Centene Corp Files 10-Q for Q2 2024

TL;DR

Centene's Q2 10-Q is in. Get the latest numbers.

AI Summary

Centene Corporation filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter and first half of the fiscal year. Key financial data and operational details for Centene, a healthcare company, are presented in this report.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational updates for Centene Corporation, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal significant financial health or operational risks.

Key Players & Entities

• CENTENE CORP (company) — Filer
• 0001071739 (company) — Central Index Key
• 20240630 (date) — Period of Report
• 20240726 (date) — Filed as of Date

FAQ

Key Financial Figures

• $0.001 — hange on Which Registered Common Stock $0.001 Par Value CNC New York Stock Exchange
• $10 m — Circle Health Group (Circle Health) of $10 million, or $0.02 per share ($0.02 after-
• $0.02 — roup (Circle Health) of $10 million, or $0.02 per share ($0.02 after-tax), an additio
• $7 m — nish and Central European businesses of $7 million, or $0.01 per share ($0.01 after-
• $0.01 — l European businesses of $7 million, or $0.01 per share ($0.01 after-tax), severance
• $4 m — verance costs due to a restructuring of $4 million, or $0.01 per share ($0.01 after-
• $3 m — ale of property due to closing costs of $3 million, or $0.00 per share ($0.00 after-
• $0.00 — due to closing costs of $3 million, or $0.00 per share ($0.00 after-tax) and net gai
• $2 m — stiture of Magellan Specialty Health of $2 million, or $0.00 per share ($0.00 after-
• $83 m — ation of working capital adjustments of $83 million, or $0.15 per share ($0.11 after-
• $0.15 — capital adjustments of $83 million, or $0.15 per share ($0.11 after-tax), net gain o
• $0.11 — nts of $83 million, or $0.15 per share ($0.11 after-tax), net gain on the sale of pro
• $21 m — x), net gain on the sale of property of $21 million, or $0.04 per share ($0.03 after-
• $0.04 — the sale of property of $21 million, or $0.04 per share ($0.03 after-tax), gain on th
• $0.03 — rty of $21 million, or $0.04 per share ($0.03 after-tax), gain on the previously repo

Filing Documents

• cnc-20240630.htm (10-Q) — 1770KB
• a2024063010-qexhibit101.htm (EX-10.1) — 50KB
• a2024063010-qexhibit102.htm (EX-10.2) — 46KB
• a2024063010-qexhibit311.htm (EX-31.1) — 11KB
• a2024063010-qexhibit312.htm (EX-31.2) — 10KB
• a2024063010-qexhibit321.htm (EX-32.1) — 5KB
• a2024063010-qexhibit322.htm (EX-32.2) — 5KB
• 0001071739-24-000157.txt ( ) — 8453KB
• cnc-20240630.xsd (EX-101.SCH) — 34KB
• cnc-20240630_cal.xml (EX-101.CAL) — 96KB
• cnc-20240630_def.xml (EX-101.DEF) — 185KB
• cnc-20240630_lab.xml (EX-101.LAB) — 545KB
• cnc-20240630_pre.xml (EX-101.PRE) — 371KB
• cnc-20240630_htm.xml (XML) — 1662KB

Financial Statements

Item 1. Financial Statements 1 Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 1 Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 2 Consolidated Statements of Comprehensive Earnings (Loss) for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 3 Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 4 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (unaudited) 6 Notes to the Consolidated Financial Statements (unaudited) 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 34

Controls and Procedures

Item 4. Controls and Procedures 34 Part II Other Information

Legal Proceedings

Item 1. Legal Proceedings 35

Risk Factors

Item 1A. Risk Factors 35

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35

Other Information

Item 5. Other Information 36

Exhibits

Item 6. Exhibits 37

Signatures

Signatures 38 Table of Contents CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS All statements, other than statements of current or historical fact, contained in this filing are forward-looking statements. Without limiting the foregoing, forward-looking statements often use words such as "believe," "anticipate," "plan," "expect," "estimate," "intend," "seek," "target," "goal," "may," "will," "would," "could," "should," "can," "continue," and other similar words or expressions (and the negative thereof). Centene Corporation and its subsidiaries (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. In particular, these statements include, without limitation, statements about our future operating or financial performance, market opportunity, competition, expected contract start dates and terms, expected activities in connection with completed and future acquisitions and dispositions, our investments, and the adequacy of our available cash resources. These statements may be found in the various sections of this filing, such as Part I, Item 2. "Management's Discussion and Analysis of Financial Condition and Results of Operations," Part II, Item 1. "Legal Proceedings," and Part II, Item 1A. "Risk Factors." 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. 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

Financial Statements

Item 1. Financial Statements. CENTENE CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions, except shares in thousands and per share data in dollars) June 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 17,605 $ 17,193 Premium and trade receivables 16,587 15,532 Short-term investments 2,609 2,459 Other current assets 1,605 5,572 Total current assets 38,406 40,756 Long-term investments 16,870 16,286 Restricted deposits 1,415 1,386 Property, software and equipment, net 2,041 2,019 Goodwill 17,558 17,558 Intangible assets, net 5,755 6,101 Other long-term assets 1,092 535 Total assets $ 83,137 $ 84,641 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY Current liabilities: Medical claims liability $ 18,173 $ 18,000 Accounts payable and accrued expenses 12,232 16,420 Return of premium payable 1,615 1,462 Unearned revenue 597 715 Current portion of long-term debt 112 119 Total current liabilities 32,729 36,716 Long-term debt 17,516 17,710 Deferred tax liability 665 641 Other long-term liabilities 4,770 3,618 Total liabilities 55,680 58,685 Commitments and contingencies Redeemable noncontrolling interests 16 19 Stockholders' equity: Preferred stock, $ 0.001 par value; authorized 10,000 shares; no shares issued or outstanding at June 30, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value; authorized 800,000 shares; 619,495 issued and 526,001 outstanding at June 30, 2024, and 615,291 issued and 534,484 outstanding at December 31, 2023 1 1 Additional paid-in capital 20,461 20,304 Accumulated other comprehensive (loss) ( 646 ) ( 652 ) Retained earnings 14,352 12,043 Treasury stock, at cost ( 93,494 and 80,807 shares, respectively) ( 6,817 ) ( 5,856 ) Total Centene stockholders' equity 27,351 25,840 Nonredeemable noncontrolling interest 90 97 Total stockholders' equity 27,441 25,937 Total liabilities, redeemable noncontrolling interests

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View this 10-Q filing on SEC EDGAR