Centene Corp Files 8-K on Financials

TL;DR

Centene filed an 8-K on July 23, 2024, for results of operations. No new numbers yet.

AI Summary

Centene Corporation filed an 8-K on July 23, 2024, to report on its results of operations and financial condition. The filing does not contain specific financial figures or forward-looking statements but serves as a notification of the company's ongoing reporting obligations.

Why It Matters

This filing indicates Centene Corporation is providing updates on its financial performance and operational results as required by the SEC.

Risk Assessment

Risk Level: low — This is a routine filing to report results of operations and financial condition, not indicating any immediate material changes or risks.

Key Players & Entities

• CENTENE CORP (company) — Registrant
• Delaware (jurisdiction) — State of Incorporation
• July 23, 2024 (date) — Date of Report

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common stock, $0.001 Par Value CNC New York Stock Exchange
• $0.0 billion — 2023 benefit year, resulting in a final $0.0 billion receivable for Centene. As a result of
• $1.3 billion — March 31, 2024, Centene had recorded a $1.3 billion 2023 risk adjustment payable, net on th
• $0.1 billion — fit year will increase by approximately $0.1 billion impacting the second half of 2024, resu
• $0.6 billion — half of 2024, resulting in an estimated $0.6 billion net outperformance for risk adjustment
• $2.16 — AAP diluted earnings per share (EPS) of $2.16 and adjusted diluted EPS of $2.42 , inc
• $2.42 — S) of $2.16 and adjusted diluted EPS of $2.42 , inclusive of the 2023 Risk Adjustment
• $5.94 — uted EPS guidance floor of greater than $5.94 and adjusted diluted EPS guidance floor
• $6.80 — uted EPS guidance floor of greater than $6.80. The Company is providing certain pre
• $1.32 — ion of acquired intangible assets 0.33 ~$1.32 Acquisition and divestiture related e
• $0.13 — and divestiture related expenses 0.01 ~$0.13 Other adjustments (1) — ~$(0.19) I
• $0.02 — eported divestiture of Circle Health of $0.02 per share ($0.02 after-tax), an additio
• $0.01 — nish and Central European businesses of $0.01 per share ($0.01 after-tax) and severan
• $0.16 — ended December 31, 2024, an estimated: $0.16 ($0.12 after-tax) net gain on the previ
• $0.12 — December 31, 2024, an estimated: $0.16 ($0.12 after-tax) net gain on the previously r

Filing Documents

• cnc-20240723.htm (8-K) — 61KB
• 0001071739-24-000151.txt ( ) — 188KB
• cnc-20240723.xsd (EX-101.SCH) — 2KB
• cnc-20240723_lab.xml (EX-101.LAB) — 21KB
• cnc-20240723_pre.xml (EX-101.PRE) — 12KB
• cnc-20240723_htm.xml (XML) — 3KB

02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION On July 22, 2024, the Centers for Medicare and Medicaid Services (CMS) published the final risk adjustment transfers for the 2023 benefit year, resulting in a final $0.0 billion receivable for Centene. As a result of the publication of the benefit year 2023 reports, the Company is providing information regarding Centene's estimated net risk adjustment payable as of March 31, 2024, as well as summarizing the second quarter and expected full year 2024 financial impact of the 2023 risk adjustment results. As of March 31, 2024, Centene had recorded a $1.3 billion 2023 risk adjustment payable, net on the Consolidated Balance Sheet, as detailed below ($ in billions): 2023 Benefit Year Risk Adjustment Payable, gross $ 1.6 Less: Fair value adjustment for adverse development (0.2) Less: Estimated Risk Adjustment Data Validation (RADV) accrual for 2023 benefit year (0.1) 2023 Benefit Year Risk Adjustment Payable, net $ 1.3 The following table provides information about the financial impact of the 2023 risk adjustment ($ in billions): Centene's 2023 estimated Risk Adjustment Payable, net on the Balance Sheet as of March 31, 2024 $ 1.3 Less: Final 2023 risk adjustment receivable published by CMS on July 22, 2024 0.0 Difference between Centene's 2023 Benefit Year Risk Adjustment Payable, net as of March 31, 2024 and the final risk adjustment receivable published by CMS on July 22, 2024 1.3 Less: Increase in Minimum Medical Loss Ratio (MLR) payable due to outperformance (0.3) Less: Estimated other offsets primarily resulting from competitor inability to pay into the CMS risk adjustment program for 2023 Benefit Year due to insolvency (0.3) Net outperformance from final 2023 Benefit Year Risk Adjustment recorded in Q2 2024 $ 0.7 1 1 As a result of the outperformance, the minimum MLR payable for the 2024 benefit year will increase by approximately $0.1 billion impacting the second half of 2024, resulting

Forward-Looking Statements

Forward-Looking Statements All statements, other than statements of current or historical fact, contained in this Form 8-K are forward-looking statements. Without limiting the foregoing, forward-looking statements often use words such as "guidance," "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 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 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 achievem

View Full Filing

View this 8-K filing on SEC EDGAR