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: | April 26, 2016 | By: | /s/ Jeffrey A. Schwaneke | |
Jeffrey A. Schwaneke Executive Vice President & Chief Financial Officer |
Exhibit Number | Description | |
99.1 | Press release* of Centene Corporation issued April 26, 2016, as to financial results for the first quarter ended March 31, 2016. |
* | 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, Jr. | |
Senior Vice President, Finance & Investor Relations | |
(212) 759-0382 | |
Media Inquiries | |
Marcela Manjarrez-Hawn | |
Senior Vice President and Chief Communications Officer | |
(314) 445-0790 |
GAAP diluted net earnings (loss) per share | $ | (0.13 | ) |
Health Net acquisition related expenses | 0.83 | ||
Amortization of acquired intangible assets | 0.04 | ||
Adjusted Diluted EPS | $ | 0.74 |
Total Revenues (in millions) | $ | 6,953 | ||
Health Benefits Ratio | 88.7 | % | ||
General & Administrative expense ratio | 11.3 | % | ||
General & Administrative expense ratio excluding Health Net acquisition related expenses | 8.3 | % | ||
GAAP diluted net loss per share | $ | (0.13 | ) | |
Adjusted Diluted EPS | $ | 0.74 | ||
Total cash flow from operations (in millions) | $ | 195 |
• | On March 24, 2016, we acquired all of the issued and outstanding shares of Health Net for approximately $6.0 billion, including the assumption of debt. This strategic acquisition broadens our current service offerings, providing expansion in Medicaid and Medicare programs. This acquisition provides further diversification across our markets and products through the addition of government-sponsored care under federal contracts with the Department of Defense and the U.S. Department of Veteran's Affairs, as well as Medicare Advantage. Our consolidated financial statements as of and for the three months ended March 31, 2016 reflect eight days of Health Net operations. |
• | March 31, 2016 managed care membership of 11.5 million, an increase of 7.1 million members, or 162% compared to the first quarter of 2015. |
• | Total revenues for the first quarter of $7.0 billion, representing 36% growth compared to the first quarter of 2015. |
• | Health Benefits Ratio of 88.7% for the first quarter of 2016, compared to 89.8% in the first quarter of 2015. |
• | General and Administrative expense ratio of 11.3%, or 8.3% excluding Health Net acquisition related expenses for the first quarter of 2016, compared to 8.3% in the first quarter of 2015. |
• | Operating cash flow of $195 million for the first quarter of 2016. |
• | Diluted loss per share for the first quarter of 2016 of $(0.13), or $0.74 of Adjusted Diluted EPS when excluding Health Net acquisition related expenses and intangible amortization. In comparison, diluted EPS for the first quarter of 2015 was $0.52, or $0.55 Adjusted Diluted EPS when excluding intangible amortization. |
• | In April 2016, our Nebraska subsidiary, Nebraska Total Care, executed a contract with the Nebraska Department of Health and Human Services' Division of Medicaid and Long-Term Care as one of three managed care organizations to administer its new Heritage Health Program for Medicaid, ABD and CHIP enrollees. The contract is expected to commence in the first quarter of 2017, pending regulatory approval. |
