Microsoft Excel LibreOffice Calc

UnitedHealth Group Inc. (UNH)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Difficulty: Beginner

Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).

Historical Valuation Ratios (Summary)

UnitedHealth Group Inc., historical price multiples (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
Price to earnings (P/E) 17.98 17.93 21.09 21.18 20.91 20.02 20.77 23.90 23.24 22.18 21.73 20.76 22.06 20.88 18.18 18.15 18.97 18.21 18.50 — — —
Price to operating profit (P/OP) 12.51 12.48 14.58 15.82 15.19 14.17 14.42 14.30 13.54 12.56 11.79 11.14 11.71 11.07 9.59 9.79 10.34 9.95 10.12 — — —
Price to sales (P/S) 1.00 0.98 1.12 1.22 1.17 1.09 1.10 1.05 0.98 0.89 0.83 0.75 0.78 0.76 0.68 0.76 0.84 0.81 0.80 — — —
Price to book value (P/BV) 4.40 4.37 4.89 5.32 5.13 4.72 4.59 4.55 4.37 4.01 3.98 3.61 3.75 3.57 3.12 3.35 3.51 3.39 3.20 2.79 2.43 2.27

Based on: 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-07), 10-K (filing date: 2019-02-12), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-07), 10-Q (filing date: 2018-05-07), 10-K (filing date: 2018-02-13), 10-Q (filing date: 2017-11-07), 10-Q (filing date: 2017-08-04), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-08), 10-Q (filing date: 2016-11-08), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-04), 10-K (filing date: 2016-02-09), 10-Q (filing date: 2015-11-05), 10-Q (filing date: 2015-07-29), 10-Q (filing date: 2015-05-06), 10-K (filing date: 2015-02-10), 10-Q (filing date: 2014-11-10), 10-Q (filing date: 2014-08-04), 10-Q (filing date: 2014-05-06).

Ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. UnitedHealth Group Inc.’s P/E ratio declined from Q4 2018 to Q1 2019 but then slightly increased from Q1 2019 to Q2 2019.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. UnitedHealth Group Inc.’s P/OP ratio declined from Q4 2018 to Q1 2019 but then slightly increased from Q1 2019 to Q2 2019.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. UnitedHealth Group Inc.’s P/S ratio declined from Q4 2018 to Q1 2019 but then slightly increased from Q1 2019 to Q2 2019.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. UnitedHealth Group Inc.’s P/BV ratio declined from Q4 2018 to Q1 2019 but then slightly increased from Q1 2019 to Q2 2019.

Price to Earnings (P/E)

UnitedHealth Group Inc., historical P/E calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
No. shares of common stock outstanding1 947,680,609 950,343,113 959,538,515 962,034,200 962,473,363 960,981,242 967,662,919 969,067,449 966,859,926 963,661,565 951,165,192 951,816,220 952,391,411 950,804,129 950,673,998 953,108,435 953,562,580 951,904,261 953,695,161 959,791,117 971,624,800 979,860,669
Selected Financial Data (USD $)
Net earnings attributable to UnitedHealth Group common shareholders (in millions) 3,293  3,467  3,040  3,188  2,922  2,836  3,617  2,485  2,284  2,172  1,684  1,968  1,754  1,611  1,218  1,597  1,585  1,413  1,510  1,602  1,408  1,099 
Earnings per share (EPS)2 13.71 13.28 12.49 13.06 12.32 11.68 10.91 8.90 8.39 7.86 7.38 6.88 6.49 6.32 6.11 6.41 6.41 6.23 5.89 0.00 0.00 0.00
Share price1, 3 246.45 238.05 263.50 276.65 257.65 233.78 226.64 212.70 194.88 174.44 160.31 142.90 143.17 132.03 111.16 116.23 121.52 113.49 108.97 94.75 82.27 75.26
Ratio
P/E ratio4 17.98 17.93 21.09 21.18 20.91 20.02 20.77 23.90 23.24 22.18 21.73 20.76 22.06 20.88 18.18 18.15 18.97 18.21 18.50 — — —
Benchmarks
P/E Ratio, Competitors5
Becton, Dickinson & Co. 66.87 72.88 408.36 105.60 — 206.04 49.63 59.56 30.05 28.94 36.65 32.09 43.18 41.64 45.52 38.75 27.56 24.05 22.89 23.01 23.08 22.82
Intuitive Surgical Inc. 51.02 53.16 53.03 73.32 73.33 69.50 70.95 45.87 42.21 38.18 37.16 36.58 39.90 37.79 34.24 34.20 40.55 40.41 44.77 — — —
Medtronic PLC 57.38 41.16 37.80 37.82 21.55 26.35 29.96 28.24 23.20 32.64 33.17 43.49 47.09 37.49 40.56 24.45 24.86 20.97 20.75 — — —
Stryker Corp. 22.60 19.64 18.96 48.55 58.86 62.59 54.36 33.60 32.52 29.96 27.92 25.79 27.29 25.30 24.92 30.13 41.16 52.17 68.67 — — —
Thermo Fisher Scientific Inc. 31.08 35.11 35.19 36.71 39.27 37.52 37.66 33.39 30.36 30.83 30.45 29.02 31.09 29.03 26.19 26.44 28.23 29.27 27.26 — — —

