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The Cigna Group Reports Fourth Quarter and Full Year 2024 Results, Establishes 2025 Outlook and Increases Dividend
|
• |
Total revenues for 2024 increased 27%
to $247.1 billion
|
• |
Shareholders’ net income for 2024 was $3.4 billion, or $12.12 per share
|
• |
Adjusted income from operations1 for 2024 was $7.7 billion, or $27.33 per share
|
• |
2025 adjusted income from operations1,2 is projected to be at least $7.9 billion, or at least
$29.50 per share
|
• |
Board of Directors declared an 8% increase in the quarterly dividend to $1.51 per share and approved an increase of $6.0 billion in incremental share repurchase authorization,
bringing total authorization to $10.3 billion
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||||||
Total Revenues
|
$
|
65,649
|
$
|
51,114
|
$
|
247,121
|
195,265
|
|||||||||
Net Investment Results from Equity Method Investments3
|
34
|
35
|
(204
|
)
|
57
|
|||||||||||
Special Item related to Impairment of dividend receivable3
|
—
|
—
|
182
|
—
|
||||||||||||
Adjusted Revenues3
|
$
|
65,683
|
$
|
51,149
|
$
|
247,099
|
$
|
195,322
|
||||||||
Consolidated Earnings, net of taxes
|
||||||||||||||||
Shareholders’ Net Income
|
$
|
1,424
|
$
|
1,029
|
$
|
3,434
|
$
|
5,164
|
||||||||
Net Investment (Gains) Losses1
|
(18
|
)
|
58
|
2,529
|
114
|
|||||||||||
Amortization of Acquired Intangible Assets1
|
375
|
360
|
1,347
|
1,413
|
||||||||||||
Special Items1
|
64
|
552
|
431
|
757
|
||||||||||||
Adjusted Income from Operations1
|
$
|
1,845
|
$
|
1,999
|
$
|
7,741
|
$
|
7,448
|
||||||||
Shareholders’ Net Income, per share
|
$
|
5.13
|
$
|
3.49
|
$
|
12.12
|
$
|
17.39
|
||||||||
Adjusted Income from Operations1, per share
|
$
|
6.64
|
$
|
6.79
|
$
|
27.33
|
$
|
25.09
|
• |
Total revenues for fourth quarter and full year 2024 increased 28% and 27%, respectively, relative to fourth
quarter and full year 2023, primarily driven by significant growth in Evernorth Health Services, reflecting large client wins and strong specialty volume growth.
|
• |
Adjusted income from operations1 for fourth quarter 2024 decreased 8% from fourth quarter 2023, primarily driven by lower contributions from Cigna Healthcare due to higher stop loss medical costs, partially offset by strong contributions from Evernorth Health
Services, particularly within Specialty and Care Services.
|
• |
Adjusted income from operations1 for 2024 increased 4% from 2023, primarily reflecting strong contributions from Evernorth Health Services.
|
• |
The SG&A expense ratio4 and adjusted SG&A expense ratio4 were 5.9% and
5.7%, respectively, for fourth quarter 2024, compared to 7.9% and 7.4%, respectively, in fourth quarter 2023, reflecting business mix shift, strong revenue growth, and continued operating efficiency. The SG&A expense ratio4 and adjusted SG&A expense ratio4
were 6.0% and 5.9%, respectively, for 2024, compared to 7.6% and 7.3%, respectively, in 2023.
|
• |
In 2024, the Company repurchased 20.9 million shares of common stock for approximately $7.0 billion. In addition, the Board of Directors has approved an increase of $6.0
billion in incremental share repurchase authorization, bringing the company's total share repurchase authority to $10.3 billion as of December 31, 2024.
|
• |
On January 30, 2025, the Company’s Board of Directors declared a cash quarterly dividend of $1.51 per share of Cigna common stock to be paid on March 20, 2025 to shareholders
of record as of the close of trading on March 5, 2025. This reflects an 8% increase from the 2024 cash quarterly dividend of $1.40 per share.
