2025-07-29 UnitedHealth Group Incorporated (UNH) Q2 2025 Earnings Call Transcript
UnitedHealth Group Incorporated (NYSE:UNH) Q2 2025 Earnings Conference Call July 29, 2025 8:45 AM ET
Company Participants
Bobby Hunter - CEO of Government Programs & Head
of Medicare Insurance - Corporate Participant
Daniel J. Schumacher - President
Daniel Roger Kueter - Chief Executive Officer of
UnitedHealthcare Employer & Individual - Corporate Participant
Dhivya Suryadevara - Chief Executive Officer of Optum
Financial Services - Corporate Participant
Krista Nelson - Chief Executive Officer of
UnitedHealthcare Community & State - Corporate Participant
Timothy John Noel - Chief Executive Officer of UnitedHealthcare Business
John F. Rex - President & CFO
Patrick Hugh Conway - Chief Executive Officer of Optum Rx
Stephen J. Hemsley - CEO & Non-Independent Non-Executive Chairman
Conference Call Participants
Andrew Mok - Barclays Bank PLC, Research Division
Ann Kathleen Hynes - Mizuho Securities USA LLC, Research Division
Benjamin Hendrix - RBC Capital Markets, Research Division
Jessica Elizabeth Tassan - Piper Sandler & Co., Research Division
Joshua Richard Raskin - Nephron Research LLC
Justin Lake - Wolfe Research, LLC
Kevin Mark Fischbeck - BofA Securities, Research Division
Lance Arthur Wilkes - Sanford C. Bernstein & Co., LLC., Research Division
Lisa Christine Gill - JPMorgan Chase & Co, Research Division
Matthew Dale Gillmor - KeyBanc Capital Markets Inc., Research Division
Sarah Elizabeth James - Cantor Fitzgerald & Co., Research Division
Albert J. William Rice - UBS Investment Bank, Research Division
Stephen C. Baxter - Wells Fargo Securities, LLC, Research Division
Operator 接线员
Good morning, and welcome to the UnitedHealth Group Second Quarter 2025 Earnings Conference Call. Question-and-answer session will follow UnitedHealth Group's prepared remarks.
大家早上好，欢迎参加联合健康集团 2025 年第二季度财报电话会议。问答环节将紧随联合健康集团的准备发言之后。
As a reminder, this call is being recorded.
提醒大家，本次通话正在录音。
Here is some important introductory information. This call contains forward-looking statements under U.S. federal securities laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations. A description of some of the risks and uncertainties can be found in the reports that we file with the Securities and Exchange Commission, including the cautionary statements included in our current and periodic filings. This call will also reference non-GAAP amounts. A reconciliation of the non-GAAP to GAAP amount is available in the Financial and Earnings Reports section of the company's Investor Relations page at www.unitedhealthgroup.com.
以下是一些重要的介绍性信息。本次电话会议包含根据美国联邦证券法的前瞻性陈述。这些陈述存在风险和不确定性，可能导致实际结果与历史经验或当前预期存在重大差异。有关部分风险和不确定性的描述可在我们向美国证券交易委员会提交的报告中找到，包括我们当前及定期文件中包含的警示性陈述。本次电话会议还将提及非 GAAP 金额。非 GAAP 与 GAAP 金额的调节表可在公司投资者关系页面 www.unitedhealthgroup.com 的财务与收益报告部分找到。
Information presented on this call is contained in the earnings release we issued this morning and in our Form 8-K dated July 29, 2025, which may be accessed from our Investor Relations page of the company's website.
本次电话会议中呈现的信息载于我们今晨发布的收益公告以及我们 2025 年 7 月 29 日的 8-K 表格，您可从公司网站的投资者关系页面访问该表格。
I will now turn the conference over to the Chairman and Chief Executive Officer of UnitedHealth Group, Stephen Hemsley.
现在我将把会议交给联合健康集团的董事长兼首席执行官 Stephen Hemsley。
Stephen J. Hemsley
Thank you. Good morning, and thank you for joining. Today, our prepared remarks will be a little longer than usual, so we will be allowing more time for your questions. As we begin, I want to recognize and thank our employees who have been so dedicated to serving our patients, consumers and customers during a prolonged challenging period for our business. And I'd like to thank our leadership team, many of whom are new in their roles, for their willingness to join me in looking hard at our businesses, getting a grounded assessment of our action plans, rebaselining our outlook and moving a pace to advance the performance of each of our businesses. This morning, I know you are eager to get into the underlying details of our revised financial outlook, which we will do. But at this moment, I believe it's also important to convey the tone we're setting at this enterprise. More than anything, it is a tone of change and reform borne out of recommitment to our mission to help people live healthier lives and help make the health system work better for everyone.
谢谢。早上好，感谢大家的参与。今天我们的准备发言会比平时稍长一些，因此我们会给你们留出更多提问时间。首先，我要向在我们业务长期面临挑战期间，仍然全心全意为患者、消费者和客户服务的员工表示感谢。同时我要感谢我们的领导团队，其中许多人在新岗位上，感谢他们愿意与我一同深入审视我们的业务，对我们的行动计划做出扎实评估，重新设定我们的前景基线，并加快推进各项业务的业绩提升。今天上午，我知道你们迫切想了解我们修订后财务前景的具体细节，我们也会这么做。但此刻，我认为传达我们在整个企业中所要营造的基调也同样重要。比任何事情都重要的是，这是一种源自于对我们使命——帮助人们拥有更健康的生活并推动医疗体系为所有人更好地运作——的重新承诺而产生的变革与改革的基调。
It's a mission that requires a commitment to a culture of values, of service, responsibility, integrity and humility. We pair that mission- driven ambition of reform with a keen sense of the opportunity and the expectation to perform better than we ever have. As we continue to assess the state of our businesses, it is very apparent that some require a fundamental reorientation, others require building and nurturing and others must be reconsidered and redirected to original purpose. We also recognize the need and the opportunity to revisit and address critical processes and fundamental business practices, both internal and market-facing. We're acutely aware we have an enormous responsibility for providing care for millions of people and for protecting the government and private programs we partner in. As such, we have embarked on a real cultural shift in our relationship with regulators and all external stakeholders.
这是一个需要在价值观、服务、责任、诚信与谦逊的文化中不懈投入的使命。我们将这种以使命为驱动的改革志向与对机遇的敏锐把握以及超越以往的业绩期望相结合。在我们持续评估各项业务状况时，很明显有些业务需要根本性的重定向，另一些需要建设与培育，还有一些必须重新审视并引导回初衷。我们也意识到需要并有机会重新检视并解决关键流程和基本业务惯例，无论是内部的还是面向市场的。我们深知自己肩负着为数百万人提供护理以及保护我们所合作的政府和私营项目的重大责任。因此，我们在与监管机构及所有外部利益相关者的关系上，已经着手进行真正的文化转变。
We intend to be proactively engaged, constructive and responsive to the concerns of all stakeholders and in our engagement with them. We have the chance to reposition our enterprise as a far more modern, reliable, consumer and provider-friendly enterprise using new technologies and approaches, and we're going to pursue that course. Pursuit of these opportunities aligns to and enables our reform and change mandate and allows us to better achieve our mission and to steadily perform better in doing so. We are on this course against a challenging environment, which includes a generational pullback in Medicare funding set in motion in 2023 and playing out through 2026, unprecedented medical cost trends measured in both intensity of services used as well as unit prices and more aggressive care provider coding and billing technologies, the prospects for further contraction of the Medicaid and exchange markets, the growing need to invest in the opportunities new technologies offer and the expectation of all health care entities to offer a better experience for consumers, customers, care providers and employees.
我们打算积极参与、建设性应对并响应所有利益相关者的关切，并在与他们的接触中保持这种态度。我们有机会利用新技术和新方法，将我们的企业重新定位为更现代、更可靠、更利于消费者和医疗提供者的企业，我们将朝着这一方向努力。追求这些机会符合并推动我们的改革和变革使命，使我们更好地实现我们的目标，并在实践中持续取得更好表现。我们在这一方向上前行时面临严峻环境，包括自 2023 年启动并持续到 2026 年的代际性医疗保险资金回调、前所未有的医疗成本趋势——既体现在服务使用强度上，也体现在单位价格上——以及更具进攻性的医疗提供者编码和计费技术；对医疗补助和交易市场进一步收缩的可能性；对投资新技术所带来机遇日益增长的需求；以及所有医疗保健实体都被期望为消费者、客户、医疗提供者和员工提供更好体验的要求。
And finally, the continuing public controversy over long-standing practices and complexities across the entire health care sector, particularly managed care, which bears the critical roles for coverage for care management and for pricing for the intensity of the cost and services used in the benefit products and programs for the entire health care market. As a leading provider of health services, we must help advance a better health system. We are committed to engaging in these pursuits with a sense of purpose and better partnership with all stakeholders, transparency in our business and reporting practices and continued integrity in all we do. Beyond the
最后，围绕整个医疗保健行业长期存在的做法和复杂性，尤其是以管理式医疗为代表的行业，持续存在公开争议。管理式医疗在为全体医疗市场的保障、护理管理以及为福利产品和项目中所使用的服务与成本强度定价方面，承担着关键角色。作为一家领先的医疗服务提供者，我们必须推动更好的医疗体系发展。我们致力于以有目标感和与所有利益相关者更好的合作伙伴关系来参与这些努力，在我们的业务和报告实践中保持透明，并在我们所做的一切中持续秉持廉正。超出此范围外的
environmental factors that are affecting the entire sector and more specifically to us, we've made pricing and operational mistakes as well as others. They are getting the needed attention.
影响整个行业并更具体影响我们的环境因素之外，我们在定价和运营上也犯过错误，及其他问题。这些问题正在得到必要的重视。
Our critical processes, including risk status, care management, pharmaceutical services and others are being reviewed by independent experts, and they will be reviewed every year and reported on as these processes can be reviewed at any time by outside stakeholders.
我们的关键流程，包括风险状况、护理管理、药学服务等，正在由独立专家进行审查，并将每年接受审查并报告，同时这些流程也可随时由外部利益相关者审阅。
While we believe in our oversight and the integrity of these processes, wherever they are determined to be at variance with prescribed practice, they will be promptly remediated and we'll continue on this path. All of the foregoing is fully addressable. We can steadily restore our performance to levels consistent with our mission and stakeholder expectations, all as we strengthen an institutional culture aligned to that mission and accountable for performance. Over the last 60 days or more, we have made extensive management and operational changes aligned to this agenda of reform and performance. Other such changes to leadership, to our businesses, our culture, our approaches and practices and to our Board, governance and succession oversight as appropriate, will continue to be made as we proceed through this period. With those thoughts in mind, Tim Knoll and Patrick Conway, heads of UnitedHealthcare and Optum, respectively, will walk through some of the specifics in their businesses.
我们相信我们的监督以及这些流程的诚信性，但无论何时只要发现其与既定做法存在偏差，都会立即进行补救，我们也将继续沿着这条道路前进。以上所有问题都是可以完全解决的。我们能够稳步将业绩恢复到与我们的使命和利益相关者期望相一致的水平，同时加强与该使命一致并对业绩负责的机构文化。在过去 60 天或更长时间里，我们已经做出了与这一改革与绩效议程相一致的大量管理与运营变革。随着我们在此期间推进，对领导层、业务、文化、方法与做法以及董事会、治理和继任监督（在适当情况下）等方面的其他此类变动将会继续进行。考虑到这些想法，UnitedHealthcare 和 Optum 的负责人 Tim Knoll 和 Patrick Conway 将分别介绍他们业务中的一些具体情况。
John Rex will discuss financial performance and the elements affecting our outlook, and I'll come back with some closing thoughts, and then we'll have ample time for questions and answers.
John Rex 将讨论财务业绩及影响我们前景的各个要素，随后我会回到话题做一些结束语，之后我们将有充足时间进行问答。
Timothy John Noel 蒂莫西·约翰·诺埃尔
Thank you, Steve. I'll start by emphasizing that we are approaching our business with greater humility, greater transparency and a renewed determination to meet your expectations and our standards. The primary driver of the UnitedHealthcare earnings shortfall for 2025 is that our pricing assumptions were well short of actual medical costs. Our current view for 2025 reflects $6.5 billion more in medical costs than we anticipated in our initial outlook.
谢谢你，史蒂夫。我先强调，我们正以更谦逊、更透明的态度来处理业务，并以重新激发的决心来满足你们的期望和我们的标准。2025 年联合健康（UnitedHealthcare）盈利未达预期的主要原因是我们的定价假设远低于实际医疗成本。我们目前对 2025 年的预测较最初展望反映出多计入了 65 亿美元的医疗成本。
A little over half or $3.6 billion of this is in our broad-based Medicare portfolio. About 1/3 or $2.3 billion is in the commercial business, split evenly between ACA plans and our employer business. The remaining trend pressure is related to Medicaid, most notably due to elevated behavioral trend. In addition to trend-driven issues, the updated 2025 outlook removes about $1 billion from previously planned portfolio actions that we are no longer pursuing. It also reflects about $850 million of other items, including unfavorable prior period items, primarily from 2024 and recognition of several onetime settlements. We know these are serious challenges. We are humbled by them, and we'll carry that sense of humility more deeply into our culture. But we also believe we can resolve our current issues and recapture our earnings growth potential.
其中略多于一半、约 36 亿美元来自我们以广泛为基础的医疗保险组合。约三分之一、约 23 亿美元来自商业业务，在 ACA 计划和我们的雇主业务之间各占一半。其余的费用上行压力与医疗补助相关，尤以行为健康费用上升为最显著。除由费用趋势驱动的问题外，更新后的 2025 年展望还取消了约 10 亿美元此前计划的、不再推进的投资组合举措。它还反映了约 8.5 亿美元的其他项目，包括不利的前期事项（主要来自 2024 年）以及若干一次性和解的确认。我们清楚这些都是严重的挑战。我们对此深感谦卑，并将更深刻地将这种谦卑融入我们的企业文化。但我们也相信可以解决当前问题，重新夺回盈利增长的潜力。
Let me now provide an update on where each business stands, starting with Medicare. When we prepared our 2025 Medicare Advantage offerings back in the first half of 2024, we significantly underestimated the accelerating medical trend and did not modify benefits or plan offerings sufficiently to offset the pressures we are now experiencing. This was compounded by the magnitude of plan exits across the sector and the extent to which we now see care providers placing further service intensity into the health system. The increasingly flexible orientation to which our Medicare networks and plan designs have evolved over recent years left us less able to address these trends in year. On trend specifically, the increase in care activity across individual and group Medicare Advantage we saw earlier this year has now affected complex populations and our Medicare Supplement business as well.
现在让我更新一下各项业务的状况，先从医疗保险（Medicare）说起。当我们在 2024 年上半年为 2025 年的医疗保障优势（Medicare Advantage）产品做准备时，我们大幅低估了加速的医疗成本趋势，也没有充分调整福利或计划设置来抵消我们现在所面临的压力。这一情况又因整个行业范围内大规模的计划退出以及我们目前看到的医疗服务提供者将更多服务强度投入到医疗体系中的程度而变得更糟。近年来我们的 Medicare 网络和计划设计日益走向更大的灵活性，这使得我们在年内更难应对这些趋势。具体到趋势方面，我们今年早些时候在个人和团体 Medicare Advantage 中看到的护理活动增加，现在也已经影响到了复杂病患群体以及我们的 Medicare 补充保险业务。
Across Medicare Advantage, physician and outpatient care together represent 70% of the pressure year-to-date. However, inpatient utilization has accelerated through Q2, and we expect will comprise a relatively larger portion of the pressure over the full year. We continue to see utilization increases in ER and observation stays and consistently see more services being offered and bundled as part of each ER visit and clinical encounter. In short, most encounters are intensifying in services and costing more.
