Income Statement
CENTENE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except shares in thousands and per share data in dollars) (Unaudited) |
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Three Months Ended March 31, |
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2023 |
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2022 |
Revenues: |
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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: |
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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): |
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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 |
— |
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(3) |
Net earnings attributable to Centene Corporation |
$ 1,130 |
|
$ 849 |
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Net earnings per common share attributable to Centene Corporation: |
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Basic earnings per common share |
$ 2.05 |
|
$ 1.46 |
Diluted earnings per common share |
$ 2.04 |
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$ 1.44 |
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Weighted average number of common shares outstanding: |
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Basic |
550,779 |
|
583,230 |
Diluted |
553,845 |
|
590,658 |