|
As of the Periods Ended
|
||||||||
December 31,
|
||||||||
2024
|
2023
|
|||||||
Total Pharmacy Customers5
|
118,304
|
98,570
|
||||||
U.S. Healthcare
|
17,502
|
18,170
|
||||||
International Health
|
1,645
|
1,610
|
||||||
Total Medical Customers5
|
19,147
|
19,780
|
||||||
Behavioral Care
|
23,932
|
24,956
|
||||||
Dental
|
18,258
|
18,543
|
||||||
Medicare Part D
|
2,571
|
2,550
|
||||||
Total Customer Relationships5
|
182,212
|
164,399
|
• |
Total customer relationships5 at December 31, 2024 increased 11% from December 31, 2023 to 182.2
million.
|
• |
Total pharmacy customers5 at December 31, 2024 increased 20% from December 31, 2023 to 118.3 million due
to new sales and the continued expansion of relationships.
|
• |
Total medical customers5 at December 31, 2024 were 19.1 million, primarily reflecting a decrease in Individual and Family Plans customers, driven by targeted pricing actions in certain geographies.
|
Financial Results (dollars in millions):
|
||||||||||||||||
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||||||
Total Adjusted Revenues
|
||||||||||||||||
Pharmacy Benefit Services
|
$
|
30,273
|
$
|
20,553
|
$
|
111,822
|
$
|
76,792
|
||||||||
Specialty and Care Services
|
$
|
23,471
|
$
|
19,966
|
$
|
90,333
|
$
|
76,707
|
||||||||
Adjusted Revenues3
|
$
|
53,744
|
$
|
40,519
|
$
|
202,155
|
$
|
153,499
|
||||||||
Adjusted Income from Operations, Pre-Tax
|
||||||||||||||||
Pharmacy Benefit Services
|
$
|
1,198
|
$
|
1,146
|
$
|
3,577
|
$
|
3,469
|
||||||||
Specialty and Care Services
|
$
|
948
|
$
|
744
|
$
|
3,424
|
$
|
2,973
|
||||||||
Adjusted Income from Operations, Pre-Tax1
|
$
|
2,146
|
$
|
1,890
|
$
|
7,001
|
$
|
6,442
|
||||||||
Margin, Pre-Tax6
|
4.0
|
%
|
4.7
|
%
|
3.5
|
%
|
4.2
|
%
|
• |
Evernorth Health Services fourth quarter 2024 adjusted revenues3 and adjusted income from operations, pre-tax1, increased 33% and 14%, respectively, relative to fourth quarter 2023.
For the full year, adjusted revenues3 and adjusted income from operations, pre-tax1, increased 32% and 9%, respectively, relative to 2023.
|
• |
For Pharmacy Benefit Services:
|
◦ |
Fourth quarter and full year 2024 adjusted revenues3 increased 47% and 46%, relative to fourth quarter and full year 2023, respectively, reflecting client wins and organic growth.
|
◦ |
Fourth quarter and full year 2024, adjusted income from operations, pre-tax1, increased 5%
and 3%, relative to fourth quarter and full year 2023, reflecting continued affordability improvements, partially offset by planned investments to support future
growth.
|
• |
For Specialty and Care Services:
|
◦ |
Fourth quarter and full year 2024 adjusted revenues3 both increased 18%, relative to
fourth quarter and full year 2023, reflecting client wins and strong specialty volume growth.
|
◦ |
Fourth quarter and full year 2024 adjusted income from operations, pre-tax1, increased 27%
and 15%, respectively, relative to fourth quarter and full year 2023, reflecting strong organic growth in specialty businesses, including increased Humira biosimilar
adoption, as well as growth in clinical care services, partially offset by strategic investments to support business growth and the continued advancement of our capabilities and solutions.
