Cash Flow
CENTENE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions, unaudited) |
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Three Months Ended March 31, |
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2023 |
|
2022 |
Cash flows from operating activities: |
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Net earnings |
$ 1,130 |
|
$ 852 |
Adjustments to reconcile net earnings to net cash provided by operating activities |
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|
|
Depreciation and amortization |
346 |
|
390 |
Stock compensation expense |
61 |
|
70 |
Impairment |
20 |
|
— |
(Gain) loss on debt extinguishment |
— |
|
(3) |
Deferred income taxes |
(159) |
|
12 |
(Gain) on divestiture |
(79) |
|
— |
Other adjustments, net |
7 |
|
22 |
Changes in assets and liabilities |
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|
|
Premium and trade receivables |
(1,938) |
|
(3,099) |
Other assets |
(315) |
|
(299) |
Medical claims liabilities |
759 |
|
1,767 |
Unearned revenue |
1,919 |
|
81 |
Accounts payable and accrued expenses |
1,548 |
|
957 |
Other long-term liabilities |
970 |
|
401 |
Net cash provided by operating activities |
4,269 |
|
1,151 |
Cash flows from investing activities: |
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Capital expenditures |
(225) |
|
(242) |
Purchases of investments |
(1,619) |
|
(1,700) |
Sales and maturities of investments |
1,148 |
|
1,047 |
Acquisitions, net of cash acquired |
— |
|
(1,504) |
Divestiture proceeds, net of divested cash |
443 |
|
— |
Other investing activities, net |
— |
|
(2) |
Net cash (used in) investing activities |
(253) |
|
(2,401) |
Cash flows from financing activities: |
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Proceeds from long-term debt |
287 |
|
100 |
Payments and repurchases of long-term debt |
— |
|
(526) |
Common stock repurchases |
(423) |
|
(71) |
Proceeds from common stock issuances |
— |
|
27 |
Payments for debt extinguishment |
— |
|
(27) |
Purchase of noncontrolling interest |
(58) |
|
— |
Other financing activities, net |
11 |
|
(1) |
Net cash (used in) financing activities |
(183) |
|
(498) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
2 |
|
33 |
Net increase (decrease) in cash, cash equivalents, and restricted cash and cash |
3,835 |
|
(1,715) |
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of period |
12,330 |
|
13,214 |
Cash, cash equivalents, and restricted cash and cash equivalents, end of period |
$ 16,165 |
|
$ 11,499 |
Supplemental disclosures of cash flow information: |
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Interest paid |
$ 144 |
|
$ 139 |
Income taxes paid |
$ 11 |
|
$ 11 |
The following table provides a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents reported within the Consolidated |
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2023 |
|
2022 |
Cash and cash equivalents |
$ 15,853 |
|
$ 11,237 |
Restricted cash and cash equivalents, included in restricted deposits |
312 |
|
262 |
Total cash, cash equivalents, and restricted cash and cash equivalents |
$ 16,165 |
|
$ 11,499 |