在医疗保险优选计划（Medicare Advantage）中，门诊医生和门诊护理合计占到年初至今压力的 70%。然而，住院使用率在第二季度有所加速，我们预计在全年中将占据相对更大比例的压力。我们继续看到急诊室和观察病房的使用增加，并持续看到在每次急诊访问和临床就诊中提供并打包的服务增多。总之，大多数就诊的服务强度在增强，费用也在上升。
The higher trend is broad-based geographically and across our membership, including our large retained membership base. To put this into context, we had initially assumed Medicare Advantage medical cost trend of just over 5% when configuring our 2025 bids, in line with our normalized trend experience in 2024. We now expect full year 2025 trend to be approximately 7.5%.
这一更高的趋势在地理上和我们会员中普遍存在，包括我们大量的自留会员基础。为了将其置于背景中说明，我们在制定 2025 年投标时最初假设医疗保险优选计划的医疗成本趋势略高于 5%，与我们 2024 年正常化的趋势经验一致。我们现在预计 2025 全年趋势约为 7.5%。
Medicare Supplement, which typically is representative of overall care activity levels and cost trends in Medicare fee-for-service broadly is up similarly in 2025 compared to historical levels. We expect that trend to be over 11% this year versus 8% to 9% in recent years, further confirming the broad-based nature of the care activity and the coding and billing patterns we are seeing.
Medicare Supplement（通常能够代表整体护理活动水平和 Medicare 按服务付费总体的成本趋势）在 2025 年相较历史水平同样出现上涨。我们预计今年该趋势将超过 11%，而近年为 8%到 9%，进一步证实了我们所观察到的护理活动以及编码和计费模式具有广泛性。
On commercial, we are seeing higher-than-expected medical cost increases, particularly in outpatient care and although to a lesser extent, inpatient care. Orthopedic spending and pharmacy infusions are notable factors here. In the ACA business, the revenue impact resulting from a difference between the morbidity that we price for and what we experienced is the primary cause of our
在商业保险方面，我们看到医疗成本增长高于预期，尤其是门诊护理方面，住院护理也有上升但程度较小。骨科支出和药房输注在此是显著因素。在 ACA 业务中，因我们定价时所假设的发病率与实际发生情况存在差异而导致的收入影响，是我们表现不佳的主要原因。
underperformance. One example of the elevated commercial trend is group fully insured. There, trend is approaching 11%, which is approximately 100 basis points higher than our initial expectations.
商业趋势升高的一个例子是团体全额投保（group fully insured）。那里，趋势接近 11%，约比我们最初预期高出 100 个基点。
Moving to Medicaid. Similar elevated trends are apparent and further affected by increasing and unanticipated acceleration of cost in Behavioral Health, where trend is running at 20% as well as in Pharmacy and Home Health. We anticipate the existing rate and acuity mismatch will extend well into next year. Beyond these segment-specific factors, there are other broad drivers of higher medical costs. There has been a marked increase in health care cost due in part to increases in service intensity per encounter. For example, in Medicare Advantage, higher frequency of physician rounding, testing and related services of specialists and in ER settings are contributing to elevated outpatient spend.
转向医疗补助（Medicaid）。类似的上升趋势也很明显，并且受到行为健康（Behavioral Health）成本增加且意外加速的进一步影响——该领域的增长率也在 20%，药房和家庭护理（Home Health）同样如此。我们预计现有的费率与病情严重度（acuity）不匹配问题将持续到明年。除去这些分支特有的因素外，还有其他广泛的推动因素导致医疗费用上升。医疗成本显著增加，部分原因是每次就诊的服务强度提高。例如，在 Medicare Advantage 中，医生查房、检查及专科医生和急诊环境相关服务的频次增加，正在促成门诊支出的上升。
In addition to strongly responsive pricing for 2026, which I will speak to in a moment, we are intensifying our remediation actions. We have stepped up our audit, clinical policy and payment integrity tools to protect customers and patients from unnecessary costs. These efforts ensure care is delivered in appropriate settings and grounded in safety and quality while also identifying waste and abuse in outlier coding and billing practices. We are shifting to narrower networks and focusing on more disciplined managed products, particularly in Medicare Advantage. And we have scaled our AI efforts across health plan operations, which improves the patient and provider service experiences while driving cost savings.
除了我待会要讲的对 2026 年强有力的价格响应之外，我们正在加大补救措施力度。我们已经加强了审计、临床政策和支付完整性工具，以保护客户和患者免受不必要费用的影响。这些努力确保护理在合适的环境中提供并以安全和质量为基础，同时识别异常编码和计费实践中的浪费和滥用。我们正在转向更窄的网络，并专注于更有纪律的管理型产品，尤其是在医疗保险优势计划方面。我们已在健康计划运营中扩展了人工智能的应用，这既改善了患者和提供者的服务体验，又带来成本节约。
Lastly, in Medicaid, we continue to actively engage with state partners using both past experience and data-driven insights to show the need for immediate and more regular rate updates.
最后，在医疗补助方面，我们继续积极与州级合作伙伴沟通，利用既往经验和数据驱动的洞见，说明需要立即且更定期地更新费率。
Taken together, this work is helping restore our operational muscle and reclaiming executional rigor, helped by modern tools and driven by a relentless focus on improvement.
综合来看，这些工作正在帮助恢复我们的运营能力并重建执行纪律，借助现代工具并由对改进的持续关注推动。
Turning now to 2026. Our pricing strategy is intensely focused on margin recovery and moving back towards our earnings growth targets. In Medicare, we have historically targeted an operating margin range of 3% to 5%. Now with the changes from the Inflation Reduction Act on the Part D program, which resulted in higher revenue but do not impact earnings, the equivalent target margin range is in the 2% to 4% range. We are working intensively to remediate Medicare through pricing, product design and benefit changes that will enable us to be within the lower half of the targeted margin ranges in 2026 and advancing further in 2027.
现在谈谈 2026 年。我们的定价策略高度聚焦于恢复利润率并回到我们的收益增长目标。在医疗保险（Medicare）方面，我们历来将经营利润率目标区间定为 3%到 5%。现在由于《降低通胀法案》对 D 部分（Part D）项目的变化，导致收入增加但不影响盈利，相当的目标利润率区间变为 2%到 4%。我们正通过定价、产品设计和福利调整密集地纠偏医疗保险，以使我们在 2026 年位于目标利润率区间的下半段，并在 2027 年进一步推进。
Our Medicare Advantage pricing strategy for 2026 assumes a trend approaching 10% compared to our current 7.5% trend expectation. This accounts for trend acceleration and incorporates factors such as changes in fee schedules and the continuation of higher yields from provider coding and billing practices. Considering the continued cost trends and funding pressures and the need to support margin recovery, we have made significant adjustments to benefits.
我们对 2026 年医疗保险优势计划（Medicare Advantage）的定价策略假定费用趋势将接近 10%，而目前我们预期的趋势为 7.5%。这考虑到趋势加速，并纳入了例如费用表变动以及来自提供者编码和计费做法的更高收益等因素。鉴于持续的成本趋势、资金压力以及支持利润率恢复的需要，我们对福利进行了重大调整。
Additionally, and unfortunately, given these pressures, we have made the difficult decision to exit plans that currently serve over 600,000 members, primarily in less managed products such as PPO offerings. We have taken similar approaches for Medicare supplement, Group MA and stand-alone Part D pricing for next year. We will be watching the market closely as the 2026 Medicare offerings become public so we can better assess our market positioning and respond quickly.
此外，很遗憾，鉴于这些压力，我们已做出艰难决定，退出目前为超过 600,000 名成员提供服务的计划，这些计划主要是管理较少的产品，如 PPO 产品。对于明年的 Medicare 补充计划、团体 MA 和独立的 D 部分定价，我们也采取了类似的做法。随着 2026 年 Medicare 产品公开发布，我们将密切关注市场，以便更好地评估我们的市场定位并迅速作出响应。
For Commercial, because renewals occur over the course of the year, we are able to price for changes more dynamically. Our pricing will anticipate higher trend continuing into 2026 and 2027. We expect increased membership decline as well as shifts into both level- funded and self-funded product categories because of higher medical cost trends.
对于商业险，由于续约在全年分批进行，我们能够更动态地对变动进行定价。我们的定价将预见到更高的增长趋势会持续到 2026 年和 2027 年。我们预计由于医疗费用上涨，会出现更多的会员流失以及向等级自付和自保产品类别的转移。
In the individual exchange business, while we are prepared to continue to participate in the majority of the 30 markets we currently serve, we will approach them far more conservatively for 2026. We may need to make the difficult decision to exit select markets if we are unable to achieve the rates necessary for higher market-wide morbidity.
在个体交易市场业务方面，尽管我们准备继续参与当前服务的多数 30 个市场，但在 2026 年我们将采取更加保守的策略。如果无法获得应对更高全市场发病率所需的费率，我们可能不得不做出退出个别市场的艰难决定。
Additionally, due to the projected expiration of premium subsidies across the ACA market, our membership should decline significantly, and we are mindful of the potential for adverse selection dynamics as we reprice these offerings for next year.
此外，由于预计 ACA 市场的保费补贴将到期，我们的会员人数应会显著下降，在为明年重新定价这些产品时，我们也意识到可能出现的不利选择动态。
In Medicaid, there remains a lag between funding levels and member health risk, and we expect this to continue into 2026, resulting in additional margin compression in the business, including a loss within the nondual segment of Medicaid in 2026. Membership losses from early adoption of recent legislation is also factored into our initial views for 2026. Wherever states support responsible funding for Medicaid, we remain committed to serving people through that program and view this as integral to our mission.
在医疗补助方面，资金水平与会员健康风险之间仍存在滞后，我们预计这种情况将持续到 2026 年，导致该业务的进一步利润压缩，包括 2026 年非双重资格（nondual）医疗补助细分市场出现亏损。对近期立法的提前采纳导致的会员流失也被计入我们对 2026 年的初步观点。只要各州为医疗补助提供负责任的资金支持，我们仍致力于通过该项目为民众提供服务，并将其视为我们使命的组成部分。
The american health system's long-standing cost problem is accelerating. We are embracing our responsibility to continue to drive better health outcomes while trying to keep health care affordable for all Americans. The operational and pricing strategies I have described reflect our understanding of the challenges we face as a company and a society and our dedication to responsibly navigating the current financial pressures so that we can set a stable course for the future.
美国医疗体系长期存在的成本问题正在加速。我们正在承担起继续推动更好健康成果的责任，同时努力让医疗对所有美国人都可负担。我所描述的运营和定价策略反映了我们对作为一家公司和社会所面临挑战的理解，以及我们负责任地应对当前财政压力的决心，以便为未来奠定稳定的方向。
I'll now turn it over to Patrick Conway, CEO of Optum.
现在我把话题交给 Optum 的首席执行官 Patrick Conway。
Patrick Hugh Conway
Thanks, Tim. Clearly, Optum's performance this year has also not met expectations, yours or ours. Echoing Tim and Steve, we are approaching this with humility and the need for deep analysis of key issues and commitment to substantially improved execution. Serving our patients and customers is at the heart of our mission and business, and we have the opportunity to truly help make the health system better for everyone. To do that, we need to refocus on our performance discipline with a bias for action and transparency for all stakeholders.
谢谢你，Tim。很明显，Optum 今年的表现同样未达预期，无论是你们的还是我们的。呼应 Tim 和 Steve 的话，我们将以谦逊的态度来应对，需要对关键问题进行深入分析，并致力于大幅改进执行力。为患者和客户服务是我们使命和业务的核心，我们有机会真正帮助使医疗系统对所有人更好。为此，我们需要重新聚焦于绩效纪律，偏重行动，并对所有利益相关者保持透明。
We have launched our agenda of change at Optum, starting with the evolution of our leadership team. Roger Connor brings tremendous experience in organizational execution as our Chief Financial Officer. Krista Nelson is a deeply experienced health care operator, now in the new role of Chief Operating Officer of OptumHealth.
我们已在 Optum 启动变革议程，首先从领导团队的调整开始。Roger Connor 作为我们的首席财务官，在组织执行方面带来了丰富的经验。Krista Nelson 是一位资深的医疗保健运营者，现担任 OptumHealth 的新首席运营官一职。
Dhivya Suryadevara is already reenergizing product development, marketing and service as the new CEO of OptumInsight. And John Mahrt brings his unmatched pharmacy services experience to bolster the already compelling offerings of OptumRx. These are not the only people in new roles, and there will be more. We are taking these and many other steps swiftly to enable Optum to recapture its historic momentum.
Dhivya Suryadevara 作为新任 OptumInsight 首席执行官，已经在为产品开发、市场营销和服务注入新活力。John Mahrt 带来他在药房服务方面无与伦比的经验，以增强 OptumRx 已具吸引力的产品。这些并非唯一的岗位调整，未来还会有更多。我们正迅速采取这些及许多其他措施，以使 Optum 重新夺回其历史性的增长势头。
Let me turn now to a review of our businesses, starting with OptumHealth, where improved execution is needed most, and we are experiencing the greatest pressures to our business. Our belief remains steadfast. Value-based care has the potential to transform health care. Yet even as we struggle to align this model with new funding dynamics, it consistently delivers better outcomes. Tim highlighted the challenges of rising health care unit cost, accelerating service volumes and provider coding intensity, which further underscores that value-based care remains the most effective method for compensating providers to improve and sustain a patient's health in contrast to simply increasing the volume and price of services.
现在让我来回顾我们的业务，从 OptumHealth 开始——这是最需要改善执行、也正面临最大压力的领域。我们的信念始终如一：基于价值的护理有潜力改变医疗保健。然而，即便我们在将这种模式与新的资金动态对接时遇到困难，它仍持续带来更好的结果。Tim 强调了医疗单位成本上升、服务量加速增长和医疗提供者编码强度提高的挑战，这进一步凸显了基于价值的护理仍然是补偿医疗提供者以改善并维持患者健康的最有效方法，相较于单纯增加服务量和服务价格。
Research consistently supports this premise, showing Medicare Advantage patients in fully accountable arrangements are 20% less likely to be hospitalized and experience 11% fewer ER visits compared to those in fee-for-service. We are early in our value- based care journey. We know we have real and self-inflicted executional challenges, and we bear the responsibility to get this right, recognizing that urgent work lies ahead. We have spent a decade assembling a care delivery model today serving nearly 20 million patients across 3 lines of business: Value-based care, fee-for-service care delivery and services, the latter 2 of which help further enable value-based care.
研究持续支持这一前提，显示处于完全问责安排下的 Medicare Advantage 患者住院可能性降低 20%，急诊就诊次数减少 11%，与按服务付费的患者相比。我们在价值导向医疗的旅程中仍处于早期阶段。我们知道自身在执行上存在实际且自招的问题，我们有责任把这件事做对，并认识到前方有紧迫的工作要做。十年来，我们构建的医疗服务模式现在为近 2000 万名患者提供服务，覆盖三条业务线：价值导向医疗、按服务付费的医疗服务交付及服务，后两者有助于进一步推动价值导向医疗。
The first category, value-based care, has grown to account for approximately 65% of OptumHealth's revenues and serves 5 million patients in fully accountable arrangements. I'll provide more details on this in a moment. But first, we'll detail the gap to our original OptumHealth outlook. Overall, OptumHealth earnings in 2025 are approximately $6.6 billion below our expectations. To break this down, approximately $3.6 billion or 55% is concentrated in our value-based care business with 3 principal drivers of roughly equal weight. Number one, the mix of enrollment, including more complex and duly eligible members and more new to Optum patients who are underserved. Two, accelerated medical trend, particularly physician and outpatient in Medicare and Behavioral and Medicaid; and three, underestimation of new members' risk status as they come into our care and suboptimal execution of the V28 risk model transition.
