Delaware | 001-31826 | 42-1406317 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
7700 Forsyth Blvd. St. Louis, Missouri | 63105 | |
(Address of Principal Executive Offices) | (Zip Code) |
CENTENE CORPORATION | ||||
Date: | July 24, 2012 | By: | /s/ William N. Scheffel | |
William N. Scheffel Executive Vice President & Chief Financial Officer |
Exhibit Number | Description | |
99.1 | Press release* of Centene Corporation issued July 24, 2012, as to financial results for the second quarter ended June 30, 2012. |
* | The press release is being furnished pursuant to Item 2.02, and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange of 1934, as amended. |
Contact: | Investor Relations Inquiries |
Edmund E. Kroll | |
Senior Vice President, Finance & Investor Relations | |
(212) 759-0382 | |
Media Inquiries | |
Deanne Lane | |
Vice President, Media Affairs | |
(314) 725-4477 |
• | In the Texas health plan, the Company experienced a high level of medical costs related to the March 1, 2012, expansion areas. |
• | In the Kentucky health plan, the Company experienced increased medical costs primarily resulting from the retroactive assignment of members and a high level of non-inpatient claims receipts during the quarter. |
• | In the Celtic subsidiary, the Company experienced a high level of medical costs related to individual health policies. This was primarily associated with recently issued policies related to members converted from another insurer throughout the first quarter of 2012. In addition to the operating loss, the Company also recorded an impairment loss of $28.0 million for the write down of goodwill and intangible assets in the Celtic reporting unit. |
• | Quarter-end at-risk managed care membership of 2,397,500, an increase of 817,000 members, or 52% year over year. |
• | Premium and service revenues of $2.1 billion, representing 61% growth year over year. |
• | Health Benefits Ratio of 92.9%, compared to 84.8% in 2011. |
• | General and Administrative expense ratio of 8.2%, compared to 11.2% in 2011. |
• | Diluted net loss per share of $(0.68), including an impairment loss of $(0.52) per diluted share, compared to net earnings per share of $0.54 in the prior year. |
• | Operating cash flow of $22.2 million for the second quarter of 2012. |
• | In July 2012, the Company began operating under a new contract with the Washington Health Care Authority to serve Medicaid beneficiaries in the state, initially operating as Coordinated Care. |
• | In July 2012, the Company's subsidiary, Home State Health Plan, began operating under a new contract with the Office of Administration for Missouri to serve Medicaid beneficiaries in the Eastern, Central, and Western Managed |
• | In June 2012, the Company was notified by the Ohio Department of Job and Family Services that Buckeye Community Health Plan (Buckeye), the Company's Ohio subsidiary, was selected to be awarded a new and expanded contract to serve Medicaid members in Ohio, effective January 2013. Under the new state contract, Buckeye will operate statewide through Ohio's three newly aligned regions (West, Central/Southeast, and Northeast). The award remains subject to ongoing legal proceedings from other managed care organizations that were not awarded a contract. |
• | In June 2012, the Company's Kansas subsidiary, Sunflower State Health Plan, was awarded a statewide contract to serve members in the state's KanCare program, which includes TANF, ABD non-duals, long-term care and CHIP beneficiaries. Operations are expected to commence in the first quarter of 2013. |
• | In May 2012, the Company announced the Governor and Executive Council of New Hampshire had given approval for the Department of Health and Human Services to contract with the Company's subsidiary, Granite State Health Plan, to serve Medicaid beneficiaries in New Hampshire. Operations are currently expected to commence in the first quarter of 2013. |
