CVS Health Corporation Supplemental Financial Information Preliminary and Unaudited. Fourth Quarter 2014 Earnings Release February 10, 2015
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1 CVS Health Corporation Supplemental Financial Information Preliminary and Unaudited Earnings Release February 10, 2015 The information in this report includes non-gaap financial measures related to our company s performance, namely EBITDA and Adjusted EPS. In accordance with SEC regulations, the definitions of the non-gaap items mentioned, as well as the reconciliations to comparable GAAP measures, are available on the investor relations portion of our website at investors.cvshealth.com. Preliminary and Unaudited (Revised r2) 1 of 9 February 10, 2015
2 Supplemental Information: Consolidated Statement of Income (In millions, except per share amounts) (4) (1) 2013 (2) Change Net revenues $ 37,055.3 $ 32, % $ 139,367.2 $ 126, % Cost of revenues 30, , % 113, , % Gross profit 6, , % 25, , % gross margin 17.9% 19.3% (140) bps 18.2% 18.8% (56) bps Operating expenses 4, ,121.5 (4.6%) 16, ,745.9 (5.2%) as a % of net revenues 11.6% 12.6% 92 bps 11.9% 12.4% 53 bps Operating profit $ 2,320.9 $ 2, % $ 8,799.1 $ 8, % operating margin 6.3% 6.8% (49) bps 6.3% 6.3% (3) bps Interest expense, net (3.0%) % Loss on early extinguishment of debt and foreign currency losses NM NM Income before income tax provision 2, , % 7, , % Amortization (3.4%) (5.0%) Adjusted income before income tax provision 2, , % 8, , % Adjusted income tax provision (3) (6.2%) 3, ,120.1 (3.8%) effective tax rate 39.6% 39.2% (41) bps 39.5% 38.9% (60) bps Earnings allocated to participating securities Adjusted income from continuing operations 1, , % 4, , % as a % of net revenues 3.8% 4.1% (32) bps 3.5% 3.9% (32) bps Net income attributable to noncontrolling interest (0.3) - (0.9) - Adjusted income from cont ops attributable to CVS Health $ 1,392.7 $ 1, % $ 4,938.8 $ 4, % as a % of net revenues 3.8% 4.1% (32) bps 3.5% 3.9% (32) bps Weighted average diluted common shares outstanding 1, , % 1, , % Adjusted EPS from continuing operations $ 1.21 $ % $ 4.22 $ % Depreciation (8.0%) 1, ,375.8 (2.7%) Depreciation and amortization (6.8%) 1, ,869.6 (3.3%) EBITDA $ 2,809.6 $ 2, % $ 10,730.0 $ 9, % as a % of net revenues 7.6% 8.1% (56) bps 7.7% 7.8% (12) bps 1 Includes a $521 million loss on early extinguishment of debt (approximately $0.27 per diluted share) during the year ended. Excluding this item, Adjusted EPS for the year ended, was $ Includes a $72 million gain on a legal settlement (approximately $0.04 per diluted share) during the year ended Excluding this item, Adjusted EPS for the year ended 2013, was $ The adjusted income tax provision is computed using the effective income tax rate computed from the consolidated statement of income. 4 Totals may not foot due to rounding. Preliminary and Unaudited (Revised r2) 2 of 9 February 10, 2015
