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CENTENE CORPORATION REPORTS 2022 RESULTS - Feb 7, 2023 > Press Releases Press Releases CENTENE CORPORATION REPORTS 2022 Note: Beginning in 2022, we have included a separate line item for depreciation expense on the Consolidated Statements of Operations, which was previously included in SG&A expenses. The following table sets forth supplemental revenue information ($ in millions): Medicare includes Medicare Advantage, Medicare Supplement, and Medicare Prescription Drug Plan (PDP). To provide clarity on the way management defines certain key metrics and ratios, the Company is providing a description of how the metric or ratio is calculated as follows: In addition, the following terms are defined as follows: Centene Corporation, a Fortune 500 company, is a leading healthcare enterprise that is committed to helping people live healthier lives. 2022 2023 Centene to grow geographic footprint in Medicare Advantage by In October 2022, Centene announced that its Health Insurance Marketplace product, Ambetter Health, will expand into Alabama and extend its footprint by more than 60 counties across 12 existing states in 2023. and Terms and https://event.webcasts.com/starthere.jsp?ei=1584203&tp_key=4237d69e19, https://investors.centene.com/news-events/events-presentations, Purchase Order Mary Ann's had 117 employees in 2022, which the state is taking as its base year. The effective tax rate was 18.8% for the first quarter of 2023, compared to 25.8% in the first quarter of 2022. ST. LOUIS, April 25, 2023 /PRNewswire/ -- Centene Corporation (NYSE: CNC) announced today its financial results for the first quarter ended March 31, 2023. Transforming the health of the community, one person at a time. Centene.com uses cookies. In summary, the 2023 first quarter results were as follows: Premium and service revenues (in millions), Total cash flow provided by operations (in millions). The new contract is anticipated to begin January 1, 2023. Centene uses its investor relations website to publish important information about the Company, including information that may be deemed material to investors. Amazon pulls the plug on Halo division, discontinues all devices removing social barriers to health, and prioritizing responsible The Company takes a local approach with local brands and local teams to provide fully integrated, high-quality, and cost-effective services to government-sponsored and commercial healthcare programs, focusing on under-insured and uninsured individuals. CENTENE Membership includes Aged, Blind, and Disabled (ABD), Intellectual and Developmental Disabilities (IDD), Long-Term Services and Supports (LTSS), and Medicare-Medicaid Plans (MMP) Duals. The three months ended December 31, 2021 include a tax benefit of $0.02 related to the impairment of our equity method investment in RxAdvance. Centene uses its investor relations website to publish important information about the Company, including information that may be deemed material to investors. The tables below provide reconciliations of non-GAAP items ($ in millions, except per share data): Amortization of acquired intangible assets. CENTENE CORPORATION REPORTS SECOND In addition, the three and twelve months ended December 31, 2022 include tax expense of $3 million and a tax benefit of $15 million, respectively, related to the previously reported impairment of our equity method investment in RxAdvance. For the first quarter of 2023, premium and service revenues increased 2% to $35.0 billion from $34.2 billion in the comparable period of 2022. Statement of Operations: Three Months Ended March 31, 2023. CENTENE CORPORATION REPORTS 2022 RESULTS ST. LOUIS, April 25, 2023 /PRNewswire/ -- Centene Corporation (NYSE: CNC) announced today its financial results for the first quarter ended March 31, 2023. The Company also contracts with other healthcare and commercial organizations to provide a variety of specialty services focused on treating the whole person. The increase was primarily due to higher Medicaid utilization, higher flu costs, increased investments in quality, partially offset by lower COVID testing and treatment costs as compared to the fourth quarter of 2021. (In millions, except shares in thousands and per share data in dollars), LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS ANDSTOCKHOLDERS' EQUITY, Preferred stock, $0.001 par value; authorized 10,000 shares; no shares issued or outstanding at March31, 2023 and December31, 2022, Common stock, $0.001 par value; authorized 800,000 shares; 614,355 issued and 551,714 outstanding at March31, 2023, and 607,847 issued and 550,754 outstanding at December31, 2022, Accumulated other comprehensive earnings (loss), Treasury stock, at cost (62,641 and 57,093 shares, respectively), Total liabilities, redeemable noncontrolling interests and stockholders' equity, Selling, general and administrative expenses, (Earnings) loss attributable to noncontrolling interests, Net earnings attributable to Centene Corporation. The presentation of this additional non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. CASH, INVESTMENTS AND RESTRICTED DEPOSITS (in millions). The Company takes a local approach with local brands and local teams to provide fully integrated, high-quality, and cost-effective services to government-sponsored and commercial healthcare programs, focusing on under-insured and uninsured individuals. Operator. It is the premier event technology solutions company for event Total Broadband: Total broadband net additions of 437,000 was the largest result in more than a decade, reflecting a strong demand for fixed wireless and Fios products. Analyst Coverage Press Releases | Centene