• | In May 2012, at the Case In Point Platinum Awards, Centene won in three categories: Managed Care: Disease Management / Population Health, Medicaid Case Management, and Woman/Children's Case Management. |
June 30, | |||||
2012 | 2011 | ||||
Arizona | 24,000 | 22,800 | |||
Florida | 204,100 | 190,600 | |||
Georgia | 313,300 | 303,100 | |||
Illinois | 17,800 | 700 | |||
Indiana | 205,000 | 206,700 | |||
Kentucky | 143,500 | — | |||
Louisiana | 168,700 | — | |||
Massachusetts | 41,400 | 32,900 | |||
Mississippi | 30,100 | 30,800 | |||
Ohio | 166,800 | 159,900 | |||
South Carolina | 87,800 | 82,800 | |||
Texas | 919,200 | 470,400 | |||
Wisconsin | 75,800 | 79,800 | |||
Total at-risk membership | 2,397,500 | 1,580,500 | |||
Non-risk membership | — | 10,400 | |||
Total | 2,397,500 | 1,590,900 |
June 30, | ||||
2012 | 2011 | |||
Medicaid | 1,848,500 | 1,172,400 | ||
CHIP & Foster Care | 222,600 | 211,400 | ||
ABD & Medicare | 269,900 | 156,300 | ||
Hybrid Programs | 48,100 | 35,500 | ||
Long-term Care | 8,400 | 4,900 | ||
Total at-risk membership | 2,397,500 | 1,580,500 | ||
Non-risk membership | — | 10,400 | ||
Total | 2,397,500 | 1,590,900 |
June 30, | ||||
2012 | 2011 | |||
ABD | 62,000 | 33,000 | ||
Long-term Care | 7,600 | 4,600 | ||
Medicare | 3,600 | 3,000 | ||
Total | 73,200 | 40,600 |
• | For the second quarter of 2012, Premium and Service Revenues increased 61% to $2.1 billion from $1.3 billion in the second quarter of 2011. The increase was primarily driven by the additions between years of the Illinois, Kentucky and Louisiana contracts, Texas and Arizona expansion, pharmacy carve-ins, and membership growth. |
• | Consolidated HBR of 92.9% for the second quarter of 2012 represents an increase from 84.8% in the comparable period in 2011 and 88.2% from the first quarter of 2012. The increase compared to last year primarily reflects (1) increased medical costs in the March 1, 2012 expansion areas in Texas, (2) increased medical costs resulting from retroactive assignment of members and increased non-inpatient claims in Kentucky, and (3) a high level of medical costs in the individual health business, especially for recently issued polices related to members converted in the first quarter of 2012. Excluding the impact of these items, the second quarter 2012 HBR would have been 88.5%. |
• | Consolidated G&A expense ratio for the second quarter of 2012 was 8.2%, compared to 11.2% in the prior year. The year over year decrease in the G&A expense ratio reflects the leveraging of expenses over higher revenues in 2012 and a reduction in performance based compensation expense in 2012 which lowered the G&A expense ratio by 80 basis points. The G&A ratio in 2011 reflects a 50 basis point decrease resulting from the recognition of revenue in the second quarter of 2011 from the Mississippi contract for the period January 1, 2011 through March 31, 2011. |
• | Loss from operations was $(46.7) million in the second quarter 2012 compared to earnings of $55.3 million in the second quarter 2011. Net loss attributable to Centene Corporation was $(35.0) million in the second quarter 2012, compared to net earnings of $28.4 million in the second quarter of 2011. |
• | Loss per diluted share was $(0.68) in the second quarter of 2012 compared to earnings of $0.54 in the prior year. |
Days in claims payable, March 31, 2012 | 44.7 | ||
Texas pharmacy carve-in | (2.3 | ) | |
Full quarter of Texas expansion | (2.4 | ) | |
Timing of claim payments | 1.4 | ||
Days in claims payable, June 30, 2012 | 41.4 | ||
Full Year 2012 | |||||||||
Low | High | ||||||||
Premium and Service Revenues (in millions) | $ | 7,700 | $ | 8,100 | |||||
Diluted EPS (Excluding Impairment Loss) | $ | 1.45 | $ | 1.65 | |||||