• | In April 2016, Centurion of Mississippi, LLC was selected to provide correctional healthcare services for the Mississippi Department of Corrections (MDOC). Centurion began providing healthcare services to the MDOC in July 2015 under a one-year emergency contract. The new three year contract will begin in July 2016. |
• | In April 2016, Centurion of Florida, LLC began providing correctional healthcare services for the Florida Department of Corrections in Regions 1, 2 and 3. |
• | In April 2016, Coordinated Care of Washington began operating as the sole contractor with the Washington State Health Care Authority to provide foster care services through the Apple Health Foster Care contract. |
• | In April 2016, we announced the appointment of Mark Brooks to Senior Vice President and Chief Information Officer. |
• | In April 2016, the Health Net Federal Services call center operations earned the ranking of first place for large call centers (those with more than 250 full-time representatives) in BenchmarkPortal’s Top 100 Call Center Contest. |
• | In April 2016, Centene was awarded the Hispanic Health Leadership Award by the National Hispanic Medical Association. |
• | In March 2016, Centene was added to the S&P 500 Index. |
March 31, | |||||
2016 | 2015 | ||||
Arizona | 607,000 | 202,200 | |||
Arkansas | 50,700 | 43,200 | |||
California | 3,125,400 | 171,200 | |||
Florida | 660,800 | 463,100 | |||
Georgia | 495,500 | 405,600 | |||
Illinois | 239,100 | 184,800 | |||
Indiana | 290,300 | 227,700 | |||
Kansas | 141,100 | 143,700 | |||
Louisiana | 381,200 | 359,500 | |||
Massachusetts | 52,400 | 64,500 | |||
Michigan | 2,600 | — | |||
Minnesota | 9,500 | 9,500 | |||
Mississippi | 328,300 | 141,900 | |||
Missouri | 100,000 | 75,600 | |||
New Hampshire | 81,500 | 67,500 | |||
Ohio | 314,000 | 296,000 | |||
Oregon | 209,000 | — | |||
South Carolina | 107,700 | 106,000 | |||
Tennessee | 20,100 | 20,800 | |||
Texas | 1,036,700 | 974,900 | |||
Vermont | 1,500 | 1,600 | |||
Washington | 226,500 | 207,100 | |||
Wisconsin | 78,400 | 82,100 | |||
Total at-risk membership | 8,559,300 | 4,248,500 | |||
TRICARE eligibles | 2,819,700 | — | |||
Non-risk membership | 161,400 | 153,200 | |||
Total | 11,540,400 | 4,401,700 |
March 31, | |||||
2016 | 2015 | ||||
Medicaid: | |||||
TANF, CHIP & Foster Care | 5,464,200 | 3,372,200 | |||
ABD & LTC | 757,600 | 457,500 | |||
Behavioral Health | 456,500 | 195,100 | |||
Commercial | 1,518,900 | 161,700 | |||
Medicare & Duals | 303,100 | 19,400 | |||
Correctional | 59,000 | 42,600 | |||
Total at-risk membership | 8,559,300 | 4,248,500 | |||
TRICARE eligibles | 2,819,700 | — | |||
Non-risk membership | 161,400 | 153,200 | |||
Total | 11,540,400 | 4,401,700 |
• | For the first quarter of 2016, Total Revenues increased 36% to $7.0 billion from $5.1 billion in the first quarter of 2015. The increase was primarily a result of the impact from expansions, acquisitions or new programs in many of our states in 2015 and the acquisition of Health Net. |
• | HBR of 88.7% for the first quarter of 2016 represents a decrease from 89.8% in the comparable period in 2015 and an increase from 88.0% in the fourth quarter of 2015. The year over year HBR decrease is primarily attributable to improvement in medical expense in the higher acuity populations and membership growth in Medicaid expansion and Health Insurance Marketplace, which operate at a lower HBR. HBR increased from 88.0% in the fourth quarter of 2015 to 88.7% in the first quarter of 2016, primarily attributable to an increase in flu related costs over the fourth quarter. |