第一类，基于价值的医疗（value-based care），已增长到约占 OptumHealth 收入的 65%，并在全面负责的安排中为 500 万名患者提供服务。我稍后会提供更多细节。但首先，我们将详细说明与原先 OptumHealth 前景之间的差距。总体而言，2025 年 OptumHealth 的收益大约比我们的预期低 66 亿美元。具体分解：约 36 亿美元，即 55%，集中在我们的基于价值的医疗业务中，主要由三大驱动因素大致等额构成。第一，入组构成，包含更多复杂且符合条件的成员以及更多此前未被充分服务的新 Optum 患者。第二，加速的医疗趋势，尤其是 Medicare 中的门诊和医生服务以及行为健康和 Medicaid。第三，对新成员进入我们照护时风险状况的低估，以及 V28 风险模型过渡执行不佳。
Second category, another $2 billion or 30% relates to the decision to discontinue previously planned portfolio actions and about $1 billion or 15% from a combination of lower service volumes in our services businesses, some nonrecurring prior period impacts and the slowing of tuck-in acquisitions. For example, on lower service volumes, in 2025, we planned for approximately 20 million fee-for- service visits in our care delivery clinics, and we are tracking 19 million visits or 5% below this expectation.
第二类，约 20 亿美元或 30%与决定停止先前计划的投资组合动作有关，约 10 亿美元或 15%来自我们服务业务中较低的服务量、一些之前期间的非经常性影响以及小型并购放缓的综合影响。例如，就较低的服务量而言，2025 年我们在照护提供诊所计划了大约 2000 万次按服务付费的就诊次数，而我们目前记录到 1900 万次，就诊次数比预期低 5%。
Let me dive a bit deeper, specifically into factors affecting our value-based care business. First, V28. This industry-wide shift is effectively a price reduction that we now estimate creating an $11 billion headwind over 3 years for OptumHealth with $7 billion that will be realized through 2025. That is $2 billion and $1 billion, respectively, more than our initial estimates, while we also overestimated the impact and misexecuted the planned efforts to offset these V28 funding cuts.
让我更深入地探讨一下，具体说明影响我们基于价值医疗业务的因素。首先，V28。这一行业范围的转变实质上是一种降价，我们现在估计这将在三年内给 OptumHealth 带来 110 亿美元的逆风，其中 70 亿美元将在 2025 年实现。这分别比我们最初估计高出 20 亿美元和 10 亿美元，同时我们也高估了影响并且未能成功执行计划以抵消这些 V28 资金削减。
Second, enrollment mix. Consistent with Q1 in 2025, we have an unanticipated number of new to OptumHealth patients who are previously underserved. These new patients are largely in markets where numerous plan exits occurred. They include complex patients who require time to be managed effectively by us. This mix impact implies negative margins near double digits for these new patients, which will improve meaningfully in 2026.
其次，入组结构。与 2025 年第一季度一致，我们出现了意外数量的新 OptumHealth 患者，他们此前服务不足。这些新患者大多来自出现大量计划退出的市场。他们中包括需要时间来由我们有效管理的复杂患者。这种结构影响意味着这些新患者的负边际接近两位数，但在 2026 年将显著改善。
Lastly, the elevated medical trend we recognized in the second quarter was exacerbated by insufficient pricing within UnitedHealthcare and other payer partners, pulling through in the form of insufficient capitation rates for Optum. Despite these headwinds, Optum's fully accountable value-based care business is delivering an operating margin of about 1% in 2025. This compares to full year operating margins of over 3% in 2024 and nearly 5% in 2023.
最后，我们在第二季度确认的上升的医疗趋势因 UnitedHealthcare 及其他支付方合作伙伴定价不足而加剧，这以对 Optum 而言不充分的按人头付费率的形式体现出来。尽管面临这些逆风，Optum 的全面负责的价值为本护理业务在 2025 年的营业利润率约为 1%。相比之下，2024 年全年营业利润率超过 3%，2023 年接近 5%。
A large part of the misexecution addressing the V28 funding cuts was due to nonstandardized and overly localized management approach, which we are addressing with urgency. We are driving to a consistent and much more concentrated regional operating model with 4 market leaders. We are evaluating our position in each market. We will shift risk back to the original underwriters until we have the hardened capacity to navigate it under value-based constructs.
对 V28 资金削减应对不力的很大一部分原因是管理方式非标准化且过于地方化，我们正紧急解决这一问题。我们正在推动一种一致且更为集中的区域运营模式，由 4 位市场负责人负责。我们正在评估在每个市场的立场。在我们具备在价值为本框架下驾驭风险的更强能力之前，我们将把风险转回原始承保方。
And Optum will be much more disciplined in taking risk arrangements and product designs and constructs that allow value-based care to have its intended impact. The margin compression reflects significant growth in new membership cohorts with nearly 40% of patients served today having come in since the beginning of 2024. It also reflects the pull-through from Medicare Advantage pricing dislocation Tim described and the V28 payment cuts.
Optum 将在承担风险安排、产品设计和结构方面更加谨慎，以便使价值导向医疗发挥其预期作用。利润率收窄反映了新成员群体的显著增长，今天接受服务的患者中近 40%自 2024 年初以来加入。这也反映了 Tim 所述的医保优势（Medicare Advantage）定价失衡的持续影响以及 V28 支付削减。
Regarding patient cohorts, in our value-based care practices, margins improve the longer patients remain. Our most mature value- based care cohorts, those from 2021 and prior, are operating at an estimated 8-plus percent margin in 2025. Those in 2022 and 2023 cohorts are operating at a 2% margin. The 2024 through 2025 groups are at negative margins.
关于患者群体，在我们的价值导向医疗实践中，患者停留时间越长，利润率越高。我们最成熟的价值导向医疗群体——2021 年及之前加入的——在 2025 年的估计利润率超过 8%。2022 年和 2023 年加入的群体的利润率约为 2%。2024 年至 2025 年加入的群体处于负利润率。
其他保险公司退出的客户。
Strong physician engagement, appropriate medical diagnosis and improved consistent quality of care continues to drive year-over-year improvement in a cohort's financial performance and in their health. But it's taking too long and there's too much variability in results among practices, and we are actively addressing those factors. That's the overall picture of what is happening.
强有力的医生参与、恰当的医疗诊断和持续改进的一致护理质量，持续推动各群体的财务表现和健康状况逐年改善。但这进展太慢，且各实践之间的结果差异过大，我们正在积极解决这些问题。这就是整体情况。
I'll turn now to remediation. Our plan for improvement has 4 key elements. First and foremost, we are improving the implementation and consistency of our clinical model, which is anchored in primary care and supported by wraparound services that continue to outperform on quality and cost.
现在我来谈谈补救措施。我们的改进计划有四个关键要素。首先也是最重要的，我们正在改进临床模式的实施和一致性，该模式以初级保健为核心，并由持续在质量和成本方面表现出色的配套服务支持。
Second, we are committed to margin recovery in value-based care. We've aligned our 2026 benefits and product portfolio and footprint with our payer partners to address the final year of V28 headwinds. We plan to cease arrangements for about 200,000 patients largely in fully accountable PPO products, representing approximately 40% of the PPO patients we serve today. We expect to keep narrowing our exposure beyond 2026.
第二，我们致力于在基于价值的护理中恢复利润率。我们已与付费方合作伙伴就 2026 年的福利、产品组合和覆盖范围达成一致，以应对 V28 最后一年的不利影响。我们计划停止约 20 万名患者的相关安排，这些患者主要集中在完全承担责任的 PPO 产品中，约占我们目前所服务 PPO 患者的 40%。我们预计在 2026 年之后会继续缩小这类暴露范围。
We are increasing rates to reflect the higher risk profiles and acuity we are seeing and expect to continue. We believe the combination of these activities will mitigate about half of the remaining $4 billion V28 headwind in 2026. The remainder of our offset will come from operating cost discipline and consistent execution of our care programs, which enhance engagement, diagnosis accuracy and quality outcomes and reduce overall cost of care.
我们正在提高费率以反映我们看到并预计会持续的更高风险特征和病情严重度。我们相信，这些措施的组合将在 2026 年缓解剩余约 40 亿美元 V28 不利影响的大约一半。剩余的抵消将来自运营成本纪律以及我们护理项目的一贯执行，这些项目能够增强参与度、提高诊断准确性和质量成果，并降低整体护理成本。
With 2026 being the final year of V28 phase-in, you should expect 2026 value-based care margins to remain relatively consistent with the 1% margin we are achieving this year and then begin to advance again in 2027 and beyond.
鉴于 2026 年是 V28 分阶段实施的最后一年，你应预计 2026 年基于价值的医疗利润率将与我们今年实现的约 1%利润率保持相对一致，然后在 2027 年及以后开始再次提升。
We are optimizing our portfolio of clinical practices. We are managing our fee-for-service and fully accountable risk practices to align with performance expectations, transitioning to partial risk or service arrangements where necessary and exiting fully accountable products in certain markets.
我们正在优化临床实践组合。我们正在管理按服务付费和完全承担风险的实践，使其与绩效预期保持一致，必要时转向部分风险或服务安排，并在某些市场退出完全承担风险的产品。
Third, we are aggressively advancing operational disciplines across our portfolio of businesses. The more concentrated operating model I mentioned earlier plays into more standardized approaches, predictable outcomes and lower operating costs. We will complete the final stages of our technology integration, which will enable meaningful advances with emerging technologies like AI to drive efficiency gains. For 2026, we expect to deliver almost $1 billion in cost reductions.
第三，我们正在积极推进整个业务组合的运营纪律。我之前提到的更为集中的运营模式有助于实现更标准化的方法、更可预测的结果和更低的运营成本。我们将完成技术整合的最后阶段，这将使人工智能等新兴技术能够推动效率提升。在 2026 年，我们预计将实现近 10 亿美元的成本削减。
Finally, beyond value-based care, OptumHealth also includes fee-for-service care delivery, including home care, ambulatory surgical care and medical practices that are not yet fully accountable but support value-based care. These together account for 15% of OptumHealth's revenues. Most of these businesses are performing well and operate at low double-digit margins. However, the primary care and multi-specialty medical practices that are not yet fully accountable are running at negative margins, generating hundreds of millions of losses this year alone, placing the overall fee-for-service care delivery business in the mid-single-digit margin range. So we are actively working to improve payment yields and productivity while growing these high-value services and fee-for-service margins. We are targeting growth for these services, which are projected to deliver strong year-over-year earnings growth in 2026.
最后，除了基于价值的医疗之外，OptumHealth 还包括按服务付费的医疗服务提供，包括家庭护理、门诊外科护理以及尚未完全负责但支持基于价值医疗的医疗实践。它们合计占 OptumHealth 收入的 15%。这些业务大多表现良好，利润率为低两位数。然而，那些尚未完全负责的初级保健和多专科医疗实践处于负利润状态，仅今年就产生了数亿美元的亏损，使得整个按服务付费的医疗服务业务的利润率处于中单位数水平。因此，我们正积极努力提高支付收益和生产力，同时扩大这些高价值服务和按服务付费的利润率。我们以这些服务为增长目标，预计将在 2026 年实现强劲的年度盈利增长。
The third component of OptumHealth services is comprised of businesses, including managed behavioral health, military and veterans and health financial services. These account for about 20% of OptumHealth revenues and combined have an almost 10% operating
OptumHealth 服务的第三个组成部分包括受管行为健康、军人及退伍军人和健康金融服务等业务。这些业务约占 OptumHealth 收入的 20%，合计的运营...
margins. Overall, at OptumHealth, while we expect continued pressure for the rest of this year, we anticipate meaningful improvement in our operations and with earnings growth in 2026, albeit with a longer path to recovery in our value-based care business.
利润率。总体而言，尽管我们预计今年剩余时间内 OptumHealth 将持续承压，但我们预期运营将出现显著改善，并在 2026 年实现盈利增长，尽管我们的价值性医疗业务的复苏路径会更长。
We now see OptumHealth long-term margins in the 6% to 8% range and about 5% for value-based care specifically as we see significant growth opportunity for the decade to come. The overall blended margin will reflect the early year investment losses generated by new cohorts. OptumHealth is early in its development and mixed execution is a clear setback, but the long-term growth potential and expectations remain intact and significant.
我们现在预计 OptumHealth 的长期利润率在 6% 至 8% 范围内，具体到价值性医疗约为 5%，因为我们预计未来十年将有显著的增长机会。整体混合利润率将反映新一批客户在初期产生的投资亏损。OptumHealth 仍处于发展初期，执行不一显然是一次挫折，但长期增长潜力和预期仍然完好且显著。
Moving to OptumInsight. There's a great need and appetite for technology and data products to help the health system perform more efficiently and effectively, yet OptumInsight has not fully capitalized on this opportunity. That's largely due to an unfocused suite of products, lagging innovation and longer-than-expected impact from last year's cyberattack, which unfortunately came at the expense of being able to drill down on business innovation, operations and growth. But as I mentioned earlier, we have a talented team in place now and continue to recruit talent to develop the next generation of products rooted in AI. As it relates specifically to 2025, we are adjusting our outlook downward by $1 billion. About half of this is due to more gradual recovery than initially expected in some of our volume-based businesses due to Change Healthcare and onetime cyber-related expenses. The other half is due to pausing previously planned portfolio actions so that we can prioritize growth and innovation across our broader portfolio.
谈到 OptumInsight。医疗体系对技术和数据产品有很大需求和强烈意愿，以帮助提升效率和效果，但 OptumInsight 尚未充分抓住这一机会。这在很大程度上是由于产品套件缺乏聚焦、创新滞后以及去年网络攻击带来的持续影响超出预期，不幸的是，这些都牺牲了对业务创新、运营和增长的深入推动。不过如我之前所说，我们现在有一支有才干的团队，并持续招募人才来开发以人工智能为基础的下一代产品。就 2025 年而言，我们将前景下调 10 亿美元。其中约一半是因为 Change Healthcare 以及一次性网络攻击相关费用导致我们某些以量为基础的业务恢复比最初预期更为缓慢。另一半则是因为暂停了先前计划的部分组合行动，以便我们能优先在更广泛的产品组合上推进增长和创新。
At OptumRx, client retention remains high and consistent with past years. We expect revenue growth of $18 billion or 13% and earnings growth of just over $200 million or nearly 4%, driven by low-margin specialty drugs.
在 OptumRx，客户留存率仍然很高，与往年保持一致。我们预计收入将增长 180 亿美元，增幅为 13%，而收益将增长略超 2 亿美元，接近 4%，这主要由低利润的特效药驱动。
Compared to the strong revenue growth rate, our earnings growth has been constrained by 4 main factors. The removal of portfolio actions from our plan is roughly $150 million headwind. Another $50 million is from a couple of ancillary businesses where we are taking aggressive corrective actions and adjusting plans. And the impact of initial launch phase of our private label business, Nuvaila is a roughly $150 million headwind. As it matures, we see Nuvaila delivering affordability for our clients and consumers and strong earnings for OptumRx.
与强劲的收入增长率相比，我们的收益增长受到四个主要因素的制约。将投资组合行动从我们的计划中剔除大约带来 1.5 亿美元的阻力。另有大约 5000 万美元来自我们对几项附属业务采取积极纠正措施并调整计划。此外，我们自有品牌业务 Nuvaila 处于初始推出阶段的影响大约带来 1.5 亿美元的阻力。随着其成熟，我们预计 Nuvaila 将为我们的客户和消费者带来可负担性，并为 OptumRx 带来强劲收益。
Additionally, GLP-1s, which can benefit appropriate patients, continue to impact earnings, representing $160 million headwind for our pharmacy services businesses.
此外，GLP-1 药物（对适当的患者有益）继续影响业绩，对我们的药房服务业务构成了 1.6 亿美元的逆风。
After 3 months in this role, I want to thank the thousands of people serving in Optum and to let external stakeholders know that the problems are fixable and that Optum will continue to drive long-term growth and make the most of our opportunity to serve people.
