Centene Corp (CNC) 10-K Annual Report Tue Feb 21 2017



Contact:	Investor Relations Inquiries
	Edmund E. Kroll, Jr.
	Senior Vice President, Finance & Investor Relations
	(212) 759-0382

	Media Inquiries
	Marcela Manjarrez-Hawn
	Senior Vice President and Chief Communications Officer
	(314) 445-0790

FOR IMMEDIATE RELEASE

CENTENE CORPORATION REPORTS 2016 FOURTHQUARTER AND FULL YEAR RESULTS

-- 2016 Full Year Diluted EPS of $3.41; Adjusted Diluted EPS of $4.43 --

ST. LOUIS, MISSOURI (February 7, 2017) -- Centene Corporation (NYSE: CNC) announced today its financial results for the fourth quarter and year ended December 31, 2016. The following discussions, with the exception of cash flow information, are in the context of continuing operations.

For the fourth quarter and year ended December 31, 2016, the Company reported diluted earnings per share (EPS) of $1.45 and $3.41, respectively, and Adjusted Diluted EPS of $1.19 and $4.43, respectively. A summary of diluted EPS is highlighted below:



	Q4			Full Year
GAAP diluted EPS	$	1.45		$	3.41
Health Net acquisition related expenses	0.03			0.98
Amortization of acquired intangible assets	0.20			0.57
California minimum medical loss ratio change ⁽¹⁾	(0.71		)	(0.76		)
Charitable contribution ⁽²⁾	0.18			0.19
Debt extinguishment ⁽³⁾	0.04			0.04
Adjusted Diluted EPS	$	1.19		$	4.43

(1) A favorable impact associated with the retroactive change in the minimum medical loss ratio (MLR) calculation under California’s Medicaid expansion program, $195 million of which relates to periods prior to 2016 for the legacy Centene business and prior to the acquisition date for the legacy Health Net business.

(2) In connection with the additional revenue associated with the California minimum MLR change, the Company committed to a charitable contribution to its foundation of $50 million in the fourth quarter of 2016.

(3) Additional expense of $11 million associated with the early redemption of the 5.75% Senior Notes due 2017 and the Health Net Inc. 6.375% Senior Notes due 2017.

Included in diluted EPS and Adjusted Diluted EPS for the fourth quarter and year ended December 31, 2016 are $0.03 and $0.05 diluted EPS benefits, respectively, related to the early adoption of the stock-based compensation accounting standard, as well as the incorporation of retirement provisions in our stock-based compensation agreements.

The following information was filed by Centene Corp (CNC) on Tuesday, February 7, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Centene Corp provided additional information to their SEC Filing as exhibits

Exhibit 10.20: Form Of Restricted Stock Unit Agreement

Exhibit 10.23: Form Of Performance Based Restricted Stock Unit Agreement

Exhibit 10.25: Form Of Long Term Incentive Agreement

Exhibit 12.1: Ratio Of Earnings To Fixed Charges

Exhibit 21: List Of Subsidiaries

Exhibit 23: Consent

Exhibit 31.1: Certification

Exhibit 31.2: Certification

Exhibit 32.1: Certification

Exhibit 32.2: Certification

Ticker: CNC
CIK: 1071739
Form Type: 10-K Annual Report
Accession Number: 0001071739-17-000018
Submitted to the SEC: Tue Feb 21 2017 4:40:20 PM EST
Accepted by the SEC: Tue Feb 21 2017
Period: Saturday, December 31, 2016
Industry: Hospital And Medical Service Plans