的提問。我將請負責我們醫療補助業務的克里斯塔·尼爾森對此作出回應。克里斯塔？

Yeah, thanks so much for the question. So as it relates to visibility, we've got visibility into the majority of our rates for '24. And while there's just a slight gap in the second quarter, we really like how our 7/1 rates are shaping up and continue to work with state partners to influence key assumptions before those rates become final in the future.

是的，非常感謝您的提問。因此，就可見性而言，我們對 24 年的大部分費率都有可見性。儘管第二季僅存在輕微差距，但我們確實對 7/1 利率的形成方式感到滿意，並將繼續與州合作夥伴合作，以在未來這些利率最終確定之前影響關鍵假設。

And while we might see a little bit of dislocation the rest of the year, states have really committed to accurately reflecting the change in acuity from redeterminations into current and future adjustments and really expect this to even out as we pace through the remainder of '24 and early '25. Thanks for the question.

雖然我們可能會在今年剩餘時間看到一些混亂，但各州確實致力於準確反映從重新確定到當前和未來調整的敏銳度變化，並真正期望這種變化在我們度過24年剩餘時間和25年初時趨於平穩。謝謝你的提問。

Krista, thanks so much. So I mean, listen, Stephen, I think you heard there why we're confident that this is really a kind of time fenced issue. And in the grand scheme of things, I would characterize this at the margin. It's a part of what you've seen in this small deviation in Q2, but we don't really see it as a sustainably structural issue, and you heard exactly why just there.

克里斯塔，非常感謝。所以我的意思是，聽著，史蒂芬，我想你已經聽到了為什麼我們確信這確實是一個時間限定的問題。從整體來看，我會以邊際來描述這一點。這是您在第二季度看到的微小偏差的一部分，但我們不認為這是一個可持續的結構性問題，您剛才已經聽到了確切的原因。

So thanks, Krista. And Stephen, thanks for your question. Next question, please.

所以謝謝你，克里斯塔。史蒂芬，謝謝你的提問。請回答下一個問題。

Justin Lake, Wolfe Research.

賈斯汀·萊克，沃爾夫研究公司。

Thanks, good morning. Just a quick clarification and then a question about second-half MLR. So first, a clarification. On the MLR, it sounded like, John, you're guiding to a core MLR of the -- at the high end of the range or 84.5%. And then I would add 30 basis points of the one-timers for the full year that you've seen in the first half. That would leave GAAP MLR at 84.8%.

謝謝，早安。只需簡單澄清一下，然後詢問有關下半年 MLR 的問題。首先，需要澄清一下。關於 MLR，聽起來，約翰，你正在引導核心 MLR 處於範圍的高端或 84.5%。然後，我會將您在上半年看到的全年一次性支出增加 30 個基點。這使得 GAAP MLR 達到 84.8%。

Is this correct? And to be clear, is there any expectation for further one-timers in the second half of the year? Or should the third and fourth quarter kind of be clean?

這是正確的嗎？需要明確的是，今年下半年是否還會出現更多一次性事件？或者第三和第四季應該要乾淨一些？

And then my question is just around core MLR in the first quarter, ex the one-timers was 84.2%. It sounds like it will be 84.8% in the second half. So maybe you could help us think about 3Q versus 4Q just to make sure our expectations are set correctly given of how much focus there is here. Thanks.

然後我的問題是第一季的核心 MLR，例如一次性貸款為 84.2%。聽起來下半年將會達到 84.8%。因此，也許您可以幫助我們思考第三季度與第四季度，以確保我們的預期正確，因為這裡關注的重點太多了。謝謝。

Good morning, Justin. I'd say, first, yes, your -- the way you described our assumptions around core full-year MLR are consistent with our expectations. So how you describe that is quite consistent. As it relates to just looking at towards the 3Q and such, I'd expect that to be in the neighborhood of 84%, very likely a few tens of basis points higher than that, though, so it kind of a little bit above that in that zone.