Based on: 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-07), 10-K (filing date: 2019-02-12), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-07), 10-Q (filing date: 2018-05-07), 10-K (filing date: 2018-02-13), 10-Q (filing date: 2017-11-07), 10-Q (filing date: 2017-08-04), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-08), 10-Q (filing date: 2016-11-08), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-04), 10-K (filing date: 2016-02-09), 10-Q (filing date: 2015-11-05), 10-Q (filing date: 2015-07-29), 10-Q (filing date: 2015-05-06), 10-K (filing date: 2015-02-10), 10-Q (filing date: 2014-11-10), 10-Q (filing date: 2014-08-04), 10-Q (filing date: 2014-05-06).

1 Data adjusted for splits and stock dividends.

2 Q2 2019 Calculation
EPS = (Net earnings attributable to UnitedHealth Group common shareholdersQ2 2019 + Net earnings attributable to UnitedHealth Group common shareholdersQ1 2019 + Net earnings attributable to UnitedHealth Group common shareholdersQ4 2018 + Net earnings attributable to UnitedHealth Group common shareholdersQ3 2018) ÷ No. shares of common stock outstanding
= (3,293,000,000 + 3,467,000,000 + 3,040,000,000 + 3,188,000,000) ÷ 947,680,609 = 13.71

3 Close price on the filing date of UnitedHealth Group Inc.’s Quarterly or Annual Report.

4 Q2 2019 Calculation
P/E ratio = Share price ÷ EPS
= 246.45 ÷ 13.71 = 17.98

5 Click competitor name to see calculations.

Ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. UnitedHealth Group Inc.’s P/E ratio declined from Q4 2018 to Q1 2019 but then slightly increased from Q1 2019 to Q2 2019.

Price to Operating Profit (P/OP)

