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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
    
FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022
or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to_________

Commission File Number: 001-01011

cvs-20220930_g1.jpg
CVS HEALTH CORPORATION
(Exact name of registrant as specified in its charter)
Delaware05-0494040
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
One CVS Drive,Woonsocket, Rhode Island02895
 (Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code:     
(401)765-1500
Former name, former address and former fiscal year, if changed since last report:
N/A
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareCVSNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of October 26, 2022, the registrant had 1,313,966,912 shares of common stock issued and outstanding.







Part I.Financial Information

Item 1.Financial Statements

Index to Condensed Consolidated Financial Statements
Page
Condensed Consolidated Statements of Operations (Unaudited) for the three and nine months ended September 30, 2022 and 2021
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the three and nine months ended September 30, 2022 and 2021
Condensed Consolidated Balance Sheets (Unaudited) as of September 30, 2022 and December 31, 2021
Condensed Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2022 and 2021
Condensed Consolidated Statements of Shareholders’ Equity (Unaudited) for the three months ended September 30, 2022 and 2021, the three months ended June 30, 2022 and 2021 and the three months ended March 31, 2022 and 2021
Notes to Condensed Consolidated Financial Statements (Unaudited)
Report of Independent Registered Public Accounting Firm


1

CVS Health Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
In millions, except per share amounts2022202120222021
Revenues:
Products$57,643 $51,853 $166,959 $149,765 
Premiums21,003 18,984 63,894 56,927 
Services2,312 2,711 7,253 7,983 
Net investment income201 246 515 832 
Total revenues81,159 73,794 238,621 215,507 
Operating costs:
Cost of products sold50,365 45,011 145,164 129,425 
Benefit costs17,419 16,081 52,976 47,686 
Opioid litigation charges5,220  5,704  
Loss on assets held for sale2,480  2,521  
Goodwill impairment 431  431 
Operating expenses9,606 9,210 28,128 27,001 
Total operating costs85,090 70,733 234,493 204,543 
Operating income (loss)(3,931)3,061 4,128 10,964 
Interest expense566 602 1,735 1,895 
Loss on early extinguishment of debt 363  363 
Other income(41)(49)(126)(144)
Income (loss) before income tax provision(4,456)2,145 2,519 8,850 
Income tax provision (benefit)(1,047)558 654 2,248 
Net income (loss)(3,409)1,587 1,865 6,602 
Net (income) loss attributable to noncontrolling interests(7)11 (18)2 
Net income (loss) attributable to CVS Health$(3,416)$1,598 $1,847 $6,604 
Net income (loss) per share attributable to CVS Health:
Basic$(2.60)$1.21 $1.41 $5.01 
Diluted$(2.60)$1.20 $1.40 $4.98 
Weighted average shares outstanding:
Basic1,315 1,321 1,313 1,318 
Diluted1,315 1,329 1,324 1,326 
Dividends declared per share$0.55 $0.50 $1.65 $1.50 

See accompanying notes to condensed consolidated financial statements (unaudited).
2

CVS Health Corporation
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
In millions2022202120222021
Net income (loss)$(3,409)$1,587 $1,865 $6,602 
Other comprehensive loss, net of tax:
Net unrealized investment losses(623)(73)(2,591)(310)
Foreign currency translation adjustments(7)(5)(5)(6)
Net cash flow hedges8 (15)20 (22)
Pension and other postretirement benefits1  2 1 
Other comprehensive loss(621)(93)(2,574)(337)
Comprehensive income (loss)(4,030)1,494 (709)6,265 
Comprehensive (income) loss attributable to noncontrolling interests(7)11 (18)2 
Comprehensive income (loss) attributable to CVS Health$(4,037)$1,505 $(727)$6,267 

See accompanying notes to condensed consolidated financial statements (unaudited).
3

CVS Health Corporation
Condensed Consolidated Balance Sheets
(Unaudited)
In millions, except per share amountsSeptember 30,
2022
December 31,
2021
Assets: 
Cash and cash equivalents$17,197 $9,408 
Investments2,792 3,117 
Accounts receivable, net26,317 24,431 
Inventories18,058 17,760 
Assets held for sale1,498  
Other current assets2,479 5,292 
Total current assets68,341 60,008 
Long-term investments20,565 23,025 
Property and equipment, net12,626 12,896 
Operating lease right-of-use assets18,270 19,122 
Goodwill78,086 79,121 
Intangible assets, net25,157 29,026 
Separate accounts assets3,318 5,087 
Other assets4,849 4,714 
Total assets$231,212 $232,999 
Liabilities:
Accounts payable$13,925 $12,544 
Pharmacy claims and discounts payable19,161 17,330 
Health care costs payable 10,351 8,808 
Policyholders’ funds1,642 4,301 
Accrued expenses19,423 17,670 
Other insurance liabilities4,561 1,303 
Current portion of operating lease liabilities1,687 1,646 
Current portion of long-term debt1,363 4,205 
Liabilities held for sale 296  
Total current liabilities72,409 67,807 
Long-term operating lease liabilities17,174 18,177 
Long-term debt50,848 51,971 
Deferred income taxes3,508 6,270 
Separate accounts liabilities3,318 5,087 
Other long-term insurance liabilities6,175 6,402 
Other long-term liabilities6,769 1,904 
Total liabilities160,201 157,618 
Shareholders’ equity:
Preferred stock, par value $0.01: 0.1 shares authorized; none issued or outstanding
  