Diluted EPS (Including Impairment Loss) | $ | 0.95 | $ | 1.15 | |||||
Consolidated Health Benefits Ratio | 89.0 | % | 90.0 | % | |||||
General & Administrative expense ratio | 8.5 | % | 9.0 | % | |||||
Diluted Shares Outstanding (in thousands) | 53,600 | 53,800 | |||||||
June 30, 2012 | December 31, 2011 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 421,894 | $ | 573,698 | |||
Premium and related receivables | 400,194 | 157,450 | |||||
Short-term investments | 152,545 | 130,499 | |||||
Other current assets | 98,805 | 78,363 | |||||
Total current assets | 1,073,438 | 940,010 | |||||
Long-term investments | 630,866 | 506,140 | |||||
Restricted deposits | 33,496 | 26,818 | |||||
Property, software and equipment, net | 379,970 | 349,622 | |||||
Goodwill | 256,288 | 281,981 | |||||
Intangible assets, net | 22,481 | 27,430 | |||||
Other long-term assets | 53,011 | 58,335 | |||||
Total assets | $ | 2,449,550 | $ | 2,190,336 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Medical claims liability | $ | 859,035 | $ | 607,985 | |||
Accounts payable and accrued expenses | 142,766 | 216,504 | |||||
Unearned revenue | 29,133 | 9,890 | |||||
Current portion of long-term debt | 3,302 | 3,234 | |||||
Total current liabilities | 1,034,236 | 837,613 | |||||
Long-term debt | 405,462 | 348,344 | |||||
Other long-term liabilities | 61,865 | 67,960 | |||||
Total liabilities | 1,501,563 | 1,253,917 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Common stock, $.001 par value; authorized 100,000,000 shares; 54,320,036 issued and 51,557,064 outstanding at June 30, 2012, and 53,586,726 issued and 50,864,618 outstanding at December 31, 2011 | 54 | 54 | |||||
Additional paid-in capital | 450,506 | 421,981 | |||||
Accumulated other comprehensive income: | |||||||
Unrealized gain on investments, net of tax | 5,842 | 5,761 | |||||
Retained earnings | 553,940 | 564,961 | |||||
Treasury stock, at cost (2,762,972 and 2,722,108 shares, respectively) | (58,914 | ) | (57,123 | ) | |||
Total Centene stockholders’ equity | 951,428 | 935,634 | |||||
Noncontrolling interest | (3,441 | ) | 785 | ||||
Total stockholders’ equity | 947,987 | 936,419 | |||||
Total liabilities and stockholders’ equity | $ | 2,449,550 | $ | 2,190,336 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Revenues: | |||||||||||||||
Premium | $ | 2,034,558 | $ | 1,248,588 | $ | 3,669,408 | $ | 2,401,365 | |||||||
Service | 27,041 | 29,428 | 55,659 | 55,812 | |||||||||||
Premium and service revenues | 2,061,599 | 1,278,016 | 3,725,067 | 2,457,177 | |||||||||||
Premium tax | 49,147 | 36,998 | 97,827 | 74,194 | |||||||||||
Total revenues | 2,110,746 | 1,315,014 | 3,822,894 | 2,531,371 | |||||||||||
Expenses: | |||||||||||||||
Medical costs | 1,890,405 | 1,059,120 | 3,333,081 | 2,037,687 | |||||||||||
Cost of services | 21,816 | 20,312 | 45,153 | 40,488 | |||||||||||
General and administrative expenses | 168,062 | 143,045 | 331,249 | 284,133 | |||||||||||
Premium tax expense | 49,176 | 37,234 | 97,926 | 74,663 | |||||||||||
Impairment loss | 28,033 | — | 28,033 | — | |||||||||||
Total operating expenses | 2,157,492 | 1,259,711 | 3,835,442 | 2,436,971 | |||||||||||
Earnings (loss) from operations | (46,746 | ) | 55,303 | (12,548 | ) | 94,400 | |||||||||
Other income (expense): | |||||||||||||||
Investment and other income | 4,045 | 2,933 | 9,336 | 6,682 | |||||||||||
Debt extinguishment costs | — | (8,488 | ) | — | (8,488 | ) | |||||||||
Interest expense | (4,739 | ) | (5,256 | ) | (9,538 | ) | (10,951 | ) | |||||||
Earnings (loss) from operations, before income tax expense | (47,440 | ) | 44,492 | (12,750 | ) | 81,643 | |||||||||
Income tax expense (benefit) | (8,608 | ) | 16,429 | 3,479 | 30,757 | ||||||||||
Net earnings (loss) | (38,832 | ) | 28,063 | (16,229 | ) | 50,886 | |||||||||
Noncontrolling interest | (3,833 | ) | (311 | ) | (5,208 | ) | (1,233 | ) | |||||||
