Centene (CNC) FY2018 results: revenue $60.1 billion, up 24.3% on the year
Centene Corp. (CNC) reported revenue of $60.1 billion for fiscal 2018, the year ended 31 December 2018, up 24.3% on the year before. Net income was $900 million, up 8.7%, and diluted earnings per share $2.26. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2019.
Revenue
$60.1 billion
+24.3% on the year
FY2011FY2018
Operating margin
2.4%
2.5% a year earlier
FY2011FY2018
Net income
$900 million
+8.7% on the year
FY2011FY2018
Diluted EPS
$2.26
-3.6% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
60,116
48,382
40,607
+24.3%
Cost of revenue
2,386
1,847
1,864
+29.2%
Gross profit
57,730
46,535
38,743
+24.1%
Gross margin
96.0%
96.2%
95.4%
Selling, general and administrative
6,043
4,446
3,676
+35.9%
Operating income
1,458
1,199
1,263
+21.6%
Operating margin
2.4%
2.5%
3.1%
Interest expense
343
255
217
+34.5%
Pre-tax income
1,368
1,134
1,160
+20.6%
Income tax
474
326
599
+45.4%
Effective tax rate
34.6%
28.7%
51.6%
Net income
900
828
562
+8.7%
Net margin
1.5%
1.7%
1.4%
Diluted EPS
$2.26
$2.35
$1.72
-3.6%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,234
1,489
1,851
-17.1%
Capital expenditure
675
422
306
+60.0%
Free cash flow
559
1,067
1,545
-47.6%
Free cash flow margin
0.9%
2.2%
3.8%
Cash from investing
-4,585
-1,254
-2,469
Cash from financing
4,612
-82.0
2,717
Depreciation and amortisation
495
361
278
+37.1%
Share-based compensation
145
135
148
+7.4%
Buybacks
71.0
65.0
63.0
+9.2%
Diluted shares, weighted
399m
353m
328m
+12.8%
Shares outstanding at period end
412m
347m
344m
+18.9%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
10,917
6,850
5,895
+59.4%
Non-controlling interest
96.0
14.0
14.0
+585.7%
Redeemable equity
10.0
12.0
145
-16.7%
Debt
6,851
4,829
4,782
+41.9%
Other liabilities
13,027
10,150
9,361
+28.3%
Total liabilities and equity
30,901
21,855
20,197
+41.4%
Fixed assets
1,706
1,104
797
+54.5%
Goodwill
7,015
4,749
4,712
+47.7%
Intangible assets
2,239
1,398
1,545
+60.2%
Investments
7,583
5,843
5,050
+29.8%
Cash and equivalents
5,342
4,072
3,930
+31.2%
Other assets
7,016
4,689
4,163
+49.6%
Total assets
30,901
21,855
20,197
+41.4%
10-K for the year ended 31 December 2018, filed 19 February 2019: the filing.