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. Innovation Service Market 2022 Advance Technology, Latest GAAP selling, general and administrative expenses, Costs related to the PBM legal settlement, Adjusted selling, general and administrative expenses. As previously announced, the Company will host a conference call Tuesday, April25, 2023, at approximately 8:30 AM (Eastern Time) to review the financial results for the first quarter ended March31, 2023. The SG&A expense ratio was 9.5% for the fourth quarter of 2022, compared to 8.8% in the fourth quarter of 2021. The health of individuals drives our focus on the environment, The Company references adjusted effective tax rate guidance, which excludes acquisition related expenses and amortization of acquired intangible assets, as well as other items. CENTENE CORPORATION ANNOUNCES INCREASED 2022 GUIDANCE AND VALUE CREATION UPDATES 2022 Adjusted Diluted EPS of $5.55 to $5.70 Centene Centene believes it has consistently applied its claims reserving methodology. healthcare services. Innovation Service Market 2022 Advance Technology, Latest Trend and Future Expansion by 2030 Published: April 24, 2023 at 9:08 a.m. By their nature, forward-looking statements involve known and unknown risks and uncertainties and are subject to change because they relate to events and depend on circumstances that will occur in the future, including economic, regulatory, competitive, and other factors that may cause our or our industry's actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. The tables below provide reconciliations of non-GAAP items ($ in millions, except per share data): GAAP net earnings (loss) attributable to Centene, Amortization of acquired intangible assets, Acquisition and divestiture related expenses. For its 2023 fiscal year, the Company's guidance is as follows: Total revenues of $137.4 billion to $139.4 billion. Centene Corporation, a Fortune 500 company, is a leading healthcare enterprise that is committed to helping people live healthier lives. Total Broadband: Total broadband net additions of 437,000 was the largest result in more than a decade, reflecting a strong demand for fixed wireless and Fios products. Centene.com uses cookies. Centene, like other insurers before it, will be broadening its reach in the Medicare Advantage space in 2022, expanding into 327 new counties and three new A webcast replay will be available for on-demand listening shortly after the completion of the call for the next twelve months or until 11:59 PM (Eastern Time) on Tuesday, February 6, 2024, at the aforementioned URL. https://event.webcasts.com/starthere.jsp?ei=1584203&tp_key=4237d69e19, https://investors.centene.com/news-events/events-presentations, Purchase Order The changes in medical claims liability are summarized as follows (in millions): Centene's claims reserving process utilizes a consistent actuarial methodology to estimate Centene's ultimate liability. Except as may be otherwise required by law, we undertake no obligation to update or revise the forward-looking statements included in this press release, whether as a result of new information, future events, or otherwise, afterthe date hereof. 2023 Centene Medicaid and Medicare membership includes 1,323,000 and 1,231,500 Dual Eligible Special Needs Plans (D-SNP)beneficiaries for the periods ending March31, 2023, and March31, 2022, respectively. (1) Membership includes TANF, Medicaid Expansion, CHIP, Foster Care, and Behavioral Health. The tables below provide reconciliations of non-GAAP items ($ in millions, except per share data): GAAP net earnings attributable to Centene, Amortization of acquired intangible assets, Acquisition and divestiture related expenses. Good day, and welcome to the Centene Corporation First Quarter 2023 Earnings Conference Call. 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. 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. Centene (CNC) stock forecast for 2023 During the fourth quarter of 2022, the Company repurchased 17.0 million shares for $1.4 billion. Full year 2022 earnings will be reported on February7, 2023, at 6:00 a.m. (Eastern Time), with a conference call at 8:30 a.m. (Eastern Time). 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. 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. The three and twelve months ended December 31, 2022 include tax expense of $107 million related to the Magellan Specialty Health divestiture. Market value as of March 8, 2023. expansion The effective tax rate was 18.8% for the first quarter of 2023, compared to 25.8% in the first quarter of 2022. "Our disciplined focus in 2022 allowed us to successfully execute on foundational work that will support our long-term growth strategy. Wall Street Thinks These 2 Value Stocks Could Soar removing social barriers to health, and prioritizing responsible and Terms and In summary, the 2023 first quarter results were as follows: Premium and service revenues (in millions), Total cash flow provided by operations (in millions). These impacts were partially offset by the leveraging of expenses over higher revenues as a result of increased membership. The HBR for 2022 was positively impacted by disciplined Marketplace pricing and 2021 risk adjustment recorded in 2022, partially offset by a return to more normalized Medicaid utilization and higher flu costs compared to 2021. CENTENE CORPORATION ANNOUNCES 2023 GUIDANCE - Dec 16, 2022 2023 Adjusted Diluted EPS of $6.25 to $6.40 Announces Long-Term Adjusted Diluted Centene Premium and service revenues (in billions). (3) Membership includes Medicare Advantage and Medicare Supplement. 