|
Financial Results (dollars in millions):
|
||||||||||||||||
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||||||
Adjusted Revenues3,7
|
$
|
13,331
|
$
|
13,005
|
$
|
52,914
|
$
|
51,205
|
||||||||
Adjusted Income from Operations, Pre-Tax1
|
$
|
511
|
$
|
969
|
$
|
4,229
|
$
|
4,478
|
||||||||
Margin, Pre-Tax6
|
3.8
|
%
|
7.5
|
%
|
8.0
|
%
|
8.7
|
%
|
• |
Fourth quarter and full year 2024 adjusted revenues3,7 both increased 3% relative to fourth quarter and full year 2023, reflecting premium rate
increases, partially offset by a decrease in Individual and Family Plans customers. Excluding the impact of lower Individual and Family Plans premiums, adjusted revenues3,7 for both periods increased 6%.
|
• |
Fourth quarter and full year 2024 adjusted income from operations, pre-tax1, decreased 47% and 6%, respectively,
relative to fourth quarter and full year 2023, primarily driven by a higher MCR4,
partially offset by continued operating efficiency.
|
• |
The Cigna Healthcare MCR4 was 87.9% and 83.2% for fourth quarter and full year 2024, respectively,
compared to 82.2% and 81.3% for fourth quarter and full year 2023. The increases for both the fourth quarter and the full year were primarily driven by higher stop loss
medical costs.
|
• |
Cigna Healthcare net medical costs
payable8 was $4.86 billion at December 31, 2024, $4.93 billion at September 30, 2024, and $4.86 billion at December 31, 2023. Favorable prior year reserve
development on a gross pre-tax basis was $456 million and $279 million for 2024 and 2023, respectively.
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2024
|
2023
|
2024
|
20233
|
|||||||||||||
Adjusted (Loss) from Operations, Pre-Tax1
|
$
|
(424
|
)
|
$
|
(400
|
)
|
$
|
(1,697
|
)
|
$
|
(1,602
|
)
|
• |
Fourth quarter and full year 2024 adjusted loss from operations, pre-tax1, was $424 million and $1,697 million, respectively, compared to $400 million and $1,602 million for fourth quarter and full year 2023,
primarily reflecting the impact of higher interest expense.
|
2025 Consolidated Metrics
|
Projection for Full Year Ending
December 31, 2025
|
Adjusted Revenues2,3
|
at least $252,000
|
Adjusted Income from Operations1,2
|
at least $7,900
|
Adjusted Income from Operations, per share1,2
|
at least $29.50
|
Adjusted SG&A Expense Ratio2,4
|
~5.4%
|
Adjusted Effective Tax Rate2,9
|
~19.0%
|
Cash Flow from Operations2
|
~$10,000
|
Capital Expenditures2
|
~$1,400
|
Shareholder Dividends2
|
~$1,600
|
Weighted Average Shares Outstanding (millions)2
|
266 to 270
|
2025 Evernorth Metrics
|
|
Evernorth Adjusted Income from Operations, Pre-Tax1,2
|
at least $7,200
|
2025 Cigna Healthcare Metrics
|
|
Cigna Healthcare Adjusted Income from Operations, Pre-Tax1,2
|
at least $4,100
|
Cigna Healthcare Medical Care Ratio2,4
|
83.2% to 84.2%
|
Total Medical Customers2,5
|
~18.1M
|
1. |
Adjusted income (loss) from operations is a principal financial measure of profitability used by The Cigna Group’s management because it
presents the underlying results of operations of the Company’s businesses and facilitates analysis of trends in underlying revenue, expenses and shareholders’ net income (loss). Adjusted income (loss) from operations is defined as
shareholders’ net income (loss) (or income (loss) before income taxes less pre-tax income (loss) attributable to noncontrolling interests for the segment metric) excluding net investment gains/losses, amortization of acquired intangible
assets and special items. The Cigna Group’s share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting are also excluded. Special items are matters that
management believes are not representative of the underlying results of operations due to their nature or size. Adjusted income (loss) from operations is measured on an after-tax basis for consolidated results and on a pre-tax basis for
segment results. Consolidated adjusted income (loss) from operations 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 (loss). See
Exhibit 1 for a reconciliation of consolidated adjusted income from operations to shareholders’ net income (loss).
