CNC FY 2023 Earnings Report — Centene Corporation Revenue & Financial Results | Market Cap Arena

Centene CorporationCNC

FY 2023 Earnings

Reported February 20, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$154.0B	—	$144.5B	—	6.5%
Op. Income	$2.9B	—	$1.3B	—	122.3%
Gross Margin	11.2%	—	11.5%	—	-0.3pp
Net Margin	1.8%	—	0.8%	—	0.9pp
EPS (Diluted)	$4.95	—	$2.07	—	139.1%
Free Cash Flow	$7.3B	—	$5.3B	—	38.0%

Revenue Flow

Item	Amount
REVENUE	$154.0B
Cost of Revenue	$136.7B
GROSS PROFIT	$17.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$12.6B
Other Expenses	$1.8B
Operating Expenses	$14.4B
Cost & Expenses	$151.1B
OPERATING INCOME	$2.9B
Interest Income	$0
Interest Expense	$725M
Other Income/Expenses	$668M
INCOME BEFORE TAX	$3.6B
Income Tax Expense	$899M
Net Income from Continuing Ops	$2.7B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$2.7B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$2.7B
D&A	$1.3B
EBIT	$4.3B
EBITDA	$5.6B
EPS	$5
EPS Diluted	$5

Income Statement

Item	Amount
REVENUE	$154.0B
Cost of Revenue	$136.7B
GROSS PROFIT	$17.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$12.6B
Other Expenses	$1.8B
Operating Expenses	$14.4B
Cost & Expenses	$151.1B
OPERATING INCOME	$2.9B
Interest Income	$0
Interest Expense	$725M
Other Income/Expenses	$668M
INCOME BEFORE TAX	$3.6B
Income Tax Expense	$899M
Net Income from Continuing Ops	$2.7B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$2.7B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$2.7B
D&A	$1.3B
EBIT	$4.3B
EBITDA	$5.6B
EPS	$5
EPS Diluted	$5

Cash Flow Statement

Item	Amount
Net Income	$2.7B
Depreciation & Amortization	$1.3B
Stock-Based Compensation	$216M
Deferred Income Tax	-$78M
Other Non-Cash Items	$546M
Change in Working Capital	$3.4B
OPERATING CASH FLOW	$8.1B
Capital Expenditure	-$799M
Acquisitions (Net)	$619M
Purchases of Investments	-$6.6B
Sales/Maturities of Investments	$5.5B
Other Investing Activities	$0
NET CASH FROM INVESTING	-$1.3B
Net Debt Issuance	$19M
Common Stock Repurchased	-$1.6B
Common Dividends Paid	$0
Other Financing Activities	$0
NET CASH FROM FINANCING	-$1.6B
FREE CASH FLOW	$7.3B
Net Change in Cash	$5.1B

Balance Sheet

Item	Amount
Cash & Equivalents	$17.2B
Short-Term Investments	$2.5B
Net Receivables	$15.5B
Inventory	$0
Other Current Assets	$5.6B
TOTAL CURRENT ASSETS	$40.8B
PP&E (Net)	$2.4B
Goodwill	$17.6B
Intangible Assets	$6.1B
Long-Term Investments	$16.3B
Tax Assets	$0
Other Non-Current Assets	$1.5B
TOTAL NON-CURRENT ASSETS	$43.9B
TOTAL ASSETS	$84.6B
Account Payables	$16.3B
Short-Term Debt	$119M
Deferred Revenue	$715M
Other Current Liabilities	$18.0B
TOTAL CURRENT LIABILITIES	$36.7B
Long-Term Debt	$17.7B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$641M
Other Non-Current Liabilities	$2.7B
TOTAL NON-CURRENT LIABILITIES	$22.0B
TOTAL LIABILITIES	$58.7B
Common Stock	$1M
Additional Paid-In Capital	$20.3B
Retained Earnings	$12.0B
Treasury Stock	-$5.9B
Accum. Other Comp. Income	-$652M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$25.8B
Minority Interest	$116M
TOTAL EQUITY	$26.0B
TOTAL LIABILITIES & EQUITY	$84.6B
Total Debt	$18.9B
Net Debt	$1.7B