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 |
Nine Months Ended |
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2022 |
2021 |
2022 |
2021 |
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Revenues: |
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Premium |
$ 31,848 |
$ 28,876 |
$ 95,247 |
$ 83,436 |
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Service |
1,878 |
1,638 |
6,679 |
4,054 |
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Premium and service revenues |
33,726 |
30,514 |
101,926 |
87,490 |
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Premium tax |
2,139 |
1,892 |
7,060 |
5,924 |
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Total revenues |
35,865 |
32,406 |
108,986 |
93,414 |
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Expenses: |
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Medical costs |
28,111 |
25,430 |
83,261 |
73,210 |
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Cost of services |
1,571 |
1,355 |
5,658 |
3,510 |
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Selling, general and administrative expenses |
2,846 |
2,537 |
8,391 |
6,910 |
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Depreciation expense |
150 |
147 |
470 |
414 |
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Amortization of acquired intangible assets |
211 |
198 |
609 |
581 |
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Premium tax expense |
2,211 |
1,965 |
7,258 |
6,129 |
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Impairment |
289 |
229 |
1,739 |
229 |
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Legal settlement |
— |
— |
— |
1,250 |
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Total operating expenses |
35,389 |
31,861 |
107,386 |
92,233 |
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Earnings from operations |
476 |
545 |
1,600 |
1,181 |
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Other income (expense): |
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Investment and other income |
692 |
424 |
786 |
566 |
|||
Debt extinguishment |
10 |
(79) |
26 |
(125) |
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Interest expense |
(169) |
(170) |
(491) |
(503) |
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Earnings before income tax |
1,009 |
720 |
1,921 |
1,119 |
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Income tax expense |
269 |
139 |
500 |
376 |
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Net earnings |
740 |
581 |
1,421 |
743 |
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(Earnings) loss attributable to noncontrolling interests |
(2) |
3 |
(6) |
5 |
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Net earnings attributable to Centene Corporation |
$ 738 |
$ 584 |
$ 1,415 |
$ 748 |
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Net earnings per common share attributable to Centene Corporation: |
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Basic earnings per common share |
$ 1.29 |
$ 1.00 |
$ 2.44 |
$ 1.28 |
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Diluted earnings per common share |
$ 1.27 |
$ 0.99 |
$ 2.41 |
$ 1.27 |
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Weighted average number of common shares outstanding: |
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Basic |
573,961 |
583,244 |
580,277 |
582,636 |
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Diluted |
580,607 |
590,702 |
587,084 |
590,154 |