|
2. |
Management is not
able to provide a reconciliation of adjusted income from operations to shareholders’ net income (loss), on a forward-looking basis because it is unable to predict, without unreasonable effort, certain components thereof including (i)
future net investment results and (ii) future special items. These items are inherently uncertain and depend on various factors, many of which are beyond The Cigna Group’s control. As such, any associated estimate and its impact on
shareholders’ net income and total revenues could vary materially.
|
3. |
Adjusted revenues is used by The Cigna Group’s management because it facilitates analysis of trends in underlying revenue. The Company
defines adjusted revenues as total revenues excluding the following adjustments: special items and The Cigna Group's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method
of accounting. Special items are matters that management believes are not representative of the underlying results of operations due to their nature or size. We exclude these items from this measure because management believes they are not
indicative of past or future underlying performance of the business. For the twelve months ended December 31, 2024, special items reflects an impairment of dividend receivable for VillageMD accrued dividends of $182.0 million. Adjusted
revenues is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, total revenues. See Exhibit 1 for a reconciliation of consolidated adjusted revenues to total
revenues.
|
4. |
Operating ratios are defined as follows:
|
• |
The Cigna Healthcare medical care ratio (“MCR”) represents medical costs as a percentage of premiums for all Cigna Healthcare risk products provided through
guaranteed cost or experience-rated funding arrangements. Changes in percentages may be expressed in basis points ("bps").
|
• |
SG&A expense ratio on a GAAP basis for the fourth quarter 2024 represents
enterprise selling, general and administrative expenses of $3,865 million as a percentage of total revenue of $65.6 billion at a consolidated level. SG&A expense ratio on a GAAP basis for the fourth quarter 2023 represents enterprise selling,
general and administrative expenses of $4,062 million as a percentage of total revenue of $51.1
billion at a consolidated level.
|
• |
SG&A expense ratio on a GAAP basis for the full year 2024 represents enterprise selling, general and administrative expenses of $14,844 million as a percentage of total
revenue of $247.1 billion at a consolidated level. SG&A expense ratio on a GAAP basis for the full
year 2023 represents enterprise selling, general and administrative expenses of $14,822
million as a percentage of total revenue of $195.3 billion at a consolidated level.
|
• |
Adjusted SG&A expense ratio for the fourth quarter 2024 represents enterprise
selling, general and administrative expenses of $3,767 million excluding special items of $98
million as a percentage of adjusted revenue at a consolidated level. Adjusted SG&A expense ratio for the fourth quarter 2023 represents enterprise selling,
general and administrative expenses of $3,785 million excluding special items of $277
million as a percentage of adjusted revenue at a consolidated level.
|
• |
Adjusted SG&A expense ratio for the full year 2024 represents enterprise selling, general and administrative expenses of $14,569 million excluding special items of $275 million as a percentage of adjusted revenue at a consolidated level. Adjusted SG&A expense ratio for the full year 2023 represents enterprise selling, general and administrative expenses of $14,324 million excluding special items of $498 million as a percentage of adjusted revenue at a consolidated level.
|
5. |
Customer relationships are defined as follows:
|
• |
Total medical customers includes individuals who meet any one of the following criteria: are covered under a medical insurance policy,
managed care arrangement, or service agreement issued by Cigna Healthcare; have access to Cigna Healthcare's provider network for covered services under their medical plan; or have medical claims that are administered by Cigna Healthcare.
|
6. |
Margin, pre-tax,
is calculated by dividing adjusted income (loss) from operations, pre-tax by adjusted revenues for each segment.
|
7. |
The Cigna Group owns noncontrolling interests in certain operating joint ventures. As such, the adjusted revenues for the Cigna Healthcare segment only
include the Company’s share of the joint ventures’ earnings reported in Fees and Other Revenues using the equity method of accounting under GAAP. Adjusted revenues
excluding Individual and Family Plans premiums for fourth quarter 2024 and full year 2024 are $12,396 million and $48,963 million respectively. Adjusted revenues excluding Individual and Family Plans premiums for fourth quarter 2023 and
full year 2023 are $11,687 million and $46,117 million respectively.