早安，賈斯汀。我想說，首先，是的，您描述我們對核心全年 MLR 的假設的方式與我們的預期一致。所以你對此的描述是相當一致的。就第三季等數據而言，我預計該數字將在 84% 左右，很可能會比該數字高出幾十個基點，因此該數字略高於該區域。

As it relates to kind of other elements that we've pulled out here, no, they shouldn't be material. Those cyber effects should continue to abate. As we mentioned, we're not adjusting for the elements we talked about the provider and coding intensity, so that kind of pulls through a little bit. But there shouldn't be any material other impacts that we're thinking about. Thank you.

由於它與我們在此提出的其他元素相關，所以它們不應該是物質的。這些網絡影響應該會持續減弱。正如我們所提到的，我們不會根據所討論的提供者和編碼強度的元素進行調整，因此這種情況會有所改變。但我們考慮的不應該有任何其他重大影響。謝謝。

Thanks, John. Thanks, Justin. Next question, please.

謝謝，約翰。謝謝，賈斯汀。請回答下一個問題。

Scott Fidel, Stephens.

史考特菲德爾、史蒂芬斯。

Hi. Thanks, good morning.. Actually, I was hoping we could maybe do a similar exercise as Justin just asked about what MLR for OptumHealth margins. And maybe first, if you can talk about how the OH margins came in at 2Q relative to your expectations and then how you're thinking about OH margins progressing in 3Q and 4Q, and then how comfortable you are with getting into that -- the full-year target range that you had provided.

你好。謝謝，早安。實際上，我希望我們可以做一個類似的練習，因為賈斯汀剛剛問到 OptumHealth 利潤的 MLR 是多少。首先，您可以談談第二季的 OH 利潤率相對於您的預期如何，然後您認為第三季和第四季的 OH 利潤率會如何發展，然後您對達到您提供的全年目標範圍的信心如何。

And John, I thought it might be helpful to -- as we think about the sort of pacing in the back half of the year, in particular, how you're thinking about an exit rate for OptumHealth margins as we're exiting 2024 would be helpful. Thanks.

約翰，我認為當我們考慮下半年的節奏時，特別是你如何考慮 2024 年即將結束時 OptumHealth 利潤率的退出率，這可能會有所幫助。謝謝。

Scott, thanks so much for your question. I'm going to ask Dr. Amar Desai, who leads OptumHealth, to give you a few comments there. Let me just preface that by saying, look, we feel good -- very good about the continued progression and, in particular, the way in which OptumHealth is -- has adjusted to deal with the new funding environment. I'm also very, very encouraged by the degree of external payer engagement with our OptumHealth platform as they deal with the environment themselves and look to OptumHealth as a part of that solution.

斯科特，非常感謝你的提問。我將請 OptumHealth 負責人 Amar Desai 博士給您一些評論。首先我要說的是，你看，我們對持續的進展感覺很好——非常滿意，特別是 OptumHealth 已經調整以適應新的融資環境。我對外部付款人對我們的 OptumHealth 平台的參與程度感到非常鼓舞，因為他們自己處理環境問題，並將 OptumHealth 視為該解決方案的一部分。

And I think the performance of the business, you see, is it continues to improve over last year. You continue to see decent progression. And let me ask Amar to give you a little bit of a sense of how he sees the second half of the year playing out.

我認為，公司的業務表現比去年持續改善。您將繼續看到良好的進展。我想請阿瑪爾向您簡單介紹一下他對今年下半年局勢的看法。

Hi, Scott, thanks for the question. So as Andrew said, we're in the middle of the first year of a large rate reduction over the next three years, effectively being a price cut. And as we think about the initiatives, we're pleased with the early success, mitigating the impact of that changing rate environment.

你好，斯科特，謝謝你的提問。正如安德魯所說，我們正處於未來三年大幅降息的第一年，實際上是降價。當我們考慮這些措施時，我們對早期的成功感到滿意，減輕了利率環境變化的影響。

In '23, we developed a three-year plan to manage through V28. Medical cost management and affordability initiatives was at the center of it. Proactive clinical engagement that impacts member experience and total cost of care is obviously core to that, including better prevention and chronic disease management. And then disciplined operating cost management, more efficient ways to work, improvements in productivity, driving consistency in our workflows and systems, which Andrew and John alluded to.