UnitedHealth Group Inc., historical P/OP calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
No. shares of common stock outstanding1 947,680,609 950,343,113 959,538,515 962,034,200 962,473,363 960,981,242 967,662,919 969,067,449 966,859,926 963,661,565 951,165,192 951,816,220 952,391,411 950,804,129 950,673,998 953,108,435 953,562,580 951,904,261 953,695,161 959,791,117 971,624,800 979,860,669
Selected Financial Data (USD $)
Earnings from operations (in millions) 4,744  4,832  4,497  4,590  4,204  4,053  3,977  4,088  3,731  3,413  3,187  3,580  3,203  2,960  2,468  3,018  2,895  2,640  2,765  2,903  2,552  2,054 
Operating profit per share2 19.69 19.07 18.08 17.49 16.96 16.49 15.72 14.88 14.39 13.89 13.59 12.83 12.23 11.93 11.59 11.87 11.75 11.41 10.77 0.00 0.00 0.00
Share price1, 3 246.45 238.05 263.50 276.65 257.65 233.78 226.64 212.70 194.88 174.44 160.31 142.90 143.17 132.03 111.16 116.23 121.52 113.49 108.97 94.75 82.27 75.26
Ratio
P/OP ratio4 12.51 12.48 14.58 15.82 15.19 14.17 14.42 14.30 13.54 12.56 11.79 11.14 11.71 11.07 9.59 9.79 10.34 9.95 10.12 — — —
Benchmarks
P/OP Ratio, Competitors5
Becton, Dickinson & Co. 29.40 30.27 43.37 47.87 95.72 67.53 34.59 40.06 21.15 20.05 25.02 22.42 27.98 26.60 29.46 26.74 19.97 17.53 16.89 17.51 17.69 17.27
Intuitive Surgical Inc. 49.12 51.89 49.87 48.90 50.69 46.82 44.40 41.74 35.53 31.07 28.93 28.50 31.46 30.10 27.24 27.43 31.35 30.80 34.42 — — —
Medtronic PLC 21.13 20.04 17.64 16.73 17.82 19.53 22.64 21.53 18.18 22.35 22.18 25.45 26.74 25.83 28.81 19.66 20.15 16.87 16.68 — — —
Stryker Corp. 33.22 27.96 26.55 23.52 25.45 27.41 24.21 26.70 25.11 22.99 21.23 19.87 21.42 20.73 19.27 21.10 21.91 22.95 28.38 — — —
Thermo Fisher Scientific Inc. 24.59 28.45 27.33 26.24 28.33 26.99 28.24 28.12 25.79 26.21 25.13 24.26 25.78 24.44 22.15 22.84 23.53 24.03 20.63 — — —

Based on: 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-07), 10-K (filing date: 2019-02-12), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-07), 10-Q (filing date: 2018-05-07), 10-K (filing date: 2018-02-13), 10-Q (filing date: 2017-11-07), 10-Q (filing date: 2017-08-04), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-08), 10-Q (filing date: 2016-11-08), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-04), 10-K (filing date: 2016-02-09), 10-Q (filing date: 2015-11-05), 10-Q (filing date: 2015-07-29), 10-Q (filing date: 2015-05-06), 10-K (filing date: 2015-02-10), 10-Q (filing date: 2014-11-10), 10-Q (filing date: 2014-08-04), 10-Q (filing date: 2014-05-06).

1 Data adjusted for splits and stock dividends.

2 Q2 2019 Calculation
Operating profit per share = (Earnings from operationsQ2 2019 + Earnings from operationsQ1 2019 + Earnings from operationsQ4 2018 + Earnings from operationsQ3 2018) ÷ No. shares of common stock outstanding
= (4,744,000,000 + 4,832,000,000 + 4,497,000,000 + 4,590,000,000) ÷ 947,680,609 = 19.69

3 Close price on the filing date of UnitedHealth Group Inc.’s Quarterly or Annual Report.

4 Q2 2019 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 246.45 ÷ 19.69 = 12.51

5 Click competitor name to see calculations.

Ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. UnitedHealth Group Inc.’s P/OP ratio declined from Q4 2018 to Q1 2019 but then slightly increased from Q1 2019 to Q2 2019.

