Statement of Operations: Three Months Ended March 31, 2023. What Do the Estimates Say? The adjusted SG&A expense ratio was 8.5% for the first quarter of 2023, compared to 7.7% in the first quarter of 2022. Centene (the Company, our, or we) intends such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we are including this statement for purposes of complying with these safe-harbor provisions. (3) Membership includes Medicare Advantage and Medicare Supplement. These impacts were partially offset by the leveraging of expenses over higher revenues as a result of increased membership. (1) Membership includes TANF, Medicaid Expansion, CHIP, Foster Care, and Behavioral Health. In addition, for the three months ended March 31, 2023: Magellan Specialty Health divestiture gain of $0.14, for the year ended December 31, 2023, an estimated: $0.14 ($0.12 after-tax) of Magellan Specialty, The income tax effects of adjustments are based on the effective income tax rates applicable to each adjustment. (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. Cash flow provided by operations for the full year 2022 was. Medical claims liabilities totaled $16.7 billion. Specifically, the Company believes the presentation of non-GAAP financial information that excludes amortization of acquired intangible assets and acquisition and divestiture related expenses, as well as other items, allows investors to develop a more meaningful understanding of the Company's core performance over time. Centene believes it has consistently applied its claims reserving methodology. WebCentenes foundational belief that everyone deserves access to high-quality, affordable healthcare with dignity drives its determination to expand the range of products we offer ST. LOUIS, April 25, 2023 /PRNewswire/ -- Centene Corporation (NYSE: CNC) announced today its financial results for the first quarter ended March31, 2023. (1) Medicare includes Medicare Advantage, Medicare Supplement, D-SNPs, and Medicare PDP. Transforming the health of the community, one person at a time. Total debt was $18.3 billion, which included $359 million of borrowings on our $2.0 billion revolving credit facility at quarter end. Our local approach allows us to help members access high-quality, culturally sensitive "We are pleased with the progress we have made on our Value Creation Plan in 2022. RIP the Halo View. In-person attendance to the event is by invitation only. The adjusted SG&A expense ratio was 8.4% for the full year 2022, compared to 7.9% for the full year 2021. The adjusted SG&A expense ratio was 8.5% for the first quarter of 2023, compared to 7.7% in the first quarter of 2022. For the first quarter 2023, Samsung Biologics recorded a consolidated revenue of KRW 720.9 billion and an operating profit of KRW 191.7 billion. The three and twelve months ended December 31, 2022 include tax expense of $0.19 and $0.18, respectively, related to the Magellan Specialty Health divestiture. This list of important factors is not intended to be exhaustive. Health benefits ratio. In February 2022, Centene announced its subsidiary, Louisiana Healthcare Connections, was selected 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. healthcare services. The health of individuals drives our focus on the environment, Terms & Conditions. These forward-looking statements reflect our current views with respect to future events and are based on numerous assumptions and assessments made by us in light of our experience and perception of historical trends, current conditions, business strategies, operating environments, future developments, and other factors we believe appropriate. It also reported $31.97 billion 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. 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. Net earnings (loss) per common share attributable to Centene Corporation: Weighted average number of common shares outstanding: Adjustments to reconcile net earnings to net cash provided by operating activities, Net cash provided by operating activities, Divestiture proceeds, net of divested cash, Payments and repurchases of long-term debt, Net cash (used in) provided by financing activities, Effect of exchange rate changes on cash, cash equivalents, and restricted cash, Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents, Cash and cash equivalents reclassified (to) from held for sale, Cash, cash equivalents, and restricted cash and cash equivalents, beginning of period, Cash, cash equivalents, and restricted cash and cash equivalents, end of period. The Company is unable to provide a reconciliation of its 2023 adjusted diluted EPS guidance range to the corresponding GAAP measure without unreasonable effort due to the difficulty of predicting the timing and amounts of various items within a reasonable range. 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. Centene to grow geographic footprint in Medicare Advantage by 26% for 2022 | Fierce Healthcare Fierce Pharma Fierce Biotech Fierce Healthcare Fierce Life Sciences The SG&A expense ratio was 8.6% for the full year 2022, compared to 8.1% for the full year 2021. (Operator Instructions) Please note today's event is being recorded. (2) Membership includes ABD, IDD, LTSS, and MMP Duals. For the fourth quarter of 2022, our effective tax rate on adjusted earnings was 23.6%, compared to 23.6% in the fourth quarter of 2021. You should not place undue reliance on any forward-looking statements, as actual results may differ materially from projections, estimates, or other forward-looking statements due to a variety of important factors, variables and events including, but not limited to: our ability to accurately predict and effectively manage health benefits and other operating expenses and reserves, including fluctuations in medical utilization rates due to the ongoing impact of COVID-19; our ability to maintain or achieve improvement in the Centers for Medicare and Medicaid Services (CMS) Star ratings and maintain or achieve improvement in other quality scores in each case that can impact revenue and future growth; the risk that the election of new directors, changes in senior management, and any inability to retain key personnel may create uncertainty or negatively impact our ability to execute quickly and effectively; uncertainty as to the expected financial performance of the combined company following the recent completion of the acquisition of Magellan Health, Inc. (the Magellan Acquisition); the possibility that the expected synergies and value creation from the Magellan Acquisition or the acquisition of WellCare Health Plans, Inc. (the WellCare Acquisition) (or other acquired businesses) will not be realized, or will not be realized within the