23 年，我們制定了三年計畫來度過 V28。醫療成本管理和可負擔性措施是其核心。積極主動的臨床參與會影響會員體驗和整體照護成本，這顯然是其核心，包括更好的預防和慢性病管理。然後是嚴格的營運成本管理、更有效率的工作方式、更高的生產力、推動工作流程和系統的一致性，正如安德魯和約翰所提到的。

We're executing very well on this plan, seeing solid progress across each of these areas. As an example, at this time last year, we had engaged 62% of all members. Year to date, we've engaged three-fourths of all members and above that for our highest risk membership.

我們正在順利執行這項計劃，並在各個領域取得了紮實的進展。例如，去年此時，我們已經吸引了 62% 的會員。今年迄今為止，我們已經與所有會員的四分之三以及更高風險的會員進行了接觸。

We're also focused on coordination of care, particularly at transition points in care, where we've increased post-discharge visits for patients who have been hospitalized that has, in fact, reduced readmission rates by 10% in our most mature markets. So as we pace through the balance of the year, we expect to continue to build on this momentum across engagement, affordability and operating cost management and are confident in the 7.7% to 8% target for the year.

我們也專注於護理協調，特別是在護理的過渡點，我們增加了住院患者的出院後訪問，事實上，在我們最成熟的市場中，這已將再入院率降低了 10%。因此，隨著我們在今年餘下的時間裡繼續推進，我們預計將在參與度、可負擔性和營運成本管理方面繼續保持這一勢頭，並對今年 7.7% 至 8% 的目標充滿信心。

Amar, thanks so much. And Scott, thanks again for the question. Next question, please.

阿馬爾，非常感謝。斯科特，再次感謝您的提問。請回答下一個問題。

Kevin Fischbeck, Bank of America.

凱文‧菲施貝克，美國銀行。

Great, thanks. Just wanted to clarify, I guess, something and ask the question. It wasn't clear to me what you were saying about no favorable reserve development. Does that mean the $800 million that you mentioned previously is still somehow in the numbers? Or has that kind of worked its way through at the end of Q2?

太好了，謝謝。我想，只是想澄清一些事情並提出這個問題。我不清楚您所說的沒有有利的儲備開發是什麼意思。這是否意味著您之前提到的 8 億美元仍然存在？或者這種情況在第二季末已經解決？

And then I guess just trying to understand better where the outperformance is because, obviously, you guys have assumed $0.60 to $0.70 of Change costs in your guidance but reaffirm the numbers. And it doesn't sound like Medicare is the answer, it doesn't sound like Medicaid is the answer. Change isn't the answer. So where has the outperformance coming that allowed you to maintain guidance? Thanks.

然後我想只是想更好地了解哪裡表現優異，因為顯然你們在指導中假設變更成本為 0.60 美元到 0.70 美元，但重申這些數字。聽起來醫療保險並不是答案，醫療補助也不是答案。改變並不是答案。那麼，讓您維持指導的優異表現來自哪裡？謝謝。

Yeah, good morning, Kevin. This is John. So yes, that's exactly what we said. There was nothing material there going on in development. No favorable P&L impacting development in the quarter, very similar to last quarter in terms of just no impact being there.

是的，早安，凱文。這是約翰。是的，這正是我們所說的。那裡沒有發生任何實質的開發工作。本季沒有有利的損益影響發展，與上一季非常相似，沒有影響。

And in terms of just a comment -- or questions regarding outperformance, well, maybe some -- across a number of the businesses in terms of where we're seeing, we're seeing very strong growth certainly in our commercial health benefits business. We're seeing strong growth. We're seeing margin progression in OptumHealth. So we're seeing advancement.

就評論或關於優異表現的問題而言，也許有一些，就我們所看到的許多業務而言，我們看到商業健康福利業務肯定出現了非常強勁的增長。我們看到了強勁的成長。我們看到 OptumHealth 的利潤率正在成長。所以我們看到了進步。

Really, the strong approach that the team at M&R took and tell how they looked at '24 in terms of overcoming the headwinds of V28 and the very disciplined approach they took to how they stepped out into the marketplace with the products that they took. Even with some of the elements that we talked about that were overcoming there, but certainly, all those creating a good impact from us.

