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INVESTOR DAY DECEMBER 2024
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2I N V E S T O R D A Y D E C E M B E R 2 0 2 4 All statements, other than statements of current or historical fact, contained in this presentation are forward-looking statements. Without limiting the foregoing, forward-looking statements often use words such as “guidance," "believe," "anticipate," "plan," "expect," "estimate," "intend," "seek," "target," "goal," "may," "will," "would," "could," "should," "can," "continue" and other similar words or expressions (and the negative thereof). Centene Corporation and its subsidiaries (Centene, the Company, our or we) intends such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we are including this statement for purposes of complying with these safe- harbor provisions. In particular, these statements include, without limitation, statements about our future operating or financial performance, market opportunity, competition, renewal and modification of the enhanced advance premium tax credits associated with the marketplace product; expected contract start dates and terms, expected activities in connection with completed and future acquisitions and dispositions, our investments and the adequacy of our available cash resources. These forward- looking statements reflect our current views with respect to future events and are based on numerous assumptions and assessments made by us in light of our experience and perception of historical trends, current conditions, business strategies, operating environments, future developments and other factors we believe appropriate. By their nature, forward-looking statements involve known and unknown risks and uncertainties and are subject to change because they relate to events and depend on circumstances that will occur in the future, including economic, regulatory, competitive and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions. All forward-looking statements included in this presentation are based on information available to us on the date hereof. Except as may be otherwise required by law, we undertake no obligation to update or revise the forward-looking statements included in this presentation, whether as a result of new information, future events or otherwise, after the date hereof. You should not place undue reliance on any forward-looking statements, as actual results may differ materially from projections, estimates, or other forward-looking statements due to a variety of important factors, variables and events including, but not limited to: our ability to design and price products that are competitive and/or actuarially sound including but not limited to any impacts resulting from Medicaid redeterminations; our ability to maintain or achieve improvement in the Centers for Medicare and Medicaid Services (CMS) Star ratings and maintain or achieve improvement in other quality scores in each case that can impact revenue and future growth; our ability to accurately predict and effectively manage health benefits and other operating expenses and reserves, including fluctuations in medical utilization rates; competition, including for providers, broker distribution networks, contract reprocurements and organic growth; our ability to adequately anticipate demand and provide for operational resources to maintain service level requirements; our ability to manage our information systems effectively; disruption, unexpected costs, or similar risks from business transactions, including acquisitions, divestitures, and changes in our relationships with third parties; impairments to real estate, investments, goodwill and intangible assets; changes in senior management, loss of one or more key personnel or an inability to attract, hire, integrate and retain skilled personnel; membership and revenue declines or unexpected trends; rate cuts or other payment reductions or delays by governmental payors and other risks and uncertainties affecting our government businesses; changes in healthcare practices, new technologies, and advances in medicine; our ability to effectively and ethically use artificial intelligence and machine learning in compliance with applicable laws; increased healthcare costs; inflation and interest rates; the effect of social, economic, and political conditions and geopolitical events, including as a result of changes in U.S. presidential administrations or Congress; changes in market conditions; changes in federal or state laws or regulations, including changes with respect to income tax reform or government healthcare programs as well as changes with respect to the Patient Protection and Affordable Care Act and the Health Care and Education Affordability Reconciliation Act (collectively referred to as the ACA) and any regulations enacted thereunder, including the renewal or modification of the enhanced advanced premium tax credits; uncertainty concerning government shutdowns, debt ceilings or funding; tax matters; disasters, climate-related incidents, acts of war or aggression or major epidemics; changes in expected contract start dates and terms; changes in provider, broker, vendor, state, federal and other contracts and delays in the timing of regulatory approval of contracts, including due to protests; the expiration, suspension, or termination of our contracts with federal or state governments (including, but not