Cigna Reports Third Quarter 2020 Performance, Raises Revenue Guidance
- Total revenues in the third quarter were
$41.0 billion . Adjusted revenues1 were$40.8 billion . - Shareholders' net income for the third quarter was
$1.4 billion , or$3.78 per share - Adjusted income from operations2 for the third quarter was
$1.6 billion , or$4.41 per share - Adjusted income from operations2,3 is projected to be in the range of
$18.30 to$18.60 per share in 20203
Global health services company
"In these dynamic and challenging times, we at Cigna continue to act as champions for our customers, clients, and communities as we deliver on our promises to make health care more affordable, predictable and simple," said
Total revenues for third quarter 2020 were
Shareholders' net income for third quarter 2020 was
Cigna's adjusted income from operations2 for third quarter 2020 was
Reconciliations of total revenues to adjusted revenues1 and of shareholders' net income to adjusted income from operations2 are provided on the following page and on Exhibit 1 of this earnings release.
CONSOLIDATED HIGHLIGHTS
The following table includes highlights of results and reconciliations of total revenues to adjusted revenues1 and shareholders' net income to adjusted income from operations2:
Consolidated Financial Results (dollars in millions): |
||||||||||||
Three Months Ended |
Nine Months |
|||||||||||
|
|
|
||||||||||
2020 |
2019 |
2020 |
2020 |
|||||||||
Total Revenues |
$ |
40,955 |
$ |
38,556 |
$ |
39,265 |
$ |
118,689 |
||||
|
(37) |
(5) |
(60) |
(87) |
||||||||
Special Items1 |
(117) |
— |
— |
(204) |
||||||||
Transitioning Client Contributions1 |
— |
(2,718) |
— |
— |
||||||||
Adjusted Revenues1 |
$ |
40,801 |
$ |
35,833 |
$ |
39,205 |
$ |
118,398 |
||||
Consolidated Earnings, net of taxes |
||||||||||||
Shareholders' Net Income |
$ |
1,388 |
$ |
1,351 |
$ |
1,754 |
$ |
4,323 |
||||
|
(64) |
(49) |
(88) |
(75) |
||||||||
Amortization of Other Acquired Intangible Assets2 |
376 |
558 |
376 |
1,061 |
||||||||
Special Items2 |
(82) |
65 |
110 |
219 |
||||||||
Transitioning Client Contributions1,2 |
— |
(207) |
— |
— |
||||||||
Adjusted Income from Operations2 |
$ |
1,618 |
$ |
1,718 |
$ |
2,152 |
$ |
5,528 |
||||
Shareholders' Net Income, per share |
$ |
3.78 |
$ |
3.57 |
$ |
4.73 |
$ |
11.66 |
||||
Adjusted Income from Operations2, per share |
$ |
4.41 |
$ |
4.54 |
$ |
5.81 |
$ |
14.91 |
- Cigna's third quarter results reflect revenue growth driven by strong fundamental performance across our businesses led by our Evernorth segment. Third quarter earnings reflect the return of medical utilization to more typical levels and COVID-19 related impacts, as well as focused execution in our businesses.
- Year to date through
November 4, 2020 , the Company repurchased 16.0 million shares of common stock for approximately$2.9 billion . - The debt to capitalization ratio decreased to 42.8% at
September 30, 2020 from 45.2% atDecember 31, 2019 . - The SG&A expense ratio4 was 8.1% for third quarter 2020, a decrease from 9.2% for third quarter 2019, driven by significant revenue growth and continued expense efficiency.
CUSTOMER RELATIONSHIPS
The following table summarizes Cigna's medical customers and overall customer relationships:
Customer Relationships (in thousands): |
||||||||
As of the Periods Ended |
||||||||
|
|
|
||||||
2020 |
2019 |
2020 |
2019 |
|||||
Total Customer Relationships |
189,702 |
169,712 |
188,211 |
171,760 |
||||
Total Pharmacy Customers5 |
86,604 |
75,663 |
84,919 |
75,903 |
||||
|
13,901 |
14,121 |
14,000 |
14,187 |
||||
|
1,413 |
1,374 |
1,415 |
1,361 |
||||
International Markets |
1,668 |
1,576 |
1,668 |
1,597 |
||||
Total Medical Customers5 |
16,982 |
17,071 |
17,083 |
17,145 |
||||
Behavioral Care |
37,236 |
28,744 |
37,061 |
30,361 |
||||
Dental |
17,671 |
17,079 |
17,850 |
17,231 |
||||
Medicare Part D |
3,296 |
3,269 |
3,300 |
3,276 |
||||
International Markets Supplemental Policies5,7 |
12,013 |
12,486 |
12,098 |
12,444 |
||||
Group Disability and Life Covered Lives5 |
15,900 |
15,400 |
15,900 |
15,400 |
- The pharmacy customer base5 at third quarter 2020 grew to 86.6 million, an organic increase of 10.7 million customers year to date, driven by strong new health plan sales.
