you, XXXX of good morning guidance will morning’s time Thank and the to Oak take everyone. results Karen Street this first our announcement detail and I transaction. before discussing some
results reflect cash quarter our from our exceeded flow adjusted share. fourth earnings core of revenue, Our continuation segments our and as excellent generation each the business per of performance expectations we for
of We of at income fourth $XX.X billion above by EPS quarter A internal few fourth highlights $X or of year-over-year, foundational reported billion each businesses. Total company revenues of $X.XX. performance. adjusted for adjusted regarding quarter reflecting total expectations operating increased growth and X.X% our
year of XX.X%, full importantly, This an led generate $X.XX, $X.XX. strong. $XXX.X solid EPS Health’s across CVS year we adjusted off foundational our full of And adjusted of revenue For total growth an XXXX our increase EPS to reported increase ability remains billion, cash of X.X% to baseline of with each XXXX, of businesses. a representing
XXXX, generated $XX.X operations. in year from full billion we cash flow For
revenue year Health loss. grew Looking by at a and Care revenue membership versus the our Aetna Fourth in driven growth portion the Medicare a Medicaid contract in delivered lives year. business operating segment, in disclosed of by this business income to XX.X% performance by quarter and by previously divestiture We adjusted and decline International increased year-over-year. prior billion XXX,XXX $XX growth strong earlier XXXX, due businesses, strong a our of commercial of membership Benefits offsetting
year points XXX $XXX operating income impact Our to Adjusted impact underlying of grew were by driven compared COVID-XX measures offset the medical year-over-year. performance, favorable XX.X% benefit of basis of of strong net XX% by the an of at improved and the Consolidated prior ratio has these the of payable in year-over-year. unfavorable partially Both year. elevated the as costs flu. of remain XXXX. quarter confident XX.X, throughout been expectations Outside flu of the versus was Overall, up our the days line claims prior with we X.X medical remain the reserves. case in adequacy end season, days the million
management In drug levels capabilities our the growth. to leading excellent for ability customer service deliver our Pharmacy and to Services business, continue trend industry clients, drive our specialty
$XX.X increased year-over-year, client in revenue by growth pharmacy specialty partially During billion claims of the brand XX.X% pharmacy fourth inflation, volume, by quarter, increased and by driven offset continued price improvements.
when purchasing processed to increased price X.X% of above including year grew offset economics, COVID-XX Adjusted X.X% group of income products driven improved continued Total and attributable elevated pharmacy billion and by business, the claims the company’s increased an flu prior year-over-year impact cold of $X new from cough, contributions purchasing primarily X% and utilization operating and season. services by organization, the the net vaccinations, client excluding partially by improvements. increased
revenue strong and economic continued despite uncertainty. we Care mixed segment, Retail/Long-Term delivered our growth trends In COVID-related
billion X%, cold an volume, and These pharmacy vaccinations generic and by the store season, pharmacy increased of fourth reflecting were of impact and and elevated reimbursement and including recent impact testing, introductions the brand revenue front pressure. mix during $XX.X cough, diagnostic decreased offset items prescription flu the partially Specifically, of inflation. grew continued COVID-XX quarter, drug
impact with largely by pharmacy a income internal in continued COVID-XX investments prior and volume decreases but of colleagues. operating including frontline vast and Pharmacy pressure offset partially elevated XX.X% season, decreased and improved an drug diagnostic vaccinations testing, versus capabilities, the increased expectations, flu the to generic prescription increased by vaccinations. decreases and of year-over-year, utilization year, cold line were billion of X.X% segment’s COVID-XX grew was and Adjusted increased in partially $X.X majority the reflecting offset and in cough, purchasing. discretionary operations by payment These volume bonus prescription declined driven reimbursement
Excluding pharmacy increased X% the volume vaccinations, of prescription impact COVID-XX by year-over-year.
Turning sheet. balance to the
billion year of unrestricted net approximately parent debt of to and about liquidity with adjusted Our ended the We position an and remained $X.X at the X.Xx. cash excellent. subsidiaries capital EBITDA or
our approximately for repurchased X.Xx. stock debt-to-EBITDA $XXX our common dividend, subsidiaries, Excluding in shareholders of at or million to adjusted we $X.X quarter. our Through unrestricted cash the is fourth billion quarterly adjustment and parent the the returned
a We became accelerated effective January $X X, on into repurchase XXXX. which billion also entered share transaction, fixed-dollar
A investors. highlighting few other for items worth
We portfolio new optimization quarter the flexible market charges experience on of continue the to in investment to reduction and response our We of work volatility our estate losses million estate the arrangement. to net related million space impact in real $XXX realized of capital recorded office the approximately $XX office real quarter. corporate in of recorded
of gain the related of our And $XXX November. million December. final charges litigation bswift opioid the $XX the settlement We to incremental million global recorded in in implications executed related to a other terms and sale to also of we recognized business address
our to outlook Shifting for XXXX.
