Centene (CNC) FY2014 results: revenue $16.6 billion, up 52.4% on the year

Centene Corp. (CNC) reported revenue of $16.6 billion for fiscal 2014, the year ended 31 December 2014, up 52.4% on the year before. Net income was $271 million, up 64.1%, and diluted earnings per share $1.12. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2015.

Revenue

$16.6 billion

+52.4% on the year

FY2008FY2014

Operating margin

2.8%

2.6% a year earlier

FY2008FY2014

Net income

$271 million

+64.1% on the year

FY2008FY2014

Diluted EPS

$1.12

+53.1% on the year

FY2008FY2014

this yearthe year beforeHover a bar for its figure.

The year in brief

Income statement (profit and loss)

$ million	FY2014	FY2013	FY2012	On the year
Revenue	16,560	10,863	8,110	+52.4%
Cost of revenue	1,280	327	88.0	+291.5%
Gross profit	15,280	10,536	8,022	+45.0%
Gross margin	92.3%	97.0%	98.9%
Selling, general and administrative	1,298	n/a	n/a
Operating income	464	277	108	+67.3%
Operating margin	2.8%	2.6%	1.3%
Interest expense	35.0	27.0	20.0	+29.8%
Pre-tax income	457	269	123	+69.9%
Income tax	196	107	47.0	+83.0%
Effective tax rate	42.9%	39.8%	38.2%
Net income	271	165	2.0	+64.1%
Net margin	1.6%	1.5%	0.0%
Diluted EPS	$1.12	$0.73	$0.01	+53.1%

$ million except per share.

Free 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	FY2014	FY2013	FY2012	On the year
Operating cash flow	1,223	383	279	+219.7%
Capital expenditure	103	68.0	82.1	+51.5%
Free cash flow	1,120	315	197	+256.1%
Free cash flow margin	6.8%	2.9%	2.4%
Cash from investing	-848	-342	-188
Cash from financing	198	154	179	+28.8%
Depreciation and amortisation	89.0	67.0	66.0	+32.8%
Share-based compensation	48.0	37.0	25.0	+29.7%
Buybacks	29.0	19.0	13.0	+52.6%
Diluted shares, weighted	241m	225m	215m	+7.0%
Shares outstanding at period end	237m	221m	209m	+7.0%

Balance sheet

$ million	FY2014	FY2013	FY2012	On the year
Shareholders' equity	1,744	1,234	953	+41.3%
Non-controlling interest	-1.0	9.0	0.7
Redeemable equity	148	0.0	n/a
Debt	878	669	539	+31.2%
Other liabilities	3,055	1,607	1,281	+90.1%
Total liabilities and equity	5,824	3,519	2,774	+65.5%
Fixed assets	445	395	376	+12.5%
Goodwill	754	348	256	+116.4%
Intangible assets	120	49.0	20.3	+144.9%
Investments	1,457	894	693	+63.0%
Cash and equivalents	1,610	974	746	+65.2%
Other assets	1,438	858	683	+67.6%
Total assets	5,824	3,519	2,774	+65.5%

10-K for the year ended 31 December 2014, filed 23 February 2015: the filing.