- The total medical customer base5 at third quarter 2020 was 17.0 million, a decrease of 163,000 customers year to date, driven by a decline in National Accounts, partially offset by growth in the Select and International Markets segments and in Medicare Advantage.
HIGHLIGHTS OF SEGMENT RESULTS
See Exhibit 1 for a reconciliation of adjusted income (loss) from operations2 to shareholders' net income.
Evernorth6
This segment includes a broad range of coordinated and point solution health services, including pharmacy services, benefits management, care solutions and data and analytics, which are provided to health plans, employers, government organizations, and health care providers.
Financial Results (dollars in millions): |
||||||||||||
Three Months Ended |
Nine Months |
|||||||||||
|
|
|
||||||||||
2020 |
2019 |
2020 |
2020 |
|||||||||
Adjusted Revenues1 |
$ |
29,827 |
$ |
24,880 |
$ |
28,602 |
$ |
85,597 |
||||
Adjusted Income from Operations, Pre-Tax2 |
$ |
1,443 |
$ |
1,399 |
$ |
1,249 |
$ |
3,774 |
||||
Adjusted Margin, Pre-Tax8 |
4.8% |
5.6% |
4.4% |
4.4% |
- Third quarter 2020 adjusted revenues1 increased 20% relative to third quarter 2019 driven by the insourcing of
U.S. Medical pharmacy volumes and strong organic growth, including growth in retail network and specialty pharmacy services. - Third quarter adjusted income from operations, pre-tax2 increased 3% relative to third quarter 2019, reflecting customer growth, higher adjusted pharmacy scripts volumes, benefits from the effective management of the supply chain, and continued strong performance in specialty pharmacy services, partially offset by increased operating expenses to support growth.
- Evernorth fulfilled 381 million adjusted pharmacy scripts9 in third quarter 2020, an increase of 22% over third quarter 2019 driven by the insourcing of
U.S. Medical pharmacy volumes and strong organic growth.
This segment includes Cigna's
Financial Results (dollars in millions): |
||||||||||||
Three Months Ended |
Nine Months |
|||||||||||
|
|
|
||||||||||
2020 |
2019 |
2020 |
2020 |
|||||||||
Adjusted Revenues1 |
$ |
9,629 |
$ |
9,148 |
$ |
9,237 |
$ |
28,726 |
||||
Adjusted Income from Operations, Pre-Tax2 |
$ |
757 |
$ |
953 |
$ |
1,523 |
$ |
3,479 |
||||
Adjusted Margin, Pre-Tax8 |
7.9% |
10.4% |
16.5% |
12.1% |
- Third quarter 2020 adjusted revenues1 grew 5% over third quarter 2019, reflecting customer growth in the Select segment and Medicare Advantage, as well as premium increases.
- Third quarter 2020 adjusted income from operations, pre-tax² and adjusted margin, pre-tax8 reflect unfavorable prior period development primarily related to second quarter 2020, COVID-19 related impacts, and the return of the health insurance tax. COVID-19 related impacts include the net impact of the return of medical utilization to more typical levels and direct COVID-19 costs as well as the costs of actions we have taken to support customers and providers, decreased specialty contributions, and lower net investment income.
- The medical care ratio4 ("MCR") of 82.6% for third quarter 2020 reflects continued effective execution in our
U.S. Commercial andU.S. Government segments. The third quarter 2020 MCR increased relative to third quarter 2019 due to unfavorable prior period development primarily related to second quarter 2020 and COVID-19 related impacts, partially offset by the pricing effect of the health insurance tax. U.S. Medical net medical costs payable10 was$2.97 billion atSeptember 30, 2020 ,$2.73 billion atSeptember 30, 2019 , and$2.59 billion atDecember 31, 2019 . Favorable prior year reserve development on a gross pre-tax basis was$126 million and$159 million through third quarter 2020 and 2019, respectively.
