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Centene Corp (CNC) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

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CNC Quarterly Reports

Centene Corp

CIK: 1071739 Ticker: CNC

Exhibit 99.1     
                                    
             centenelogoa60.jpg
N E W S R E L E A S E                                                                    
Contact:Investor Relations InquiriesMedia Inquiries
Jennifer GilliganMarcela Manjarrez-Hawn
Senior Vice President, Finance & Investor RelationsExecutive Vice President, Chief Communications Officer
(212) 549-1306(314) 445-0790

FOR IMMEDIATE RELEASE

CENTENE CORPORATION REPORTS FIRST QUARTER 2022 RESULTS AND INCREASES 2022 GUIDANCE
-- Diluted EPS of $1.44; Adjusted Diluted EPS of $1.83 --
-- Raises Total Revenue and Adjusted EPS Guidance --

ST. LOUIS, MISSOURI (April 26, 2022) -- Centene Corporation (NYSE: CNC) announced today its financial results for the first quarter ended March 31, 2022, reporting diluted earnings per share (EPS) of $1.44 and adjusted diluted EPS of $1.83.

In summary, the 2022 first quarter results were as follows:
Total revenues (in millions)$37,185 
Premium and service revenues (in millions)$34,232 
Health benefits ratio87.3 %
SG&A expense ratio8.0 %
Adjusted SG&A expense ratio (1)
7.7 %
GAAP diluted EPS$1.44 
Adjusted diluted EPS (1)
$1.83 
Total cash flow provided by operations (in millions)$1,151 
(1) A full reconciliation of the adjusted diluted EPS and adjusted SG&A expenses is shown beginning on page 5 of this release.

"Our strong first quarter performance demonstrates Centene’s ability to deliver on our financial goals while continuing to make progress against our Value Creation initiatives," said Sarah M. London, Chief Executive Officer of Centene. "As we look ahead, consistency of results and operational excellence will remain top priorities for this management team as we drive towards sustainable and profitable long-term growth."

"While it is still early in the year, we are pleased to start strong across all of our business lines. Our updated full year 2022 outlook reflects the Company's positive momentum as well as our refreshed expectations around the timing of Medicaid redeterminations," said Drew Asher, Executive Vice President and Chief Financial Officer of Centene.

First Quarter Highlights

March 31, 2022 managed care membership of 26.2 million, an increase of 1.9 million members, or 8%, compared to March 31, 2021.

Total revenues of $37.2 billion for the first quarter of 2022, representing 24% growth compared to the first quarter of 2021.

Premium and service revenues of $34.2 billion for the first quarter of 2022, representing 22% growth compared to the first quarter of 2021.

Health benefits ratio (HBR) of 87.3% for the first quarter of 2022, compared to 86.8% in the first quarter of 2021.
1

The following information was filed by Centene Corp (CNC) on Tuesday, April 26, 2022 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Centene Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Earnings
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Acquisitions
Acquisitions (Tables)
Acquisitions - Narrative (Details)
Acquisitions - Schedule Of Fair Value Of Assets Acquired And Liabilities Assumed (Details)
Affordable Care Act
Affordable Care Act (Tables)
Affordable Care Act - Net Receivables (Payables) For Each Of The Ongoing Programs (Details)
Contingencies
Contingencies (Details)
Debt
Debt (Tables)
Debt - Narrative (Details)
Debt - Schedule Of Debt (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Fair Value Measurements By Level For Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details)
Fair Value Measurements - Narrative (Details)
Leases
Leases (Tables)
Leases - Narrative (Details)
Leases - Rou Assets And Liabilities (Details)
Medical Claims Liability
Medical Claims Liability (Tables)
Medical Claims Liability - Narrative (Details)
Medical Claims Liability - Schedule Of Change In Medical Claims Liability (Details)
Organization And Operations
Organization And Operations (Policies)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Short-Term And Long-Term Investments, Restricted Deposits
Short-Term And Long-Term Investments, Restricted Deposits (Tables)
Short-Term And Long-Term Investments, Restricted Deposits - By Investment Type (Details)
Short-Term And Long-Term Investments, Restricted Deposits - Contractual Maturities Of Short-Term And Long-Term Investments And Restricted Deposits (Details)
Short-Term And Long-Term Investments, Restricted Deposits - Fair Value Of Available-For-Sale Investments With Gross Unrealized Losses By Investment Type And Length Of Time (Details)
Short-Term And Long-Term Investments, Restricted Deposits - Narrative (Details)

Material Contracts, Statements, Certifications & more

Centene Corp provided additional information to their SEC Filing as exhibits

Ticker: CNC
CIK: 1071739
Form Type: 10-Q Quarterly Report
Accession Number: 0001071739-22-000177
Submitted to the SEC: Mon Apr 25 2022 8:49:46 PM EST
Accepted by the SEC: Tue Apr 26 2022
Period: Thursday, March 31, 2022
Industry: Hospital And Medical Service Plans

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