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. 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. In total, 14 local Therefore, the Company believes that this information is meaningful in addition to the information contained in the GAAP presentation of financial information. LOUIS, Sept. 11, 2020 /PRNewswire/ -- Centene Corporation (NYSE: CNC) announced today that it plans to expand its offering in the 2021 Health Insurance Marketplace. For the second quarter of 2022, total revenues increased 16% to $35.9 billion from $31.0 billion in the The SG&A expense ratio was 8.6% for the first quarter of 2023, compared to 8.0% in the first quarter of 2022. In May, the Positive dynamics for Momo shares will prevail with possible monthly volatility of 7.820% volatility is expected. The twelve months ended December 31, 2023 also includes a one-time income tax benefit of $0.12 resulting from the vesting of long-term stock awards distributable to the estate of Mr. Neidorff during Q1 2023. The estimate suggests a 21.9% increase from the prior-year figure of $1.83 per share. By continuing to use our site, you agree to our Privacy Policy Centene anticipates that subsequent events and developments may cause its estimates to change. CENTENE CORPORATION REPORTS FIRST QUARTER 2022 acquired in January 2022. The majority of the excess unregulated cash and cash equivalents was utilized in January 2023 to complete planned pass-through payments. 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. removing social barriers to health, and prioritizing responsible Let's tackle 2023 and then get to 2024. Centene (1) Medicare includes Medicare Advantage, Medicare Supplement, and Medicare PDP. The Company is unable to provide a reconciliation of its 2022 Adjusted Diluted EPS guidance range to the corresponding GAAP measure without unreasonable effort. Amazon has decided to shutter its health-focused Halo division, The Verge has learned. 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. A webcast replay will be available for on-demand listening shortly after the completion of the call for the next twelve months or until 11:59 PM (Eastern Time) on Tuesday, April 23, 2024, at the aforementioned URL. These impacts were partially offset by the leveraging of expenses over higher revenues as a result of increased membership. 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. For the first quarter of 2023, our effective tax rate on adjusted earnings was 24.3%, compared to 25.1% in the first quarter of 2022. Centene Welcare 2023 Flashcards | Quizlet Adjusted SG&A expense ratio of 8.2% to 8.7%. Adjusted effective tax rate of 24.4% to 25.4%. During the fourth quarter of 2022, the Company recorded pre-tax impairment charges associated with the divestitures of its Centurion business for. corporate governance. True Which stage of coverage is referred to as the "donut hole" as the member is paying the most for Total debt was $18.3 billion, which included $359 million of borrowings on our $2.0 billion revolving credit facility at quarter end. "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. (1) Medicare includes Medicare Advantage, Medicare Supplement, D-SNPs, and Medicare PDP. It also reported $31.97 billion We discuss certain of these matters more fully, as well as certain other factors that may affect our business operations, financial condition, and results of operations, in our filings with the Securities and Exchange Commission (SEC), including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Due to these important factors and risks, we cannot give assurances with respect to our future performance, including without limitation our ability to maintain adequate premium levels or our ability to control our future medical and selling, general and administrative costs. Statement of Operations: Three Months Ended June 30, 2022. 1 b. ST. LOUIS, April 25, 2023 /PRNewswire/ -- Centene Corporation (NYSE: CNC) announced today its financial results for the first quarter ended March 31, 2023. 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. CENTENE CORPORATION ANNOUNCES 2023 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 Centene believes it has consistently applied its claims reserving methodology. RIP the Halo View. 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. CENTENE CORPORATION REPORTS 2022 RESULTS (1) A full reconciliation of the adjusted diluted earnings per share (EPS) and adjusted selling, general and administrative (SG&A) expenses is shown in the Non-GAAP Financial Presentation section of this release. Investors and other interested parties are invited to listen to the conference call by dialing 1-877-883-0383 in the U.S. and Canada; +1-412-902-6506 from abroad, including the following Elite Entry Number: 8655989 to expedite caller registration; or via a live, audio webcast on the Company's website at www.centene.com, under the Investors section. 