limited to, Medicaid, Medicare or other customers); the difficulty of predicting the timing or outcome of legal or regulatory audits, investigations, proceedings or matters including, but not limited to, our ability to resolve claims and/or allegations made by states with regard to past practices on acceptable terms, or at all, or whether additional claims, reviews or investigations will be brought by states, the federal government or shareholder litigants, or government investigations; challenges to our contract awards; cyber-attacks or other data security incidents or our failure to comply with applicable privacy, data or security laws and regulations; the exertion of management's time and our resources, and other expenses incurred and business changes required in connection with complying with the terms of our contracts and the undertakings in connection with any regulatory, governmental, or third party consents or approvals for acquisitions or dispositions; any changes in expected closing dates, estimated purchase price, or accretion for acquisitions or dispositions; losses in our investment portfolio; restrictions and limitations in connection with our indebtedness; a downgrade of our corporate family rating, issuer rating or credit rating of our indebtedness; the availability of debt and equity financing on terms that are favorable to us; and risks and uncertainties discussed in the reports that Centene has filed with the Securities and Exchange Commission (SEC). This list of important factors is not intended to be exhaustive. We discuss certain of these matters more fully, as well as certain other factors that may affect our business operations, financial condition and results of operations, in our filings with the SEC, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Due to these important factors and risks, we cannot give assurances with respect to our future performance, including without limitation our ability to maintain adequate premium levels or our ability to control our future medical and selling, general and administrative costs. The guidance in this presentation is only effective as of the date given, December 12, 2024, and will not be updated or affirmed unless and until we publicly announce updated or affirmed guidance. Included in this presentation are certain non-GAAP financial measures. Please see the Appendix for reconciliations to the most directly comparable GAAP measures. Forward-Looking Statements
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3I N V E S T O R D A Y D E C E M B E R 2 0 2 4 3 I N V E S T O R D A Y D E C E M B E R 2 0 2 4 Please consider supporting an important community partner this holiday season Community Spotlight
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4I N V E S T O R D A Y D E C E M B E R 2 0 2 4 I N V E S T O R D A Y D E C E M B E R 2 0 2 4 4 Agenda 8:30 AM ET Introduction Jennifer Gilligan, SVP of Finance & Investor Relations 8:35 AM ET Strategic Focus & The Road Ahead Sarah M. London, Chief Executive Officer 9:05 AM ET Policy & Politics Jon Dinesman, EVP, External Affairs 9:20 AM ET Financial Outlook & Earnings Power Drew Asher, Chief Financial Officer 9:45 AM ET Q&A Senior Leadership
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5 I N V E S T O R D A Y D E C E M B E R 2 0 2 4 Strategic Focus & The Road Ahead Sarah M. London Chief Executive Officer
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6I N V E S T O R D A Y D E C E M B E R 2 0 2 4 Adjusted Diluted EPS1: 2025 Guidance Adjusted Diluted EPS Growth2 1 Adjusted Diluted EPS is a non-GAAP financial measure. Please see the Appendix for a reconciliation to the most directly comparable GAAP measure. 2 Represents year-over-year growth compared to current 2024 guidance.
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7I N V E S T O R D A Y D E C E M B E R 2 0 2 4 7I N V E S T O R D A Y D E C E M B E R 2 0 2 4 Centene’s path forward is as simple as… MEDICAID MARKETPLACE MEDICARE CORE BUSINESSES SIGNIFICANT DISRUPTION OPPORTUNITIES DUALS & ICHRA PLATFORM
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8I N V E S T O R D A Y D E C E M B E R 2 0 2 4 8 Transforming the health of the communities we serve, one person at a time. 8
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9I N V E S T O R D A Y D E C E M B E R 2 0 2 4 9I N V E S T O R D A Y D E C E M B E R 2 0 2 4 TWO Disruptive Opportunities
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10I N V E S T O R D A Y D E C E M B E R 2 0 2 4 Dual Eligibles: Who are they? Dual Eligible: Beneficiaries eligible for both Medicare and Medicaid Medicaid 79M Eligibles Medicare 68M Eligibles Duals +12M Eligibles
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11I N V E S T O R D A Y D E C E M B E R 2 0 2 4 Medicare covers: •Inpatient services* such as hospital visits and short-term skilled nursing facilities •Outpatient services* such as doctor visits, diagnostics tests, and home health care •Prescription drugs •Other supplemental benefits may also be covered Medicaid covers: •Long-term nursing home expenses, personal in-home care, and other support services •Behavioral Health coverage above and beyond Medicare Advantage •May also cover cost shares for services not fully covered by Medicare and Part B premiums Duals Services 80% of dual eligibles live in states where Centene currently serves the Medicaid population * Includes physical and behavioral services.