確實，M&R 團隊採取了強有力的方法，並講述了他們如何看待 24 年如何克服 V28 的阻力，以及他們如何採取非常嚴謹的方法將他們所帶的產品推向市場。儘管我們談到的一些因素需要克服，但可以肯定的是，所有這些都為我們帶來了良好的影響。

Clearly, just across the company, the strong operating efficiencies that the company is driving strong and sustained. And they said, look, we will continue to make investments, but really a significant progress on that and still feel very early stage. So as Andrew commented in terms of the potential we have as we look over the next five years and this impact, and we're just getting some of these businesses to a maturity level where we think we can really harness that. Thank you.

顯然，在整個公司範圍內，公司正在推動強勁且持續的營運效率。他們說，看，我們將繼續進行投資，但在這方面確實取得了重大進展，而且仍處於非常早期的階段。因此，正如安德魯評論的那樣，我們展望未來五年的潛力和影響，我們只是讓其中一些業務達到成熟水平，我們認為我們可以真正利用這一點。謝謝。

Yeah. Thanks, John. And let me just also reiterate that point. I mean, part of what you're seeing here, Kevin, is obviously the big change this year was the V28 funding cut price reduction, which obviously focuses primarily on our Medicare Advantage business that Tim runs and the OptumHealth business that Amar runs, both of whom are responding super well.

是的。謝謝，約翰。我也想重申這一點。我的意思是，凱文，你在這裡看到的部分顯然是今年的重大變化是 V28 資金削減價格，這顯然主要集中在蒂姆經營的醫療保險優勢業務和阿瑪經營的 OptumHealth 業務上，這兩項業務的反應都非常好。

But let's be clear. While those pricing cuts are focused on two businesses, Team UHG is responding, right? The entire corporation is engaged in how it manages itself better, reduces cost across the company, leverages technology, accelerates our consumer agenda, all designed to play our part across the board in how we offset the pressure that's been inflicted on those two important businesses.

但我們要明確一點。雖然這些降價主要集中在兩項業務上，但 UHG 團隊正在做出回應，對嗎？整個公司都在致力於如何更好地管理自己，降低整個公司的成本，利用技術，加速我們的消費者議程，所有這些都是為了在各個方面發揮我們的作用，以抵消這兩個重要業務所承受的壓力。

Why we're confident we can navigate this? I think you're seeing that in the performance of the business, and we're going to continue. That's why I said what I said earlier today. We're going to continue to focus on every aspect of our business to make sure that our -- the model we've laid out and we believe is the right one to delivering best value care for patients is the one that prospers, and we're super confident in that.

我們為什麼有信心能夠解決這個問題？我想你已經從業務表現中看到了這一點，我們將繼續這樣做。這就是我今天早些時候說這些話的原因。我們將繼續專注於業務的各個方面，以確保我們所製定的模式能夠成功，並且我們相信這種模式能夠為患者提供最有價值的醫療服務，我們對此非常有信心。

Next question.

下一個問題。

Andrew Mok, Barclays.

巴克萊銀行的 Andrew Mok。

Hi, good morning. The OptumInsight backlog was down about $200 million sequentially. Can you give us color on the drivers of that and the nature of conversations you're having with providers following the cyberattack? Do you expect further declines in the backlog this year? Thanks.

嗨，早安。OptumInsight 積壓訂單季減約 2 億美元。您能否向我們詳細介紹造成此現象的因素以及網路攻擊後您與供應商進行的對話的性質？您預計今年積壓訂單會進一步減少嗎？謝謝。

Andrew, thanks so much for that. Let me ask Roger Connor to address that. It's pretty straightforward. But let me ask Roger to answer that and maybe give you a little bit more flavor on what he's seeing.

安德魯，非常感謝。讓我請羅傑·康納來解決這個問題。這很簡單。但請讓我請羅傑來回答這個問題，也許可以讓您更了解他所看到的情況。

Yeah. Andrew, thanks very much for the question. Just in terms of backlog, obviously, an important measure, and there has been some impact from the Change events within that. What it doesn't include, obviously, is what we're doing in terms of bringing in new clients and what we're doing in our whole innovation space. But fundamentally, we are very confident in terms of the performance going into next year with the cyber event certainly from an impact on the overall health system is not absolutely minimal.

