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Cvs Health Corp (CVS) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Cvs Health Corp

CIK: 64803 Ticker: CVS


Exhibit 99.1
 
 
 
 
Investor
Mike McGuire
Media
T.J. Crawford
Contact:
Senior Vice President
Contact:
Vice President
 
Investor Relations
 
External Affairs
 
(401) 770-4050
 
(212) 457-0583

FOR IMMEDIATE RELEASE
CVS HEALTH REPORTS FOURTH QUARTER AND FULL YEAR RESULTS AND
PROVIDES 2019 FULL YEAR GUIDANCE


Fourth Quarter Year-over-Year Highlights:
Completed $70 billion acquisition of Aetna
Revenues (1) increased 12.5% to $54.4 billion
GAAP diluted earnings (loss) per share from continuing operations of $(0.37), including a $2.2 billion, or $(1.99) per share, goodwill impairment charge related to the Long-Term Care (LTC) business
Adjusted EPS of $2.14

Full Year Highlights:
Revenues (1) increased 5.3% to $194.6 billion
GAAP diluted earnings (loss) per share from continuing operations of $(0.57), including $6.1 billion, or $(5.89) per share, of goodwill impairment charges related to the LTC business
Adjusted EPS of $7.08
Generated cash flow from operations of $8.9 billion; free cash flow of $6.8 billion

2019 Guidance:
GAAP operating income (1) between $11.7 billion to $12.1 billion
Adjusted operating income (2) between $14.8 billion to $15.2 billion (excludes amortization of intangible assets)
GAAP diluted EPS from continuing operations in the range of $4.88 to $5.08
Adjusted EPS in the range of $6.68 to $6.88
Cash flow from operations between $9.8 billion to $10.3 billion

WOONSOCKET, RHODE ISLAND, February 20, 2019 - CVS Health Corporation (NYSE: CVS) today announced operating results for the three months and year ended
December 31, 2018.

President and Chief Executive Officer Larry Merlo stated, “2018 was a milestone year for CVS Health as we successfully completed our transformational merger with Aetna, began effective implementation of our integration strategy, and took important steps toward building the integrated healthcare model that will bring substantial value to our various stakeholders. We had strong financial performance and delivered on our operating expectations.”

“With the completion of the Aetna acquisition, we have set the stage for CVS Health to excel in a market that is rapidly transforming. We strongly believe in the long-term value that the full breadth of our capabilities can provide. Our unique combination will drive above-market growth going forward across all of the enterprise. Maintaining our focus on community-level products and services will drive meaningful value for both consumers and payors, while improving our bottom line and the value we return to shareholders. Ultimately, our open platform model allows us to meet the needs of all payors with newly created products and services. We’re more excited than ever about the opportunities that lie ahead.”






_____________________________________________ 
(1)
Effective for the fourth quarter of 2018, interest income was reclassified from interest expense, net to net investment income within revenues to conform with insurance company presentation. Accordingly, revenues and operating income have been revised for all prior periods presented to conform with the current presentation. See Supplemental Information starting on page 15.
(2)
In 2019, adjusted operating income will also exclude the amortization of intangible assets. See Supplemental Information on page 21.