Net earnings (loss) attributable to Centene Corporation | $ | (34,999 | ) | $ | 28,374 | $ | (11,021 | ) | $ | 52,119 | |||||
Net earnings (loss) per common share attributable to Centene Corporation: | |||||||||||||||
Basic earnings (loss) per common share | $ | (0.68 | ) | $ | 0.57 | $ | (0.21 | ) | $ | 1.04 | |||||
Diluted earnings (loss) per common share | $ | (0.68 | ) | $ | 0.54 | $ | (0.21 | ) | $ | 1.00 | |||||
Weighted average number of common shares outstanding: | |||||||||||||||
Basic | 51,515,895 | 50,167,052 | 51,320,784 | 49,959,892 | |||||||||||
Diluted | 51,515,895 | 52,489,414 | 51,320,784 | 52,171,213 |
Six Months Ended June 30, | |||||||
2012 | 2011 | ||||||
Cash flows from operating activities: | |||||||
Net earnings (loss) | $ | (16,229 | ) | $ | 50,886 | ||
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities | |||||||
Depreciation and amortization | 33,266 | 28,567 | |||||
Stock compensation expense | 11,993 | 8,839 | |||||
Debt extinguishment costs | — | 8,488 | |||||
Impairment loss | 28,033 | — | |||||
Deferred income taxes | 9,364 | (3,529 | ) | ||||
Changes in assets and liabilities | |||||||
Premium and related receivables | (232,745 | ) | (16,146 | ) | |||
Other current assets | (34,105 | ) | (4,001 | ) | |||
Other assets | 1,520 | (878 | ) | ||||
Medical claims liabilities | 251,050 | 24,684 | |||||
Unearned revenue | 19,885 | (12,465 | ) | ||||
Accounts payable and accrued expenses | (77,010 | ) | (34,739 | ) | |||
Other operating activities | (4,922 | ) | 3,448 | ||||
Net cash (used in) provided by operating activities | (9,900 | ) | 53,154 | ||||
Cash flows from investing activities: | |||||||
Capital expenditures | (57,442 | ) | (35,128 | ) | |||
Purchases of investments | (406,901 | ) | (103,239 | ) | |||
Sales and maturities of investments | 253,719 | 120,448 | |||||
Investments in acquisitions, net of cash acquired | — | (3,192 | ) | ||||
Net cash used in investing activities | (210,624 | ) | (21,111 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from exercise of stock options | 10,320 | 12,264 | |||||
Proceeds from borrowings | 75,000 | 419,183 | |||||
Payment of long-term debt | (21,601 | ) | (414,695 | ) | |||
Excess tax benefits from stock compensation | 5,810 | 1,369 | |||||
Common stock repurchases | (1,791 | ) | (1,029 | ) | |||
Contribution from noncontrolling interest | 982 | 244 | |||||
Debt issue costs | — | (9,095 | ) | ||||
Net cash provided by financing activities | 68,720 | 8,241 | |||||
Net (decrease) increase in cash and cash equivalents | (151,804 | ) | 40,284 | ||||
Cash and cash equivalents, beginning of period | 573,698 | 434,166 | |||||
Cash and cash equivalents, end of period | $ | 421,894 | $ | 474,450 | |||
Supplemental disclosures of cash flow information: | |||||||
Interest paid | $ | 10,312 | $ | 11,822 | |||
Income taxes paid | $ | 32,394 | $ | 40,111 |
Q2 | Q1 | Q4 | Q3 | Q2 | |||||||||||||||
2012 | 2012 | 2011 | 2011 | 2011 | |||||||||||||||
MEMBERSHIP | |||||||||||||||||||
Managed Care: | |||||||||||||||||||
Arizona | 24,000 | 23,100 | 23,700 | 22,800 | 22,800 | ||||||||||||||
Florida | 204,100 | 199,500 | 198,300 | 188,600 | 190,600 | ||||||||||||||
Georgia | 313,300 | 306,000 | 298,200 | 298,000 | 303,100 | ||||||||||||||
Illinois | 17,800 | 17,400 | 16,300 | 13,600 | 700 | ||||||||||||||
Indiana | 205,000 | 206,300 | 206,900 | 205,300 | 206,700 | ||||||||||||||
Kentucky | 143,500 | 145,700 | 180,700 | — | — | ||||||||||||||
Louisiana | 168,700 | 51,300 | — | — | — | ||||||||||||||
Massachusetts | 41,400 | 36,000 | 35,700 | 34,700 | 32,900 | ||||||||||||||
Mississippi | 30,100 | 29,500 | 31,600 | 30,600 | 30,800 | ||||||||||||||
Ohio | 166,800 | 161,000 | 159,900 | 162,200 | 159,900 | ||||||||||||||
South Carolina | 87,800 | 86,700 | 82,900 | 86,500 | 82,800 | ||||||||||||||
Texas | 919,200 | 811,000 | 503,800 | 494,500 | 470,400 | ||||||||||||||