International Markets
This segment includes supplemental health, life and accident insurance products and health care coverage in Cigna's international markets, as well as health care benefits for globally mobile individuals and employees of multinational organizations.
Financial Results (dollars in millions): |
||||||||||||
Three Months Ended |
Nine Months |
|||||||||||
|
|
|
||||||||||
2020 |
2019 |
2020 |
2020 |
|||||||||
Adjusted Revenues1,7 |
$ |
1,440 |
$ |
1,402 |
$ |
1,432 |
$ |
4,342 |
||||
Adjusted Income from Operations, Pre-Tax2 |
$ |
208 |
$ |
194 |
$ |
319 |
$ |
809 |
||||
Adjusted Margin, Pre-Tax8 |
14.4% |
13.8% |
22.3% |
18.6% |
- Third quarter 2020 adjusted revenues1,7 grew 3% over third quarter 2019, reflecting continued business growth.
- Third quarter 2020 adjusted income from operations, pre-tax2 and adjusted margin, pre-tax8 reflect continued operational efficiency, lower claim levels driven by the effects of the COVID-19 pandemic, and business growth.
Group Disability and Other Operations
This segment includes Cigna's Group Disability and Life business which offers group long-term and short-term disability, and group life, accident, voluntary and specialty insurance products and services. Additionally, this segment includes
Financial Results (dollars in millions): |
||||||||||||
Three Months Ended |
Nine Months |
|||||||||||
|
|
|
||||||||||
2020 |
2019 |
2020 |
2020 |
|||||||||
Adjusted Revenues1 |
$ |
1,314 |
$ |
1,284 |
$ |
1,328 |
$ |
3,981 |
||||
Adjusted Income from Operations, Pre-Tax2 |
$ |
70 |
$ |
143 |
$ |
132 |
$ |
279 |
||||
Adjusted Margin, Pre-Tax8 |
5.3% |
11.1% |
9.9% |
7.0% |
- Third quarter 2020 adjusted income from operations, pre-tax2 and adjusted margin, pre-tax8 reflect elevated claims in Cigna's Life business primarily related to the COVID-19 pandemic.
- On
December 18, 2019 , Cigna announced a definitive agreement wherebyNew York Life will acquire Cigna's Group Disability and Life business for$6.3 billion . Cigna continues to expect the transaction to close in the fourth quarter of 2020, subject to applicable regulatory approvals and other customary closing conditions.
Corporate
Corporate reflects interest expense, as well as amounts not allocated to operating segments and includes intersegment eliminations.
Financial Results (dollars in millions): |
||||||||||||
Three Months Ended |
Nine Months |
|||||||||||
|
|
|
||||||||||
2020 |
2019 |
2020 |
2020 |
|||||||||
Adjusted (Loss) from Operations, Pre-Tax2 |
$ |
(366) |
$ |
(442) |
$ |
(400) |
$ |
(1,171) |
- Third quarter 2020 adjusted loss from operations, pre-tax2 decreased relative to third quarter 2019 as a result of lower interest expense.
2020 OUTLOOK
Cigna's outlook for full year 2020 adjusted revenues1,3 is approximately
The foregoing statements represent the Company's current estimates of Cigna's 2020 consolidated adjusted revenues1,3 and adjusted income from operations2,3 on a per share basis as of the date of this release. Actual results may differ materially depending on a number of factors. Investors are urged to read the Cautionary Note Regarding Forward-Looking Statements included in this release. Management does not assume any obligation to update these estimates.
This quarterly earnings release and the Quarterly Financial Supplement are available on Cigna's website in the Investor Relations section (https://www.cigna.com/aboutcigna/investors). Management will be hosting a conference call to review third quarter 2020 results and discuss full year 2020 outlook beginning today at
The call-in numbers for the conference call are as follows:
Live Call
(800) 857-1657 (Domestic)
(773) 799-3811 (International)
Passcode: 1152020
Replay
(800) 839-8789 (Domestic)
(203) 369-3037 (International)
It is strongly suggested you dial in to the conference call by
About Cigna
Cigna maintains sales capability in over 30 countries and jurisdictions, and has approximately 190 million customer relationships throughout the world. To learn more about Cigna®, including links to follow us on Facebook or Twitter, visit www.cigna.com.