3 Supplemental Information: Consolidated Statement of Income (Excluding Non-recurring Charges and Gains) (In millions, except per share amounts) (4) (1) 2013 (2) Change Net revenues $ 37,055.3 $ 32, % $ 139,367.2 $ 126, % Cost of revenues 30, , % 113, , % Gross profit 6, , % 25, , % gross margin 17.9% 19.3% (140) bps 18.2% 18.8% (56) bps Operating expenses 4, ,121.5 (4.6%) 16, ,817.7 (4.7%) as a % of net revenues 11.6% 12.6% 92 bps 11.9% 12.5% 59 bps Operating profit $ 2,320.9 $ 2, % $ 8,799.1 $ 7, % operating margin 6.3% 6.8% (49) bps 6.3% 6.3% 3 bps Interest expense, net (3.0%) % Loss on early extinguishment of debt and foreign currency losses Income before income tax provision NM NM 2, , % 8, , % Amortization (3.4%) (5.0%) Adjusted income before income tax provision 2, , % 8, , % Adjusted income tax provision (3) (6.2%) 3, ,092.2 (11.4%) effective tax rate 39.6% 39.2% (41) bps 39.5% 38.9% (60) bps Earnings allocated to participating securities Adjusted income from continuing operations 1, , % 5, , % as a % of net revenues 3.8% 4.1% (32) bps 3.8% 3.8% (6) bps Net income attributable to noncontrolling interest (0.3) - (0.9) - Adjusted income from cont ops attributable to CVS Health $ 1,392.7 $ 1, % $ 5,253.7 $ 4, % as a % of net revenues 3.8% 4.1% (32) bps 3.8% 3.8% (6) bps Weighted average diluted common shares outstanding 1, , % 1, , % Adjusted EPS from continuing operations $ 1.21 $ % $ 4.49 $ % Depreciation (8.0%) 1, ,375.8 (2.7%) Depreciation and amortization (6.8%) 1, ,869.6 (3.3%) EBITDA $ 2,809.6 $ 2, % $ 10,730.0 $ 9, % as a % of net revenues 7.6% 8.1% (56) bps 7.7% 7.8% (6) bps 1 Excludes a $521 million loss on early extinguishment of debt (approximately $0.27 per diluted share) during the year ended. Including this item, Adjusted EPS for the year ended, was $ Excludes a $72 million gain on a legal settlement (approximately $0.04 per diluted share) during the year ended Including this item, Adjusted EPS for the year ended 2013, was $ The adjusted income tax provision is computed using the effective income tax rate computed from the consolidated statement of income. 4 Totals may not foot due to rounding. Preliminary and Unaudited (Revised r2) 3 of 9 February 10, 2015
4 Supplemental Information: Pharmacy Services Segment (In millions, except per share amounts) (3) 2013 (1) Change Net revenues $ 23,874.2 $ 19, % $ 88,439.8 $ 76, % Cost of revenues 22, , % 83, , % Gross profit 1, , % 4, , % gross margin 5.2% 6.2% (99) bps 5.4% 5.6% (17) bps Operating expenses (5.9%) 1, ,150.3 (9.2%) as a % of net revenues 1.4% 1.6% 21 bps 1.4% 1.5% 9 bps Operating profit $ $ % $ 3,514.1 $ 3, % operating margin 3.8% 4.6% (78) bps 4.0% 4.1% (8) bps Depreciation and amortization (13.6%) (12.5%) EBITDA $ 1,070.1 $ 1, % $ 4,143.9 $ 3, % as a % of net revenues 4.5% 5.3% (83) bps 4.7% 4.8% (10) bps Net revenues: Mail choice 8, , % 31, , % Pharmacy network 15, , % 57, , % Other % % Pharmacy claims processed: Total % % Mail choice % (1.1%) Pharmacy network % % Total adjusted claims (2) % 1, , % Generic dispensing rate: Total 82.1% 80.8% 127 bps 82.2% 80.5% 175 bps Mail choice 75.1% 73.2% 190 bps 74.6% 72.6% 201 bps Pharmacy network 82.7% 81.6% 117 bps 83.0% 81.3% 169 bps Mail choice penetration rate 21.3% 22.7% (145) bps 21.4% 22.6% (113) bps 1 Includes an $11 million gain on a legal settlement during the year ended Includes the adjustment to convert 90-day, non-specialty prescriptions to the equivalent of three 30-day prescriptions. This adjustment reflects the fact that these prescriptions include approximately three times the amount of product days supplied compared to a normal 30-day prescription. 3 Totals may not foot due to rounding. Preliminary and Unaudited (Revised r2) 4 of 9 February 10, 2015