是的。安德魯，非常感謝您的提問。就積壓而言，顯然這是一項重要措施，其中的變化事件也產生了一些影響。顯然，它沒有包括我們在吸引新客戶方面所做的工作以及我們在整個創新領域所做的工作。但從根本上來說，我們對明年的表現非常有信心，網路事件對整個醫療系統的影響肯定不會小。

When you look at our overall focus, it's not on driving that business recovery. And that's all about bringing volume back into the system. And we're seeing that actually really ramping up and seeing momentum acceleration.

從我們的整體重點來看，我們關注的重點並不是推動業務復甦。這就是將音量重新帶入系統的全部內容。我們看到這一趨勢確實在加速發展，而且勢頭正在加速。

We're not only trying to bring volume back into our current customers. We're also working to bring new clients in, and that's exciting because this event has really transformed the marketplace. They're looking for, again, access to innovation, access to security in the system, and that's what we've brought back. We've brought back a very secure system, and that is resonating. We're seeing that momentum.

我們不僅試圖為現有客戶恢復銷售量。我們也正在努力吸引新客戶，這令人興奮，因為這次活動確實改變了市場。他們再次尋求獲得創新和系統安全的機會，而這正是我們所帶回來的。我們恢復了一個非常安全的系統，並且引起了共鳴。我們看到了這個勢頭。

You add that to the underlying strength of the OptumInsight business. Again, Change is only 15% of our overall business performance this year and was planned. That's why we're confident in terms of getting back to our baseline performance in 2025.

您將其新增至 OptumInsight 業務的潛在優勢。再次強調，變革僅占我們今年整體業務表現的 15%，並且是在計畫中的。這就是為什麼我們有信心在 2025 年恢復基線表現。

Right. Thanks so much, Roger. Thanks, Andrew. Next question.

正確的。非常感謝，羅傑。謝謝，安德魯。下一個問題。

Nathan Rich, Goldman Sachs.

高盛的內森·里奇 (Nathan Rich)。

Hi, good morning. Thanks for the question. I wanted to go back to the provider coding activity that you called out and ask maybe what you saw kind of change in the quarter and what actions you're taking to address this change. And is this pressure something that you accounted for in bids for next year?

嗨，早安。謝謝你的提問。我想回到您提到的提供者編碼活動，並詢問您在本季度看到了什麼樣的變化，以及您採取了哪些措施來應對這種變化。你們在明年的競標中是否考慮到了這種壓力？

And then if I could just ask a very quick clarification on the Change impact on EPS. You talked about the return to baseline performance in 2025. Does that mean you would expect to recover the $0.60 to $0.70 of it is in earnings this year? Thank you.

然後，我是否可以快速澄清一下變更對 EPS 的影響。您談到了 2025 年恢復基線表現。這是否意味著您預計今年的收益將達到 0.60 美元至 0.70 美元？謝謝。

Okay. Thanks so much for the question, Nathan. Brian, if you'd like to go first.

好的。非常感謝你的提問，內森。布萊恩，如果你想先走的話。

Sure, I'll answer that first part on the upshift that we saw in provider level of care coding patterns. We actually believe that was largely induced by our level of care waivers that we did during the cyber disruption. The reason we believe that is we really saw higher level of mix to inpatient versus observation after we went back to turning on our utilization management protocols pretty distinct on April 15 and thereafter. So that's why we see that.

當然，我將回答第一部分關於我們在提供者層級護理編碼模式中看到的上升趨勢的問題。我們實際上認為，這很大程度上是由於我們在網路中斷期間所做的護理豁免程度所致。我們之所以相信這一點，是因為我們在 4 月 15 日及之後重新啟用利用率管理協議後，確實看到了住院病人與觀察病人的混合程度更高。這就是我們看到這種情況的原因。

Certainly aware of that activity as we plan for 2025 in our bid. So really no concerns with respect to that. Feel like it's an anomaly tied to what we saw during our waiver. And we have reinforced our utilization management protocols and believe that these impacts will dampen as we pace through the remainder of the year.

