The Company uses the presented non-GAAP financial measures internally in evaluating the Company's performance and for planning purposes, by allowing management to focus on period-to-period changes in the Company's core business operations, and in determining employee incentive compensation. The percentage of members in Centene's 4-star or higher plans will drop to 3% from 48% in 2022, Scott Fidel, an analyst at Stephens, estimated in a Friday research note. 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). Market value as of March 8, 2023. Net earnings 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, 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, cash equivalents, and restricted cash and cash equivalents, beginning of period, Cash, cash equivalents, and restricted cash and cash equivalents, end of period. Costs related to the PBM legal settlement of $0.00 ($0.00 after-tax). HBR of 87.7% for the full year 2022 represents a decrease from 87.8% in the comparable period in 2021. Construction will begin in 2023. The momentum we have built will propel us into 2023 and beyond," said Sarah M. London, Chief Executive Officer of Centene. These statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions. The three months ended December 31, 2021 include a tax benefit of $0.02 related to the impairment of our equity method investment in RxAdvance. Note: Beginning in 2022, we have included a separate line item for depreciation expense on the Consolidated Statements of Operations, which was previously included in SG&A expenses. The Company's days in claims payable was 54 days, which is flat as compared to the third quarter of 2022, and an increase of two days over the fourth quarter of 2021. Supplemental disclosures of cash flow information: Equity issued in connection with acquisitions. The following table sets forth supplemental revenue information ($ in millions): Medicare includes Medicare Advantage, Medicare Supplement, and Medicare Prescription Drug Plan (PDP). The Company also contracts with other healthcare and commercial organizations to provide a variety of specialty services focused on treating the whole person. 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. ET In addition, the, Preferred stock, $0.001 par value; authorized 10,000 shares; no shares issued or, Common stock, $0.001 par value; authorized 800,000 shares; 614,355 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 The effective tax rate for the first quarter of 2023 reflects the tax effects of the distribution of long-term stock awards to the estate of the Company's former CEO as well as the Magellan Specialty Health gain. 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 offers affordable and high-quality products to nearly 1 in 15 individuals across the nation, including Medicaid and Medicare members (including The Company also contracts with other healthcare and commercial organizations to provide a variety of specialty services focused on treating the whole person. The Company uses the presented non-GAAP financial measures internally in evaluating the Company's performance and for planning purposes, by allowing management to focus on period-to-period changes in the Company's core business operations, and in determining employee incentive compensation. Adjusted effective tax rate of 24.4% to 25.4%. Conditions. CENTENE CORPORATION REPORTS FIRST QUARTER 2023 RESULTS. As previously announced, the Company will host a conference call Tuesday, February7, 2023, at approximately 8:30 AM (Eastern Time) to review the financial results for the fourth quarter and year ended December31, 2022. "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. Centene.com uses cookies. The Company also contracts with other healthcare and commercial organizations to provide a variety of specialty services focused on treating the whole person. All statements, other than statements of current or historical fact, contained in thispress release are forward-looking statements. By continuing to use our site, you agree to our Privacy Policy 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. Conditions. The health of individuals drives our focus on the environment, GAAP diluted earnings per share attributable to Centene. 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. (1) Membership includes TANF, Medicaid Expansion, CHIP, Foster Care, and Behavioral Health. for the three months ended December 31, 2021: gain related to the divestiture of USMM of $0.25 ($0.23 after-tax) and PBM legal settlement expense of $0.00 ($0.04 after-tax); for the twelve months ended December 31, 2021: PBM legal settlement expense of $2.14 ($1.76 after-tax); gain related to the acquisition of the remaining 60% interest of Circle Health of $0.52 ($0.52 after-tax); impairment of our equity method investment in RxAdvance of $0.39 ($0.32 after-tax); gain related to the divestiture of USMM of $0.25 ($0.23 after-tax); debt extinguishment costs of $0.21 ($0.16 after-tax); reduction to the previously reported gain on divestiture of certain products of our Illinois health plan of $0.10 per share ($0.08 after-tax); and severance costs due to a restructuring of $0.09 ($0.06 after-tax). (2) Membership includes ABD, IDD, LTSS, and MMP Duals. Therefore, the Company believes that this information is meaningful in addition to the information contained in the GAAP presentation of financial information. 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 design and price products that are competitive and/or actuarially sound including but not limited to any impacts resulting from Medicaid redeterminations; 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; our ability to accurately predict and effectively manage health benefits and other operating expenses and reserves, including fluctuations in medical utilization rates; competition, including our ability to reprocure our contracts and grow organically; 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; our ability to manage our information systems effectively; disruption, unexpected costs, or similar risks from business transactions, including acquisitions, divestitures, and changes in our relationships with third parties; impairments to real estate, investments, goodwill, and intangible assets; 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;membership and revenue declines or unexpected trends; rate cuts or other payment reductions or delays by governmental payors and other risks and uncertainties affecting our government businesses; changes in healthcare practices, new technologies, and advances in medicine; increased healthcare costs; inflation; 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; 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 Centene Pharmacy Services (formerly 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 will be brought by states, the federal government or shareholder litigants, or government investigations; 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, or accretion for acquisitions or dispositions; restrictions and limitations in connection with our indebtedness; a downgrade of the credit rating of our indebtedness; the availability of debt and equity financing on terms that are favorable to us; foreign currency fluctuations; and risks and uncertainties discussed in the reports that Centene has filed with the Securities and Exchange Commission. From this baseline, we remain confident in our ability to deliver 12-15% long-term adjusted earnings compound annual growth in the back half of the decade.". Health benefits ratio (HBR) of 87.0% for the first quarter of 2023 represents a decrease from 87.3% in the comparable period in 2022. All forward-looking statements included in this press release are based on information available to us on the date hereof. 