Elevance Health, Inc. · NYSE:ELV
Elevance Health — Q4 2023 Earnings Presentation
15 slides from Elevance Health's earnings presentation, Jan 24, 2024
Slide 1: Elevance Health 4Q 2023 Earnings Presentation
Elevance Health 4Q 2023 Earnings Presentation January 24, 2024
Slide 2: Key Highlights
Key Highlights 1 2023 Results • • Elevance Health delivered another solid year of financial and operational performance, reflecting the balance and resilience of our diversified portfolio of businesses 4Q 2023 adjusted diluted EPS of $5.62 grew 15.2% year-over-year • 2023 full year adjusted diluted
Slide 3: Fourth Quarter & Full Year 2023 Results
Fourth Quarter & Full Year 2023 Results Change Change Key Highlights Elevance Health 4Q 2023 4Q 2022 2023 2022 (%/bps) (%/bps/$) • Elevance Health delivered another solid year of financial and Operating Revenue1 $42.5B $39.7B 7.0% $170.2B $155.7B 9.3% operational performance Medical Loss Ratio 89.2%
Slide 4: 2024 Outlook
2024 Outlook Elevance Health 2024 Outlook 2023 Actual Key Highlights • 2024 full year guidance for adjusted Premium Revenue Approximately Flat $142.9B diluted earnings per share of greater than $37.10 reflects growth of 12% year-over-year and is consistent with Product Revenue Mid-Single Digit Growt
Slide 5: Health Benefits 2023 Results | 2024 Outlook
Health Benefits 2023 Results | 2024 Outlook Change Change Health Benefits 4Q 2023 4Q 2022 2023 2022 Key Highlights (%/bps) (%/bps) • Health Benefits delivered strong Operating Revenue1 $36.5B $35.0B 4.4% $148.6B $138.5B 7.3% fourth quarter and full year results as we continued to optimize our busine
Slide 6: Carelon 2023 Results | 2024 Outlook
Carelon 2023 Results | 2024 Outlook Change Change Key Highlights Carelon 4Q 2023 4Q 2022 2023 2022 (%/bps) (%/bps) • Carelon continues to advance its strategy of integrating physical, Operating Revenue1 $12.4B $10.9B 14.1% $48.0B $41.4B 15.9% behavioral, social and pharmacy services to deliver whole
Slide 7: Flywheel Supports Sustainable, Long-Term Growth
Flywheel Supports Sustainable, Long-Term Growth Health Benefits Carelon Approximately 47M medical members Optimize Invest in Integrated portfolio of whole health balanced across commercial, the Core Growth solutions connecting care across Medicaid and Medicare, leveraging physical, behavioral, socia
Slide 8: Delivered on our Targets
Delivered on our Targets Commitment Initial Guidance1 Actual Status Operating Revenue Growth 10% – 12% CAGR2 13% CAGR (2018-2023) Adjusted EPS Growth 12% – 15% CAGR 16% CAGR (2018-2023) % of Benefit Expense Managed by Carelon >20% in 2025 21% in 2023 2023 Operating Revenue $164B $170B 2023 Adjusted
Slide 9: Committed to Strong Growth Over the Long-Term
Committed to Strong Growth Over the Long-Term Health Benefits Carelon3 Elevance Health Upper Single Dividends to Low Double Digit CAGR2 20% Upper Single Digit CAGR2 $156B $138B M&A/ Reinvest Mid Teens in Core CAGR2 Capital 50% Revenue1 $41B Allocation (in Billions) 2022 2027 2022 2027 2022 2027 Targ
Slide 10: Forward-Looking Statements
Forward-Looking Statements This document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our views about future events and financial performance and are generally not historical facts. Words su
Slide 11: Non-GAAP Measures and Basis of Presentation
Non-GAAP Measures and Basis of Presentation This document references non-GAAP measures. These non-GAAP measures are intended to aid investors when comparing Elevance Health’s financial results among periods and are not intended to be alternatives to any measure calculated in accordance with GAAP. Re
Slide 12: GAAP Reconciliation — Shareholders' Net Income and Earnings Per Diluted Share
Elevance Health GAAP Reconciliation — Shareholders’ Net Income and Shareholders’ Earnings Per Diluted Share Three Months Ended Dec 31 Twelve Months Ended Dec 31 (In millions, except per share data) 2023 2022 Change 2023 2022 Change Shareholders' net income - As reported $856 $949 (9.8)% $5,987 $6,02
Slide 13: GAAP Reconciliation — Operating Expense Ratio and Operating Gain
Elevance Health GAAP Reconciliation — Operating Expense Ratio and Operating Gain Three Months Ended Dec 31 Twelve Months Ended Dec 31 (In millions) 2023 2022 Change 2023 2022 Change Operating expense - As reported $4,999 $4,562 9.6% $20,087 $17,686 13.6% Impact of Accounting Standards Update 2018-12
Slide 14: GAAP Reconciliation — 2024 Outlook
Elevance Health GAAP Reconciliation — 2024 Outlook Full Year 2024 Outlook Shareholders’ earnings per diluted share Greater than $34.29 Add / (Subtract): Amortization of other intangibles $1.93 Net losses on financial instruments $1.35 Transaction and integration related costs $0.31 Litigation expens
Slide 15: Elevance Health
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