CNC FY 2008 Earnings Report — Centene Corporation Revenue & Financial Results | Market Cap Arena

Centene CorporationCNC

FY 2008 Earnings

Reported February 23, 2009

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2008	Prior Q	FY 2007	QoQ Change	YoY Change
Revenue	$3.4B	—	$2.8B	—	21.5%
Op. Income	$132M	—	$55M	—	138.1%
Gross Margin	19.8%	—	18.7%	—	1.2pp
Net Margin	2.5%	—	2.7%	—	-0.2pp
EPS (Diluted)	$0.47	—	$0.41	—	14.6%
Free Cash Flow	$157M	—	$148M	—	5.7%

Revenue Flow

Item	Amount
REVENUE	$3.4B
Cost of Revenue	$2.7B
GROSS PROFIT	$667M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$445M
Other Expenses	$91M
Operating Expenses	$536M
Cost & Expenses	$3.2B
OPERATING INCOME	$132M
Interest Income	$0
Interest Expense	$17M
Other Income/Expenses	$5M
INCOME BEFORE TAX	$137M
Income Tax Expense	$52M
Net Income from Continuing Ops	$84M
Net Income from Discontinued Ops	-$684.0K
Other Adjustments	$0
NET INCOME	$83M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$83M
D&A	$35M
EBIT	$153M
EBITDA	$189M
EPS	$0
EPS Diluted	$0

Income Statement

Item	Amount
REVENUE	$3.4B
Cost of Revenue	$2.7B
GROSS PROFIT	$667M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$445M
Other Expenses	$91M
Operating Expenses	$536M
Cost & Expenses	$3.2B
OPERATING INCOME	$132M
Interest Income	$0
Interest Expense	$17M
Other Income/Expenses	$5M
INCOME BEFORE TAX	$137M
Income Tax Expense	$52M
Net Income from Continuing Ops	$84M
Net Income from Discontinued Ops	-$684.0K
Other Adjustments	$0
NET INCOME	$83M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$83M
D&A	$35M
EBIT	$153M
EBITDA	$189M
EPS	$0
EPS Diluted	$0

Cash Flow Statement

Item	Amount
Net Income	$83M
Depreciation & Amortization	$35M
Stock-Based Compensation	$15M
Deferred Income Tax	$1M
Other Non-Cash Items	$8M
Change in Working Capital	$79M
OPERATING CASH FLOW	$222M
Capital Expenditure	-$65M
Acquisitions (Net)	-$85M
Purchases of Investments	-$635M
Sales/Maturities of Investments	$546M
Other Investing Activities	$0
NET CASH FROM INVESTING	-$154M
Net Debt Issuance	$58M
Common Stock Repurchased	-$24M
Common Dividends Paid	$0
Other Financing Activities	$3M
NET CASH FROM FINANCING	$42M
FREE CASH FLOW	$157M
Net Change in Cash	$111M

Balance Sheet

Item	Amount
Cash & Equivalents	$379M
Short-Term Investments	$109M
Net Receivables	$93M
Inventory	-$93M
Other Current Assets	$85M
TOTAL CURRENT ASSETS	$666M
PP&E (Net)	$176M
Goodwill	$163M
Intangible Assets	$18M
Long-Term Investments	$332M
Tax Assets	$0
Other Non-Current Assets	$86M
TOTAL NON-CURRENT ASSETS	$785M
TOTAL ASSETS	$1.5B
Account Payables	$0
Short-Term Debt	$255.0K
Deferred Revenue	$17M
Other Current Liabilities	$31M
TOTAL CURRENT LIABILITIES	$641M
Long-Term Debt	$265M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$44M
TOTAL NON-CURRENT LIABILITIES	$309M
TOTAL LIABILITIES	$950M
Common Stock	$43.0K
Additional Paid-In Capital	$264M
Retained Earnings	$275M
Treasury Stock	-$41M
Accum. Other Comp. Income	$3M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$501M
Minority Interest	$0
TOTAL EQUITY	$501M
TOTAL LIABILITIES & EQUITY	$1.5B
Total Debt	$265M
Net Debt	-$114M