在担任这一职务三个月后，我要感谢在 Optum 服务的数千名员工，并让外部利益相关者知道问题是可以解决的，Optum 将继续推动长期增长，并充分把握为人们服务的机会。
I'll turn it over to our President and Chief Financial Officer, John Rex.
我将把话筒交给我们的总裁兼首席财务官约翰·雷克斯。
John F. Rex
Thanks, Patrick. I'll first walk through second quarter results, then provide some color around the underlying assumptions within our reestablished '25 outlook. Starting with the second quarter, UnitedHealth Group reported revenues of nearly $112 billion, a 13% increase over the prior year, which reflected growth across UnitedHealthcare and Optum.
谢谢，帕特里克。我将先回顾第二季度的业绩，然后就我们重新确立的 2025 年展望中的基本假设提供一些说明。先说第二季度，联合健康集团报告的收入接近 1120 亿美元，同比增长 13%，这反映了 UnitedHealthcare 和 Optum 的全面增长。
Adjusted earnings per share of $4.08 was below the same period last year. This was due primarily to the pricing and medical cost trend factors at UnitedHealthcare and OptumHealth. Included is about $1.2 billion in discrete items. A little over half reflects the recognition of unfavorable impacts to our ACA exchange offerings, which I will describe later in more detail. The remainder is the settlement of several outstanding items, which have been in dispute or for which collection has recently become questionable. Most of these items arise from prior years. The full year '25 outlook we've offered today accommodates $1 billion in additional potential such items that we may seek to resolve in year.
调整后每股收益为 4.08 美元，低于去年同期。主要原因是 UnitedHealthcare 和 OptumHealth 的定价与医疗成本趋势因素。报告中包含约 12 亿美元的离散项目，其中略多于一半反映了我们对负面影响的承认，这些影响与我们的 ACA（平价医疗法案）交易所产品有关，我稍后将对此做更详细说明。其余部分是若干未结事项的和解，这些事项一直存在争议或最近已变得难以收回。这些大多数事项源自往年。我们今天提供的 2025 年全年展望已考虑了 10 亿美元的额外潜在此类事项，可能会在年内寻求解决。
Now on to business overviews. At UnitedHealthcare, second quarter revenues grew by over $12 billion to $86.1 billion, while operating earnings declined by $1.9 billion to $2.1 billion, primarily due to the medical trend factors Tim discussed.
现在进入业务概览。在 UnitedHealthcare，第二季度收入增长了超过 120 亿美元，达到 861 亿美元，而运营收益下降了 19 亿美元，降至 21 亿美元，主要是由于 Tim 所述的医疗趋势因素。
Within our Medicare businesses, year-to-date Medicare Advantage growth is 650,000 people, including those who are duly eligible for Medicaid and Medicare. As noted, the second quarter results reflect just over $600 million of unfavorable impacts from our ACA exchange business, which includes acceleration of anticipated second half losses with the establishment of a premium deficiency reserve. This is due to the higher patient morbidity that is pervasive across the entire exchange market.
在我们的医疗保险业务中，截至目前医疗保险优选（Medicare Advantage）增长了 65 万人，包括那些同时符合医疗补助（Medicaid）和医疗保险（Medicare）资格的人。如前所述，第二季度业绩反映了来自我们 ACA 交易所业务的略高于 6 亿美元的不利影响，其中包括为预期下半年损失设立的保费不足准备金的加速计提。这是由于整个交易所市场普遍存在的更高患者病率所致。
Given competitive market dynamics, we have less member growth within our commercial offerings than initially anticipated. ACA exchange drives about 1/3 of our reduced commercial risk member growth outlook for '25, with group insured comprising much of the rest.
鉴于竞争性市场动态，我们在商业产品中的会员增长低于最初预期。ACA 交易所约占我们 2025 年减少的商业风险会员增长前景的大约三分之一，其余很大一部分由团体投保构成。
As outlined earlier, our Medicaid offerings continue to experience pressure from the lag in state rate updates relative to the health status of the members being served. Our state partners remain highly engaged in ongoing rate conversations, and we are closely attuned to the federal funding changes and the continued pace of medical cost trends, particularly in behavioral health.
如前所述，我们的医保（Medicaid）产品持续受到州政府费率更新滞后于所服务成员健康状况的影响。我们的州合作伙伴在持续的费率讨论中保持高度参与，我们也密切关注联邦资助的变化以及医疗费用趋势的持续步伐，尤其是在行为健康领域。
Moving to Optum. OptumHealth revenues were $25.2 billion in the second quarter, a decline of $1.8 billion from last year. This was driven by the previously noted contract adjustments and the effects of the Medicare funding reductions. OptumHealth now expects to add 300,000 new value-based care patients this year compared to the initial 650,000 outlook as it seeks to focus on improving operating performance. As noted, we've updated our long-term target margin objective for OptumHealth to the 6% to 8% range.
转向 Optum。OptumHealth 第二季度收入为 252 亿美元，比去年减少 18 亿美元。造成这一情况的原因是前面提到的合同调整以及医疗保险资金削减的影响。OptumHealth 现在预计今年将新增 30 万名以价值为导向的医疗患者，而最初预期为 65 万名，因为其寻求专注于改善运营表现。如前所述，我们已将 OptumHealth 的长期目标利润率更新为 6% 至 8% 的区间。
OptumInsight had revenues of $4.8 billion, an increase of $285 million or 6% year-over-year. We continue to progress on customer recovery following last year's cyber event, albeit pacing more slowly than expected, and this is a component of the reduced full year outlook. The contract revenue backlog at the end of the second quarter was $32.1 billion.
OptumInsight 的收入为 48 亿美元，同比增长 2.85 亿美元，增幅为 6%。在去年的网络事件后，我们在客户恢复方面持续取得进展，尽管进度比预期慢一些，这也是全年下调展望的一个因素。第二季度末的合同收入积压为 321 亿美元。
OptumRx second quarter revenues grew $6 billion or 19% over last year to $38.5 billion, driven by new customer adds as well as continued contribution from specialty products. Total adjusted scripts were $414 million compared to $399 million in the year ago quarter.
OptumRx 第二季度收入较去年增长 60 亿美元，增幅为 19%，达到 385 亿美元，这主要由新增客户以及专科产品的持续贡献推动。经调整的总处方量为 4.14 亿份，而去年同期为 3.99 亿份。
Moving on to 2025 guidance. Our adjusted earnings outlook is at least $16 per share. Revenues will approach $448 billion, growth of 11% over '24. We now expect a full year medical care ratio of 89.25%, plus or minus 25 basis points. This compares to the initial 86.5% midpoint we offered at the end of last year, with the increase driven by the factors discussed.
接下来谈谈 2025 年的指引。我们调整后的每股收益预期至少为 16 美元。收入将接近 4480 亿美元，比 2024 年增长 11%。我们现在预计全年医疗费用率为 89.25%，上下浮动 25 个基点。与去年年底我们给出的 86.5%的初始中点相比，这一增加是由前面讨论的因素推动的。
Within this, seasonal pacing compared to historical measures is impacted somewhat by the Part D coverage gap modifications due to the Inflation Reduction Act. With first half results at the midpoint, that places the second half at just under 91.5%, with the fourth quarter expected to be the highest and at this distance, a relatively proportionate distribution on either side.
在此之中，与历史指标相比的季节性节奏在一定程度上受到《降低通胀法案》对第 D 部分覆盖缺口调整的影响。按上半年业绩位于中点计算，这使下半年略低于 91.5%，预计第四季度为最高，并且在当前情况下，前后两部分将相对均衡分布。
The full year outlook contemplates a total of $1.6 billion of potential settlement items, an incremental $1 billion over the $600 million recognized in the second quarter. Our tax rate for the year is now estimated at about 18.5%, affected by our revised earnings outlook as expected benefits remain steady while earnings declined. The lower tax expense in the second quarter reflects the year-to-date recognition of the updated full year effective tax rate. We expect the second half rate to be just over 20%.
全年展望考虑到总计 16 亿美元的潜在和解事项，比第二季度确认的 6 亿美元增加了 10 亿美元。我们本年的税率现在估计约为 18.5%，受我们修订后盈利前景的影响，预计税收优惠保持稳定而盈利下降。第二季度较低的税费反映了截至目前按更新后的全年有效税率进行的确认。我们预计下半年的税率将略高于 20%。
Full year ' 25 cash flows from operations are expected to be about $16 billion or 1.1x net income. In June, we increased our dividend by 5%, and we will strike a balance as to how we use capital over the near term, being thoughtful about maintaining a strong balance sheet and credit rating and mindful of long-standing commitments, including the pending Amedisys transaction. Our updated share count of 912 million to 914 million compares to the original outlook of 918 million to 923 million and considers only share repurchase completed earlier this year. We will continue to balance and assess our capital priorities as we progress to returning to the performance levels we know we can achieve.
预计 2025 全年经营现金流约为 160 亿美元，或相当于净利润的 1.1 倍。我们在 6 月将股息提高了 5%，在近期如何使用资本方面将保持平衡，既注重维持强健的资产负债表和信用评级，也考虑到长期承诺，包括待完成的 Amedisys 交易。我们更新后的股本数量为 9.12 亿至 9.14 亿股，相较于最初预测的 9.18 亿至 9.23 亿股，已仅考虑今年早些时候已完成的股票回购。随着我们向恢复可实现的业绩水平迈进，我们将继续在资本优先事项之间保持平衡并进行评估。
With that, I will hand it back over to Steve before we head into Q&A.
说完这些，我在进入问答环节之前把话筒交回给史蒂夫。
Stephen J. Hemsley
Thanks, John. This is a challenging year for our enterprise, but I feel strongly we can overcome these challenges as we've done before. I can see the depth of the commitment of our team. We are regaining the intensity, the precision and the executional disciplines required to perform consistently and reliably. Our customers and our shareholders deserve it and the health system expects us to function at our full potential.
谢谢你，约翰。今年对我们的企业来说充满挑战，但我坚信我们能像以往一样克服这些挑战。我能够感受到团队承诺的深度。我们正在重拾所需的强度、精确性以及执行纪律，以便持续且可靠地发挥表现。我们的客户和股东应得如此，医疗体系也期望我们发挥全部潜能。
As we look towards 2026 and beyond, we expect the efforts we discussed throughout today's call to steadily improve our performance. It begins with respecting pricing basics, advancing our foresight acumen and just better, more intense, more decisive overall management. We will be driving better business practices, better consumer and provider experience and accelerating investments in key areas to both strengthen our foundations and modernize our businesses anchored in practical innovations and scaled AI applications. We are continuing to evaluate the investments we need to make in the near term to meet our long-term growth potential while acknowledging the challenging environment in the year ahead.
展望 2026 年及以后，我们预计今天电话会议中讨论的各项举措将稳步改善我们的业绩。首先要尊重定价基本原则，提升我们的前瞻洞察能力，并在整体管理上做到更好、更用力、更果断。我们将推动更好的业务实践、更优的消费者和提供者体验，并在关键领域加速投资，既加强我们的基础，又通过务实的创新和可规模化的人工智能应用来现代化我们的业务。我们将继续评估为实现长期增长潜力在近期需要进行的投资，同时认识到来年环境将具有挑战性。
As I mentioned at our shareholder meeting in June, we're rebuilding the trust through both change and through increased transparency. That includes work to ensure a wide range of stakeholders have confidence in the integrity of our company and our business practices. This work is moving forward in our assessment of key policies, practices and associated processes by the end of the third quarter and our first performance measures report in the fourth quarter. We have retained independent experts to oversee and assist in
正如我在六月的股东大会上提到的，我们正通过变革和增加透明度来重建信任。这包括确保广泛利益相关者对我们公司及其商业行为的诚信充满信心的工作。这项工作正在推进，我们将在第三季度末完成对关键政策、做法及相关流程的评估，并在第四季度发布我们的首份绩效衡量报告。我们已聘请独立专家来监督并协助这些审查工作，
these reviews, including the Analysis Group and FTI Consulting. We will use this to continually strengthen and advance our strong compliance environment.
包括 Analysis Group 和 FTI Consulting。我们将利用此举不断加强和推进我们强有力的合规环境。
Looking to 2026, at this distance, I would expect solid but moderate earnings growth. As we look further ahead, we see our earnings growth outlook strengthening quickly in 2027 and pacing steadily upward over the succeeding years. Now let's open it up for questions. Operator, please.
展望 2026 年，目前来看，我预计盈利将实现稳健但适度的增长。放眼更远的未来，我们预计 2027 年盈利增长前景将迅速增强，并在随后的数年中稳步上升。现在我们开始提问环节。请接线员。
Question-and-Answer Session
问答环节
Operator 接线员
[Operator Instructions] Our first question comes from A.J. Rice with UBS.
[接线员指示] 我们的第一个问题来自瑞银的 A.J. Rice。
Albert J. William Rice
Maybe just to drill down a little bit on OptumHealth, if I could. You're talking about some rate increases or how you're pricing for a much higher trend in MA on the insurance side. I would assume that had some trickle-down benefit to OptumHealth. When you're talking about having margin consistent with this year, next year on the physician piece, does that not contemplate some benefit from that repricing? And maybe as well talk about your discussions with the outside plans that OptumHealth contracts. I mean, are you seeing them make similar steps toward pricing for a more reasonable margin next year that you're trying to do at UHC?
也许我可以更深入地询问一下 OptumHealth 的情况。你们提到在医保优势（MA）保险方面对更高的趋势进行了某种费率上调或定价。我想这应该对 OptumHealth 有一些下游的好处。当你们在谈到明年医师业务的利润率将与今年保持一致时，那是否已经考虑到了来自该重新定价的一些好处？也请谈谈你们与 OptumHealth 签约的外部计划的讨论情况。我的意思是，你们是否看到这些计划也在采取类似步骤，为明年实现一个与你们在 UHC 所设想的更合理利润率而进行定价调整？
Stephen J. Hemsley
It certainly does, A.J. Patrick, do you want to comment?
当然是，A.J. Patrick，你想发表评论吗？
Patrick Hugh Conway
Yes. Thanks, A.J., for the question. Let me take the sort of pieces and parts. So yes, in terms of the pricing across payers, UnitedHealthcare and other payers, as they adjust pricing, that flows into our capitation rates. That is a tailwind versus the headwind we saw this year. We're also working with our payer partners on benefit reductions, which we talked about. So significant benefit reductions across payer partners and a much tighter, transparent bidirectional dialogue in this year, which I think sets us up better for next year. Those combinations, we think, mitigate 50% of the headwind of V28, which, as you heard, we sized at $4 billion for next year.
是的。谢谢你，A.J.，提这个问题。我来分部分说明。所以，是的，就各付款方的定价而言，UnitedHealthcare 和其他付款方在调整定价时，会反映到我们的按人头付费率中。这相对于我们今年看到的逆风来说是一个顺风。我们也在与付款方合作伙伴就我们提到的福利减少进行沟通。因此，在多个付款方伙伴中出现了显著的福利削减，并且今年我们之间的投标对话更加紧密透明，我认为这为我们明年打下了更好的基础。这些因素结合起来，我们认为可以减轻 V28 带来冲击的 50%，正如你所听到的，我们评估明年该冲击约为 40 亿美元。
The other 2 components that will mitigate the other 50%. One, operating cost reductions where we continue to hone our model using AI and other tools, generating operating cost reductions. And then next, deep engagement with the patient cohorts we see. So as you heard, as we mature and remain stable in those cohorts, you have increased performance over time. So as you pace into 2026, as you heard, we believe we can maintain those margins at the 1% level. Obviously, we'll continue to do the work each day to see if there's any upside to that potential. But the approach this year with our payers has been tight, close and I think will bear benefits going into 2026.