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. Statement of Operations: Three Months Ended December 31, 2022, Statement of Operations:Year Ended December 31, 2022. Supplemental disclosures of cash flow information: The following table provides a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents reported within the ConsolidatedBalance Sheets to the totals above: Restricted cash and cash equivalents, included in restricted deposits, Total cash, cash equivalents, and restricted cash and cash equivalents. and Terms and ST. LOUIS, Dec. 16, 2022 /PRNewswire/ -- Centene Corporation (NYSE: CNC) today willhost its investor day to outline its 2023 financial guidance as well as provide updates on its long-term strategic plan, designed to deliver long-termshareholder value. The adjusted SG&A expense ratio was 9.3% for the fourth quarter of 2022, compared to 8.7% in the fourth quarter of 2021. Conditions. (2) Adjusted SG&A expense ratio excludes acquisition and divestiture related expenses of approximately $35 million to $40 million. Other adjustments include an estimated $0.10 ($0.07 after-tax) of real estate rationalization costs. Let's tackle 2023 and then get to 2024. The Company is increasing its 2023 premium and service revenues guidance range by $2.0 billion, to reflect the following: The Company's new 2023 premium and service revenues guidance range is $131.5 billion to $133.5 billion. The weighted average target price per Centene share in May 2023 is: 66.88. The effective tax rate for the fourth quarter of 2021 reflects the gain on the sale of our majority stake in U.S. Medical Management (USMM). 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, other 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. (NYSE: CNC) announced today its financial results for the first quarter ended March 31, 2023. Diluted earnings per share (EPS) of $5.25 to $5.40. The California Competes Tax Credit Committee this week approved Mary Ann's application, making the company eligible for $5 million in tax credits from the state if it removing social barriers to health, and prioritizing responsible 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 following table provides a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents reported within the Consolidated Balance Sheets to the totals above: Restricted cash and cash equivalents, included in restricted deposits, Total cash, cash equivalents, and restricted cash and cash equivalents. 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. As of February 7, 2023, there was $700 million available under the senior note debt repurchase program. Medicare includes Medicare Advantage, Medicare Supplement, D-SNPs, and Medicare Prescription Drug Plan (PDP). Pessimistic target level: 63.27 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. Billund, February 10, 2022: Today, the LEGO Group announced that it will significantly expand and upgrade its global headquarters in Billund, Denmark towards 2025. We also delivered strong financial results, exceeding our most recent full year guidance," said Sarah M. London, Chief Executive Officer of Centene. 1 b. 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. Sources: S&P Global; Bloomberg. Financial and other information about Centene is routinely posted and is accessible on Centene's investor relations website, https://investors.centene.com/. CENTENE CORPORATION ANNOUNCES INCREASED 2022 GUIDANCE AND VALUE CREATION UPDATES 2022 Adjusted Diluted EPS of $5.55 to $5.70 The Company reiterates its 2023 adjusted diluted EPS guidance of $6.25 to $6.40. "Our disciplined focus in 2022 allowed us to successfully execute on foundational work that will support our long-term growth strategy. The income tax effects of adjustments are based on the effective income tax rates applicable to each adjustment. The 2022 effective tax rate is driven by the tax effects of pending and completed divestitures and impairments associated with our ongoing portfolio review, including the Magellan Rx divestiture gain, the non-deductible impairment of our Health Net Federal Services business, and tax impacts related to the reclassification of the Magellan Specialty Health business to held for sale. Therefore, the Company believes that this information is meaningful in addition to the information contained in the GAAP presentation of financial information. For the first quarter of 2023, premium and service revenues increased 2% to $35.0 billion from $34.2 billion in the comparable period of 2022. Innovation Service Market 2022 Advance Technology, Latest Trend and Future Expansion by 2030 Published: April 24, 2023 at 9:08 a.m. "We look forward to sharing more about Centene's long-term strategy and our plan to deliver profitable growth and increasing value to shareholders into the future during our investor day.". ST. LOUIS, April 25, 2023 /PRNewswire/ -- Centene Corporation (NYSE: CNC) announced today its financial results for the first quarter ended March31, 2023. corporate governance. Good day, and welcome to the Centene Corporation First Quarter 2023 Earnings Conference Call. As of February 7, 2023, the Company has a remaining amount of $2.5 billion available under the stock repurchase program. and Terms and 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. In-person attendance to the event is by invitation only. This list of important factors is not intended to be exhaustive. Centene believes it has consistently applied its claims reserving methodology. Any reduction in the "Incurred related to: Prior period" amount may be offset as Centene actuarially determines the "Incurred related to: Current period." Costs related to the PBM legal settlement of $2 million. (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. At March31, 2023, the Company had cash, investments and restricted deposits of $35.1 billion and maintained $242 million of cash and cash equivalents in our unregulated entities, including $51 million in our international subsidiaries. These forward-looking statements reflect our current views with respect to future events and are based on numerous assumptions and assessments made by us in light of our experience and perception of historical trends, current conditions, business strategies, operating environments, future developments, and other factors we believe appropriate. Please note that any opinions, estimates or forecasts regarding Centene Corporation's performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Centene Corporation or its management. The increase was primarily due to higher Medicaid utilization, higher flu costs, increased investments in quality, partially offset by lower COVID testing and treatment costs as compared to the fourth quarter of 2021. The following table sets forth supplemental revenue information ($ in millions): (1) Medicare includes Medicare Advantage, Medicare Supplement, D-SNPs, and Medicare Prescription Drug Plan (PDP). The budget also included an estimated transfer in of$5,000 from the capital Financial and other information about Centene is routinely posted and is accessible on Centene's investor relations website, https://investors.centene.com/.
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