Price to Sales (P/S)

UnitedHealth Group Inc., historical P/S calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
No. shares of common stock outstanding1 947,680,609 950,343,113 959,538,515 962,034,200 962,473,363 960,981,242 967,662,919 969,067,449 966,859,926 963,661,565 951,165,192 951,816,220 952,391,411 950,804,129 950,673,998 953,108,435 953,562,580 951,904,261 953,695,161 959,791,117 971,624,800 979,860,669
Selected Financial Data (USD $)
Revenues (in millions) 60,013  59,903  58,076  56,174  55,731  54,890  51,763  50,075  49,797  48,501  47,274  46,102  46,292  44,344  43,419  41,319  36,049  35,610  33,267  32,587  32,324  31,517 
Sales per share2 247.09 241.90 234.35 227.18 220.74 214.91 206.82 201.89 198.24 195.26 193.46 189.28 184.14 173.68 164.51 153.44 144.21 140.55 135.99 0.00 0.00 0.00
Share price1, 3 246.45 238.05 263.50 276.65 257.65 233.78 226.64 212.70 194.88 174.44 160.31 142.90 143.17 132.03 111.16 116.23 121.52 113.49 108.97 94.75 82.27 75.26
Ratio
P/S ratio4 1.00 0.98 1.12 1.22 1.17 1.09 1.10 1.05 0.98 0.89 0.83 0.75 0.78 0.76 0.68 0.76 0.84 0.81 0.80 — — —
Benchmarks
P/S Ratio, Competitors5
Becton, Dickinson & Co. 3.64 3.82 4.06 4.45 4.49 4.94 4.23 3.72 3.21 3.05 2.87 2.97 2.86 2.55 3.08 3.35 3.51 3.26 3.21 2.69 2.66 2.62
Intuitive Surgical Inc. 15.28 15.83 16.06 16.36 17.01 16.16 14.96 13.83 12.01 10.69 10.11 10.06 10.69 9.70 8.46 8.07 8.96 8.66 8.80 — — —
Medtronic PLC 4.27 4.35 3.92 3.57 3.65 3.62 4.06 3.82 3.39 4.14 4.07 3.70 4.20 4.23 5.36 4.36 4.16 3.64 3.74 — — —
Stryker Corp. 5.65 4.98 4.95 4.52 4.88 5.01 4.46 4.93 4.62 4.29 4.06 3.93 4.18 4.07 3.61 3.60 3.91 3.58 3.66 — — —
Thermo Fisher Scientific Inc. 4.43 4.52 4.24 3.95 4.07 3.84 4.01 3.92 3.58 3.57 3.37 3.22 3.53 3.34 3.05 3.11 3.30 3.01 3.06 — — —

Based on: 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-07), 10-K (filing date: 2019-02-12), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-07), 10-Q (filing date: 2018-05-07), 10-K (filing date: 2018-02-13), 10-Q (filing date: 2017-11-07), 10-Q (filing date: 2017-08-04), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-08), 10-Q (filing date: 2016-11-08), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-04), 10-K (filing date: 2016-02-09), 10-Q (filing date: 2015-11-05), 10-Q (filing date: 2015-07-29), 10-Q (filing date: 2015-05-06), 10-K (filing date: 2015-02-10), 10-Q (filing date: 2014-11-10), 10-Q (filing date: 2014-08-04), 10-Q (filing date: 2014-05-06).

1 Data adjusted for splits and stock dividends.

2 Q2 2019 Calculation
Sales per share = (RevenuesQ2 2019 + RevenuesQ1 2019 + RevenuesQ4 2018 + RevenuesQ3 2018) ÷ No. shares of common stock outstanding
= (60,013,000,000 + 59,903,000,000 + 58,076,000,000 + 56,174,000,000) ÷ 947,680,609 = 247.09

3 Close price on the filing date of UnitedHealth Group Inc.’s Quarterly or Annual Report.

4 Q2 2019 Calculation
P/S ratio = Share price ÷ Sales per share
= 246.45 ÷ 247.09 = 1.00

5 Click competitor name to see calculations.

Ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. UnitedHealth Group Inc.’s P/S ratio declined from Q4 2018 to Q1 2019 but then slightly increased from Q1 2019 to Q2 2019.