另外两个组成部分将缓解另外 50%的影响。第一，通过运营成本削减——我们继续使用人工智能和其他工具优化我们的模型，从而产生运营成本的降低。其次，是对我们观察到的病人群体进行深入介入。正如你所听到的，随着这些群体的发展趋于成熟并保持稳定，你会看到随着时间推移绩效的提升。所以正如你听到的，当我们步入 2026 年时，我们相信可以将这些利润率维持在 1%水平。当然，我们每天都会继续努力，看看是否存在超出这一潜力的上行空间。但今年我们与付费方采取的方式是紧密而严格的，我认为这将在进入 2026 年时带来益处。
Operator 接线员
Our next question comes from Justin Lake with Wolfe Research.
我们的下一个问题来自沃尔夫研究的贾斯廷·莱克。
Justin Lake 贾斯廷·莱克
I wanted to focus on the run rate out of '25 into 2026. So it looks like you're about $5 of earnings for the second half. If I add about $1 for the discrete items that John mentioned, you're about $6, given typical seasonality, maybe that's like $13 of run rate earnings. So I wanted to see if that's reasonable math first. And then what are the moving parts that drive EPS growth specifically? Maybe you could talk to where your MA margins are this year versus where you expect them to be next year?
我想把注意力放在从 2025 年到 2026 年的运行速率上。看起来你们下半年大约有 5 美元的盈利。如果我把约 1 美元加上约翰提到的那些一次性项目，考虑到典型的季节性，可能这是约 6 美元，那样的话运行速率大概是 13 美元左右。所以我想先确认这是否是合理的计算。然后推动每股收益增长的变动因素有哪些？也许你能谈谈你们今年的医疗保险优势（MA）利润率在哪个水平，以及你们预期明年会在哪个水平？
John F. Rex 约翰·F·雷克
Justin, it's John Rex. Just a few comments on that. So yes, your overall kind of assessment of second half is correct. A few things I'd point to, and then I think I'd ask Tim and Bobby to comment a little bit also on as we talk about Medicare Advantage margins and where that goes. I mean the key elements here, so yes, we are kind of looking at getting some things behind us in terms of the actions we're taking, we anticipate taking in the second half. And as you know really quite well, 80% of our premium revenues reprice on January 1. So a very significant impact in terms of that as you move into that next year in terms of the impact that creates in terms of off the run rate that you see going into the second half.
贾斯汀，我是约翰·雷克斯。就此我有几点要说。所以，是的，你对下半年的整体判断是正确的。我会指出一些事项，然后我想请蒂姆和鲍比也就我们讨论的医疗保险优势（Medicare Advantage）利润率及其走向发表一些看法。关键要素在这里，所以，是的，我们正寻求在下半年通过我们打算采取的措施把一些问题解决掉。正如你非常清楚的，80%的保费收入会在 1 月 1 日重新定价。因此，当你进入下一年时，这在你看到的下半年运行率上会产生非常显著的影响。
And I'd ask Bobby to maybe comment a little bit specifically on your piece on Medicare Advantage.
我想请鲍比具体就你关于医疗保险优势的那部分评论一下。
Bobby Hunter 鲍比·亨特
CEO of Government Programs & Head of Medicare Insurance
政府项目首席执行官兼医疗保险业务负责人
Yes. Yes. Thanks, Justin, for the question. Thanks, John. So just when you think about 2026 or 2025, where we're likely to kind of pencil out for the balance of the year here is more in the low end of the new normal range that Tim outlined in his prepared remarks. So I think kind of the 2% to 2.5% range, and I'm talking about kind of all broad-based UHC Medicare in that bucket. And then given the actions that we're taking for 2026, so the meaningful benefit cuts, the planned reductions, the trend that we're pricing towards, we do believe that will allow us to overcome some of the headwinds, again, tied to V28 funding cuts and that embedded trend and expand those margins to a range of 2.5% to 3%. So think about us then getting to kind of the midpoint of that range by 2027 and advancing from there.
是的。是的。Justin，感谢你的提问。John，也谢谢你。就 2026 年或 2025 年来看，我们预计在今年余下时间里会更倾向于 Tim 在其准备发言中所述“新常态”范围的低端。所以我认为大约在 2%到 2.5%的区间，我说的是将所有广泛的 UHC Medicare 都放在这一范畴里。然后，鉴于我们为 2026 年采取的措施——包括实质性的福利削减、计划中的减少以及我们定价所依据的趋势——我们确实相信这将使我们能够克服某些逆风，仍与 V28 资金削减及其内含趋势有关，并将这些利润率扩大到 2.5%到 3%的区间。所以可以认为我们到 2027 年将达到该区间的中点，并在此基础上继续推进。
John F. Rex
So Justin, yes, really kind of the math that you're looking at here is continued trend accelerations that we look at through the end of the year, while our revenues are staying the same. And then we get to Jan 1, where the vast majority of our premium revenues reset, and that's really the impact that you're seeing in terms of as you look at that 2H run rate and where we come out.
所以，贾斯汀，是的，你现在看到的数学本质上是我们预计到年底会持续看到的趋势加速，而我们的收入保持不变。然后到了 1 月 1 日，我们绝大多数的保费收入都会重置，这就是你在看下半年运行率以及我们最终状况时所看到的影响。
Operator 主持人
Our next question comes from Josh Raskin with Nephron Research.
下一个提问来自 Nephron Research 的乔什·拉斯金。
Joshua Richard Raskin
I appreciate some of the commentary you've made on '26 and '27 even. Do you have an updated view on your long-term EPS growth rate that was formerly cited at 13% to 16% at the enterprise level? And then I heard the target margins obviously updated for OptumHealth, but do you have updated target margins for maybe UHC in its entirety as well as the other 2 segments within Optum?
我很感激你刚才对 2026 年和 2027 年所做的一些评论。你是否对此前在集团层面给出的长期每股收益增长率 13%到 16%的估计有更新意见？另外，我听到 OptumHealth 的目标利润率显然有所更新，但你是否也对 UHC 整体以及 Optum 内的另外两个业务板块有更新的目标利润率？
Stephen J. Hemsley
Yes. Thanks, Josh, for the question. As you can appreciate, as we're just coming back on stream, in the near term, our growth rates do not reflect, I think, the potential of this enterprise. It's somewhat academic, but I expect we will pace back steadily to low double-digit ranges and continue to advance from there. And I think importantly, the framework for our long-term growth outlook remains very much intact. Reasonable year-over-year organic growth from within well-run businesses, the compounding effect of deliberate productivity gains, the compounding effect of capital applied in the form of share buybacks as we return value and capital to shareholders and the compounding effect of capital use in evolving the business model toward a more expansive view of the health care markets that is less fragmented and more integrated to better serve consumers and the overall system. And the components of that should allow us to continue to grow at strong levels we've experienced in the past, and that's our outlook on it.
是的。谢谢你的提问，Josh。正如你能理解的，鉴于我们刚刚恢复运营，短期内我们的增长率并不能反映出我认为这家企业的潜力。这有点学术化，但我预计我们会稳步回落到低两位数区间，并在此基础上持续前进。我认为重要的是，我们的长期增长前景框架仍然完好无损。来自管理良好业务的合理同比有机增长、有意的生产率提升带来的复合效应、以回购股票的形式将资本返还给股东所产生的复合效应，以及将资本用于推进业务模式以朝着对医疗市场更宏观、更不分散且更整合以更好服务消费者和整体体系方向演进的复合效应。这些组成部分应当使我们能够继续以过去所经历的强劲水平增长，这就是我们的展望。
John F. Rex 约翰·F·雷克斯
And Josh, just maybe a little bit on margins because maybe Tim has a comment, and he made some comments on Medicare, in particular, with the IRA changes. And Tim, maybe if you just could reflect on those.
乔什，关于利润率也许再说一点，因为蒂姆可能会发表评论，他刚才就医疗保险（Medicare）和《可负担药品法案》（IRA）的变化发表了一些意见。蒂姆，也许你可以就这些反映一下。
Timothy John Noel 蒂莫西·约翰·诺埃尔
Yes. So we talked about the reframing of the broad-based Medicare Advantage targeted margin range, really not all that different, just the mechanical implications of more revenue coming through the IRA without necessarily any incremental earnings. And then as Bobby just talked about, we see that pacing closer to the midpoint in 2026 and getting there in 2027. On the Commercial business, 2026 will be a year where we'll not get all the way into our targeted margin range of 7% to 9%, but certainly see a path to get there thereafter. So really no change bottom line to the targeted margin range across UHC.
是的。我们讨论了对广泛的医疗保险优势（Medicare Advantage）目标利润率区间的重新表述，实际上变化不大，只是更多收入通过 IRA 进入时在机械上会带来影响，而不一定会带来额外的收益。正如鲍比刚才所说，我们认为 2026 年的步伐会更趋于中点，并在 2027 年达到中点。至于商业业务，2026 年我们不会完全进入 7%至 9%的目标利润率区间，但之后肯定有路径可以到达。因此，从整体而言，对联合健康集团（UHC）目标利润率区间的底线没有变化。
Stephen J. Hemsley
John, any more. 约翰，还有其他问题吗。
John F. Rex
I think just maybe Tim's comment that he made on the call in terms of how he thinks about Medicare Advantage with the addition of those IRA dollars and such. And it doesn't change really the productivity of the business. It's just that piece of the revenue impacts the margin calculation that came in -- a piece of revenue that came in without really any earnings attached to when it came in. So similar profile.
我想可能只是蒂姆在电话中所说的那句话，关于他如何看待在那些《降低处方药价格法案》（IRA）资金加入后对医疗保险优势计划（Medicare Advantage）的影响。这并没有真正改变业务的生产力。只是那部分收入影响了利润率计算——一部分到账的收入实际上到来时并没有附带任何盈利。因此总体特征相似。
Stephen J. Hemsley
And in general, I don't think we've actually ever seen the full portfolio of Optum perform to its full potential. So I think there's -- that should be strongly additive as well as the emergence of the OptumInsight businesses, the strong margins that are coming off the platform of more technology-enabled services. So those elements play in, but it is so early in our restart that to me, the discussion of a long-term growth rate seems somewhat academic other than the framework for our historical outlook remains fully intact.
总的来说，我认为我们实际上从未见过 Optum 全部业务组合发挥其全部潜力。所以我认为这应该会强烈地带来增量，另一个因素是 OptumInsight 业务的出现，以及基于更多技术驱动服务平台所带来的高额利润率。因此这些因素都会起作用，但我们刚刚重新启动还处于非常早期阶段，对我而言，讨论长期增长率显得有些纯理论化，除非我们的历史展望框架仍然完全有效。
Operator 主持人
The next question comes from Kevin Fischbeck with Bank of America.
下一个问题来自美国银行的 Kevin Fischbeck。
Kevin Mark Fischbeck 凯文·马克·菲施贝克
Great. In your commentary around the guidance reduction, you mentioned across a number of businesses that you had portfolio actions that you're delaying. Can you talk a little bit about what exactly those types of actions were across the businesses? And are those potential savings still something that you think you're going to execute on? Or are those not the right way to think about is adding those up and then coming up with an earnings power number at some point over the next couple of years?
太好了。在你关于指引下调的评论中，你提到在多项业务中有一些你们推迟的投资组合行动。你能详细说明这些在各业务中具体是哪类行动吗？这些潜在的节省仍然是你们认为会去执行的吗？还是把它们加总然后在未来几年某个时候得出一个盈利能力数字，并不是考虑问题的正确方式？
Stephen J. Hemsley 斯蒂芬·J·亨斯利
Clarify the question. I'm not sure I understand portfolio actually. What the...
请澄清一下问题。我不太明白你说的“投资组合”到底指什么。什么……
Kevin Mark Fischbeck
Yes. You mentioned a number of things like when you're trying to bridge thing like the Medicare Advantage results this year versus what you assumed would happen. I think you put some buckets in there saying that you were going to do some things and then you decided to put them on pause. Is that not the right way to think about it?
是的。你提到了一些事情，比如在试图解释今年医保优势（Medicare Advantage）业绩与原先假设之间的差距时。我记得你把一些项目归到不同的范畴，说本来要执行某些措施但后来决定暂停。这样理解不对吗？
Stephen J. Hemsley
These are on transactions. Yes. So that's a good question because I do think that, that needs to be clarified. The company pursued kind of valuation of the portfolio of all of its businesses last year. And we're taking actions to position some of the businesses and divested some. That I think, is evident in our results. And as I came in and looked at that, my orientation is to pursue more of the performance of the business portfolio that we have, make those businesses perform to their full potential. I think that portfolio needs to be considered in light of what I think the real performance potential is.
这些是关于交易的。是的。这是个好问题，因为我确实认为这点需要澄清。公司去年对其所有业务组合进行了某种估值评估。我们正在采取行动去调整部分业务并剥离一些业务。我认为这在我们的业绩中是明显可见的。当我接手并审视这些时，我的方向是更多地关注我们现有业务组合的绩效，使这些业务发挥其全部潜力。我认为在考虑该业务组合时，需要把我认为的实际绩效潜力纳入考量。
And so we stopped that entire activity. And some of that was considered in the outlook in the current year, and that has been withdrawn completely. And we are focused on the performance of the businesses that we have, and we'll pick up portfolio assessment somewhere down the road. But right now, our focus is on the portfolio that we have, and we have removed any of that from our outlook.
所以我们停止了所有相关活动。其中一部分已在本年度的展望中考虑过，但现在已完全撤回。我们将专注于现有业务的表现，并将在未来某个时候重新评估资产组合。但现在我们的重点是现有的资产组合，我们已将任何相关内容从我们的展望中移除。
Kevin, does that answer your question?
凯文，这回答了你的问题吗？
Kevin Mark Fischbeck 凯文·马克·菲施贝克
Actually, maybe just to clarify. So are these businesses that you thought you were going to be losing money and you're now going to keep them and focusing on the earnings power going forward? Or was there something around gains on sales or things like that, that you were going to recognize from divesting things that you're not going to include in the guidance?
实际上，也许我需要澄清一下。你是指这些业务原本你们认为会亏损，但现在决定保留并专注于未来的盈利能力？还是说之前预计通过剥离资产会确认的一些出售收益之类的项目，现在不会纳入指引中？
Stephen J. Hemsley 斯蒂芬·J·赫姆斯利
I think that's a much more complex issue, Kevin. I think the motivations for those transactions all have different reasons. Some of those businesses, we thought were better in the hands of others. Others want to be, let's say, not core, but we're really not debating that right now. I think all solid businesses, and we'll continue to run them and optimize their performance and then consider their long-term standing in our portfolio.
我认为这是一个更为复杂的问题，凯文。我认为那些交易背后的动机各不相同。有些业务，我们觉得交到别人手里会更好。还有一些可以说不是核心业务，但我们现在并不打算争论这个。我认为这些都是稳健的业务，我们会继续运营它们、优化其表现，然后再考虑它们在我们投资组合中的长期地位。
Operator 接线员
Our next question comes from Lance Wilkes with Bernstein.
我们的下一个问题来自伯恩斯坦的兰斯·威尔克斯。
Lance Arthur Wilkes 兰斯·亚瑟·威尔克斯
Can you talk a little bit about the management process and strategic review process that you've undertaken with the company and where you are to date with that, maybe providing some insight into what the management process was previously and the changes you've made to it? And then from a strategic review process, would you say you're completed with any sort of strategic review? Or are there any sort of time line associated with future strategic review?
你能不能谈一谈你们与公司一起开展的管理流程和战略审查流程，以及到目前为止所处的阶段？也许可以提供一些关于之前管理流程是怎样的以及你们对其所做改变的见解？然后就战略审查流程而言，你会说你们已经完成了某种形式的战略审查吗？还是对未来的战略审查有任何时间表？
Stephen J. Hemsley 斯蒂芬·J·海姆斯利
Well, I'm not sure I know what you mean by strategic review, but just to kind of thematically address this, probably just 70-plus days in. Kind of returning to what I would call very basic fundamental discipline. So much greater intensity around depth of review of the businesses, underlying financial levers, et cetera, core of the economic levers in the businesses.