Notes: |
|||
1. |
At the consolidated level, the measure "adjusted revenues" is not determined in accordance with accounting principles generally accepted in |
||
2. |
Adjusted income (loss) from operations is defined as shareholders' net income (loss) excluding the following adjustments: net realized investment results, amortization of acquired intangible assets, and special items. For periods prior to 2020, Cigna also excludes earnings contributions from transitioning clients. Adjusted income (loss) from operations is measured on an after-tax basis for consolidated results and on a pre-tax basis for segment results. |
||
Adjusted income (loss) from operations is a measure of profitability used by Cigna's management because it presents the underlying results of operations of Cigna's businesses and permits analysis of trends in underlying revenue, expenses and shareholders' net income. This consolidated measure is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, shareholders' net income. See Exhibit 1 for a reconciliation of consolidated adjusted income from operations to shareholders' net income. |
|||
3. |
Certain adjusted metrics presented for 2019 exclude contributions from transitioning clients. As previously disclosed, beginning in 2020, Cigna no longer excludes contributions from transitioning clients from its adjusted metrics, as the transition for those clients was substantially complete as of |
||
Management is not able to provide a reconciliation of adjusted income from operations to shareholders' net income (loss) or adjusted revenues to total revenues on a forward-looking basis because it is unable to predict, without unreasonable effort, certain components thereof including (i) future net realized investment results (from equity method investments with respect to adjusted revenues) and (ii) future special items. These items are inherently uncertain and depend on various factors, many of which are beyond Cigna's control. As such, any associated estimate and its impact on shareholders' net income and total revenues could vary materially. |
|||
The Company's outlook excludes the potential effects of any share repurchases or business combinations that may occur after the date of this earnings release. Additionally, the Company's outlook assumes a full year of contributions from Cigna's Group Disability and Life business. |
|||
4. |
Operating ratios are defined as follows: |
||
• |
Medical care ratio represents medical costs as a percentage of premiums for all |
||
• |
SG&A expense ratio represents enterprise selling, general and administrative expenses excluding special items and, prior to 2020, expenses from transitioning clients, as a percentage of adjusted revenue at a consolidated level. |
||
5. |
Customer relationships are defined as follows: |
||
• |
Total medical customers includes individuals in Cigna's |
||
• |
Pharmacy customer relationships for periods prior to 2020 excludes transitioning clients. |
||
• |
International Markets medical customers excludes medical customers served by less than 100% owned subsidiaries. |
||
• |
International Markets supplemental policies exclude International Markets medical customers included in total medical customers. |
||
• |
Group Disability and Life covered lives are estimated. |
||
6. |
As of the third quarter 2020, the segment previously reported as "Health Services" is reported as "Evernorth", and the segment previously reported as "Integrated Medical" is reported as " |
||
7. |
Cigna owns a 50% non-controlling interest in its |
||
8. |
Adjusted margin, pre-tax, is calculated by dividing adjusted income (loss) from operations, pre-tax by adjusted revenues for each segment. |
||
Adjusted margin, after-tax, is calculated by dividing consolidated adjusted income (loss) from operations by consolidated adjusted revenues. Adjusted income (loss) from operations is measured on an after-tax basis for consolidated results. |
|||
9. |
For Evernorth adjusted pharmacy scripts, non-specialty network scripts filled through 90-day programs and home delivery scripts are multiplied by three. All other network and specialty scripts are counted as one script. |
||
10. |
Medical costs payable within the |