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12I N V E S T O R D A Y D E C E M B E R 2 0 2 4 What is ICHRA? An Individual Coverage Health Reimbursement Arrangement (ICHRA) is an ACA-compliant alternative to group insurance ICHRA allows employers of all sizes to directly reimburse employees for individual health insurance premiums and qualifying medical expenses tax-free Over 300,000 employees are enrolled in an ICHRA plan today, with more joining every year1 Employer selects a benefit design Employer defines the contribution amount Employees shop the marketplace and enroll Employees receive stipend for coverage 1 2 3 4 I N V E S T O R D A Y D E C E M B E R 2 0 2 4 1 Average of industry sources; enrolled employees across over 5,000 employers. 12 The process:
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13I N V E S T O R D A Y D E C E M B E R 2 0 2 4 13I N V E S T O R D A Y D E C E M B E R 2 0 2 4 •Portability for members •More choice •Budget predictability for employers •Buy the benefits right for you Product Benefits
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14I N V E S T O R D A Y D E C E M B E R 2 0 2 4 14I N V E S T O R D A Y D E C E M B E R 2 0 2 4 Three Lines of Business Medicaid Marketplace Medicare
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15 15I N V E S T O R D A Y D E C E M B E R 2 0 2 4 Medicaid
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16I N V E S T O R D A Y D E C E M B E R 2 0 2 4 16 Medicaid is at our core Medicaid Growth Year States Members 2011 12 1.8M 2013 19 2.8M 2015 20 4.7M 2017 22 7.1M 2019 26 8.6M 2021 29 15.0M 20241 30 13.1M 30 states and 2,098 counties 1 Reflects membership as of September 30, 2024 and includes to-date effect of redeterminations.
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17I N V E S T O R D A Y D E C E M B E R 2 0 2 4 17I N V E S T O R D A Y D E C E M B E R 2 0 2 4 $877B $1.2T 2023 2030 Medicaid Source: National Health Expenditures from CMS TAM: $1.2T by 2030 5% CAGR U.S. SPENDING GROWTH OPPORTUNITIES •Complex populations moving to managed care •10 states yet to expand Medicaid •11 fee-for-service (FFS) states without managed care •9 managed care states and D.C. with no Centene presence ESTABLISHED LEADER WITH ROOM TO GROW
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18 18I N V E S T O R D A Y D E C E M B E R 2 0 2 4 Medicare
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19I N V E S T O R D A Y D E C E M B E R 2 0 2 4 19I N V E S T O R D A Y D E C E M B E R 2 0 2 4 •Duals expansion •Medicare Advantage conversion from FFS •Continued improvement of Star ratings •Value Based Care •Medicare Part D (PDP) Medicare TAM: $1.6T by 2030 7% CAGR U.S. SPENDING GROWTH OPPORTUNITIES 2023 2030 $1.0T $1.6T LARGE & GROWING OPPORTUNITY Source: Congressional Budget Office (CBO)
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20I N V E S T O R D A Y D E C E M B E R 2 0 2 4 I N V E S T O R D A Y D E C E M B E R 2 0 2 4 20 •Increased alignment with our Medicaid footprint •Improved Star ratings •Breakeven target for 2027 Medicare progress Medicare Advantage 2025 Footprint
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21 21I N V E S T O R D A Y D E C E M B E R 2 0 2 4 Marketplace
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22I N V E S T O R D A Y D E C E M B E R 2 0 2 4 22 Marketplace Enrollment Growth, 2014 – 2024e - 5,000 10,000 15,000 20,000 25,000 2014 2016 2018 2020 2022 2024e (in thousands) Source: KFF.org 22
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23I N V E S T O R D A Y D E C E M B E R 2 0 2 4 23I N V E S T O R D A Y D E C E M B E R 2 0 2 4 •Continued growth of Individual Market •Uninsured •Gig / contract workers •Small Group migration •Group replacement / ICHRA Marketplace TAM: $204B by 2030 8% CAGR U.S. SPENDING GROWTH OPPORTUNITIES 2023 2030 $204B $119B UNIQUE & POWERFUL GROWTH DRIVER Sources: CMS Marketplace Open Enrollment Period Public Use Files, CBO
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24I N V E S T O R D A Y D E C E M B E R 2 0 2 4 24 More than 20 million Americans access coverage through the Marketplace I N V E S T O R D A Y D E C E M B E R 2 0 2 4 24
