Centene (CNC) FY2015 results: revenue $22.8 billion, up 37.4% on the year
Centene Corp. (CNC) reported revenue of $22.8 billion for fiscal 2015, the year ended 31 December 2015, up 37.4% on the year before. Net income was $355 million, up 31.0%, and diluted earnings per share $1.44. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2016.
Revenue
$22.8 billion
+37.4% on the year
FY2008FY2015
Operating margin
3.1%
2.8% a year earlier
FY2008FY2015
Net income
$355 million
+31.0% on the year
FY2008FY2015
Diluted EPS
$1.44
+28.0% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
22,760
16,560
10,863
+37.4%
Cost of revenue
1,621
1,280
327
+26.6%
Gross profit
21,139
15,280
10,536
+38.3%
Gross margin
92.9%
92.3%
97.0%
Selling, general and administrative
1,802
1,298
n/a
+38.8%
Operating income
705
464
277
+51.9%
Operating margin
3.1%
2.8%
2.6%
Interest expense
43.0
35.0
27.0
+22.9%
Pre-tax income
697
457
269
+52.5%
Income tax
339
196
107
+73.0%
Effective tax rate
48.6%
42.9%
39.8%
Net income
355
271
165
+31.0%
Net margin
1.6%
1.6%
1.5%
Diluted EPS
$1.44
$1.12
$0.73
+28.0%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
658
1,223
383
-46.2%
Capital expenditure
150
103
68.0
+45.6%
Free cash flow
508
1,120
315
-54.6%
Free cash flow margin
2.2%
6.8%
2.9%
Cash from investing
-813
-848
-342
Cash from financing
305
198
154
+54.0%
Depreciation and amortisation
111
89.0
67.0
+24.7%
Share-based compensation
71.0
48.0
37.0
+47.9%
Buybacks
53.0
29.0
19.0
+82.8%
Diluted shares, weighted
246m
241m
225m
+2.2%
Shares outstanding at period end
241m
237m
221m
+1.6%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
2,157
1,744
1,234
+23.7%
Non-controlling interest
11.0
-1.0
9.0
Redeemable equity
156
148
0.0
+5.4%
Debt
1,223
878
669
+39.3%
Other liabilities
3,792
3,055
1,607
+24.1%
Total liabilities and equity
7,339
5,824
3,519
+26.0%
Fixed assets
518
445
395
+16.4%
Goodwill
842
754
348
+11.7%
Intangible assets
155
120
49.0
+29.2%
Investments
2,103
1,457
894
+44.3%
Cash and equivalents
1,760
1,610
974
+9.3%
Other assets
1,961
1,438
858
+36.4%
Total assets
7,339
5,824
3,519
+26.0%
10-K for the year ended 31 December 2015, filed 22 February 2016: the filing.