Price to Book Value (P/BV)

UnitedHealth Group Inc., historical P/BV calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
No. shares of common stock outstanding1 947,680,609 950,343,113 959,538,515 962,034,200 962,473,363 960,981,242 967,662,919 969,067,449 966,859,926 963,661,565 951,165,192 951,816,220 952,391,411 950,804,129 950,673,998 953,108,435 953,562,580 951,904,261 953,695,161 959,791,117 971,624,800 979,860,669
Selected Financial Data (USD $)
Shareholders’ equity (in millions) 53,103  51,724  51,696  50,010  48,293  47,553  47,776  45,298  43,161  41,903  38,274  37,652  36,386  35,169  33,830  33,114  33,020  31,878  32,454  32,604  32,935  32,549 
Book value per share (BVPS)2 56.03 54.43 53.88 51.98 50.18 49.48 49.37 46.74 44.64 43.48 40.24 39.56 38.20 36.99 35.59 34.74 34.63 33.49 34.03 33.97 33.90 33.22
Share price1, 3 246.45 238.05 263.50 276.65 257.65 233.78 226.64 212.70 194.88 174.44 160.31 142.90 143.17 132.03 111.16 116.23 121.52 113.49 108.97 94.75 82.27 75.26
Ratio
P/BV ratio4 4.40 4.37 4.89 5.32 5.13 4.72 4.59 4.55 4.37 4.01 3.98 3.61 3.75 3.57 3.12 3.35 3.51 3.39 3.20 2.79 2.43 2.27
Benchmarks
P/BV Ratio, Competitors5
Becton, Dickinson & Co. 2.91 3.05 3.09 3.07 2.87 2.85 3.95 3.60 4.96 4.99 4.69 4.55 4.56 3.97 4.42 4.35 4.15 5.46 5.37 4.17 4.13 4.22
Intuitive Surgical Inc. 8.49 8.68 8.96 9.30 10.03 9.71 9.91 8.35 7.62 7.21 4.73 4.77 5.22 5.00 4.67 4.53 5.37 5.31 5.55 5.71 6.03 3.85
Medtronic PLC 2.62 2.59 2.31 2.11 2.10 2.14 2.40 2.27 1.96 2.34 2.25 2.08 2.09 1.86 2.04 3.79 3.72 3.25 3.27 3.05 3.07 2.87
Stryker Corp. 6.72 5.92 5.74 6.09 6.72 6.92 5.56 5.73 5.51 5.21 4.82 4.59 4.81 4.65 4.21 4.18 4.52 4.19 4.11 3.66 3.40 3.26
Thermo Fisher Scientific Inc. 3.83 4.02 3.75 3.51 3.55 3.24 3.30 3.14 3.07 3.07 2.86 2.67 2.92 2.76 2.42 2.50 2.69 2.55 2.51 2.29 2.35 2.23

Based on: 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-07), 10-K (filing date: 2019-02-12), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-07), 10-Q (filing date: 2018-05-07), 10-K (filing date: 2018-02-13), 10-Q (filing date: 2017-11-07), 10-Q (filing date: 2017-08-04), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-08), 10-Q (filing date: 2016-11-08), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-04), 10-K (filing date: 2016-02-09), 10-Q (filing date: 2015-11-05), 10-Q (filing date: 2015-07-29), 10-Q (filing date: 2015-05-06), 10-K (filing date: 2015-02-10), 10-Q (filing date: 2014-11-10), 10-Q (filing date: 2014-08-04), 10-Q (filing date: 2014-05-06).

1 Data adjusted for splits and stock dividends.

2 Q2 2019 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= 53,103,000,000 ÷ 947,680,609 = 56.03

3 Close price on the filing date of UnitedHealth Group Inc.’s Quarterly or Annual Report.

4 Q2 2019 Calculation
P/BV ratio = Share price ÷ BVPS
= 246.45 ÷ 56.03 = 4.40

5 Click competitor name to see calculations.

Ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. UnitedHealth Group Inc.’s P/BV ratio declined from Q4 2018 to Q1 2019 but then slightly increased from Q1 2019 to Q2 2019.