respective expected time periods; disruption from the integration of the Magellan Acquisition or from the integration of the WellCare Acquisition; unexpected costs, or similar risks, from other acquisitions or dispositions we may announce or complete from time to time, including potential adverse reactions or changes to business relationships with customers, employees, suppliers or regulators, making it more difficult to maintain business and operational relationships; the risk that the closing conditions, including applicable regulatory approvals, for the pending disposition of Magellan Specialty Health may be delayed or not obtained; impairments to real estate, investments, goodwill and intangible assets; a downgrade of the credit rating of our indebtedness; competition; membership and revenue declines or unexpected trends; changes in healthcare practices, new technologies, and advances in medicine; increased healthcare costs; changes in economic, political or market conditions; changes in federal or state laws or regulations, including changes with respect to income tax reform or government healthcare programs as well as changes with respect to the Patient Protection and Affordable Care Act and the Health Care and Education Affordability Reconciliation Act (collectively referred to as the ACA) and any regulations enacted thereunder that may result from changing political conditions, the current administration or judicial actions; rate cuts or other payment reductions or delays by governmental payors and other risks and uncertainties affecting our government businesses; our ability to adequately price products; tax matters; disasters or major epidemics; changes in expected contract start dates; provider, state, federal, foreign and other contract changes and timing of regulatory approval of contracts; the expiration, suspension, or termination of our contracts with federal or state governments (including, but not limited to, Medicaid, Medicare, TRICARE or other customers); the difficulty of predicting the timing or outcome of legal or regulatory proceedings or matters, including, but not limited to, our ability to resolve claims and/or allegations made by states with regard to past practices, including at Envolve Pharmacy Solutions, Inc. (Envolve), as our pharmacy benefits manager (PBM) subsidiary, within the reserve estimate we previously recorded and on other acceptable terms, or at all, or whether additional claims, reviews or investigations relating to our PBM business will be brought by states, the federal government or shareholder litigants, or government investigations; the timing and extent of benefits from our value creation strategy, including the possibility that the benefits received may be lower than expected, may not occur, or will not be realized within the expected time periods; challenges to our contract awards; cyber-attacks or other privacy or data security incidents; the exertion of management's time and our resources, and other expenses incurred and business changes required in connection with complying with the undertakings in connection with any regulatory, governmental or third party consents or approvals for acquisitions or dispositions; any changes in expected closing dates, estimated purchase price and accretion for acquisitions or dispositions; restrictions and limitations in connection with our indebtedness; the availability of debt and equity financing on terms that are favorable to us; inflation; foreign currency fluctuations; and risks and uncertainties discussed in the reports that Centene has filed with the Securities and Exchange Commission. Adjusted SG&A expense ratio of 8.2% to 8.7%. For the full year of 2022, our effective tax rate on adjusted earnings was 25.8%, compared to 25.1% in 2021. Adjusted effective tax rate of 24.4% to 25.4%. These impacts were partially offset by the leveraging of expenses over higher revenues as a result of increased membership. Centene Corporation will host an investor meeting today live from the New York Stock Exchange, including a question-and-answer session. and Terms and As of February 7, 2023, there was $700 million available under the senior note debt repurchase program. Centenefocuses on long-term growth and value creation as well as the development of its people, systems, and capabilities so that it can better serve its members, providers, local communities, and government partners. Let's tackle 2023 and then get to 2024. Conditions. "This positive momentum positions us well for 2023 and beyond as we maximize the opportunities ahead forour core business.". (3) Membership includes Medicare Advantage and Medicare Supplement. In addition, a digital audio playback will be available until 9:00 AM (Eastern Time) on Tuesday, May 2, 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 7234123. All forward-looking statements included in this press release are based on information available to us on the date hereof. All forward-looking statements included in this press release are based on information available to us on the date hereof. The health of individuals drives our focus on the environment, Statement of Operations: Three Months Ended March 31, 2023. ET In November 2022, Centene completed the divestiture of its ownership stakes in its Spanish and Central European businesses, As such, only in the absence of a consistent reserving methodology would favorable development of prior period claims liability estimates reduce medical costs. ST. LOUIS, Feb. 7, 2023 /PRNewswire/ -- Centene Corporation (NYSE: CNC) announced today its financial results for the fourth quarter and year ended December31, 2022. Terms & Conditions, For the first quarter of 2023, premium and service revenues increased 2% to. WebBudgeted appropriations included $15,000 for principal,$15,000 for interest, and $4,000 for other items. CENTENE CORPORATION REPORTS FIRST QUARTER 2023 RESULTS. Investors can also access the investor presentation online at https://investors.centene.com/news-events/events-presentations beginning at approximately 8:15 a.m. (Eastern Time). Except as may be otherwise required by law, we undertake no obligation to update or revise the forward-looking statements included in this press release, whether as a result of new information, future events, or otherwise, afterthe date hereof. The tables below provide reconciliations of non-GAAP items ($ in millions, except per share data): Amortization of acquired intangible assets. The Company reiterates its 2023 adjusted diluted EPS guidance of $6.25 to $6.40. -- Diluted EPS of $2.04; Adjusted Diluted EPS of $2.11 --, --Increases 2023 Full Year Guidance and Updates 2024 Target --.
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