我們在競標 2025 年時就計劃好了，當然也意識到了這項活動。因此，對此確實沒有什麼好擔心的。感覺這是一個與我們在豁免期間看到的異常現像有關。我們已經加強了利用率管理協議，並相信隨著今年剩餘時間的推進，這些影響將會減弱。

Yeah. And regarding Change, yes, as you -- as we mentioned in our comments and Roger mentioned, our ambition is to get back to baseline expectations performance for that business in 2025. So these baseline expectations being what we would have expected prior to any of this happening.

是的。關於變革，是的，正如您在評論中提到的以及羅傑所提到的那樣，我們的目標是到 2025 年恢復該業務的基準預期業績。因此，這些基準預期是我們在任何事情發生之前所預期的。

And clearly, this quarter, we increased the impact of the business disruption here. So as we bring those back, there's -- the pacing of those revenues coming back taking sometimes a little bit more time to bring in, but that is our ambition actually as we look ahead.

顯然，本季我們增加了業務中斷的影響。因此，當我們將這些收入帶回來時，這些收入的回升速度有時需要更多時間才能實現，但這實際上是我們展望未來的目標。

Thanks, John, Brian. Again, just on this business interruption piece, I think in all honesty, we were a little optimistic in hindsight at the pace at which we thought people would come back in terms of putting their flow through the system once it was reconnected. I think as we've looked to the last several weeks, that momentum and pace in particular, as we look at new clients come in and as well as returning clients feel good about where we are now. So I think probably a little over optimistic three months ago.

謝謝，約翰，布萊恩。再說一次，就業務中斷這個問題而言，我認為，事後看來，我們對人們在系統重新連接後恢復業務的速度有點樂觀。我認為，回顧過去幾週，我們看到了這種勢頭和步伐，我們看到新客戶的加入，回頭客也對我們現在的狀況感到滿意。所以我認為三個月前可能有點過於樂觀了。

I think now, I feel like we have this now, and we're in a good position. And the rest of the year, we've got a clear path how this plays out. And I think the platform that we've rebuilt is going to serve people extremely well.

我認為現在，我感覺我們現在已經擁有了它，並且我們處於良好的位置。而在今年剩餘的時間裡，我們已經對這情況的進展有了清楚的認識。我認為我們重建的平台將會為人們提供極佳的服務。

Next question?

下一個問題？

Erin Wright, Morgan Stanley.

摩根士丹利的艾琳·賴特。

Thanks. So on the earlier topic of potential offsets, I wanted to ask on Optum Rx and with the recent level of industry attention kind of on the PBM business as well as kind of specialty pharmacy, how should we think about how those drivers are playing out relative to your expectations, whether it's biosimilars or GLP-1s in terms of that therapeutic category? How should we think about those near-term drivers across Optum Rx? Thanks.

謝謝。因此，關於先前提到的潛在抵銷話題，我想問一下 Optum Rx，鑑於最近業界對 PBM 業務以及專業藥局的關注程度，我們應該如何看待這些驅動因素相對於您的預期如何發揮作用，無論是生物相似藥還是 GLP-1 就治療類別而言？我們該如何看待 Optum Rx 的近期驅動因素？謝謝。

Erin, thanks so much for the question. Let me ask Heather who runs Optum for us to make a couple of comments on that. If you don't mind, Heather?

艾琳，非常感謝你提出這個問題。讓我請負責 Optum 的 Heather 就此發表一些評論。如果你不介意的話，希瑟？

Sure. Just basically, I think you can see in the quarter just strong performance. Maybe a couple of things I would just highlight for that. We've talked for a few years about the investments we've been making in Optum Rx on both the PBM side but also on the pharmacy side.

當然。基本上，我認為您可以看到本季的強勁表現。也許我想強調幾件事。幾年來，我們一直在談論對 Optum Rx 的投資，既包括 PBM 方面，也包括藥局方面。

PBM side, I think you've seen the growth there in client and just in volume sort of same -- with respect to volume within our existing clients as well. We take that as a sign of strong retention of existing clients and continuing to perform with them.

