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
June 30,

 

Six Months Ended
June 30,

 

2023

 

2022

 

2023

 

2022

Revenues:

 

 

 

 

 

 

 

Premium

$    33,713

 

$     31,510

 

$     67,538

 

$    63,399

Service

1,125

 

2,458

 

2,252

 

4,801

Premium and service revenues

34,838

 

33,968

 

69,790

 

68,200

Premium tax

2,770

 

1,968

 

6,707

 

4,921

Total revenues

37,608

 

35,936

 

76,497

 

73,121

Expenses:

 

 

 

 

 

 

 

Medical costs

29,347

 

27,312

 

58,781

 

55,150

Cost of services

877

 

2,099

 

1,747

 

4,087

Selling, general and administrative expenses

3,016

 

2,800

 

6,027

 

5,545

Depreciation expense

146

 

164

 

288

 

320

Amortization of acquired intangible assets

179

 

199

 

362

 

398

Premium tax expense

2,854

 

2,041

 

6,865

 

5,047

Impairment

18

 

1,450

 

38

 

1,450

Total operating expenses

36,437

 

36,065

 

74,108

 

71,997

Earnings (loss) from operations

1,171

 

(129)

 

2,389

 

1,124

Other income (expense):

 

 

 

 

 

 

 

Investment and other income

425

 

42

 

778

 

94

Debt extinguishment

 

13

 

 

16

Interest expense

(181)

 

(162)

 

(361)

 

(322)

Earnings (loss) before income tax

1,415

 

(236)

 

2,806

 

912

Income tax expense (benefit)

360

 

(65)

 

621

 

231

Net earnings (loss)

1,055

 

(171)

 

2,185

 

681

(Earnings) loss attributable to noncontrolling interests

3

 

(1)

 

3

 

(4)

Net earnings (loss) attributable to Centene Corporation

$       1,058

 

$        (172)

 

$       2,188

 

$          677

 

 

 

 

 

 

 

 

Net earnings (loss) per common share attributable to Centene Corporation:

 

 

 

 

Basic earnings (loss) per common share

$         1.93

 

$       (0.29)

 

$         3.98

 

$         1.16

Diluted earnings (loss) per common share

$         1.92

 

$       (0.29)

 

$         3.96

 

$         1.15

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

Basic

548,932

 

583,644

 

549,850

 

583,435

Diluted

550,308

 

583,644

 

551,996

 

590,226