Centene (CNC) FY2017 results: revenue $48.4 billion, up 19.1% on the year
Centene Corp. (CNC) reported revenue of $48.4 billion for fiscal 2017, the year ended 31 December 2017, up 19.1% on the year before. Net income was $828 million, up 47.3%, and diluted earnings per share $2.35. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2018.
Revenue
$48.4 billion
+19.1% on the year
FY2010FY2017
Operating margin
2.5%
3.1% a year earlier
FY2010FY2017
Net income
$828 million
+47.3% on the year
FY2010FY2017
Diluted EPS
$2.35
+36.7% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
48,382
40,607
22,760
+19.1%
Cost of revenue
1,847
1,864
1,621
-0.9%
Gross profit
46,535
38,743
21,139
+20.1%
Gross margin
96.2%
95.4%
92.9%
Selling, general and administrative
4,446
3,676
1,802
+20.9%
Operating income
1,199
1,263
705
-5.1%
Operating margin
2.5%
3.1%
3.1%
Interest expense
255
217
43.0
+17.5%
Pre-tax income
1,134
1,160
697
-2.2%
Income tax
326
599
339
-45.6%
Effective tax rate
28.7%
51.6%
48.6%
Net income
828
562
355
+47.3%
Net margin
1.7%
1.4%
1.6%
Diluted EPS
$2.35
$1.72
$1.44
+36.7%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
1,489
1,851
658
-19.6%
Capital expenditure
422
306
150
+37.9%
Free cash flow
1,067
1,545
508
-30.9%
Free cash flow margin
2.2%
3.8%
2.2%
Cash from investing
-1,254
-2,469
-813
Cash from financing
-82.0
2,717
305
Depreciation and amortisation
361
278
111
+29.9%
Share-based compensation
135
148
71.0
-8.8%
Buybacks
65.0
63.0
53.0
+3.2%
Diluted shares, weighted
353m
328m
246m
+7.8%
Shares outstanding at period end
347m
344m
241m
+0.9%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
6,850
5,895
2,157
+16.2%
Non-controlling interest
14.0
14.0
11.0
0.0%
Redeemable equity
12.0
145
156
-91.7%
Debt
4,829
4,782
1,223
+1.0%
Other liabilities
10,150
9,361
3,792
+8.4%
Total liabilities and equity
21,855
20,197
7,339
+8.2%
Fixed assets
1,104
797
518
+38.5%
Goodwill
4,749
4,712
842
+0.8%
Intangible assets
1,398
1,545
155
-9.5%
Investments
5,843
5,050
2,103
+15.7%
Cash and equivalents
4,072
3,930
1,760
+3.6%
Other assets
4,689
4,163
1,961
+12.6%
Total assets
21,855
20,197
7,339
+8.2%
10-K for the year ended 31 December 2017, filed 20 February 2018: the filing.