• | The following table compares the results for new business and existing business for the quarters ended March 31: |
2016 | 2015 | ||||
Premium and Service Revenue | |||||
New business | 18 | % | 23 | % | |
Existing business | 82 | % | 77 | % | |
HBR | |||||
New business | 90.6 | % | 91.0 | % | |
Existing business | 88.3 | % | 89.5 | % |
• | G&A expense ratio of 11.3%, or 8.3% excluding Health Net acquisition related expenses for the first quarter of 2016, compared to 8.3% in the first quarter of 2015. |
• | Diluted loss per share for the first quarter of 2016 of $(0.13), or $0.74 of Adjusted Diluted EPS when excluding Health Net acquisition related expenses and intangible amortization. In comparison, diluted EPS for the first quarter of 2015 was $0.52, or $0.55 Adjusted Diluted EPS when excluding intangible amortization. |
Days in claims payable, December 31, 2015 | 44 | ||
Impact of Health Net acquisition | (2 | ) | |
Days in claims payable, March 31, 2016 1 | 42 | ||
1 A pro-forma adjustment has been made to medical costs to include a full quarter of Health Net medical costs. Using actual medical costs, days in claims payable was 66. |
Full Year 2016 | |||||||||
Low | High | ||||||||
Total Revenues (in billions) | $ | 39.0 | $ | 39.8 | |||||
GAAP diluted EPS | $ | 2.45 | $ | 2.80 | |||||
Adjusted diluted EPS1 | $ | 4.00 | $ | 4.35 | |||||
HBR | 87.0 | % | 87.5 | % | |||||
G&A expense ratio | 9.4 | % | 9.9 | % | |||||
G&A expense ratio, excluding acquisition related costs | 9.0 | % | 9.5 | % | |||||
Effective tax rate | 55.0 | % | 57.0 | % | |||||
Diluted shares outstanding (in millions) | 162.5 | 163.5 | |||||||
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
GAAP general and administrative expenses | $ | 722 | $ | 396 | |||
Health Net acquisition related expenses | 189 | — | |||||
General and administrative expenses, excluding Health Net acquisition related expenses | $ | 533 | $ | 396 | |||
GAAP diluted net earnings (loss) per share | $ | (0.13 | ) | $ | 0.52 | ||
Health Net acquisition related expenses | 0.83 | — | |||||
Amortization of acquired intangible assets | 0.04 | 0.03 | |||||
Adjusted Diluted EPS | $ | 0.74 | $ | 0.55 |
March 31, 2016 | December 31, 2015 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 3,436 | $ | 1,760 | |||
Premium and related receivables | 2,529 | 1,279 | |||||
Short term investments | 269 | 176 | |||||
Other current assets | 1,317 | 390 | |||||
Total current assets | 7,551 | 3,605 | |||||
Long term investments | 3,973 | 1,927 | |||||
Restricted deposits | 143 | 115 | |||||
Property, software and equipment, net | 580 | 518 | |||||
Goodwill | 4,442 | 842 | |||||
Intangible assets, net | 1,646 | 155 | |||||
Other long term assets | 317 | 177 | |||||
Total assets | $ | 18,652 | $ | 7,339 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Medical claims liability | $ | 3,863 | $ | 2,298 | |||
Accounts payable and accrued expenses | 3,228 | 976 | |||||
Return of premium payable | 579 | 207 | |||||
Unearned revenue | 197 | 143 | |||||
Current portion of long term debt | 4 | 5 | |||||
Total current liabilities | 7,871 | 3,629 | |||||
Long term debt | 4,276 | 1,216 | |||||
Other long term liabilities | 1,052 | 170 | |||||