嗯，我不确定我了解你所说的“战略审查”具体指什么，但从主题上来回答这个问题，我大概已经进来了七十多天。我是在回归我所称的非常基础的纪律。因此我们在更深入审查业务、基础财务杠杆等方面投入了更大的强度，聚焦于业务中的核心经济杠杆。
Basically, just a much more intensive monthly management review of business performance, not just on financials, but on operating metrics, on relationships with the external stakeholders, on future potential, on the progress made, on remediation efforts and programs offsetting some of the headwinds that we have discussed this morning like V28 and so forth. So just a really comprehensive business-by-business review and assessment of the performance prospects of the businesses, I'd say, relatively in the near term, much more broader engagement of the management team and engaging our resources across the enterprise to take just a very fresh objective look at all of the businesses, the progress made in terms of their undertakings and maybe refocusing those things to things that, let's say, a more narrow, more concentrated agenda of priorities, faster decision-making, changes in people. There have been, I think, as Pat described, pretty far-reaching changes across the entire Optum portfolio. That is still in motion across our other businesses and across corporate.
基本上，就是对业务绩效进行更为密集的每月管理审查，不仅仅看财务，还包括运营指标、与外部利益相关者的关系、未来潜力、已取得的进展、补救措施以及抵消我们今天早上讨论的一些逆风（比如 V28 等）的项目。因此，对各业务进行真正全面的逐一审查与评估，判断其近期的业绩前景。我会说，这是对管理团队更广泛的参与，并调动我们整个企业的资源，以对所有业务、其承诺所取得的进展进行一个全新且客观的审视，或许将重点重新聚焦到更狭窄、更集中的优先议程、加快决策、调整人员。正如 Pat 所描述，Optum 全组合内已经发生了相当深远的变化。我认为这类变化仍在我们其他业务及公司层面推进。
So I'm just basically rambling to give you a sense that it is a much more intensive everyday kind of engagement. We have returned to monthly business meetings. We are focused on 6 underlying directions along those lines. And the leadership team has really engaged exceptionally well. We have returned to work across the enterprise, just to give you an example of things like that. And I just think there is a new tone and a new expectation setting in. And then we are going to continue to drill down on these businesses and get much more granular, particularly as we get in and complete the 2026 planning process. So I think that gives you a feel for it.
所以我基本上是在随便说说，让你了解这是一种更为密集的日常参与方式。我们已恢复每月的业务会议。我们围绕这些方向专注于六个基本重点。领导团队的参与非常出色。我们已恢复全公司范围的工作，仅举例说明这类情况。我只是认为现在有了一种新的基调和新的期望设定。随后我们会继续深入这些业务，做到更加细化，特别是在我们进入并完成 2026 年规划流程之后。所以我认为这能让你有个感受。
Operator 接线员
And our next question comes from Lisa Gill with JPMorgan.
下面的问题来自摩根大通的丽莎·吉尔。
Lisa Christine Gill 丽莎·克里斯汀·吉尔
Steve, when you talked about 2026, you talked about the steady improvement, but you also said you need to evaluate investments. How should I think about that for '26? Are there incremental costs that you need to bring online, other investments that you need to make in the business as we think about '26? And if we do have incremental investments in '26, how do we think about the returns on those investments and the time line?
史蒂夫，你在谈到 2026 年时提到稳步改善，但你也说需要评估投资。我们在考虑 2026 年时，该如何看待这一点？你们是否需要上线增量成本，或者在业务中做出其他投资？如果我们在 2026 年确实有增量投资，应该如何看待这些投资的回报以及时间线？
Stephen J. Hemsley
So coming into kind of returning to this environment, you obviously looked at particularly with the results at the cost structures, the organizational approaches that have been taken and so forth. And I think there are meaningful cost opportunities within the enterprise, and we are pursuing them with urgency. But I also believe that we should be balanced that there are areas that we have underinvested,
所以在回到这种环境时，你们显然特别关注了成本结构、所采取的组织方法等方面的结果。我认为公司内部存在有意义的成本优化机会，我们正紧迫地去推进。但我也认为应保持平衡，因为有些领域我们存在投资不足，
and they include areas of OptumInsight, where Patrick talked about the performance challenges there. OptumInsight, I think, can be a remarkable business, but we need to pay more attention to it, make sure it has stable and deep leadership. And we need to make the investments in updating the product offerings, which are largely a portfolio of point-to-point solutions. And with the technology capacities we have and the expertise we have, make them much more compelling end-to-end kind of impacts. And that would be just one example.
其中包括 OptumInsight，Patrick 提到了那里的业绩挑战。OptumInsight 我认为可以成为一个了不起的业务，但我们需要更多关注它，确保它拥有稳定和有深度的领导层。我们需要在更新产品供应方面进行投资，目前这些产品大多是点对点的解决方案组合。结合我们拥有的技术能力和专长，要把它们打造得更具吸引力，成为端到端的有影响力的产品。这只是一个例子。
I think our AI agenda, Sandeep, has gotten real traction on that agenda, and I intend to accelerate it to really infuse this entire enterprise with an AI-first orientation and also use that as a means to develop the capabilities to, again, revitalize products really across the enterprise.
我认为我们的人工智能议程，Sandeep，在这一议程上已经获得了实实在在的推动力，我打算加速推进，真正将整家公司灌注为以人工智能为先的导向，并将其作为一种手段来培养能力，进而再次振兴整个企业的产品。
I'd also tell you that, again, in what I'll view as OptumInsight. Dhivya, who is leading that business, the fintech agenda for that could also be compelling and has also been underinvested. And we have an excellent and distinctive platform there, and we need to push forward on that. So I think there are so many areas of opportunity that really are near term for us. Do I think they will translate? I think they'll translate into good contributions for '26. But I think not only do we need a little money, we need a little bit of time. And so I do think '27, '28 is really where you're going to see acceleration in those for sure in '27. So does that give you a feel for those kinds of things? And I don't know, Patrick or Dhivya, if you have other commentary?
我还想告诉你，我会把这归入我所称的 OptumInsight。领导该业务的 Dhivya，针对该业务的金融科技议程也可能很有吸引力，而且过去也确实投入不足。我们在那里有一个优秀且独特的平台，需要在这方面推进。因此，我认为有许多近在咫尺的机会领域。你问我是否认为它们会转化为成果？我认为它们会在 2026 年带来不错的贡献。但我认为我们不仅需要一些资金，也需要一点时间。因此我确实认为在 2027、2028 年你会看到这些方面的加速，尤其是在 2027 年。那么这是否让你对这些事情有些感觉？我不知道，Patrick 或 Dhivya，你们是否有其他评论？
重心是科技。
Patrick Hugh Conway
So just briefly building what Steve said and then Dhivya, feel free to add on. Look, I think OptumInsight and Optum Financial and the AI agenda are a large area of opportunity. As we interact with clients and customers, we hear that from payers, providers, others. They want our support in those areas. So I think it's both external and internal, internal on cost savings, external on growth and innovation, as Steve alluded to. And Dhivya, I'll turn it over to you if you want to add more.
简要补充一下 Steve 所说的内容，Dhivya，欢迎你补充。看，我认为 OptumInsight、Optum Financial 以及人工智能议程是一个巨大的机会区域。当我们与客户和顾客互动时，从支付方、提供方及其他方面都会听到这个需求。他们希望我们在这些领域提供支持。所以我认为这既是外部的也是内部的——内部是关于成本节约，外部是关于增长和创新，正如 Steve 所提到的。Dhivya，如果你想补充，我把话筒交给你。
Dhivya Suryadevara
Chief Executive Officer of Optum Financial Services
Optum Financial Services 首席执行官
Yes. Lisa, coming into this business and just giving it a fresh look, there is a lot to be optimistic about in both of these businesses, OptumInsight and Optum Financial. There's some structural tailwinds when you think about it. Firstly, as Steve said, payers and providers are looking for tech-forward solutions to help solve their problems and the headwinds that they face. And coming in, I'm finding that we have deep customer relationships and domain knowledge that will help us do that.
是的，Lisa，进入这项业务并以新的视角审视它后，我对 OptumInsight 和 Optum Financial 这两项业务都充满乐观。考虑到一些结构性顺风因素，首先，正如 Steve 所说，支付方和提供方正在寻找以技术为先的解决方案来帮助解决他们面临的问题和逆风。进入后我发现，我们拥有深厚的客户关系和领域知识，这将帮助我们做到这一点。
On top of that, combining OptumInsight and Optum Financial, we're able to create unified solutions that are going to offer the market a lot more financial flexibility, and that's something that the market really needs. So what we're doing is taking all these trends, and we're coming up with a product portfolio that's AI-based. And we're launching -- we've already launched this year an AI-powered RCM solution. Later this year, we'll be launching an AI-powered real-time coordination of benefits. So think of this as early innings in our product journey, and we're going to have more launches coming out in the coming quarters and years, which makes me very optimistic about the future of the business. As Steve said, this is not an area we've focused in, in the past, but we have the right strategy, we have the right investments and we have the right team to go execute.
此外，将 OptumInsight 与 Optum Financial 合并后，我们能够打造统一的解决方案，为市场提供更多的财政灵活性，这是市场确实需要的。因此，我们所做的是把所有这些趋势结合起来，推出一个基于人工智能的产品组合。我们已经在今年推出了一款由人工智能驱动的收入循环管理（RCM）解决方案。今年晚些时候，我们将推出一款由人工智能驱动的实时福利协调（coordination of benefits）系统。所以把这看作我们产品旅程的早期阶段，未来几个季度和几年里我们还会有更多产品推出，这让我对业务的未来非常乐观。正如 Steve 所说，以前我们并没有在这个领域投入太多关注，但我们有正确的战略、正确的投资和正确的团队来执行。
Stephen J. Hemsley
And I'll just make 2 other comments and one pretty basic, and that is you come in and you take a look and you see cost opportunities for sure and the corporate versions of the business units. And you basically are sitting back saying, we're going to pull those back, and we're going to make the investments in the businesses that we think can produce remarkable performance for us going forward, high- margin businesses, et cetera. And that plays into the long-term growth view, and that is if we execute on those, which have always been in our strategic sights, the contributions of those can be distinctive and plays into a very positive long-term growth outlook.
我还要补充两点，其中一条比较基础。就是说你进来之后会审视一下，确实能在公司和各业务单元找到降本机会。你基本上会坐下来决定，要把这些成本削减回去，同时在那些我们认为未来能为公司带来卓越表现的业务上进行投资——高利润率的业务等等。这会影响到长期增长的看法，意思是如果我们把这些以前就列入战略目标的措施执行好，它们的贡献会很突出，并将促成一个非常积极的长期增长前景。
Operator 接线员
Our next question comes from Stephen Baxter with Wells Fargo.
下一个问题来自富国银行的 Stephen Baxter。
Stephen C. Baxter
I think you suggested the long-term target margin for value-based care is now 5%. I think this is also what you suggested the business earned as recently as 2023 before the onset of V28. So it just would be helpful to better understand, I guess, what were the old value- based care target margins to compare the 5% to? And I heard you loud and clear talk about expected stability in 2026. Can you better
我记得你们提到类似乎将基于价值的医疗的长期目标利润率现在设为 5%。我也记得你们曾表示在 V28 到来之前的 2023 年，该业务的收益大约就是这个水平。所以如果能更清楚地理解一下，以便将 5%进行比较，之前基于价值的医疗的目标利润率是多少会很有帮助？我清楚地听到你们谈到了对 2026 年稳定性的预期。你能更好地...
help us understand the margin drivers beyond 2026 with the exception maybe of the MA repricing, which we already understand to get back to that 5%?
帮我们理解一下除了可能的医疗保险优势（MA）重新定价之外，2026 年以后的利润率驱动因素有哪些？我们已经理解 MA 会回到那个 5%吗？
Stephen J. Hemsley
Yes. So maybe we'll start with Patrick and then if John wants to comment about kind of the change in perspective on margins there. Patrick?
是的。也许我们先由 Patrick 开始，然后如果 John 想就那边对利润率看法的变化发表评论也可以。Patrick？
Patrick Hugh Conway
Yes. So thanks, Stephen, for the question. So you did hear correctly, OptumHealth margin all in 6% to 8%. Value-based care, as we sit today, estimating around that 5% level. Really, the issue is the significant revenue hit to the system with V28 and what that meant and adjusting the impact. I'd point you back to the cohorts that we called out. I think this is critical. In years 1 and 2, which is about 40% of our membership as we stand today in 2025, negative margins. Years 3 to 4 cohorts, 2% margins. Year 5-plus, 8-plus percent margins.
是的。谢谢你的问题，Stephen。你听得没错，OptumHealth 的总体利润率为 6% 到 8%。就我们目前而言，基于价值的护理估计大约在 5% 左右。真正的问题是 V28 对体系造成的显著收入冲击及其含义并对影响进行调整。我建议你回头看我们提到的那几批次（cohorts）。我认为这点至关重要。在第 1 年和第 2 年，也就是到 2025 年我们当前的会员中约占 40% 的部分，利润为负。第 3 至第 4 年的批次，利润率为 2%。第 5 年及以后，利润率为 8% 以上。
If you look at the progression, as we focus on taking risk in markets that we were confident in our ability to perform and in products, primarily HMO, confident in our ability to perform, focused on employed and contracted positions, you should see those cohorts shift. So years 1 to 2 will be more in the range of 25% to 30% of the portfolio. Years 5-plus, more 40-plus percent. That gets you to that 5% range in terms of margins.
如果你看其进展过程，随着我们在有信心能实现业绩的市场以及主要是 HMO 的产品中更专注于承担风险，专注于雇员和合同化的阵地，你应该会看到这些批次发生转变。因此第 1 到第 2 年将在投资组合中占比更接近 25% 到 30%。第 5 年及以后，则更多地超过 40%。这将使你的利润率达到大约 5% 的范围。
And then as you heard on the services businesses, we've got services businesses often with a margin around 10%. We'll continue to grow those. And I'd call out in care delivery fee-for-service. We have an opportunity for both growth and margin improvement. Home health, low double digits. Surgical centers in the range of 20%. But in care deliveries in our clinics, we've got opportunities and especially in some regions to improve performance, improve that margin portfolio and improve the performance of the care delivery service bucket.
正如你在服务业务中听到的，我们的服务业务通常利润率约为 10%。我们将继续扩展这些业务。我想特别提到按服务付费的护理交付领域。我们在增长和利润率提升方面都有机会。居家护理为低两位数。手术中心约在 20%。但在我们的诊所护理交付中，我们有提升业绩的机会，尤其是在某些地区，可以改善该利润组合并提升护理交付服务板块的表现。
John F. Rex 约翰·F·雷克斯
And Stephen, considering the change in the OptumHealth margin target, most of that is driven by really the value-based care perspective. And what's going on there is really we are being a little more circumspect about how long it takes to get these practices into the zone that we need them to be in. So the appropriate amount of time to get them performing as they should perform, that's a component there.
斯蒂芬，考虑到 OptumHealth 利润率目标的变化，这主要是由基于价值的护理视角所驱动的。实际情况是，我们对将这些门诊/诊所带入所需状态所需时间持更为审慎的态度。所以，给予它们达到应有绩效的适当时间，这是其中的一个因素。
The conversion for those that are still mostly fee-for-service and getting those into a position of where they can actually also start becoming fully accountable practices, important elements in that. And then this perspective that at 5 million patients served today, the addressable market is much, much larger than that. And that we will be continuing to do this for a decade as Patrick stated in his prepared comments and the investments that takes. So a little more circumspect about the investments that we need to put in to bring these into full production.