Common stock, par value $0.01: 3,200 shares authorized; 1,757 shares issued and 1,315 shares outstanding at September 30, 2022 and 1,744 shares issued and 1,322 shares outstanding at December 31, 2021 and capital surplus
48,047 47,377 
Treasury stock, at cost: 442 shares at September 30, 2022 and 422 shares at December 31, 2021
(30,326)(28,173)
Retained earnings54,571 54,906 
Accumulated other comprehensive income (loss)(1,609)965 
Total CVS Health shareholders’ equity70,683 75,075 
Noncontrolling interests328 306 
Total shareholders’ equity71,011 75,381 
Total liabilities and shareholders’ equity$231,212 $232,999 

See accompanying notes to condensed consolidated financial statements (unaudited).
4

CVS Health Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
In millions20222021
Cash flows from operating activities:
Cash receipts from customers$235,395 $209,104 
Cash paid for inventory and prescriptions dispensed by retail network pharmacies(138,785)(122,129)
Insurance benefits paid (51,434)(46,965)
Cash paid to other suppliers and employees(22,368)(21,840)
Interest and investment income received327 582 
Interest paid(1,936)(2,095)
Income taxes paid(3,070)(2,397)
Net cash provided by operating activities18,129 14,260 
Cash flows from investing activities:
Proceeds from sales and maturities of investments5,535 5,559 
Purchases of investments(6,439)(7,417)
Purchases of property and equipment(2,039)(1,923)
Acquisitions (net of cash acquired)(131)(135)
Proceeds from sale of subsidiaries (net of cash and restricted cash sold of $2,808 and $0)
(1,928) 
Other74 95 
Net cash used in investing activities(4,928)(3,821)
Cash flows from financing activities:
Proceeds from issuance of long-term debt 987 
Repayments of long-term debt(4,195)(7,823)
Repurchase of common stock(2,000) 
Dividends paid(2,188)(1,965)
Proceeds from exercise of stock options510 440 
Payments for taxes related to net share settlement of equity awards(337)(161)
Other(119)80 
Net cash used in financing activities(8,329)(8,442)
Net increase in cash, cash equivalents and restricted cash4,872 1,997 
Cash, cash equivalents and restricted cash at the beginning of the period12,691 11,043 
Cash, cash equivalents and restricted cash at the end of the period$17,563 $13,040 

5

CVS Health Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
In millions20222021
Reconciliation of net income to net cash provided by operating activities:
Net income$1,865 $6,602 
Adjustments required to reconcile net income to net cash provided by operating activities:
Depreciation and amortization3,198 3,397 
Loss on assets held for sale 2,521  
Goodwill impairment 431 
Stock-based compensation341 346 
Gain on sale of subsidiary(225) 
Loss on early extinguishment of debt 363 
Deferred income taxes and other noncash items(2,250)(645)
Change in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable, net(2,009)(3,504)
Inventories(415)1,097 
Other assets(311)(88)
Accounts payable and pharmacy claims and discounts payable3,350 3,973 
Health care costs payable and other insurance liabilities4,687 348 
Other liabilities7,377 1,940 
Net cash provided by operating activities$18,129 $14,260 

See accompanying notes to condensed consolidated financial statements (unaudited).

6

CVS Health Corporation
Condensed Consolidated Statements of Shareholders’ Equity
(Unaudited)
Attributable to CVS Health
Number of shares
outstanding
Common
Stock and
Capital
Surplus (2)
Treasury
Stock (1)
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
CVS Health
Shareholders’
 Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
Common
Shares
Treasury
Shares (1)
In millions
Balance at December 31, 20211,744 (422)$47,377 $(28,173)$54,906 $965 $75,075 $306 $75,381 
Net income— — — — 2,312 — 2,312 1 2,313 
Other comprehensive loss— — — — — (1,155)(1,155)— (1,155)
Stock option activity, stock awards and other3 — 300 — — — 300 — 300 
Purchase of treasury shares, net of ESPP issuances— (19)— (1,972)— — (1,972)— (1,972)
Common stock dividends— — — — (730)— (730)— (730)
Other increases in noncontrolling interests— — — — — — — 3 3 
Balance at March 31, 20221,747 (441)47,677 (30,145)56,488 (190)73,830 310 74,140 
Net income— — — — 2,951 — 2,951 10 2,961 
Other comprehensive loss — — — — — (798)(798)— (798)
Stock option activity, stock awards and other8 — 197 — — — 197 — 197 
Purchase of treasury shares, net of ESPP issuances— (2)— (267)— — (267)— (267)
Common stock dividends— — — — (729)— (729)— (729)
Other increases in noncontrolling interests— — — — — — — 2 2 
Balance at June 30, 20221,755 (443)47,874 (30,412)58,710 (988)75,184 322 75,506 
Net income (loss)— — — — (3,416)— (3,416)7 (3,409)
Other comprehensive loss (Note 8)— — — — — (621)(621)— (621)
Stock option activity, stock awards and other2 — 173 — — — 173 — 173 
ESPP issuances, net of purchase of treasury shares— 1 — 86 — — 86 — 86 
Common stock dividends— — — — (723)— (723)— (723)
Other decreases in noncontrolling interests— — — — — — — (1)(1)
Balance at September 30, 20221,757 (442)$48,047 $(30,326)$54,571 $(1,609)$70,683 $328 $71,011 
_____________________________________________
(1)Treasury shares include 1 million shares held in trust and treasury stock includes $29 million related to shares held in trust as of September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021.
(2)Common stock and capital surplus includes the par value of common stock of $18 million as of September 30, 2022 and June 30, 2022 and $17 million as of March 31, 2022 and December 31, 2021.
7

Attributable to CVS Health
Number of shares
outstanding
Common
Stock and
Capital
Surplus (2)
Treasury
Stock (1)
Retained
Earnings
Accumulated
Other
Comprehensive
Income
Total
CVS Health
Shareholders’
 Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
Common
Shares
Treasury
Shares (1)
In millions
Balance at December 31, 20201,733 (