X% reflects of growth reflected growth full baseline baseline share guidance $X.XX per we X% We adjusted versus our XXXX $X.XX. earnings and posted X% and stage at to in of range year the revenue X%, $X.XX. to our earnings expect this our range this the XXXX materials on is We to approximately in are reaffirming prudent the believe adjustments We our of year IR in website. adjusted detailed EPS
I adjusted EPS three our want guidance. on out to things XXXX point
practice, prior projections recurrence past not year do the assume with consistent development. our First, of reserve
we everyone capital that shifting losses reporting I realized And from and EPS. that year, income. adjusted third, remind to adjusted our operating convention want gains project net include second to XXXX not to expected Second, specific pending will but close a have impact these provision year, projections a of this Signify we our the in transaction, do small quarter for excludes on is beginning are this which which
details. both Overall, membership segment, membership Medicare XX% growth see Health offset partially XXXX. we Now of to the declines to let’s growth of due impact Medicaid expect X% generate and with X% our the In to Care segment we XX%. in in to to Commercial, Benefits of increased by expect turn in to some revenue redeterminations of
medical or projected XX.X%, minus Our XXXX benefit is plus ratio XX basis for points.
projections. do reserve As our just prior year development assume noted, in I we not
income, adjusted exchange our We are individual and initiatives. providing assumption reflecting of performance lower HCB growth a and X% our operating expecting regarding a investments prudent MA in to a individual enrollment cautious for the Improvement of outlook in X% range Stars business, about
Services our segment. Pharmacy to Moving
retention, XXXX selling strong a We expect growth, Medicaid from X% volume. driven revenue lower in range to a and offset X% season by successful by partially
For claims expect from expect to Overall, to flat results X%. X%. full pharmacy to operating growth year adjusted we X% the growth of generate range to XXXX, we these of income
Finally, shifting our Retail/LTC segment. to
we into As transition segment lower continued discussed reimbursement well COVID previously, from be this the burdened as contribution in will the endemic the stage we as pharmacy. by as pressure
to of revenue expect X% COVID-XX X% X% operating XXXX of expect to and income between growth from continuing for despite we of $X.XX billion. vaccines. XXXX adjusted growth and Overall, Retail/LTC We decline prescription to segment, billion $X.XX to the decreases X%
below For billion. items operating for approximately we expense interest income, adjusted $X.XX XXXX expect to our be
is few XX.X%. about more to the think approximately tax cadence throughout aligned be want as our comments rate make you as earnings pre-pandemic expected I of to to to Retail returns Our seasonality a patterns. the earnings year
quarters consistent the projecting slightly the remaining of We half half of earnings are earnings year. in our with contribution the relatively to the first three the quarter second than lowest in coming currently of more year. will be The
to shares. Shifting
$X.XXX repurchase of underway. XXXX count average both weighted year anticipate as to strong impact be that the reflecting activity share share quarter as repurchase billion, diluted the generation. currently another well accelerated is our cash fourth our We approximately expect We of
$X.X of to of in operations billion. billion expect billion. flow We expected Capital are from expenditures to to $XX.X be billion $X $XX.X range the cash
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We invested as in our over returns capital investment project will Oak double-digit clinics are Street time synergies on that mature realized. and drive
and returns EPS realization our dilution while this committed further are growth, further exploring from avenues to additional trajectory. balancing to accelerate We near-term to transaction synergy
and with existing Oak The to our maintaining approval customary shareholders, current rating. transaction investment-grade funded release, this As and financing we other conditions. by available stated in remain regulatory and capacity, approvals Street’s to is press our be closing transaction committed will subject resources
to in XXXX. close transaction We this expect
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contemplated current to projections XXXX offsetting consistent to discretionary XXXX. Our EPS modest dilution. assume repurchases growth with is Day which activity in from adjusted our Investor projections, in X% repurchase This X% addition
repurchases. subside XXXX, begins to leverage will have for in additional we As potential
serve how America. and create next In build Street’s we of we point Street businesses are value-based will of is the Street’s delivered. differentiated not Oak the could care portfolio premier pleased and care Health’s acquisition We and our rationale as capabilities of to and care the platform. signifies Oak them take and home assessment CVS clinics a Oak multi-payer is with as to opportunity more join transform combination step excited journey announce Street is clinics be in summary, across high-quality to Medicare model best-in-class focal the the services Oak organization health enablement provider sound seniors growth The incorporate care our Together, and expanding capabilities. this vast. strategic to for into foundational for
To our in excellent conclude, creating strong strategy to we momentum we performance continue XXXX, in delivered execute as XXXX.
on are of building care the health path become on company. portfolio We leading capabilities our continuing expanding and to achievements, our solution our
the questions. open your now will Operator? for we that, With line