Page 1


The following information was filed by Cvs Health Corp (CVS) on Wednesday, February 20, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parentheticals)
Acquisition Of Aetna
Acquisition Of Aetna - Assets Acquired And Liabilities Assumed (Details)
Acquisition Of Aetna - Consideration Transferred (Details)
Acquisition Of Aetna - Goodwill (Details)
Acquisition Of Aetna - Intangible Assets (Details)
Acquisition Of Aetna - Narrative (Details)
Acquisition Of Aetna - Pro Forma (Details)
Acquisition Of Aetna Acquisition Of Aetna (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt
Debt (Tables)
Debt - Debt Maturities (Details)
Debt - Long-Term Borrowings (Details)
Debt - Schedule Of Debt (Details)
Debt - Short-Term Debt (Details)
Earnings Per Common Share
Earnings Per Common Share (Details)
Earnings Per Common Share (Tables)
Fair Value
Fair Value (Tables)
Fair Value - Balance Sheet Grouping (Details)
Fair Value - Fair Value Measurements (Details)
Fair Value - Offsetting Financial Liabilities (Details)
Fair Value - Separate Accounts Fair Value (Details)
Goodwill And Other Acquired Intangible Assets - Future Amortization Expense (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Goodwill (Details)
Goodwill And Other Intangible Assets - Intangible Assets (Details)
Health Care Costs Payable
Health Care Costs Payable (Tables)
Health Care Costs Payable - Narrative (Details)
Health Care Costs Payable - Reconciliation Of Health Care Costs Payable (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Deferred Tax Assets And Liabilities (Details)
Income Taxes - Income Tax Narrative (Details)
Income Taxes - Income Tax Provision (Details)
Income Taxes - Income Tax Rate Reconciliation (Details)
Income Taxes - Unrecognized Tax Benefits (Details)
Investments
Investments (Tables)
Investments - Debt Securities (Details)
Investments - Debt Securities By Maturity (Details)
Investments - Investment Income (Details)
Investments - Mortgage Loans (Details)
Investments - Narrative (Details)
Investments - Realized Gains (Details)
Investments - Schedule Of Investments (Details)
Investments - Unrealized Loss Position (Details)
Investments - Unrealized Loss Position Maturities (Details)
Leases
Leases (Tables)
Leases - Future Minimum Payments (Details)
Leases - Narrative (Details)
Leases - Rental Expense (Details)
Other Comprehensive (Loss) Income
Other Comprehensive (Loss) Income (Details)
Other Comprehensive (Loss) Income (Tables)
Pension Plans And Other Postretirement Plans
Pension Plans And Other Postretirement Plans (Tables)
Pension Plans And Other Postretirement Plans - Benefit Obligations And Plan Assets (Details)
Pension Plans And Other Postretirement Plans - Defined Benefit Plans Expected Benefit (Details)
Pension Plans And Other Postretirement Plans - Fair Value Of Pension Plan Assets (Details)
Pension Plans And Other Postretirement Plans - Narrative (Details)
Pension Plans And Other Postretirement Plans - Net Periodic Benefit Costs (Details)
Quarterly Financial Data (Tables)
Quarterly Financial Information (Unaudited)
Quarterly Financial Information (Unaudited) (Details)
Reinsurance
Reinsurance (Tables)
Reinsurance - Effects Of Reinsurance (Details)
Reinsurance - Narrative (Details)
Reinsurance - Reinsurance Recoverables (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Narrative (Details)
Segment Reporting - Schedule Of Segment Financial Information Adjusted (Details)
Segment Reporting - Summarized Financial Information Of Segments (Details)
Shareholders' Equity
Shareholders' Equity (Tables)
Shareholders' Equity - Dividends (Details)
Shareholders' Equity - Repurchases (Details)
Shareholders' Equity - Statutory Accounting Practices (Details)
Shareholders' Equity Nci (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Accounts Receivable (Details)
Significant Accounting Policies - Contract Balances (Details)
Significant Accounting Policies - Disaggregation Of Revenue (Details)
Significant Accounting Policies - Discontinued Operations (Details)
Significant Accounting Policies - Impact Of New Revenue Recognition Standard On Financial Statement Line Items (Details)
Significant Accounting Policies - Narrative (Details)
Significant Accounting Policies - New Accounting Pronouncements (Details)
Significant Accounting Policies - Property Plant And Equipment (Details)
Significant Accounting Policies - Redeemable Noncontrolling Interest (Details)
Significant Accounting Policies - Variable Interest Entities (Details)
Stock-Based Employee Incentive Plans
Stock-Based Employee Incentive Plans (Tables)
Stock-Based Employee Incentive Plans - Restricted Stock Activity (Details)
Stock-Based Employee Incentive Plans - Share Based Compensation Expense (Details)
Stock-Based Employee Incentive Plans - Stock Option And Sar Activity (Details)
Stock-Based Employee Incentive Plans - Valuation And Assumptions (Details)
Ticker: CVS
CIK: 64803
Form Type: 10-K Annual Report
Accession Number: 0000064803-19-000013
Submitted to the SEC: Thu Feb 28 2019 7:02:43 AM EST
Accepted by the SEC: Thu Feb 28 2019
Period: Monday, December 31, 2018
Industry: Retail Drug Stores And Proprietary Stores

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