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. During the first quarter of 2023, the Company repurchased 4.9million shares for $377 million. Premium and service revenues (in millions) $ 34,952. "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. This list of important factors is not intended to be exhaustive. Wellcare Announces Refreshed Brand in Effort RIP the Halo View. and Terms and Centene to grow geographic footprint in Medicare Advantage by 26% for 2022 | Fierce Healthcare Fierce Pharma Fierce Biotech Fierce Healthcare Fierce Life Sciences Diluted shares outstanding of 557.5 million to 560.5 million. The income tax effects of adjustments are based on the effective income tax rates applicable to each adjustment. 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, after the date hereof. 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. LEGO.com Amazon pulls the plug on Halo division, discontinues all devices The event will begin promptly at 8:30 a.m. (Eastern Time) and end at approximately 12:00 p.m. (Eastern Time). Ticketmelon was founded in 2015. For its 2023 fiscal year, the Company's guidance is as follows: In addition, in preparation for the Magellan Specialty divestiture, as well as planning for the future, the Company also announced today that its Board of Directors has authorized a $2.0billion increase to the Company's existing stock repurchase program. GAAP selling, general and administrative expenses, Costs related to the PBM legal settlement, Adjusted selling, general and administrative expenses. Statement of Operations: Three Months Ended December 31, 2022, Statement of Operations:Year Ended December 31, 2022. Membership includes Temporary Assistance for Needy Families (TANF), Medicaid Expansion, Children's Health, Membership includes Aged, Blind, or Disabled (ABD), Intellectual and Developmental Disabilities (IDD), Long-Term, Medicaid and Medicare membership includes 1,323,000 and 1,231,500 Dual Eligible Special Needs Plans (D-SNP). (1) Membership includes TANF, Medicaid Expansion, CHIP, Foster Care, and Behavioral Health. Thailand-based ticketing platform to expand market in the 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. 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. Amazon pulls the plug on Halo division, discontinues all devices We wrote in May 2022 that Centene Corporation (Centene) announced that it reached its pharmacy platform migration milestones and was engaged in strategic Amazon has decided to shutter its health-focused Halo division, The Verge has learned. WebWellcare's 2022 product expansion represents an 8% increase from 2021. The income tax effects of adjustments are based on the effective income tax rates applicable to each adjustment. CASH, INVESTMENTS AND RESTRICTED DEPOSITS (in millions). The Company reaffirms its 2022 total revenues guidance in the previously announced range of $142.7 billion to $144.7 billion and adjusted diluted EPS guidance in the previously announced range of $5.65 to $5.75. (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. 2023 Preferred stock, $0.001 par value; authorized 10,000 shares; no shares issued or, Common stock, $0.001 par value; authorized 800,000 shares; 607,847 issued and, Net increase (decrease) in cash, cash equivalents, and restricted cash and cash, The following table provides a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents reported within the Consolidated, Purchase Order GAAP diluted earnings per share attributable to Centene. (4)Medicaid and Medicare membership includes 1,291,300, 1,285,600, 1,252,600, 1,231,500, and 1,178,000 dual-eligible beneficiaries for the periods ending December31, 2022, September30, 2022, June 30, 2022, March 31, 2022, and December31, 2021, respectively. Amazon pulls the plug on Halo division, discontinues all devices As of February 7, 2023, the Company has a remaining amount of $2.5 billion available under the stock repurchase program. Web$1,202 Market Value ($M) $36,880 Employees 74,300 Figures are for fiscal year ended Dec. 31, 2022. In particular, these statements include, without limitation, statements about our future operating or financial performance, market opportunity, value creation strategy, competition, expected activities in connection with completed and future acquisitions and dispositions, our investments, and the adequacy of our available cash resources. The tables below provide reconciliations of non-GAAP items ($ in millions, except per share data): Amortization of acquired intangible assets. (2) Membership includes ABD, IDD, LTSS, and MMP Duals. (NYSE: CNC) announced today its financial results for the first quarter ended March 31, 2023. Press Releases | Centene Corporation ET The increase is in addition to the approximately $950million remaining under the previously authorized program. healthcare services. Therefore, the Company believes that this information is meaningful in addition to the information contained in the GAAP presentation of financial information. for the year ended December 31, 2023, an estimated: $0.14 ($0.12 after-tax) of Magellan SpecialtyHealth divestiture gain and real estate impairments of $0.10 ($0.08 after-tax). 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.