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release, and oral statements made in connection with this release, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on Cigna's current expectations and projections about future trends, events and uncertainties. These statements are not historical facts. Forward-looking statements may include, among others, statements concerning our projected consolidated adjusted income from operations outlook for 2020 on a per share basis; projected adjusted revenue outlook for 2020; future financial or operating performance, including our ability to deliver affordable, personalized and innovative solutions for our customers and clients, in light of the challenges presented by the COVID-19 pandemic; future growth, business strategy, strategic or operational initiatives, including our organizational efficiency plan; economic, regulatory or competitive environments, particularly with respect to the pace and extent of change in these areas; financing or capital deployment plans and amounts available for future deployment; our prospects for growth in the coming years; strategic transactions, including the merger (the "Merger") with
Forward-looking statements are subject to risks and uncertainties, both known and unknown, that could cause actual results to differ materially from those expressed or implied in forward-looking statements. Such risks and uncertainties include, but are not limited to: our ability to achieve our financial, strategic and operational plans or initiatives; our ability to predict and manage medical and pharmacy costs and price effectively; our ability to adapt to changes or trends in an evolving and rapidly changing industry; our ability to effectively differentiate our products and services from those of our competitors and maintain or increase market share; our ability to develop and maintain good relationships with physicians, hospitals, other health care providers, producers, consultants, and pharmaceutical manufacturers; changes in the pharmacy provider marketplace or pharmacy networks; changes in drug pricing; the impact of modifications to our operations and processes; our ability to identify potential strategic transactions and realize the expected benefits (including anticipated synergies) of such transactions in full or within the anticipated time frame, including with respect to the Merger and the sale of our Group Disability and Life business, as well as our ability to integrate or separate operations, resources and systems; the substantial level of government regulation over our business and the potential effects of new laws or regulations or changes in existing laws or regulations; the outcome of litigation, regulatory audits, investigations, actions or guaranty fund assessments; uncertainties surrounding participation in government-sponsored programs such as Medicare; the effectiveness and security of our information technology and other business systems and those of our key suppliers or other third parties; the impact of our debt service obligations on the availability of funds for other business purposes; unfavorable industry, economic or political conditions, including foreign currency movements; acts of civil unrest, war, terrorism, natural disasters or pandemics; reinsurance credit risk; the scale and scope of the COVID-19 pandemic and its potential impact on our business, operating results, cash flows and financial condition, as well as on our employees, clients, customers, suppliers and partners and on the
|
Exhibit 1 |
||||||||||||||
COMPARATIVE SUMMARY OF FINANCIAL RESULTS (unaudited) |
|||||||||||||||
(Dollars in millions, except per share amounts) |
|||||||||||||||
Three Months Ended |
Nine Months Ended |
Three Months |
|||||||||||||
|
|
|
|||||||||||||
2020 |
2019 |
2020 |
2019 |
2020 |
|||||||||||
REVENUES |
|||||||||||||||
Pharmacy revenues |
$ |
27,802 |
$ |
25,987 |
$ |
79,464 |
$ |
77,454 |
$ |
26,564 |
|||||
Premiums |
10,682 |
9,935 |
31,928 |
29,709 |
10,406 |
||||||||||
Fees and other revenues |
2,174 |
2,285 |
6,424 |
7,123 |
2,072 |
||||||||||
Net investment income |
297 |
349 |
873 |
1,035 |
223 |
||||||||||
Total Revenues |
40,955 |
38,556 |
118,689 |
115,321 |
39,265 |
||||||||||
Revenue contributions from transitioning clients |
— |
(2,718) |
— |
(11,657) |
— |
||||||||||
Net realized investment results from certain equity method investments |
(37) |
(5) |