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25I N V E S T O R D A Y D E C E M B E R 2 0 2 4 25I N V E S T O R D A Y D E C E M B E R 2 0 2 4 In summary... MEDICAID MARKETPLACE MEDICARE CORE BUSINESSES SIGNIFICANT DISRUPTION OPPORTUNITIES DUALS & ICHRA PLATFORM
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26 I N V E S T O R D A Y D E C E M B E R 2 0 2 4 Policy & Politics Jon Dinesman EVP, External Affairs
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27 I N V E S T O R D A Y D E C E M B E R 2 0 2 4 Directional Indications for New Administration
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28I N V E S T O R D A Y D E C E M B E R 2 0 2 4 28 I N V E S T O R D A Y D E C E M B E R 2 0 2 4 Overview •Insight into the political and policy landscape •What changes may occur in our core businesses – Medicaid, Marketplace, and Medicare (including PDP) •Preparedness and expertise to engage with necessary stakeholders on health solutions that drive greater quality and efficiency
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29I N V E S T O R D A Y D E C E M B E R 2 0 2 4 Congressional Party Breakdown: Trump 2024 vs. Trump 2016 46 52 47 53 194 241 215 220 SENATEHOUSE 2016 2024 2016 2024
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30 30I N V E S T O R D A Y D E C E M B E R 2 0 2 4 Political Dynamics
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31 31I N V E S T O R D A Y D E C E M B E R 2 0 2 4 HI AK Potential Medicaid Expansion Growth if Washington Eliminates eAPTCs Current Medicaid expansion state States that have not expanded Medicaid •10 states have not expanded Medicaid: AL, FL, GA, KS, MS, SC, TN, TX, WI, and WY •Total Medicaid Expansion Opportunity ~$2.65B1 1 Total opportunity includes Centene’s expansion calculation adjusted for an average of 3-4 winners per market.
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32 32I N V E S T O R D A Y D E C E M B E R 2 0 2 4 Medicaid 32
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I N V E S T O R D A Y D E C E M B E R 2 0 2 4 33 33I N V E S T O R D A Y D E C E M B E R 2 0 2 4 Marketplace 33
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I N V E S T O R D A Y D E C E M B E R 2 0 2 4 34 $3.9 $4.3 $5.2 $7.7 $10.5 $15.7 $21.3 $37.6 $45.6 $56.4 $70.4 $103.8 $118.0 $135.5 $140.1 $144.0 $0 $20 $40 $60 $80 $100 $120 $140 $160 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Republican - Trifecta Obama Trump Biden Premium & Service Revenue presented reflect the impacts of acquisitions and divestitures completed during the years shown. 1 Represents the mid-point of our 2024 Premium & Service Revenue guidance. Democrat - Trifecta 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 202412009 2010 Democrat - Trifecta ($ in billions) Premium & Service Revenue
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I N V E S T O R D A Y D E C E M B E R 2 0 2 4 35 35I N V E S T O R D A Y D E C E M B E R 2 0 2 4 ICHRA
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I N V E S T O R D A Y D E C E M B E R 2 0 2 4 36 36I N V E S T O R D A Y D E C E M B E R 2 0 2 4 Duals
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I N V E S T O R D A Y D E C E M B E R 2 0 2 4 37 I N V E S T O R D A Y D E C E M B E R 2 0 2 4 37 Outlook for Medicare Advantage Greater Support for Medicare Advantage •Expect more favorable rates and Star ratings to promote growth Duals Alignment •Focus on duals integration and increased role for states in plan design and ensuring choice Reduce Drug Pricing •Push for flexibilities and innovation to reduce drug costs for seniors and sustain Medicare
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38I N V E S T O R D A Y D E C E M B E R 2 0 2 4 38I N V E S T O R D A Y D E C E M B E R 2 0 2 4 Takeaways We expect four years where Washington gives states greater flexibility – an environment where Centene thrives with our local approach to health care delivery A winning party does not implement policies that hurt their voters the most. It is why we expect some modifications to eAPTC extension, but not total elimination With one of the closest margins in nearly 100 years in the House, major reform is unlikely; Republicans may need Democratic votes to get legislation passed
