Income Statement

CENTENE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

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

(Unaudited)

 
 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

2022

 

2021

 

2022

 

2021

Revenues:

             

Premium

$         31,848

 

$         28,876

 

$         95,247

 

$         83,436

Service

1,878

 

1,638

 

6,679

 

4,054

Premium and service revenues

33,726

 

30,514

 

101,926

 

87,490

Premium tax

2,139

 

1,892

 

7,060

 

5,924

Total revenues

35,865

 

32,406

 

108,986

 

93,414

Expenses:

             

Medical costs

28,111

 

25,430

 

83,261

 

73,210

Cost of services

1,571

 

1,355

 

5,658

 

3,510

Selling, general and administrative expenses

2,846

 

2,537

 

8,391

 

6,910

Depreciation expense

150

 

147

 

470

 

414

Amortization of acquired intangible assets

211

 

198

 

609

 

581

Premium tax expense

2,211

 

1,965

 

7,258

 

6,129

Impairment

289

 

229

 

1,739

 

229

Legal settlement

 

 

 

1,250

Total operating expenses

35,389

 

31,861

 

107,386

 

92,233

Earnings from operations

476

 

545

 

1,600

 

1,181

Other income (expense):

             

Investment and other income

692

 

424

 

786

 

566

Debt extinguishment

10

 

(79)

 

26

 

(125)

Interest expense

(169)

 

(170)

 

(491)

 

(503)

Earnings before income tax

1,009

 

720

 

1,921

 

1,119

Income tax expense

269

 

139

 

500

 

376

Net earnings

740

 

581

 

1,421

 

743

(Earnings) loss attributable to noncontrolling interests

(2)

 

3

 

(6)

 

5

Net earnings attributable to Centene Corporation

$              738

 

$               584

 

$           1,415

 

$               748

               

Net earnings per common share attributable to Centene Corporation:

       

Basic earnings per common share

$              1.29

 

$              1.00

 

$              2.44

 

$              1.28

Diluted earnings per common share

$              1.27

 

$              0.99

 

$              2.41

 

$              1.27

               

Weighted average number of common shares outstanding:

           

Basic

573,961

 

583,244

 

580,277

 

582,636

Diluted

580,607

 

590,702

 

587,084

 

590,154