对于那些仍然主要按服务收费的机构，将它们转变为能够真正开始承担全面责任的诊所/实践，是重要的环节。还有一种看法是，尽管今天服务了 500 万名患者，但可触及的市场远远大于此。正如帕特里克在其准备发言中所述，我们将在未来十年持续推进这一工作，这需要相应的投资。因此，我们对为使这些机构进入全面运作而需要投入的投资持更为审慎的态度。
Patrick noted that some of the longest-standing vintages or cohorts of members are performing at 8% plus margins. But it just -- we're giving ourselves more time to get there and also giving ourselves times more investment room, maybe echoing a little on what Steve said in terms of the investments we need to make into getting them fully ready and to be performing and that we'll be making these investments for the next decade as we grow this business.
Patrick 指出，一些存在时间最长的会员批次或群体的利润率表现超过 8%。但我们只是——我们给自己更多时间去达到那个水平，同时也给自己更多投资空间，可能在某种程度上呼应了 Steve 所说的，即我们需要进行的投资，来让这些业务完全准备就绪并实现业绩，并且在未来十年我们将为发展这项业务持续进行这些投资。
Stephen J. Hemsley
Or more. So 6% to 8% becomes a much more rational and better guidance outlook. So good question. Thank you for asking it.
或者更多。因此 6% 到 8% 变得更加合理，也成为更好的指引展望。好问题，感谢你的提问。
Operator 接线员
Our next question comes from Sarah James with Cantor Fitzgerald.
我们的下一个问题来自 Cantor Fitzgerald 的 Sarah James。
Sarah Elizabeth James
Can you talk about any changes you've made in your management review process of underwriting assumptions and conservatism? And the independent party review that you talked about, does that involve any of your underwriting process?
你能谈谈你们在承保假设和审慎性管理审查流程上做了哪些改变吗？你提到的独立方审查是否涉及你们的任何承保流程？
Stephen J. Hemsley
So yes. So first, I'll have maybe Tim comment about kind of underwriting perspectives as well and maybe then Dan Schumacher because kind of from an enterprise point of view, we are looking at, let's say, strengthening underwriting and making sure that we are taking a total enterprise view from an underwriting point of view. So Tim, do you want to start?
是的。首先，我会请 Tim 就承保方面的观点做些评论，然后可能请 Dan Schumacher 发言，因为从企业角度来看，我们正在考虑，例如，加强承保并确保从承保角度采取整体的企业视角。Tim，你想先开始吗？
Timothy John Noel
Yes. Thanks for the question, Sarah. So with respect to underwriting and the processes associated with that, we still feel like we have very strong people, processes in place to submit product filings to analyze and assess our business. And I think that's one of the reasons why we have a very clear view on what's happened in 2025. If there's one change, the change would be that, I think we're a little bit more respectful of the environment that we're in and the dynamic nature of it, and we're contemplating that as we think about our pricing in all of our businesses, Commercial, Medicare. And then we're going to use those data and analytics on the Medicaid side to approach our state partners with data-driven insights as we talk about how to configure rates appropriately moving forward so that revenue matches the new acuity of these populations.
是的。谢谢你的问题，Sarah。在承保及相关流程方面，我们仍然认为我们拥有非常强的人才和流程来提交产品申报、分析并评估我们的业务。我认为这也是我们能够对 2025 年发生的情况有非常清晰看法的原因之一。如果要说有什么变化的话，变化是我们对所处环境及其动态性更加尊重，在考虑所有业务的定价时都会考虑到这一点——商业、医疗保险（Medicare）也是如此。然后我们将利用这些数据和分析在医疗补助（Medicaid）方面以数据驱动的洞见与各州合作伙伴沟通，讨论如何在未来适当配置费率，以便收入与这些人群的新病情严重度相匹配。
But no fundamental change in the processes and people. We're very strong there. And these analytics will frankly drive the approach that we're seeing, which I think is appropriate and respectful of what's going on broadly in the health care industry.
但在流程和人员方面并无根本性变化。我们在那里非常强大。坦率地说，这些分析将推动我们正在采取的方法，我认为这是对整个医疗保健行业正在发生情况的恰当且尊重的反应。
Daniel J. Schumacher
Sarah, this is Dan. So at the enterprise level, we are working to strengthen our forecasting process. We've implemented an internal audit review that examines our guidance and the work that we put into that. But also, we're strengthening our actuarial resource base. And to Tim's point, we'll be looking at the underlying trend builds across the company and across membership cohorts as well as the revenue composition. Obviously, revenue is complex when you think about the interactions between risk model changes and so forth. So we'll be doing that as well. And likewise, building out and strengthening our analytics, taking advantage of new approaches, working with Sandeep on the AI front and pulling in signals earlier and being able to adapt to those more quickly and then propagate them rapidly across the enterprise. So those are some of the things that we have underway.
Sarah，我是 Dan。在企业层面，我们正在努力强化预测流程。我们已经实施了一项内部审计审查，用以检视我们的指引及为此所付出的工作。同时，我们也在加强精算资源基础。并且，回应 Tim 的观点，我们将考察公司内部及不同成员群体的基础趋势构成，以及收入构成。显然，考虑到风险模型变动等因素之间的相互作用，收入是复杂的。因此我们也会进行这些工作。同样地，我们会扩展并强化我们的分析能力，利用新方法，在人工智能方面与 Sandeep 合作，更早地提取信号，更快地适应这些信号，然后将其迅速传播到整个企业。这些是我们正在推进的一些事项。
Stephen J. Hemsley
And I think we already use third-party experts in our processes. So that would not be anything new. And I think we probably use as much or most of the resources in the marketplace along those lines and have for years. But at the end of the day, as those processes come to closure, judgments are made about market reads and how markets are predicted to perform. And I think those judgments are some of the areas that are kind of sensitive in terms of our outlook right now. And the oversight of those judgments and the conservativeness of them is also something we are taking into place and broadening those decisions across the enterprise. So good question, but it is definitely among the processes that are under review across the enterprise.
我认为我们在流程中已经使用了第三方专家，所以这并不是什么新鲜事。我也认为我们大概使用了市场上大部分或最多的此类资源，而且多年都是如此。但归根结底，当那些流程接近收尾时，就会对市场判断以及对市场表现的预测做出决定。我认为这些判断是目前我们前景中比较敏感的领域之一。我们也在审查这些判断的监督机制及其保守性，并将这些决策在整个公司范围内加以扩展。所以这是个好问题，但它确实是整个公司正在审查的流程之一。
Operator 接线员
Our next question comes from Andrew Mok with Barclays.
我们下一个问题来自巴克莱的安德鲁·莫克。
Andrew Mok 安德鲁·莫克
I wanted to follow up on Medicare margins. If we think about the 3 patient populations in Medicare Advantage, retail group and special needs, can you compare the relative margin profiles and different paths of margin recovery for each, including which population is most addressable near term?
我想就医疗保险利润率做个跟进。如果我们考虑医疗保险优势计划中的三类患者群体：零售（个人）团体和特殊需求，能否比较一下它们各自的利润率特征以及利润恢复的不同路径，包括哪一类人群在近期最容易着手改善？
Bobby Hunter 鲍比·亨特
CEO of Government Programs & Head of Medicare Insurance
政府项目首席执行官兼医疗保险主管
Yes. Andrew, Bobby here. So again, overall margins for '25, think about 2% to 2.5%, '26 expanding to 2.5% to 3%. We talked about early in the year some of the pressures that we were seeing in the group business, in particular, with the trend pressure kind of
是的。安德鲁，我是鲍比。总体来看，2025 年的利润率在大约 2% 到 2.5% 之间，2026 年扩大到 2.5% 到 3%。我们在年初讨论过在团体业务中看到的一些压力，特别是与趋势压力有关，类似于...
overweight in that area. I would say that phenomenon has continued. We continue to see certainly pressure on the medical side across all populations, but that one in particular has been elevated. Group, as you kind of note, does have the opportunity to reprice each year, not dissimilar from individual MA. And we are pursuing those discussions with our group customers. So think about the majority of those being able to be repriced on a given year, and that is absolutely kind of the path that we're moving down.
在该领域超配。我会说这种现象一直在持续。我们持续看到各类人群的医疗方面确实承压，但那一类尤其突出。正如你所指出的，团体（计划）确实有机会每年重新定价，这与个人医保优势计划（MA）类似。我们正在与团体客户推进这些重定价的讨论。可以认为大多数将在某一年度内得以重新定价，这绝对是我们正在走的路径。
On the retail and SNP portions, I would say both performing generally in line. Obviously, more of our growth this year is coming in both the D-SNP and C-SNP space. We saw that in AEP. We've continued to see that as the year has progressed. On balance, that growth is accretive to the enterprise. Those are areas that we're going to continue to focus. I think we have the broad care management tools really that kind of best equip us in partnership with some of our value-based care providers like Optum to really effectively manage that population. So that's going to be an area you continue to see us lean into heavily and bring the full capabilities and assets of the enterprise.
在零售和特殊需求计划（SNP）部分，我会说两者总体上表现基本一致。显然，我们今年更多的增长来自双重合资格特殊需求计划（D-SNP）和典型特殊需求计划（C-SNP）领域。我们在年度公开入会期（AEP）中已经看到这种情况，随着年内进展我们也一直在持续看到这点。总体而言，这些增长对公司是有利可图的。这些是我们将继续重点关注的领域。我认为我们拥有广泛的护理管理工具，能够与像 Optum 这样的一些基于价值的医疗提供者合作，真正有效地管理这部分人群。因此，你将继续看到我们在这些领域大力投入，并调动公司全部的能力和资源。
And on the retail side, we talked about, obviously, the different approach we're taking to trend for 2026. And a different approach that we're taking to the products, the benefits, exiting a significant number of plans and obviously impacting, as Tim noted, about 600,000- plus members that is predominantly in the PPO space. I think about roughly 1/3 of those as kind of full market or submarket exits. So meaningful adjustments coming both on the individual side and the group side to help advance that margin progression for '26.
在零售方面，我们显然也讨论了我们为 2026 年采取的不同费用增长趋势方法。我们对产品和福利采取了不同的方法，退出了大量计划，正如 Tim 所提到的，这显然影响了约 60 万加的成员，这些成员主要在 PPO 领域。我估计其中大约三分之一属于整个市场或子市场的完全退出。因此，无论在个人端还是团体端，都会有重要调整，以推动 2026 年的利润率改善。
Operator 接线员
Our next question comes from Ann Hynes with Mizuho Securities.
我们的下一个问题来自瑞穗证券的安·海恩斯。
Ann Kathleen Hynes 安·凯瑟琳·海恩斯
I don't know if you addressed it on the call, but can you remind us what your target margin is for Medicaid and what you expect it to be in 2026? And then just a follow-up, John, you had talked about 80% of the premium next year will increase because the pricing cycle should improve in 2026 for the industry. Can you give us a compounded increase that you expect, that would be great.
我不知道你们在电话中是否已经提到过，但能否提醒我们你们对医疗补助（Medicaid）的目标利润率是多少，以及你们预期 2026 年会是多少？另外，约翰，你提到明年大约 80%的保费将会上调，因为行业的定价周期在 2026 年应会有所改善。你能否给出你预计的复合增长率，那会很有帮助。
Stephen J. Hemsley 斯蒂芬·J·赫姆斯利
Michael? 迈克尔？
Unidentified Company Representative
不明身份的公司代表
Thank you for the question. For 2025, we expect breakeven performance for our non-dual or core Medicaid business under Community and State. Our 2025 Medicaid earnings outlook is down modestly due to persistent high medical trend, stemming from care usage levels that are really higher than we realized in the final stages of redetermination. And also increased service intensity per encounter as identified within our claims data.
感谢您的提问。对于 2025 年，我们预计在“社区与州”下的非双重资格或核心医疗补助业务将实现收支平衡。由于持续偏高的医疗趋势——主要源于在资格复核的最后阶段我们发现的就医使用水平实际上比我们预估的要高——以及我们索赔数据中识别到的每次就诊的服务强度增加，我们下调了 2025 年医疗补助的盈利前景，幅度不大。
We do expect some degradation with our cost-benefits ratio driven by the 12- to 18-month lag that we see in our core Medicaid rating cycle process. And as we think about 2026, we contemplate negative margins at that time, anywhere from negative 1% to negative 1.7%. Thank you for the question.
我们确实预计由我们核心医疗补助评级周期流程中看到的 12 到 18 个月滞后所驱动的成本收益比会有所恶化。展望 2026 年，我们考虑到届时可能出现负利润，范围大约在负 1%到负 1.7%。感谢您的提问。
John F. Rex 约翰·F·雷克斯
And this is John. Following up on the rest of your question here, a few comments. So I'm going to ask some of the UnitedHealthcare people to contribute to this here. But as Bobby and Tim have explained, a lot of what happens in Medicare Advantage, as you know, is the benefit redesign and then the cost trend assumptions they're building in, and they've talked to looking towards about a 10% trend for 2026 with the actual rate of premium increase determined by what CMS has come out with. But let's get a little deeper into that and talk about specific components, maybe even getting into commercial and some of the things that we're doing in there.
我是约翰。针对你其余的问题跟进，有几点说明。我会请一些联合医疗（UnitedHealthcare）的人来对此作出补充。但正如鲍比和蒂姆所解释的，你知道，许多发生在医疗保险优势计划（Medicare Advantage）中的变化，都是福利重设以及他们在成本趋势假设上所做的建构，他们已表示在 2026 年会考虑大约 10%的趋势，实际保费增长率则由 CMS 公布的结果决定。但我们可以更深入地探讨具体组成部分，甚至涉及商业险以及我们在那方面正在做的一些事情。
Tim, I'll lead it with you and just...
蒂姆，我先由你来引导，然后就……
Timothy John Noel 蒂莫西·约翰·诺埃尔
Yes. So answering the question around our long-term margins in the Medicaid business itself, excluding the dual special needs plans in Community and State, the rated margin that we attempt to attain with the states is around the 2% margin. Historically, we've talked that blending to a 3% to 5% margin within the Community and State segment. Given the adjustments we've talked about
是的。所以回答关于我们长期在医疗补助业务本身的利润率问题，排除社区与州的双重特殊需求计划，我们与各州努力争取的标定利润率约为 2%。历史上，我们曾表示在社区与州部门内会折中到 3%到 5%的利润率。鉴于我们之前提到的调整
around Medicare Advantage broadly moving from 3% to 5% to 2% to 4% because of the impact of the Inflation Reduction Act, we'd expect that to be mirrored in the Community and State growth targets. So 2% to 4% still in Community and State are adjusted to in Community and State and Medicaid would be kind of a 2% targeted margin.
关于医疗保险优势计划总体上因《降低通胀法案》的影响从 3%到 5%转为 2%到 4%，我们预计这一变化将在社区与州的增长目标中得到反映。因此社区与州仍为 2%到 4%，社区与州和医疗补助调整后医疗补助将以约 2%的目标利润率为准。
John F. Rex
And Ann, in terms of the point you were making about kind of premium increases one would expect in '26 as you go into that overall on the 80% of premiums renewals. So Bobby and Tim shaping up what happens in kind of those businesses, those government program businesses and the premiums coming from those customers and then what they're doing in the benefit design underneath there.
安，关于你提到的在 2026 年人们对保费上涨的预期点，尤其是在那 80%续保保费范围内的总体情况。鲍比和蒂姆正在评估这些政府项目业务中会发生什么，那些来自这些客户的保费以及他们在其下所做的福利设计。
And then maybe it would be helpful if Dan Kueter comment a little bit on some of the pricing expectations in Commercial markets and what he is seeing there because that's another important part of what's driving that premium increase in that marketplace.
