Income Statement
CENTENE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except shares in thousands and per share data in dollars) |
|||||||
|
|||||||
|
Three Months Ended |
|
Year Ended December 31, |
||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
Revenues: |
|
|
|
|
|
|
|
Premium |
$ 34,232 |
|
$ 31,884 |
|
$ 135,636 |
|
$ 127,131 |
Service |
1,106 |
|
1,669 |
|
4,459 |
|
8,348 |
Premium and service revenues |
35,338 |
|
33,553 |
|
140,095 |
|
135,479 |
Premium tax |
4,122 |
|
2,008 |
|
13,904 |
|
9,068 |
Total revenues |
39,460 |
|
35,561 |
|
153,999 |
|
144,547 |
Expenses: |
|
|
|
|
|
|
|
Medical costs |
30,634 |
|
28,268 |
|
118,894 |
|
111,529 |
Cost of services |
961 |
|
1,374 |
|
3,564 |
|
7,032 |
Selling, general and administrative expenses |
3,488 |
|
3,198 |
|
12,563 |
|
11,589 |
Depreciation expense |
139 |
|
144 |
|
575 |
|
614 |
Amortization of acquired intangible assets |
176 |
|
208 |
|
718 |
|
817 |
Premium tax expense |
4,205 |
|
2,072 |
|
14,226 |
|
9,330 |
Impairment |
51 |
|
579 |
|
529 |
|
2,318 |
Total operating expenses |
39,654 |
|
35,843 |
|
151,069 |
|
143,229 |
Earnings (loss) from operations |
(194) |
|
(282) |
|
2,930 |
|
1,318 |
Other income (expense): |
|
|
|
|
|
|
|
Investment and other income |
401 |
|
493 |
|
1,393 |
|
1,279 |
Debt extinguishment |
— |
|
4 |
|
— |
|
30 |
Interest expense |
(183) |
|
(174) |
|
(725) |
|
(665) |
Earnings before income tax |
24 |
|
41 |
|
3,598 |
|
1,962 |
Income tax (benefit) expense |
(15) |
|
260 |
|
899 |
|
760 |
Net earnings (loss) |
39 |
|
(219) |
|
2,699 |
|
1,202 |
Loss attributable to noncontrolling interests |
6 |
|
6 |
|
3 |
|
— |
Net earnings (loss) attributable to Centene Corporation |
$ 45 |
|
$ (213) |
|
$ 2,702 |
|
$ 1,202 |
|
|
|
|
|
|
|
|
Net earnings (loss) per common share attributable to Centene Corporation: |
|
|
|
|
|||
Basic earnings (loss) per common share |
$ 0.08 |
|
$ (0.38) |
|
$ 4.97 |
|
$ 2.09 |
Diluted earnings (loss) per common share |
$ 0.08 |
|
$ (0.38) |
|
$ 4.95 |
|
$ 2.07 |
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
Basic |
534,254 |
|
559,934 |
|
543,319 |
|
575,191 |
Diluted |
537,614 |
|
559,934 |
|
545,704 |
|
582,040 |