5 Supplemental Information: Pharmacy Services Segment (Excluding Non-recurring Charges and Gains) (In millions, except per share amounts) (3) 2013 (1) Change Net revenues $ 23,874.2 $ 19, % $ 88,439.8 $ 76, % Cost of revenues 22, , % 83, , % Gross profit 1, , % 4, , % gross margin 5.2% 6.2% (99) bps 5.4% 5.6% (17) bps Operating expenses (5.9%) 1, ,161.8 (8.2%) as a % of net revenues 1.4% 1.6% 21 bps 1.4% 1.5% 10 bps Operating profit $ $ % $ 3,514.1 $ 3, % operating margin 3.8% 4.6% (78) bps 4.0% 4.0% (6) bps Depreciation and amortization (13.6%) (12.5%) EBITDA $ 1,070.1 $ 1, % $ 4,143.9 $ 3, % as a % of net revenues 4.5% 5.3% (83) bps 4.7% 4.8% (8) bps Net revenues: Mail choice 8, , % 31, , % Pharmacy network 15, , % 57, , % Other % % Pharmacy claims processed: Total % % Mail choice % (1.1%) Pharmacy network % % Total adjusted claims (2) % 1, , % Generic dispensing rate: Total 82.1% 80.8% 127 bps 82.2% 80.5% 175 bps Mail choice 75.1% 73.2% 190 bps 74.6% 72.6% 201 bps Pharmacy network 82.7% 81.6% 117 bps 83.0% 81.3% 169 bps Mail choice penetration rate 21.3% 22.7% (145) bps 21.4% 22.6% (113) bps 1 Excludes an $11 million gain on a legal settlement during the year ended Includes the adjustment to convert 90-day, non-specialty prescriptions to the equivalent of three 30-day prescriptions. This adjustment reflects the fact that these prescriptions include approximately three times the amount of product days supplied compared to a normal 30-day prescription. 3 Totals may not foot due to rounding. Preliminary and Unaudited (Revised r2) 5 of 9 February 10, 2015
6 Supplemental Information: Retail Pharmacy Segment (In millions, except per share amounts) (3) 2013 (1) Change Net revenues $ 17,698.0 $ 17, % $ 67,797.9 $ 65, % Cost of revenues 12, , % 46, , % Gross profit 5, , % 21, , % gross margin 31.4% 30.7% 67 bps 31.4% 30.6% 73 bps Operating expenses 3, ,612.3 (4.6%) 14, ,844.2 (4.8%) as a % of net revenues 21.3% 21.0% (34) bps 21.4% 21.1% (31) bps Operating profit $ 1,779.7 $ 1, % $ 6,761.9 $ 6, % operating margin 10.1% 9.7% 33 bps 10.0% 9.6% 42 bps Depreciation and amortization (3.8%) 1, , % EBITDA $ 2,082.8 $ 1, % $ 7,966.9 $ 7, % as a % of net revenues 11.8% 11.4% 35 bps 11.8% 11.4% 34 bps Net revenues increase (decrease): Total 2.9% 5.6% (264) bps 3.3% 3.1% 21 bps Pharmacy 5.5% 8.5% (302) bps 5.1% 4.1% 105 bps Front store (4.9%) (0.5%) (435) bps (2.5%) 1.0% (347) bps Same-store increase (decrease): Total sales 1.6% 4.0% (240) bps 2.1% 1.7% 40 bps Pharmacy sales 5.5% 6.8% (130) bps 4.8% 2.6% 220 bps Front store sales (7.2%) (1.9%) (530) bps (4.0%) (0.5%) (350) bps Total prescription volume 3.2% 0.8% 240 bps 2.0% 1.5% 50 bps Total adj. prescription volume* 5.3% 3.8% 150 bps 4.1% 4.4% (30) bps Generic dispensing rate 82.4% 81.0% 140 bps 83.1% 81.4% 163 bps Rx % of net revenues 71.2% 69.5% 168 bps 70.7% 69.5% 117 bps 3 rd party % of Rx revenues 98.7% 98.1% 60 bps 98.6% 97.9% 70 bps Retail prescriptions filled % % Adj. retail prescriptions filled (2) % % 1 Includes a $61 million gain on a legal settlement during the year ended Includes the adjustment to convert 90-day, non-specialty prescriptions to the equivalent of three 30-day prescriptions. This adjustment reflects the fact that these prescriptions include approximately three times the amount of product days supplied compared to a normal 30-day prescription. 3 Totals may not foot due to rounding. Preliminary and Unaudited (Revised r2) 6 of 9 February 10, 2015