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39 I N V E S T O R D A Y D E C E M B E R 2 0 2 4 Financial Outlook & Earnings Power Drew Asher Chief Financial Officer
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40I N V E S T O R D A Y D E C E M B E R 2 0 2 4 3 Years of Accomplishments •Momentum on Stars and quality •Investing & building in long-term growth areas and opportunities (HIDE/FIDE, ICHRA) •Successful PBM transition •Ongoing SG&A efficiencies, incorporating simplification of operations •Team and talent successes ~10% CAGR Adj. Diluted EPS growth Despite Medicare Stars decline & unprecedented Medicaid redeterminations headwinds2 11 Divestitures •USMM •PANTHERx •Ribera Salud •Magellan Rx •HealthSmart •Centurion •Magellan Specialty •Apixio •Circle Health •Operose Health •Collaborative Health Systems $26 billion growth '24 vs. '21 Premium & Service Revenue1 Investment grade rating by 2 of the 3 major rating agencies 1 Premium & Service Revenue growth based on 2024 guidance mid-point of $144.0 billion compared to $118.0 billion as of December 31, 2021. 2 For purposes of calculating the 3-Year CAGR, using adjusted diluted EPS guidance of “greater than $6.80” ($6.81) and $5.15 for December 31, 2024 and 2021, respectively. 3 Shares repurchased from January 2022 through November 2024. 101 million shares repurchased3
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41 41I N V E S T O R D A Y D E C E M B E R 2 0 2 4 2024 Guidance Reaffirmed $143.5B - $144.5B Premium & Service Revenue 88.3% - 88.5% Health Benefits Ratio (HBR) greater than $6.80 2024 Adjusted Diluted EPS1 1 2024 Adjusted Diluted EPS is a non-GAAP financial measure. Please see the Appendix for a reconciliation to the most directly comparable GAAP measure.
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42 42I N V E S T O R D A Y D E C E M B E R 2 0 2 4 $1.0 $5.0 $9.5 $2.5 $2.0 2025 Premium & Service Revenue Guidance ($ IN BILLIONS) Medicaid Net Organic Growth & Rates $86 $34 $30 $5 Medicaid Commercial Medicare Other Marketplace Medicare Advantage $143.5 - $144.5 $154.0 - $156.0 2025 Estimated Premium & Service Revenue1 1 2025 Estimated Premium & Service Revenues are reflected at the guidance mid-point; Medicare includes both Medicare Advantage and PDP. 2025 Guidance 2024 Guidance Medicare PDP Medicaid Redeterminations Impact
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43 43I N V E S T O R D A Y D E C E M B E R 2 0 2 4 2025 HBR Guidance 88.3% - 88.5% 2024 Guidance Medicaid Marketplace Medicare PDP Medicare Advantage and Other 2025 Guidance ~+40 bps~(60) bps 88.3% - 88.5% ~+50 bps 88.4% - 89.0% Medicaid Segment HBR is expected to decrease sequentially from 2H 2024 to 1H 2025 to 2H 2025 as rate updates take hold throughout 2025, partially offset by typical seasonality and trend. Medicare Segment HBR is expected to start lower in Q1 2025 (as PDP members initially cover costs before reaching their max out of pocket) and increase through the remainder of the year. Line of business impact on consolidated HBR ~0 bps
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44 44I N V E S T O R D A Y D E C E M B E R 2 0 2 4 2 3 Investment and other income of ~$1.6 billion; Interest expense of $660 million to $680 million 5 6 4 Additional 2025 Assumptions Cost of services expense ratio of 86.2% to 86.8% Composite Medicaid rate increase of 3% to 4% Capital expenditures of ~$700 million; Depreciation expense of $570 million to $590 million Share buyback of ~$2.0 billion in late 2025 1 Adjusted SG&A expense ratio of 8.1% to 8.7%
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45 45I N V E S T O R D A Y D E C E M B E R 2 0 2 4 2025 Guidance Low High Total Revenues (in billions) $166.5 $169.5 Premium & Service Revenues (in billions) $154.0 $156.0 GAAP Diluted EPS > $6.19 Adjusted Diluted EPS1 > $7.25 HBR 88.4% 89.0% SG&A Expense Ratio 8.1% 8.7% Adjusted SG&A Expense Ratio1 8.1% 8.7% Effective Tax Rate 21.5% 22.5% Adj. Effective Tax Rate1 22.0% 23.0% Diluted Shares (in millions) 491.0 494.0 1 Adjusted Diluted EPS, Adjusted SG&A Expense Ratio and Adjusted Effective Tax Rate are non-GAAP financial measures. Please see the Appendix for reconciliations to the most directly comparable GAAP measures.