Wisconsin | 75,800 | 76,000 | 78,000 | 78,900 | 79,800 | ||||||||||||||
Total at-risk membership | 2,397,500 | 2,149,500 | 1,816,000 | 1,615,700 | 1,580,500 | ||||||||||||||
Non-risk membership | — | — | 4,900 | 10,600 | 10,400 | ||||||||||||||
TOTAL | 2,397,500 | 2,149,500 | 1,820,900 | 1,626,300 | 1,590,900 | ||||||||||||||
Medicaid | 1,848,500 | 1,634,800 | 1,336,800 | 1,189,900 | 1,172,400 | ||||||||||||||
CHIP & Foster Care | 222,600 | 218,800 | 213,900 | 210,600 | 211,400 | ||||||||||||||
ABD & Medicare | 269,900 | 247,400 | 218,000 | 171,700 | 156,300 | ||||||||||||||
Hybrid Programs | 48,100 | 41,500 | 40,500 | 38,400 | 35,500 | ||||||||||||||
Long-term Care | 8,400 | 7,000 | 6,800 | 5,100 | 4,900 | ||||||||||||||
Total at-risk membership | 2,397,500 | 2,149,500 | 1,816,000 | 1,615,700 | 1,580,500 | ||||||||||||||
Non-risk membership | — | — | 4,900 | 10,600 | 10,400 | ||||||||||||||
TOTAL | 2,397,500 | 2,149,500 | 1,820,900 | 1,626,300 | 1,590,900 | ||||||||||||||
Specialty Services(a): | |||||||||||||||||||
Cenpatico Behavioral Health | |||||||||||||||||||
Arizona | 159,900 | 162,100 | 168,900 | 175,500 | 173,200 | ||||||||||||||
Kansas | 44,300 | 46,000 | 46,200 | 45,600 | 45,000 | ||||||||||||||
TOTAL | 204,200 | 208,100 | 215,100 | 221,100 | 218,200 | ||||||||||||||
(a) Includes external membership only. | |||||||||||||||||||
REVENUE PER MEMBER PER MONTH(b) | $ | 279 | $ | 269 | $ | 262 | $ | 245 | $ | 241 | |||||||||
CLAIMS(b) | |||||||||||||||||||
Period-end inventory | 1,195,000 | 735,000 | 495,500 | 482,900 | 415,700 | ||||||||||||||
Average inventory | 640,600 | 457,400 | 367,590 | 312,400 | 332,300 | ||||||||||||||
Period-end inventory per member | 0.50 | 0.34 | 0.27 | 0.30 | 0.26 | ||||||||||||||
(b) Revenue per member and claims information are presented for the Managed Care at-risk members. | |||||||||||||||||||
NUMBER OF EMPLOYEES | 6,200 | 5,700 | 5,300 | 5,000 | 4,800 |
Q2 | Q1 | Q4 | Q3 | Q2 | |||||||||||||||
2012 | 2012 | 2011 | 2011 | 2011 | |||||||||||||||
DAYS IN CLAIMS PAYABLE (c) | 41.4 | 44.7 | 45.3 | 43.6 | 43.4 | ||||||||||||||
(c) Days in Claims Payable is a calculation of Medical Claims Liabilities at the end of the period divided by average claims expense per calendar day for such period. | |||||||||||||||||||
CASH AND INVESTMENTS (in millions) | |||||||||||||||||||
Regulated | $ | 1,198.2 | $ | 1,166.9 | $ | 1,198.9 | $ | 1,079.3 | $ | 1,061.9 | |||||||||
Unregulated | $ | 40.6 | $ | 35.5 | $ | 38.2 | $ | 35.9 | $ | 36.5 | |||||||||
TOTAL | $ | 1,238.8 | $ | 1,202.4 | $ | 1,237.1 | $ | 1,115.2 | $ | 1,098.4 | |||||||||
DEBT TO CAPITALIZATION | 30.1 | % | 26.4 | % | 27.3 | % | 28.0 | % | 28.1 | % | |||||||||
DEBT TO CAPITALIZATION EXCLUDING NON-RECOURSE DEBT(d) | 25.9 | % | 21.8 | % | 22.6 | % | 23.2 | % | 23.0 | % | |||||||||
Debt to Capitalization is calculated as follows: total debt divided by (total debt + total equity). | |||||||||||||||||||
(d) The non-recourse debt represents the Company's mortgage note payable ($76.6 million at June 30, 2012.) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||
Health Benefits Ratios: | |||||||||||
Medicaid and CHIP | 92.3 | % | 81.3 | % | 90.2 | % | 82.7 | % | |||
ABD and Medicare | 92.7 | 90.7 | 91.1 | 89.4 | |||||||
Specialty Services | 97.1 | 88.7 | 94.0 | 87.0 | |||||||
Total | 92.9 | 84.8 | 90.8 | 84.9 | |||||||
Total General & Administrative Expense Ratio | 8.2 | % | 11.2 | % | 8.9 | % | 11.6 | % |
Balance, June 30, 2011 | $ | 482,913 | ||
Incurred related to: | ||||
Current period | 5,678,719 | |||
Prior period | (58,579 | ) | ||
Total incurred | 5,620,140 | |||
Paid related to: | ||||
Current period | 4,826,839 | |||
Prior period | 417,179 | |||
Total paid | 5,244,018 | |||
Balance, June 30, 2012 | $ | 859,035 |
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