Total liabilities | 13,199 | 5,015 | |||||
Commitments and contingencies | |||||||
Redeemable noncontrolling interests | 144 | 156 | |||||
Stockholders’ equity: | |||||||
Preferred stock, $0.001 par value; authorized 10,000,000 shares; no shares issued or outstanding at March 31, 2016 and December 31, 2015 | — | — | |||||
Common stock, $0.001 par value; authorized 400,000,000 shares; 175,952,159 issued and 170,449,444 outstanding at March 31, 2016, and 126,855,477 issued and 120,342,981 outstanding at December 31, 2015 | — | — | |||||
Additional paid-in capital | 4,084 | 956 | |||||
Accumulated other comprehensive earnings (loss) | 10 | (10 | ) | ||||
Retained earnings | 1,341 | 1,358 | |||||
Treasury stock, at cost (5,502,715 and 6,512,496 shares, respectively) | (138 | ) | (147 | ) | |||
Total Centene stockholders’ equity | 5,297 | 2,157 | |||||
Noncontrolling interest | 12 | 11 | |||||
Total stockholders’ equity | 5,309 | 2,168 | |||||
Total liabilities and stockholders’ equity | $ | 18,652 | $ | 7,339 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Revenues: | |||||||
Premium | $ | 5,986 | $ | 4,299 | |||
Service | 425 | 462 | |||||
Premium and service revenues | 6,411 | 4,761 | |||||
Premium tax and health insurer fee | 542 | 370 | |||||
Total revenues | 6,953 | 5,131 | |||||
Expenses: | |||||||
Medical costs | 5,311 | 3,861 | |||||
Cost of services | 367 | 402 | |||||
General and administrative expenses | 722 | 396 | |||||
Amortization of acquired intangible assets | 9 | 7 | |||||
Premium tax expense | 450 | 281 | |||||
Health insurer fee expense | 74 | 55 | |||||
Total operating expenses | 6,933 | 5,002 | |||||
Earnings from operations | 20 | 129 | |||||
Other income (expense): | |||||||
Investment and other income | 15 | 9 | |||||
Interest expense | (33 | ) | (10 | ) | |||
Earnings from continuing operations, before income tax expense | 2 | 128 | |||||
Income tax expense | 17 | 63 | |||||
Earnings (loss) from continuing operations, net of income tax expense | (15 | ) | 65 | ||||
Discontinued operations, net of income tax | (1 | ) | (1 | ) | |||
Net earnings (loss) | (16 | ) | 64 | ||||
(Earnings) loss attributable to noncontrolling interests | (1 | ) | (1 | ) | |||
Net earnings (loss) attributable to Centene Corporation | $ | (17 | ) | $ | 63 | ||
Amounts attributable to Centene Corporation common shareholders: | |||||||
Earnings (loss) from continuing operations, net of income tax expense | $ | (16 | ) | $ | 64 | ||
Discontinued operations, net of income tax | (1 | ) | (1 | ) | |||
Net earnings (loss) | $ | (17 | ) | $ | 63 | ||
Net earnings (loss) per common share attributable to Centene Corporation: | |||||||
Basic: | |||||||
Continuing operations | $ | (0.13 | ) | $ | 0.54 | ||
Discontinued operations | (0.01 | ) | (0.01 | ) | |||
Basic earnings (loss) per common share | $ | (0.14 | ) | $ | 0.53 | ||
Diluted: | |||||||
Continuing operations | $ | (0.13 | ) | $ | 0.52 | ||
Discontinued operations | (0.01 | ) | (0.01 | ) | |||
Diluted earnings (loss) per common share | $ | (0.14 | ) | $ | 0.51 | ||
Weighted average number of common shares outstanding: | |||||||
Basic | 125,543,076 | 118,783,755 | |||||
Diluted | 125,543,076 | 122,572,366 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Cash flows from operating activities: | |||||||
Net earnings (loss) | $ | (16 | ) | $ | 64 | ||