PBM 方面，我認為您已經看到客戶數量和數量都有增長 - 就我們現有客戶的數量而言也是如此。我們認為這是現有客戶保留率高並且能繼續與他們合作的標誌。

I think the thing I'd highlight on the PBM side is -- I've said this before, the modular effect of the PBM business. We serve at the privilege of our clients. So what they need, we serve. And that is we administer their benefit, and we offer the programs, the services to drive affordability of medications for them in the best interest of their members.

我認為在 PBM 方面我要強調的是──我之前說過，PBM 業務的模組化效應。我們為客戶提供尊貴的服務。他們需要什麼，我們就提供什麼。那就是我們管理他們的福利，我們提供計劃和服務，以使他們能夠負擔得起藥物，從而最大限度地滿足會員的利益。

And we've brought a lot of products and services in the last year, two or three new products this market that are leading, differentiating in the marketplace that we are seeing our health plans and our employers take advantage of this year that are really market differentiating. And we're seeing that drive not just growth with health plans, but growth in products and services. So I think you're seeing that show up.

去年，我們推出了許多產品和服務，有兩到三種新產品處於市場領先地位，在市場上脫穎而出，我們看到我們的健康計劃和雇主今年都利用這些產品真正實現了市場差異化。我們看到，這不僅推動了健康計劃的成長，也推動了產品和服務的成長。所以我認為你已經看到了這一點。

The other thing you're seeing is the cost efficiency show up in the business, one of the -- Andrew brought up an example, and you're seeing some of the timing of supply chain efficiency.

您看到的另一件事是成本效率在業務中體現出來，其中之一——安德魯舉了一個例子，您看到了一些供應鏈效率的時機。

On the services side of the business, you mentioned specialty. I'd call out the diversification of the pharmacies in general. Remember, we've got the integrated behavioral health business, which continues to grow and expand. It's a very differentiated business and that it's co-located. And it's specifically directed at those behavioral health members to ensure access and affordability and a holistic care to individuals with mental health conditions.

在業務的服務方面，您提到了專業性。我呼籲藥局整體上多樣化。請記住，我們擁有綜合行為健康業務，而且該業務仍在持續成長和擴張。這是一項非常差異化的業務，並且位於同一地點。它專門針對那些行為健康成員，以確保患有精神健康問題的個人能夠獲得可負擔的全面護理。

And then our frontier and our infusion services that really drive those specialty medications in home, we're seeing continued need for that from our PBM clients, but also non-PBM clients. And so that's where we're really seeing that diversified growth. So you're just seeing that show up in continued, consistent performance in that business through the quarter.

然後，我們的前沿和輸液服務真正推動了這些特殊藥物在家庭中的應用，我們看到 PBM 客戶和非 PBM 客戶對此都有持續的需求。這就是我們真正看到的多元化成長。因此，您會看到該業務在本季持續、穩定地表現。

Heather, thank you. Erin, thanks so much for the question. We have time for one final question, please.

希瑟，謝謝你。艾琳，非常感謝你提出這個問題。我們還有時間回答最後一個問題。

Lance Wilkes, Bernstein.

蘭斯威爾克斯、伯恩斯坦。

Great, thanks. For OptumHealth, could you talk a little bit about what pricing has been like there? And in Investor Day, it seemed like you may have seen some improved pricing as far as global cap rates. And likewise, given higher global cap rates out of the MA business, I was wondering if '25, we should be expecting continued improvement in that or whether there needs to be a retrenchment or retracing of that to kind of make up for what was given. And also, are you starting to exclude things from global cap as you look at 2025? Thanks.

太好了，謝謝。對於 OptumHealth，您能否談談那裡的定價？在投資者日，您似乎已經看到全球資本化率的定價有所改善。同樣，考慮到 MA 業務的全球資本化率更高，我想知道 25 年我們是否應該期待該業務繼續改善，或者是否需要削減或重新調整該業務以彌補所給予的損失。另外，當您展望 2025 年時，您是否開始將某些事物排除在全球上限之外？謝謝。

Hey, Lance, thanks for the question. And love the cheeky attempt at the end call to predict -- give you some numbers for '25. We're going to defer from that, but well done on the last ditch effort.

