Centene (CNC) FY2013 results: revenue $10.9 billion, up 33.9% on the year
Centene Corp. (CNC) reported revenue of $10.9 billion for fiscal 2013, the year ended 31 December 2013, up 33.9% on the year before. Net income was $165 million, up 8154.9%, and diluted earnings per share $0.73. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2014.
Revenue
$10.9 billion
+33.9% on the year
FY2008FY2013
Operating margin
2.6%
1.3% a year earlier
FY2008FY2013
Net income
$165 million
+8,154.9% on the year
FY2008FY2013
Diluted EPS
$0.73
+9,700.0% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
10,863
8,110
5,211
+33.9%
Cost of revenue
327
88.0
78.1
+271.5%
Gross profit
10,536
8,022
5,133
+31.3%
Gross margin
97.0%
98.9%
98.5%
Operating income
277
108
204
+156.9%
Operating margin
2.6%
1.3%
3.9%
Interest expense
27.0
20.0
20.3
+34.8%
Pre-tax income
269
123
188
+118.6%
Income tax
107
47.0
70.7
+127.8%
Effective tax rate
39.8%
38.2%
37.5%
Net income
165
2.0
111
+8,154.9%
Net margin
1.5%
0.0%
2.1%
Diluted EPS
$0.73
$0.01
$0.53
+9,700.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
383
279
262
+37.3%
Capital expenditure
68.0
82.1
73.7
-17.2%
Free cash flow
315
197
188
+60.0%
Free cash flow margin
2.9%
2.4%
3.6%
Cash from investing
-342
-188
-129
Cash from financing
154
179
6.9
-14.1%
Depreciation and amortisation
67.0
66.0
58.3
+1.5%
Share-based compensation
37.0
25.0
18.2
+48.0%
Buybacks
19.0
13.0
7.8
+46.2%
Diluted shares, weighted
225m
215m
210m
+4.7%
Shares outstanding at period end
221m
209m
203m
+5.7%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,234
953
936
+29.5%
Non-controlling interest
9.0
0.7
0.8
+1,165.8%
Redeemable equity
0.0
n/a
n/a
Debt
669
539
352
+24.2%
Other liabilities
1,607
1,281
902
+25.4%
Total liabilities and equity
3,519
2,774
2,190
+26.9%
Fixed assets
395
376
350
+5.2%
Goodwill
348
256
282
+36.0%
Intangible assets
49.0
20.3
27.4
+141.8%
Investments
894
693
637
+29.0%
Cash and equivalents
974
746
574
+30.6%
Other assets
858
683
321
+25.7%
Total assets
3,519
2,774
2,190
+26.9%
10-K for the year ended 31 December 2013, filed 21 February 2014: the filing.