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities | |||||||
Depreciation and amortization | 35 | 27 | |||||
Stock compensation expense | 51 | 16 | |||||
Deferred income taxes | (17 | ) | (6 | ) | |||
Gain on contingent consideration | (1 | ) | (10 | ) | |||
Changes in assets and liabilities | |||||||
Premium and related receivables | (174 | ) | (334 | ) | |||
Other current assets | (35 | ) | (3 | ) | |||
Medical claims liabilities | 196 | 227 | |||||
Unearned revenue | (64 | ) | (51 | ) | |||
Accounts payable and accrued expenses | 35 | 58 | |||||
Other long term liabilities | 192 | 68 | |||||
Other operating activities, net | (7 | ) | (11 | ) | |||
Net cash provided by operating activities | 195 | 45 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (45 | ) | (27 | ) | |||
Purchases of investments | (212 | ) | (307 | ) | |||
Sales and maturities of investments | 203 | 111 | |||||
Investments in acquisitions, net of cash acquired | (782 | ) | (9 | ) | |||
Other investing activities, net | — | 7 | |||||
Net cash used in investing activities | (836 | ) | (225 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from borrowings | 3,790 | 500 | |||||
Payment of long term debt | (1,388 | ) | (253 | ) | |||
Common stock repurchases | (22 | ) | (4 | ) | |||
Purchase of noncontrolling interest | (14 | ) | — | ||||
Debt issue costs | (51 | ) | (4 | ) | |||
Other financing activities, net | 2 | (3 | ) | ||||
Net cash provided by financing activities | 2,317 | 236 | |||||
Net increase in cash and cash equivalents | 1,676 | 56 | |||||
Cash and cash equivalents, beginning of period | 1,760 | 1,610 | |||||
Cash and cash equivalents, end of period | $ | 3,436 | $ | 1,666 | |||
Supplemental disclosures of cash flow information: | |||||||
Interest paid | $ | 3 | $ | 2 | |||
Income taxes paid | $ | 33 | $ | 24 | |||
Equity issued in connection with acquisitions | $ | 3,105 | $ | 13 |
Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||
2016 | 2015 | 2015 | 2015 | 2015 | |||||||||||
MANAGED CARE MEMBERSHIP BY STATE | |||||||||||||||
Arizona | 607,000 | 440,900 | 223,600 | 210,900 | 202,200 | ||||||||||
Arkansas | 50,700 | 41,900 | 40,900 | 45,400 | 43,200 | ||||||||||
California | 3,125,400 | 186,000 | 183,900 | 178,700 | 171,200 | ||||||||||
Florida | 660,800 | 510,400 | 486,500 | 470,300 | 463,100 | ||||||||||
Georgia | 495,500 | 408,600 | 406,700 | 405,000 | 405,600 | ||||||||||
Illinois | 239,100 | 207,500 | 211,300 | 209,100 | 184,800 | ||||||||||
Indiana | 290,300 | 282,100 | 276,700 | 250,400 | 227,700 | ||||||||||
Kansas | 141,100 | 141,000 | 137,500 | 143,000 | 143,700 | ||||||||||
Louisiana | 381,200 | 381,900 | 358,800 | 358,900 | 359,500 | ||||||||||
Massachusetts | 52,400 | 61,500 | 63,700 | 61,500 | 64,500 | ||||||||||
Michigan | 2,600 | 4,800 | 6,600 | 2,700 | — | ||||||||||
Minnesota | 9,500 | 9,600 | 9,400 | 10,900 | 9,500 | ||||||||||
Mississippi | 328,300 | 302,200 | 301,000 | 250,600 | 141,900 | ||||||||||
Missouri | 100,000 | 95,100 | 88,400 | 82,600 | 75,600 | ||||||||||
New Hampshire | 81,500 | 71,400 | 71,900 | 70,800 | 67,500 | ||||||||||
Ohio | 314,000 | 302,700 | 308,100 | 287,100 | 296,000 | ||||||||||
Oregon | 209,000 | 98,700 | 99,800 | — | — | ||||||||||
South Carolina | 107,700 | 104,000 | 104,800 | 112,600 | 106,000 | ||||||||||
Tennessee | 20,100 | 20,000 | 20,200 | 21,400 | 20,800 | ||||||||||