(87) |
(27) |
(60) |
||||||||||
Special item related to contractual adjustment for a former client |
(117) |
— |
(204) |
— |
— |
||||||||||
Adjusted revenues (1) |
$ |
40,801 |
$ |
35,833 |
$ |
118,398 |
$ |
103,637 |
$ |
39,205 |
|||||
SHAREHOLDERS' NET INCOME |
|||||||||||||||
Shareholders' net income |
$ |
1,388 |
$ |
1,351 |
$ |
4,323 |
$ |
4,127 |
$ |
1,754 |
|||||
After-tax adjustments to reconcile adjusted income from operations |
|||||||||||||||
Net realized investment (gains) losses |
(64) |
(49) |
(75) |
(100) |
(88) |
||||||||||
Amortization of acquired intangible assets |
376 |
558 |
1,061 |
1,694 |
376 |
||||||||||
Adjustment for transitioning clients |
— |
(207) |
— |
(1,217) |
— |
||||||||||
Special Items |
|||||||||||||||
Integration and transaction-related costs |
83 |
88 |
256 |
311 |
99 |
||||||||||
Debt extinguishment costs |
— |
— |
151 |
— |
11 |
||||||||||
Charge for organizational efficiency plan |
— |
— |
24 |
— |
— |
||||||||||
(Benefits) charges associated with litigation matters |
— |
(23) |
19 |
41 |
— |
||||||||||
Risk corridors recovery |
(76) |
— |
(76) |
— |
— |
||||||||||
Contractual adjustment for a former client |
(89) |
— |
(155) |
— |
— |
||||||||||
Adjusted income from operations |
$ |
1,618 |
$ |
1,718 |
$ |
5,528 |
$ |
4,856 |
$ |
2,152 |
|||||
Pre-tax adjusted income (loss) from operations by segment |
|||||||||||||||
Evernorth |
$ |
1,443 |
$ |
1,399 |
$ |
3,774 |
$ |
3,555 |
$ |
1,249 |
|||||
|
757 |
953 |
3,479 |
3,113 |
1,523 |
||||||||||
International Markets |
208 |
194 |
809 |
607 |
319 |
||||||||||
Group Disability and Other |
70 |
143 |
279 |
376 |
132 |
||||||||||
Corporate |
(366) |
(442) |
(1,171) |
(1,385) |
(400) |
||||||||||
Consolidated pre-tax adjusted income from operations |
2,112 |
2,247 |
7,170 |
6,266 |
2,823 |
||||||||||
Adjusted income tax expense |
(494) |
(529) |
(1,642) |
(1,410) |
(671) |
||||||||||
Consolidated after-tax adjusted income from operations |
$ |
1,618 |
$ |
1,718 |
$ |
5,528 |
$ |
4,856 |
$ |
2,152 |
|||||
DILUTED EARNINGS PER SHARE |
|||||||||||||||
Shareholders' net income |
$ |
3.78 |
$ |
3.57 |
$ |
11.66 |
$ |
10.83 |
$ |
4.73 |
|||||
After-tax adjustments to reconcile to adjusted income from operations |
|||||||||||||||
Net realized investment (gains) losses |
(0.17) |
(0.13) |
(0.20) |
(0.26) |
(0.24) |
||||||||||
Amortization of acquired intangible assets |
1.02 |
1.47 |
2.86 |
4.43 |
1.02 |
||||||||||
Adjustment for transitioning clients |
— |
(0.55) |
— |
(3.19) |
— |
||||||||||
Special items |
|||||||||||||||
Integration and transaction-related costs |
0.23 |
0.24 |
0.69 |
0.82 |
0.27 |
||||||||||
Debt extinguishment costs |
— |
— |
0.41 |
— |
0.03 |
||||||||||
Charge for organizational efficiency plan |
— |
— |
0.06 |
— |
— |
||||||||||
(Benefits) charges associated with litigation matters |
— |
(0.06) |
0.05 |
0.11 |
— |
||||||||||
Risk corridors recovery |
(0.21) |
— |
(0.20) |
— |
— |
||||||||||
Contractual adjustment for a former client |
(0.24) |
— |
(0.42) |
— |
— |
||||||||||
Adjusted income from operations(2) |
$ |
4.41 |
$ |
4.54 |
$ |
14.91 |
$ |
12.74 |
$ |
5.81 |
|||||
Weighted average shares (in thousands) |
367,190 |
378,321 |
370,831 |
381,091 |
370,697 |
||||||||||
Common shares outstanding (in thousands) |
362,403 |
373,978 |
368,258 |
||||||||||||
SHAREHOLDERS' EQUITY at |
$ |
48,032 |
$ |
44,696 |
|||||||||||
SHAREHOLDERS' EQUITY PER SHARE at |
$ |
132.54 |
$ |
119.52 |
(1) |
Adjusted revenues is defined as total revenues excluding the following adjustments: special items and Cigna's share of certain realized investment results of its joint ventures reported using the equity method. For periods prior to 2020, we also excluded revenue contributions from transitioning clients. These items are excluded because they are not indicative of past or future underlying performance of our businesses. |
(2) |
Adjusted income (loss) from operations is defined as shareholders' net income (loss) excluding the following after-tax adjustments: realized investment results, amortization of acquired intangible assets and special items. For periods prior to 2020, we also excluded earnings contributions from transitioning clients. |
INVESTOR RELATIONS CONTACT:
[email protected]
MEDIA CONTACT:
[email protected]
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