|
|
Three Months Ended
|
Year Ended
|
||||||||||||||
|
December 31,
|
December 31,
|
||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
||||||||||||
|
||||||||||||||||
Cigna Healthcare Adjusted Revenues3
|
$
|
13,331
|
$
|
13,005
|
$
|
52,914
|
$
|
51,205
|
||||||||
Less: Individual and Family Plans premiums
|
935
|
1,318
|
3,951
|
5,088
|
||||||||||||
Cigna Healthcare Adjusted Revenues3 excluding Individual and Family Plans premiums
|
$
|
12,396
|
$
|
11,687
|
$
|
48,963
|
$
|
46,117
|
8. |
Medical costs payable within the Cigna Healthcare segment are presented net of reinsurance and other recoverables. The gross medical
costs payable balance was $5.02 billion as of December 31, 2024, $5.09 billion as of September 30, 2024, and $5.09 billion as of December 31, 2023.
|
9. |
The measure “adjusted effective tax rate” is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable
GAAP measure, “consolidated effective tax rate”. We define adjusted effective tax rate as the consolidated income tax rate applicable to the Company’s pre-tax income excluding pre-tax income (loss) attributable to noncontrolling interests,
net investment results, amortization of acquired intangible assets, and special items. The Cigna Group's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of
accounting are also excluded. Management is not able to provide a reconciliation to the consolidated effective tax rate on a forward-looking basis because we are unable to predict, without unreasonable effort, certain components thereof
including (i) future net investment results and (ii) future special items.
|
THE CIGNA GROUP
|
Exhibit 1
|
Three Months Ended
|
Years Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
(Dollars in millions, except per share amounts)
|
2024
|
2023
|
2024
|
2023
|
||||||||||||
REVENUES
|
||||||||||||||||
Pharmacy revenues
|
$
|
49,941
|
$
|
36,604
|
$
|
185,362
|
$
|
137,243
|
||||||||
Premiums
|
11,503
|
11,175
|
45,996
|
44,237
|
||||||||||||
Fees and other revenues
|
3,928
|
3,045
|
14,790
|
12,619
|
||||||||||||
Net investment income
|
277
|
290
|
973
|
1,166
|
||||||||||||
Total revenues
|
65,649
|
51,114
|
247,121
|
195,265
|
||||||||||||
Net investment results from certain equity method investments
|
34
|
35
|
(204
|
)
|
57
|
|||||||||||
Special item related to impairment of dividend receivable
|
—
|
—
|
182
|
—
|
||||||||||||
Adjusted revenues (1)
|
$
|
65,683
|
$
|
51,149
|
$
|
247,099
|
$
|
195,322
|
||||||||
Shareholders' net income
|
$
|
1,424
|
$
|
1,029
|
$
|
3,434
|
$
|
5,164
|
||||||||
Pre-tax adjusted income (loss) from operations by segment
|
||||||||||||||||
Evernorth Health Services
|
$
|
2,146
|
$
|
1,890
|
$
|
7,001
|
$
|
6,442
|
||||||||
Cigna Healthcare
|
511
|
969
|
4,229
|
4,478
|
||||||||||||
Corporate and Other Operations
|
(424
|
)
|
(400
|
)
|
(1,697
|
)
|
(1,602
|
)
|
||||||||
Adjusted income tax expense
|
(388
|
)
|
(460
|
)
|
(1,792
|
)
|
(1,870
|
)
|
||||||||
Consolidated after-tax adjusted income from
operations
|
$
|
1,845
|
$
|
1,999
|
$
|
7,741
|
$
|
7,448
|
||||||||
Weighted average shares (in thousands)
