CENTENE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except shares in thousands and per share data in dollars)

(Unaudited)

Three Months Ended March 31,

2023

2022

Revenues:

Premium

$                  33,825

$                  31,889

Service

1,127

2,343

Premium and service revenues

34,952

34,232

Premium tax

3,937

2,953

Total revenues

38,889

37,185

Expenses:

Medical costs

29,434

27,838

Cost of services

870

1,988

Selling, general and administrative expenses

3,011

2,745

Depreciation expense

142

156

Amortization of acquired intangible assets

183

199

Premium tax expense

4,011

3,006

Impairment

20

—

Total operating expenses

37,671

35,932

Earnings from operations

1,218

1,253

Other income (expense):

Investment and other income

353

52

Debt extinguishment

—

3

Interest expense

(180)

(160)

Earnings before income tax

1,391

1,148

Income tax expense

261

296

Net earnings

1,130

852

(Earnings) loss attributable to noncontrolling interests

—

(3)

Net earnings attributable to Centene Corporation

$                    1,130

$                        849

Net earnings per common share attributable to Centene Corporation:     

Basic earnings per common share

$                       2.05

$                       1.46

Diluted earnings per common share

$                       2.04

$                       1.44

Weighted average number of common shares outstanding:

Basic

550,779

583,230

Diluted

553,845

590,658