嘿，蘭斯，謝謝你的提問。並且喜歡在最後的電話中大膽嘗試預測——給你一些 25 年的數字。我們將推遲這項計劃，但最後的努力做得很好。

I'm going to ask Amar to give you a little bit more of a kind of general sense of how we're seeing that. And please go ahead, Amar.

我想請阿瑪爾向您更詳細地介紹一下我們對此的看法。請繼續，阿瑪爾。

Hey, thanks for the question, Lance. Look, we continue to have very strong relationships across our over 100 plan partners. And in fact, in a pretty dynamic rate and benefit environment, we've seen increased outreach from payers looking for an enduring partner that's very adept at operating within fully capitated value-based arrangements. In particular, the discussions have been productive around benefit design, funding, market level planning, and we're confident in the position as we go into 2025. We're down the path in adding plan partners as well as adding geographies for 2025.

嘿，謝謝你的提問，蘭斯。你看，我們與 100 多個計劃合作夥伴之間繼續保持著非常牢固的關係。事實上，在相當動態的費率和福利環境中，我們看到付款人越來越多地尋求一個能夠長期合作的合作夥伴，該合作夥伴非常擅長在完全按人頭計算的價值型安排下運作。特別是，圍繞福利設計、資金、市場層面規劃的討論富有成效，我們對 2025 年的前景充滿信心。我們正在為 2025 年增加計劃合作夥伴和地區。

Foundational within that to those relationships and as we think about those arrangements is quality, quality of care of our providers that are anchored in the community, our strong ability to drive clinical outcomes, improvements and achievement in star measures and, of course, strong documentation and diagnosis. We also are seeing that the strength of our network that's aligned in geographies is an important focus area for plan partners and, of course, continued focus on clinical engagement, which I mentioned previously. So when you take that together, great momentum across those areas gives us confidence as we drive value for our plan partners and as we pace through the next two years of the risk model changes and grow.

這些關係的基礎以及我們考慮這些安排時所依據的是質量，即我們紮根於社區的醫療服務提供者的護理質量，我們推動臨床結果、星級指標的改進和成就的強大能力，當然還有強有力的文檔和診斷。我們也看到，我們的網路在地理上保持一致的優勢是計劃合作夥伴關注的重要領域，當然，我們繼續關注臨床參與，正如我之前提到的。因此，當你把這些因素綜合起來時，這些領域的巨大發展勢頭給了我們信心，讓我們能夠為我們的計劃合作夥伴創造價值，並在未來兩年內實現風險模型的變革和成長。

Amar, thank you very much. And as I think you can probably sense from those couple of answers that Amar has given you over the course of the call, Amar leads a very, very special team of people running a very, very special business in terms of what it's able to do on behalf of patients and the way it's able provide great work experience for the healthcare professionals and colleagues who work in that business. I'm very pleased with how the continuation of that business progresses.

阿馬爾，非常感謝。我想，從阿瑪爾在通話過程中給出的幾個答案中，您可能已經感覺到，阿瑪爾領導著一支非常非常特殊的團隊，他們經營著一項非常非常特殊的業務，這項業務能夠為患者做些什麼，並為在該業務中工作的醫療專業人員和同事提供良好的工作體驗。我對該業務的持續進展感到非常高興。

We're coming towards the end of the call. I'd like to thank you all for your questions this morning. As you've heard, our focus on fundamental execution, our restless spirit, and our ability to adapt to changing environments gives us great confidence as we look ahead and as a testament to the hard work and discipline of the people of UnitedHealth Group who work every day to serve patients, consumers and care providers, customers efficiently and effectively. We appreciate your time this morning. Thank you.

我們的通話即將結束。我想感謝大家今天早上提出的問題。正如您所聽到的，我們對基本執行的關注、我們永不停歇的精神以及我們適應不斷變化的環境的能力，使我們對未來充滿信心，也證明了聯合健康集團員工的辛勤工作和紀律，他們每天都在高效、有效地為患者、消費者和護理提供者、客戶提供服務。感謝您今天上午抽出時間。謝謝。

This does conclude today's conference. We thank you for your participation.

今天的會議到此結束。我們感謝您的參與。