|
277,784
|
294,565
|
283,218
|
296,882
|
||||||||||||
Common shares outstanding (in thousands)
|
273,789
|
292,504
|
||||||||||||||
SHAREHOLDERS' EQUITY at December
31,
|
$
|
41,033
|
$
|
46,223
|
||||||||||||
SHAREHOLDERS' EQUITY PER SHARE at December 31,
|
$
|
149.87
|
$
|
158.03
|
Three Months Ended
|
Years Ended
|
|||||||||||||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||||||||||||||||
(Dollars in millions, except per share amounts)
|
Pre-tax
|
After-
tax
|
Pre-tax
|
After-
tax
|
Pre-tax
|
After-
tax
|
Pre-tax
|
After-
tax
|
||||||||||||||||||
SHAREHOLDERS' NET INCOME
|
||||||||||||||||||||||||||
Shareholders' net income
|
$
|
1,424
|
$
|
1,029
|
$
|
3,434
|
$
|
5,164
|
||||||||||||||||||
Adjustments to reconcile adjusted income from operations
|
||||||||||||||||||||||||||
Net investment (gains) losses (2)
|
$
|
(34
|
)
|
(18
|
)
|
$
|
69
|
58
|
$
|
2,533
|
2,529
|
$
|
135
|
114
|
||||||||||||
Amortization of acquired intangible assets
|
424
|
375
|
451
|
360
|
1,703
|
1,347
|
1,819
|
1,413
|
||||||||||||||||||
Special Items
|
||||||||||||||||||||||||||
Integration and transaction-related costs
|
98
|
76
|
25
|
20
|
275
|
211
|
45
|
35
|
||||||||||||||||||
Impairment of dividend receivable
|
—
|
—
|
—
|
—
|
182
|
138
|
—
|
—
|
||||||||||||||||||
Deferred tax expenses (benefits), net
|
—
|
9
|
—
|
(1,071
|
)
|
—
|
84
|
—
|
(1,071
|
)
|
||||||||||||||||
Net (gain) loss on sale of businesses
|
(130
|
)
|
(21
|
)
|
1,478
|
1,410
|
(24
|
)
|
(2
|
)
|
1,499
|
1,429
|
||||||||||||||
Charge for organizational efficiency plan
|
—
|
—
|
252
|
193
|
—
|
—
|
252
|
193
|
||||||||||||||||||
Charges associated with litigation matters
|
—
|
—
|
—
|
—
|
—
|
—
|
201
|
171
|
||||||||||||||||||
Adjusted income from operations (3)
|
$
|
1,845
|
$
|
1,999
|
$
|
7,741
|
$
|
7,448
|
||||||||||||||||||
DILUTED EARNINGS PER SHARE
|
||||||||||||||||||||||||||
Shareholders' net income
|
$
|
5.13
|
$
|
3.49
|
$
|
12.12
|
$
|
17.39
|
||||||||||||||||||
Adjustments to reconcile to adjusted income from operations
|
||||||||||||||||||||||||||
Net investment (gains) losses (2)
|
$
|
(0.12
|
)
|
(0.06
|
)
|
$
|
0.23
|
0.20
|
$
|
8.95
|
8.93
|
$
|
0.45
|
0.38
|
||||||||||||
Amortization of acquired intangible assets
|
1.53
|
1.34
|
1.53
|
1.22
|
6.01
|
4.76
|
6.13
|
4.77
|
||||||||||||||||||
Special Items
|
||||||||||||||||||||||||||
Integration and transaction-related costs
|
0.35
|
0.27
|
0.08
|
0.07
|
0.97
|
0.75
|
0.15
|
0.12
|
||||||||||||||||||
Impairment of dividend receivable
|
—
|
—
|
—
|
—
|
0.64
|
0.49
|
—
|
—
|
||||||||||||||||||
Deferred tax expenses (benefits), net
|
—
|
0.03
|
—
|
(3.64
|
)
|
—
|
0.30
|
—
|
(3.61
|
)
|
||||||||||||||||
Net (gain) loss on sale of businesses
|
(0.47
|
)
|
(0.07
|
)
|
5.02
|
4.79
|
(0.08
|
)
|
(0.02
|
)
|
5.05
|
4.81
|
||||||||||||||
Charge for organizational efficiency plan
|
—
|
—
|
0.86
|
0.66
|
—
|
—
|
0.85
|
0.65
|
||||||||||||||||||
Charges associated with litigation matters
|
—
|
—
|
—
|
—
|
—
|
—
|
0.68
|
0.58
|
||||||||||||||||||
Adjusted income from operations
|
$
|
6.64
|
$
|
6.79
|
$
|
27.33
|
$
|
25.09
|