Texas | 1,036,700 | 983,100 | 976,500 | 969,700 | 974,900 | ||||||||||
Vermont | 1,500 | 1,700 | 1,500 | 2,800 | 1,600 | ||||||||||
Washington | 226,500 | 209,400 | 208,600 | 214,100 | 207,100 | ||||||||||
Wisconsin | 78,400 | 77,100 | 78,100 | 78,600 | 82,100 | ||||||||||
Total at-risk membership | 8,559,300 | 4,941,600 | 4,664,500 | 4,437,100 | 4,248,500 | ||||||||||
TRICARE eligibles | 2,819,700 | — | — | — | — | ||||||||||
Non-risk membership | 161,400 | 166,300 | 169,900 | 176,600 | 153,200 | ||||||||||
Total | 11,540,400 | 5,107,900 | 4,834,400 | 4,613,700 | 4,401,700 | ||||||||||
MANAGED CARE MEMBERSHIP BY LINE OF BUSINESS | |||||||||||||||
Medicaid: | |||||||||||||||
TANF, CHIP & Foster Care | 5,464,200 | 3,763,400 | 3,719,900 | 3,536,000 | 3,372,200 | ||||||||||
ABD & LTC | 757,600 | 478,600 | 473,700 | 454,000 | 457,500 | ||||||||||
Behavioral Health | 456,500 | 456,800 | 216,700 | 203,900 | 195,100 | ||||||||||
Commercial | 1,518,900 | 146,100 | 155,600 | 167,400 | 161,700 | ||||||||||
Medicare & Duals | 303,100 | 37,400 | 39,300 | 28,200 | 19,400 | ||||||||||
Correctional | 59,000 | 59,300 | 59,300 | 47,600 | 42,600 | ||||||||||
Total at-risk membership | 8,559,300 | 4,941,600 | 4,664,500 | 4,437,100 | 4,248,500 | ||||||||||
TRICARE eligibles | 2,819,700 | — | — | — | — | ||||||||||
Non-risk membership | 161,400 | 166,300 | 169,900 | 176,600 | 153,200 | ||||||||||
Total | 11,540,400 | 5,107,900 | 4,834,400 | 4,613,700 | 4,401,700 | ||||||||||
NUMBER OF EMPLOYEES | 28,000 | 18,200 | 17,100 | 15,800 | 14,800 |
Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||
2016 | 2015 | 2015 | 2015 | 2015 | |||||||||||||||
DAYS IN CLAIMS PAYABLE (a) | 66 | 44 | 45 | 46 | 46 | ||||||||||||||
(a) 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. On a pro-forma basis, DCP for Q1 2016 is 42, reflecting adjusted medical costs to include a full quarter of Health Net operations. | |||||||||||||||||||
CASH, INVESTMENTS AND RESTRICTED DEPOSITS (in millions) | |||||||||||||||||||
Regulated | $ | 7,682 | $ | 3,900 | $ | 3,834 | $ | 3,667 | $ | 3,345 | |||||||||
Unregulated | 139 | 78 | 91 | 82 | 97 | ||||||||||||||
Total | $ | 7,821 | $ | 3,978 | $ | 3,925 | $ | 3,749 | $ | 3,442 | |||||||||
DEBT TO CAPITALIZATION | 44.6 | % | 36.0 | % | 38.4 | % | 37.1 | % | 38.0 | % | |||||||||
DEBT TO CAPITALIZATION EXCLUDING NON-RECOURSE DEBT (b) | 44.3 | % | 34.7 | % | 37.1 | % | 35.7 | % | 36.6 | % | |||||||||
(b) The non-recourse debt represents the Company's mortgage note payable ($66 million at March 31, 2016). | |||||||||||||||||||
Debt to Capitalization is calculated as follows: total debt divided by (total debt + total equity). |
Three Months Ended March 31, | |||||
2016 | 2015 | ||||
Health Benefits Ratio | 88.7 | % | 89.8 | % | |
General & Administrative expense ratio | 11.3 | % | 8.3 | % | |
General & Administrative expense ratio excluding Health Net acquisition related expenses | 8.3 | % | 8.3 | % |
Balance, March 31, 2015 | $ | 1,950 | ||
Acquisitions | 1,450 | |||
Incurred related to: | ||||
Current period | 18,900 | |||
Prior period | (208 | ) | ||
Total incurred | 18,692 | |||
Paid related to: | ||||
Current period | 16,520 | |||
Prior period | 1,709 | |||
Total paid | 18,229 | |||
Balance, March 31, 2016 | $ | 3,863 |
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