7 Supplemental Information: Retail Pharmacy Segment (Excluding Non-recurring Charges and Gains) (In millions, except per share amounts) (3) 2013 (1) Change Net revenues $ 17,698.0 $ 17, % $ 67,797.9 $ 65, % Cost of revenues 12, , % 46, , % Gross profit 5, , % 21, , % gross margin 31.4% 30.7% 67 bps 31.4% 30.6% 73 bps Operating expenses 3, ,612.3 (4.6%) 14, ,904.6 (4.4%) as a % of net revenues 21.3% 21.0% (34) bps 21.4% 21.2% (22) bps Operating profit $ 1,779.7 $ 1, % $ 6,761.9 $ 6, % operating margin 10.1% 9.7% 33 bps 10.0% 9.5% 51 bps Depreciation and amortization (3.8%) 1, , % EBITDA $ 2,082.8 $ 1, % $ 7,966.9 $ 7, % as a % of net revenues 11.8% 11.4% 35 bps 11.8% 11.3% 44 bps Net revenues increase (decrease): Total 2.9% 5.6% (264) bps 3.3% 3.1% 21 bps Pharmacy 5.5% 8.5% (302) bps 5.1% 4.1% 105 bps Front store (4.9%) (0.5%) (435) bps (2.5%) 1.0% (347) bps Same-store increase (decrease): Total sales 1.6% 4.0% (240) bps 2.1% 1.7% 40 bps Pharmacy sales 5.5% 6.8% (130) bps 4.8% 2.6% 220 bps Front store sales (7.2%) (1.9%) (530) bps (4.0%) (0.5%) (350) bps Total prescription volume 3.2% 0.8% 240 bps 2.0% 1.5% 50 bps Total adj. prescription volume* 5.3% 3.8% 150 bps 4.1% 4.4% (30) bps Generic dispensing rate 82.4% 81.0% 140 bps 83.1% 81.4% 163 bps Rx % of net revenues 71.2% 69.5% 168 bps 70.7% 69.5% 117 bps 3 rd party % of Rx revenues 98.7% 98.1% 60 bps 98.6% 97.9% 70 bps Retail prescriptions filled % % Adj. retail prescriptions filled (2) % % 1 Excludes a $61 million gain on a legal settlement during the year ended Includes the adjustment to convert 90-day, non-specialty prescriptions to the equivalent of three 30-day prescriptions. This adjustment reflects the fact that these prescriptions include approximately three times the amount of product days supplied compared to a normal 30-day prescription. 3 Totals may not foot due to rounding. Preliminary and Unaudited (Revised r2) 7 of 9 February 10, 2015
8 Supplemental Information: Corporate Segment (In millions, except per share amounts) (1) Net revenues $ - $ - N/A $ - $ - N/A Cost of revenues - - N/A - - N/A Gross profit - - N/A - - N/A gross margin N/A N/A N/A N/A N/A N/A Operating expenses (3.5%) (6.0%) as a % of net revenues N/A N/A N/A N/A N/A N/A Operating profit $ (205.0) $ (198.0) (3.5%) $ (796.4) $ (751.3) (6.0%) operating margin N/A N/A N/A N/A N/A N/A Depreciation and amortization (1.8%) (3.7%) EBITDA $ (180.7) $ (174.3) (3.7%) $ (700.4) $ (658.7) (6.3%) as a % of net revenues N/A N/A N/A N/A N/A N/A 1 Totals may not foot due to rounding. Preliminary and Unaudited (Revised r2) 8 of 9 February 10, 2015
9 Supplemental Information: Eliminations (In millions, except per share amounts) (1) Net revenues $ (4,517.0) $ (3,977.1) (13.6%) $ (16,870.5) $ (15,065.4) (12.0%) Cost of revenues (4,354.4) (3,819.6) (14.0%) (16,190.1) (14,499.1) (11.7%) Gross profit (162.6) (157.5) (3.2%) (680.4) (566.3) (20.2%) gross margin 3.6% 4.0% (36) bps 4.0% 3.8% 27 bps Operating expenses - - N/A - - N/A as a % of net revenues N/A N/A N/A N/A N/A N/A Operating profit $ (162.6) $ (157.5) (3.2%) $ (680.4) $ (566.3) (20.2%) operating margin 3.6% 4.0% (36) bps 4.0% 3.8% 27 bps Depreciation and amortization - - N/A - - N/A EBITDA $ (162.6) $ (157.5) (3.2%) $ (680.4) $ (566.3) (20.2%) as a % of net revenues 3.6% 4.0% (36) bps 4.0% 3.8% 27 bps 1 Totals may not foot due to rounding. Preliminary and Unaudited (Revised r2) 9 of 9 February 10, 2015
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