然后也许请丹·库特（Dan Kueter）对商业市场的一些定价预期以及他在那里所见到的情况作些评论会有帮助，因为那也是推动该市场保费增长的另一个重要因素。
Daniel Roger Kueter
Chief Executive Officer of UnitedHealthcare Employer & Individual
UnitedHealthcare 雇主与个人业务首席执行官
Yes, John, sure can. In 2025, as noted in Tim's remarks, trend in the commercial group business has materialized 100 basis points above our expectation, which has created some trend and margin pressure. So we are well below our margin range for the Commercial business of 7% to 9% this year.
是的，约翰，当然可以。正如蒂姆在发言中所提到的，2025 年商业团体业务的趋势比我们的预期高出 100 个基点，这对趋势和利润率造成了一些压力。因此，我们今年商业业务的利润率远低于 7% 到 9% 的区间。
As we look to 2026, we're pricing for margin recovery in both the exchange business and the group business. This will lift our margins to be closer to but modestly short of our target margin range of 7% to 9%. We expect to recover into that range for 2027 has been previously noted. To provide that margin expansion and recovery in 2026 with our trend outlook to be above 11%, we are pricing with that fully in mind.
展望 2026 年，我们在为交易所业务和团体业务的利润恢复进行定价。这将使我们的利润率上升，更接近但略低于我们 7%至 9%的目标利润率区间。此前已指出，我们预计在 2027 年回升至该区间。为了在 2026 年实现这种利润扩张和恢复，考虑到我们对趋势的展望将高于 11%，我们的定价充分考虑了这一点。
Daniel J. Schumacher 丹尼尔·J·舒马赫
Ann, this is Dan. Just to round it out in terms of the premium increases, to what Dan just described in the Commercial business, you should think in terms of double digit on that one. On the Medicaid side, we're operating at about a combined 6% premium increase in '25 and would expect that to be comparable as we move into 2026. And then obviously, on the Medicare side, as John mentioned, that would track with what the CMS adjustments were.
安，这是丹。为了补充说明保费增长方面的情况，关于丹刚才对商业业务的描述，你可以把那个理解为两位数增长。在医疗补助方面，我们在 2025 年总体上大约执行了 6%的保费增长，并预计进入 2026 年也将保持相当水平。显然，在医疗保险方面，正如约翰提到的，那将与 CMS 的调整保持一致。
Operator 接线员
Our next question comes from Matthew Gillmor with KeyBanc.
我们下一个问题来自 KeyBanc 的 Matthew Gillmor。
Matthew Dale Gillmor
So the settlements you called out that are part of the discrete items. Can you give some detail on the nature of those settlements? Are those mostly tied to value-based care contracts in OptumHealth? And if that's the case, can we think about the OptumHealth outlook for '25 as being burdened by about $1.5 billion of those settlements that hopefully don't repeat next year?
你提到的作为单项列示的那些和解。能否详细说明这些和解的性质？这些大多数是与 OptumHealth 的基于价值的医疗合同相关吗？如果是这样，我们是否可以把 2025 年 OptumHealth 的前景视为被大约 15 亿美元的这些和解所拖累，而这些和解希望明年不会再次发生？
John F. Rex 约翰·F·雷克斯
Matt, John Rex here. So I wouldn't call it necessarily mostly tied to that. It is across businesses. Think of these things as ranging from elements like you've described, but I would put it more in the context potentially in some areas it's company receivables we have from other companies that we started to question whether or not they're collectible. And so as that moved into that zone, we've taken some provisioning for those.
马特，我是约翰·雷克斯。所以我不会说这主要与那有关。它是在各个业务范围内的。可以把这些事情看作是你所描述的那些元素，但我更愿意把它放在这样一个背景下：在某些领域可能是我们从其他公司应收的款项，我们开始质疑这些款项是否可收回。因此，当这些进入那个区间时，我们对这些进行了部分计提准备。
Other areas were just disputed items. And in this business, there can be disputed items that persist for some period of time. And I think as we were taking a fresh look and we are coming to -- come out with our outlook for the year, making sure that we had contemplated all those so we could get some of those settlement items out of the way. So think about it as both in the zone of receivables where we question the collectibility, maybe a dispute with a customer over amounts and these dating back a year or more sometimes in terms of where they might be. Sometimes with providers also in terms of areas that we were looking at.
其他方面只是有争议的项目。在这项业务中，确实会有持续一段时间的争议项目。我认为在我们重新审视并对今年的前景作出展望时，要确保我们已经考虑到所有这些，以便可以把一些和解项目处理掉。所以可以把它既看作是我们质疑可收回性的应收款项区间，可能是与客户就金额存在争议，有时这些争议可能追溯到一年或更久的时间。有时也涉及到我们在审视的一些与提供者相关的领域。
So it's really a collection of items that we came at. But I wouldn't call it predominantly. I mean, there's certainly a good amount of that sitting in OptumHealth, too. But I wouldn't call it predominant in terms of those amounts. So that gives you a little flavor for some of the items that we're trying to...
所以这实际上是一系列我们着手处理的事项。但我不会称之为主要原因。我的意思是，这其中当然有相当一部分存在于 OptumHealth 里。不过我不会说在这些金额中它占主导地位。所以这可以让你对我们正在处理的一些事项有个大致了解……
Stephen J. Hemsley
Generally split them so they get some idea of what they're overcoming.
大致上把它们拆分开，这样他们就能大致了解自己正在克服的是什么。
John F. Rex
Yes. I would say kind of within OptumHealth, think of that kind of in the zone of, if I take the full amount of probably about $0.5 billion or so sitting within OptumHealth, we called out on the call, Tim called out on the call, $850 million within UnitedHealthCare and then a couple of hundred million in OptumInsight. And a little under $100 million in that zone in OptumRx and then a smattering of a few other items, probably accounting for about $100 million or so that would be, I'd call it, corporate items and such that across the enterprise.
是的。我会说在 OptumHealth 内部，把那部分大致看成是在那个范围内。如果我把全部金额算上，大约有 5 亿美元左右是在 OptumHealth，我们在电话会议上指出了这一点，Tim 在电话会议上也提到，UnitedHealthCare 中有 8.5 亿美元，然后在 OptumInsight 中有几亿美元。OptumRx 那一块略低于 1 亿美元，然后还有一些零星的其他项目，大概合计约 1 亿美元左右，我会把那称为企业层面的项目等，分布在整个公司范围内。
不够透明。
Stephen J. Hemsley
So that should give you the granularity you need, okay?
所以这应该能给你所需的细节，好吗？
Operator 接线员
Our next question comes from Jessica Tassan with Piper Sandler.
我们的下一个问题来自派珀·桑德勒的 Jessica Tassan。
Jessica Elizabeth Tassan
When we think about the Medicare margin recovery, can you help us understand the split and timing between kind of MLR improvement and then incremental operating leverage, if any? And your updated MA margin targets kind of fully contemplate the benefit of efficiencies you might harvest from AI at UHC.
当我们考虑 Medicare 利润率的恢复时，您能帮我们理解医疗损失率（MLR）改善与随后任何增量运营杠杆之间的划分和时间安排吗？以及您更新后的 Medicare Advantage（MA）利润率目标是否已完全考虑到您可能从 UHC 的人工智能中获得的效率收益？
Bobby Hunter 鲍比·亨特
CEO of Government Programs & Head of Medicare Insurance
政府项目首席执行官兼医保保险负责人
Yes. Jessica, thanks for the question. So obviously, when we've outlined a number of actions that we're taking to pursue the margin recovery this morning, they've really been items oriented around what we're doing with optimizing our plan design, ensuring that we're investing in durable and plans that are designed around care management, enabling care management. We've made meaningful benefit adjustments. So all the kind of levers that are in our control related to the product design. Operational cost efficiency is absolutely something that we will continue to drive. We are partnered incredibly closely with Sandeep and the team at Optum around different use cases of how AI can not only drive efficiency, but also help inform the forecasting, help inform the early insights and help us make decisions faster in terms of both kind of how we respond to headwinds or challenges as well as kind of how we identify solutions and can bring those to stakeholders.
是的。杰西卡，感谢你的问题。很明显，今天上午我们概述的为追求利润率回升而采取的一系列措施，实际上都是围绕我们如何优化计划设计、确保我们投资于稳固并以护理管理为核心设计的计划、并促进护理管理而展开的。我们已经做出了有意义的福利调整。所以所有那些与产品设计相关、在我们控制范围内的杠杆措施都在发挥作用。运营成本效率绝对是我们将继续推动的重点。我们与 Optum 的 Sandeep 及其团队密切合作，围绕 AI 在不同用例中如何不仅提升效率，还能帮助改进预测、提供早期洞察并帮助我们更快做出决策，无论是在应对逆风或挑战方面，还是在识别解决方案并将其提供给利益相关者方面。
So think about kind of all of those really in the mix as we think about opportunities to leverage those efficiencies, drive margins and certainly will be supportive of our '27 and beyond kind of range that I've talked about where we'll be at the midpoint or above in that 2% to 4% guidance.
所以在考虑利用这些效率、推动利润率的机会时，请把所有这些因素都纳入考量，这些肯定会支持我所提到的我们在 2027 年及以后将处于 2%到 4%指导区间中点或以上的范围。
Stephen J. Hemsley
Okay. We have time for one more question. So please, next.
好的。我们还有时间再问一个问题。请下一个。
Operator 接线员
And our last question comes from Ben Hendrix with RBC Capital Markets.
我们的最后一个问题来自 RBC 资本市场的 Ben Hendrix。
Benjamin Hendrix 本杰明·亨德里克斯
In light of your business line review and your reorientation of some businesses and balancing that with the sustained commitment to value-based care. I'm wondering if there's any change as to how you're thinking about the breadth and scale of care capabilities that you want to add to support VBC. And specifically, I'm thinking about kind of commitment to assets like the pending Amedisys acquisition and the expected closing there.
鉴于你们对业务线的审查、对部分业务的重新调整，以及与对基于价值护理（VBC）持续承诺之间的平衡。我想知道你们在思考为支持 VBC 而希望新增的护理能力的广度和规模方面是否有任何变化。具体来说，我指的是对诸如拟议中的 Amedisys 收购及其预期完成的这类资产的承诺。
Stephen J. Hemsley
Sure. Do you want to comment on Amedisys? And then Patrick, maybe comment about kind of the broader question there.
当然。你想就 Amedisys 发表评论吗？然后 Patrick，或许可以就更广泛的问题发表一些看法。
John F. Rex
Yes, Ben, john Rex. Yes, we're looking forward to closing the Amedisys transaction here as we work through the process. We are still working through that process. So as I mentioned in my capital comments on the call earlier, I mentioned that's one of the items in our minds as we think about the rest of the year. But we continue to work through that process with the regulators and so productive way. But committed to those kind of assets and certainly very committed to capabilities where we can serve people in the home, super important in terms of foundational part of value-based care in terms of how we actually serve them and serve them well, gives us a lot more reach into serving other people also, and I'll have Patrick maybe comment a bit.
是的，Ben，John，Rex。是的，我们期待在处理相关流程时完成对 Amedisys 的交易。我们仍在推进该流程。正如我在之前电话中关于资本的评论里提到的，我提到这是我们在考虑今年剩余时间时会考虑的事项之一。但我们会继续以与监管机构建设性的方式推进该流程。我们对这类资产很有承诺，当然也非常重视能够在家中为人们提供服务的能力，这在以价值为导向的医疗服务中是一个极其重要的基础部分——关于我们如何实际为他们服务并提供高质量服务，它让我们在服务其他人方面也能有更大的覆盖范围。我会请 Patrick 可能稍作评论。
Patrick Hugh Conway
Yes. So thanks for the question, Ben. I'll hit on the clinical rationale and then pass it off to Krista to hit some clinical operational points. As many of you know, I'm a practicing physician. It's about patient need. For value-based care, we need clinical assets. We need assets in the home and capabilities and clinicians in the home. We need mental and behavioral. We need specialty care. We need ambulatory surgical centers. You need serious illness care. You need the breadth. We have those component parts in OptumHealth and those allow us to serve people's physical, mental, social and financial needs to broaden it out, OptumInsight as well.
是的。感谢你的提问，Ben。我先讲一下临床方面的理由，然后把话题交给 Krista，由她补充一些临床运营点。如你们许多人所知，我是一名执业医生。这个是关于病人需求的。对于基于价值的护理，我们需要临床资源。我们需要在家中的资源、能力以及在家中的临床人员。我们需要精神与行为健康服务。我们需要专科护理。我们需要门诊手术中心。需要危重病护理。需要广度。我们在 OptumHealth 中具备这些组成部分，这些让我们能够满足人们的身体、精神、社会和财务需求；再往广一点看，还有 OptumInsight。
That platform for value-based care is distinctive. It has huge growth potential, as John described earlier and Steve. And importantly, it's a pathway to a better performing U.S. health system that achieves better health outcomes, better experience and lower cost for the people we serve.
用于基于价值护理的平台具有独特性。正如 John 和 Steve 早先所述，它具有巨大的增长潜力。重要的是，它为构建一个表现更佳的美国医疗体系提供了一条路径，该体系能为我们服务的人群带来更好的健康结果、更佳的体验以及更低的成本。
I would like Krista to just talk briefly because then you have to execute on that with fidelity everywhere about some of the work there.
我希望 Krista 能简要说几句，因为随后你们必须在各处忠实地执行这些工作，关于那里的一些工作内容。
Krista Nelson
Chief Executive Officer of UnitedHealthcare Community & State
联合保健社区与州业务首席执行官
Yes. Thank you so much for the question. So I think what I'll just add, Patrick commented a lot on the work we're doing across our value-based care platform to stabilize the business and provide meaningful growth in the future. Maybe just a couple of comments on some of the other care delivery services that we offer that really enable that integrated delivery system to come to life. Whether that is investments in ancillary services, whether that's growth in home health, whether that's growth in our ASC platform, those will be things that we consider. But most urgently and importantly, the team is really focused on how do we make sure we drive the best productivity, the best performance, the best payment yields and some of the near-term opportunities we have to deliver on our services businesses in the short term while we enable further growth for the long term. Thanks for the question.
是的。非常感谢你的提问。我想补充的是，Patrick 已经详细说明了我们在价值型医疗平台上所做的工作，旨在稳定业务并在未来实现有意义的增长。也许我对我们提供的其他一些医疗服务做几句补充说明，这些服务确实能让这种一体化的交付体系落地。无论是对辅助服务的投资，还是居家护理的增长，抑或是我们的门诊手术中心（ASC）平台的扩展，这些都是我们会考虑的方向。但当务之急也是最重要的，团队正专注于如何确保推动最佳的生产力、最佳的绩效、最佳的支付收益，以及我们在短期内实现服务业务交付的一些近期机会，同时为长期的进一步增长创造条件。谢谢你的提问。
Stephen J. Hemsley
Thanks, Krista. So that's all we have time for today. I would thank you all for joining us. We look forward to speaking with you again in a few months. I think you'll find those discussions will be even more specific and detailed as well a little deeper from a strategic point of view as we continue to progress through our review here. And we look forward to those engagements and the engagements with you that we'll have in the meantime before our next quarterly review. So thank you for joining us. We appreciate your interest and attention. Thanks.
谢谢，Krista。今天的时间就到这里。感谢大家的参与。我们期待几个月后再次与各位交流。我认为随着我们继续推进此次评估，届时的讨论将会更加具体、详细，并且从战略角度更深入。我们期待那些交流，也期待在下一次季度评审前与大家的其他互动。再次感谢大家的参与。感谢你们的关注与投入。谢谢。
Operator 主持人
And ladies and gentlemen, this concludes today's call. Thank you for your participation. You may now disconnect.
女士们、先生们，今天的电话会议到此结束。感谢各位的参与。您现在可以挂断电话。
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