Corporation The estimate suggests a 21.9% increase from the prior-year figure of $1.83 per share. The 2022 effective tax rate is driven by the tax effects of pending and completed divestitures and impairments associated with our ongoing portfolio review, including the Magellan Rx divestiture gain, the non-deductible impairment of our Health Net Federal Services business, and tax impacts related to the reclassification of the Magellan Specialty Health business to held for sale. for the three months ended December 31, 2021: gain related to the divestiture of USMM of $0.25 ($0.23 after-tax) and PBM legal settlement expense of $0.00 ($0.04 after-tax); for the twelve months ended December 31, 2021: PBM legal settlement expense of $2.14 ($1.76 after-tax); gain related to the acquisition of the remaining 60% interest of Circle Health of $0.52 ($0.52 after-tax); impairment of our equity method investment in RxAdvance of $0.39 ($0.32 after-tax); gain related to the divestiture of USMM of $0.25 ($0.23 after-tax); debt extinguishment costs of $0.21 ($0.16 after-tax); reduction to the previously reported gain on divestiture of certain products of our Illinois health plan of $0.10 per share ($0.08 after-tax); and severance costs due to a restructuring of $0.09 ($0.06 after-tax). Centene (3) Membership includes Medicare Advantage and Medicare Supplement. The momentum we have built will propel us into 2023 and beyond," said Sarah M. London, Chief Executive Officer of Centene. In addition, the three and twelve months ended December 31, 2022 include tax expense of $0.01 and a tax benefit of $0.03, respectively, related to the previously reported impairment of our equity method investment in RxAdvance. Net income of $5.0 billion, an increase of 6.5 percent from first-quarter 2022, and adjusted EBITDA 1 of $11.9 billion, down 1.1 percent year over year. Additionally, 2021 was negatively impacted by unfavorable 2020 risk adjustment. In addition, a digital audio playback will be available until 9:00 AM (Eastern Time) on Tuesday, February 14, 2023, by dialing 1-877-344-7529 in the U.S., 1-855-669-9658 in Canada, or +1-412-317-0088 from abroad, and entering access code 9175346. Medicare includes Medicare Advantage, Medicare Supplement, D-SNPs, and Medicare Prescription Drug Plan (PDP). (2) Membership includes ABD, IDD, LTSS, and MMP Duals. CENTENE CORPORATION REPORTS FIRST QUARTER 2023 Therefore, the Company believes that this information is meaningful in addition to the information contained in the GAAP presentation of financial information. In November 2022, Centene completed the divestiture of its ownership stakes in its Spanish and Central European businesses, The SG&A expense ratio was 8.6% for the first quarter of 2023, compared to 8.0% in the first quarter of 2022. Centene Selects Express Scripts to Provide PBM Benefits in 2024 The following table sets forth supplemental revenue information ($ in millions): (1) Medicare includes Medicare Advantage, Medicare Supplement, D-SNPs, and Medicare Prescription Drug Plan (PDP). corporate governance. "Our updated 2024 adjusted EPS target incorporates thoughtful recalibration of several factors, including our updated view of Medicaid redeterminations, our 2024 Medicare bid strategy, and high-impact investments in the business. Without limiting the foregoing, forward-looking statements often use words such as "believe," "anticipate," "plan," "expect," "estimate," "intend," "seek," "target," "goal," "may," "will," "would," "could," "should," "can," "continue" and other similar words or expressions (and the negative thereof). The income tax effects of adjustments are based on the effective income tax rates applicable to each adjustment. The Company's days in claims payable was 54 days, which is flat as compared to the third quarter of 2022, and an increase of two days over the fourth quarter of 2021. Prior period SG&A expenses have been conformed to the current presentation. "Centene'sfirst quarter results were strong, reflective of continued positive momentum operationally and the beginning of another year of disciplined execution against our strategic framework," said Sarah M. London, Chief Executive Officer of Centene. Increases were also driven by costs associated with Medicare marketing, including annual enrollment, value creation investment spending, and variable compensation. All statements, other than statements of current or historical fact, contained in this press release are forward-looking statements. The health of individuals drives our focus on the environment, The presentation of this additional non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. During the first quarter of 2023, the Company repurchased 4.9million shares for $377 million. "This positive momentum positions us well for 2023 and beyond as we maximize the opportunities ahead forour core business.". Adjusted effective tax rate of 24.4% to 25.4%. RIP the Halo View. Statement of Operations: Three Months Ended March 31, 2023 For the first quarter of 2023, premium and service revenues increased 2% to $35.0 billion from $34.2 billion in the comparable period of 2022. The Company is providing certain non-GAAP financial measures in this release as the Company believes that these figures are helpful in allowing investors to more accurately assess the ongoing nature of the Company's operations and measure the Company's performance more consistently across periods. High-end Medical Insurance Market Size 2022 by Sales, Share, Growth Opportunity and Forecast to 2030 with Top Players are Anthem, Centene, Pessimistic target level: 63.27 3 All PDPs will continue to offer $0 tier 1 preferred cost-sharing through CVS Medication Home Delivery