CNC Q1 2023 Earnings Report — Centene Corporation Revenue & Financial Results | Market Cap Arena

Centene CorporationCNC

Q1 2023 Earnings

Reported April 24, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q1 2023	Q4 2022	Q1 2022	QoQ Change	YoY Change
Revenue	$38.9B	—	$37.2B	—	4.6%
Op. Income	$1.2B	—	$1.3B	—	-2.8%
Gross Margin	11.8%	—	11.7%	—	0.1pp
Net Margin	2.9%	—	2.3%	—	0.6pp
EPS (Diluted)	$2.04	—	$1.44	—	41.7%
Free Cash Flow	$4.0B	—	$909M	—	344.9%

Revenue Flow

Item	Amount
REVENUE	$38.9B
Cost of Revenue	$34.3B
GROSS PROFIT	$4.6B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$3.0B
Other Expenses	$345M
Operating Expenses	$3.4B
Cost & Expenses	$37.7B
OPERATING INCOME	$1.2B
Interest Income	$0
Interest Expense	$180M
Other Income/Expenses	$173M
INCOME BEFORE TAX	$1.4B
Income Tax Expense	$261M
Net Income from Continuing Ops	$1.1B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.1B
D&A	$325M
EBIT	$1.6B
EBITDA	$1.9B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$38.9B
Cost of Revenue	$34.3B
GROSS PROFIT	$4.6B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$3.0B
Other Expenses	$345M
Operating Expenses	$3.4B
Cost & Expenses	$37.7B
OPERATING INCOME	$1.2B
Interest Income	$0
Interest Expense	$180M
Other Income/Expenses	$173M
INCOME BEFORE TAX	$1.4B
Income Tax Expense	$261M
Net Income from Continuing Ops	$1.1B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.1B
D&A	$325M
EBIT	$1.6B
EBITDA	$1.9B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$1.1B
Depreciation & Amortization	$346M
Stock-Based Compensation	$61M
Deferred Income Tax	-$159M
Other Non-Cash Items	-$52M
Change in Working Capital	$2.9B
OPERATING CASH FLOW	$4.3B
Capital Expenditure	-$225M
Acquisitions (Net)	$385M
Purchases of Investments	-$1.6B
Sales/Maturities of Investments	$1.1B
Other Investing Activities	$0
NET CASH FROM INVESTING	-$311M
Net Debt Issuance	$287M
Common Stock Repurchased	-$423M
Common Dividends Paid	$0
Other Financing Activities	$11M
NET CASH FROM FINANCING	-$125M
FREE CASH FLOW	$4.0B
Net Change in Cash	$3.8B

Balance Sheet

Item	Amount
Cash & Equivalents	$15.9B
Short-Term Investments	$2.1B
Net Receivables	$15.2B
Inventory	$0
Other Current Assets	$1.8B
TOTAL CURRENT ASSETS	$35.0B
PP&E (Net)	$5.1B
Goodwill	$18.8B
Intangible Assets	$6.7B
Long-Term Investments	$15.8B
Tax Assets	$0
Other Non-Current Assets	$1.5B
TOTAL NON-CURRENT ASSETS	$48.0B
TOTAL ASSETS	$83.0B
Account Payables	$10.6B
Short-Term Debt	$97M
Deferred Revenue	$2.4B
Other Current Liabilities	$17.5B
TOTAL CURRENT LIABILITIES	$32.9B
Long-Term Debt	$18.2B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$522M
Other Non-Current Liabilities	$3.0B
TOTAL NON-CURRENT LIABILITIES	$24.9B
TOTAL LIABILITIES	$57.8B
Common Stock	$1M
Additional Paid-In Capital	$20.1B
Retained Earnings	$10.5B
Treasury Stock	-$4.6B
Accum. Other Comp. Income	-$915M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$25.0B
Minority Interest	$144M
TOTAL EQUITY	$25.2B
TOTAL LIABILITIES & EQUITY	$83.0B
Total Debt	$21.6B
Net Debt	$5.8B