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 |
|
Six Months Ended |
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|
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: |
|
|
|
|
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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 |