AI English summary of an SEC filing — figures as filed
Centene CNCThe company reported GAAP diluted EPS of $2.16 and adjusted diluted EPS of $2.26 for Q1 2024 (Q1 2023 adjusted $2.11), and raised the low end of its full-year adjusted diluted EPS guidance by $0.10 to greater than $6.80.
Key points
AI summaryThe company reported GAAP diluted EPS of $2.16 and adjusted diluted EPS of $2.26 for Q1 2024 (Q1 2023 adjusted $2.11), and raised the low end of its full-year adjusted diluted EPS guidance by $0.10 to greater than $6.80.
Centene said premium and service revenues for Q1 2024 were $36,337 million, up 4% from $34,952 million in the year-earlier period. By segment, Commercial rose 48% and Medicaid fell 3%. The company cited growth in Marketplace membership as a driver.
The company said its health benefits ratio (HBR) was 87.1% for Q1 2024 (87.0% in the year-earlier period) and its SG&A expense ratio was 8.9% (8.6%). It also said cash used in operations was $456 million. The company cited the timing of experience rebate payments and a delay in premium payments from one state partner as factors.
The company said it had cash, investments and restricted deposits of $37.5 billion and total debt of $18.0 billion as of March 31, 2024. It repurchased 681 thousand shares for $51 million in Q1. As of April 26, 2024, $5.0 billion remained available under its stock repurchase program.
Summary
AI-writtenAnalysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Centene Q1 adjusted diluted EPS of $2.26; raises full-year EPS floor
The company reported GAAP diluted EPS of $2.16 and adjusted diluted EPS of $2.26 for Q1 2024 (Q1 2023 adjusted $2.11), and raised the low end of its full-year adjusted diluted EPS guidance by $0.10 to greater than $6.80.
Source · Based on the filing body and exhibits
Centene Q1 premium and service revenues up 4%
Centene said premium and service revenues for Q1 2024 were $36,337 million, up 4% from $34,952 million in the year-earlier period. By segment, Commercial rose 48% and Medicaid fell 3%. The company cited growth in Marketplace membership as a driver.
Source · Based on the filing body and exhibits
Centene Q1 HBR, SG&A ratios and operating cash outflow of $456 million
The company said its health benefits ratio (HBR) was 87.1% for Q1 2024 (87.0% in the year-earlier period) and its SG&A expense ratio was 8.9% (8.6%). It also said cash used in operations was $456 million. The company cited the timing of experience rebate payments and a delay in premium payments from one state partner as factors.
Source · Based on the filing body and exhibits
Liquidity, total debt and share repurchases
The company said it had cash, investments and restricted deposits of $37.5 billion and total debt of $18.0 billion as of March 31, 2024. It repurchased 681 thousand shares for $51 million in Q1. As of April 26, 2024, $5.0 billion remained available under its stock repurchase program.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
Loading the filing text…