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46I N V E S T O R D A Y D E C E M B E R 2 0 2 4 46 Embedded Earnings Power Beyond 2025, Relative to 2025 Guidance Long-Term Adj. Diluted EPS Opportunity: Returning Medicaid HBR back to ~90% +$1.60 to $2.00 Improving Medicare Advantage to breakeven +$0.40 to $0.60 Improving Medicare Advantage from breakeven to 3% - 4% pre-tax margins +$0.70 to $0.90 Increasing Medicare PDP pre-tax margins from ~1% to 3%+ +$0.40 to $0.60 Total Opportunity +$3.10 to $4.10 eAPTC Risk: Potential impact of 2026 modification or non-renewal of the eAPTCs, reducing up to 30% of Marketplace membership Up To ($1.00) + Additional earnings opportunities: •Earnings on growth beyond 2025 revenue levels •Outsized opportunity on duals alignment given the Centene Medicaid footprint •Capital deployment - share repurchase, M&A, net of debt refinancing 2027+ •ICHRA
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47 47I N V E S T O R D A Y D E C E M B E R 2 0 2 4 LONG-TERM REVENUE GROWTH CAGR: 7%–8% LEVERAGE ON GROWTH / MARGIN EXPANSION: 1%–2% LONG-TERM CAPITAL DEPLOYMENT: 4%–5% Medicaid CAGR: 6%-7% Marketplace CAGR: Mid-to-High Single Digit % Medicare CAGR: High Single Digit to 10% 12%–15% Adjusted Diluted EPS Long-term CAGR Target •Growing higher long-term margin businesses at a faster rate than Medicaid •HBR improvement, especially in the next couple years •Continued SG&A leverage and ongoing savings initiatives •Share buyback •M&A •Debt management •Penetration of spend in fee-for-service (FFS) •Complex populations •New market expansion •Chassis for uninsured and under-insured •Leverage #1 position •Future disruptor of employer group market •Penetration of FFS •Dual eligible alignment •Improving Star ratings •Aging population •Margin > Growth near term Our Targeted Long-term Growth Algorithm
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48 48I N V E S T O R D A Y D E C E M B E R 2 0 2 4 Centene: A Growth and Margin Expansion Investment Opportunity Great positioning in the growth part of managed care: government programs, including the coveted Medicaid footprint for Duals opportunity Large and growing total addressable market with meaningful managed care penetration opportunity Disrupting capabilities through the Marketplace chassis; without the internal conflict of protecting an employer group business Embedded Earnings + Efficiency and effectiveness will yield margin expansion Momentum and a mission that attracts talent and partnerships
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49I N V E S T O R D A Y D E C E M B E R 2 0 2 4 49 I N V E S T O R D A Y D E C E M B E R 2 0 2 4 Centene’s path forward is as simple as… MEDICAID MARKETPLACE MEDICARE CORE BUSINESSES SIGNIFICANT DISRUPTION OPPORTUNITIES DUALS + ICHRA PLATFORM
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I N V E S T O R D A Y D E C E M B E R 2 0 2 4
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51I N V E S T O R D A Y D E C E M B E R 2 0 2 4 51I N V E S T O R D A Y D E C E M B E R 2 0 2 4 2022 2023 2024 Guidance 2025 Guidance GAAP diluted EPS attributable to Centene $2.07 $4.95 > $5.92 > $6.19 Amortization of acquired intangible assets $1.40 $1.32 ~$1.32 ~$1.40 Acquisition and divestiture related expenses $0.36 $0.13 ~$0.15 ~$⸺ Other adjustments1 $2.65 $0.85 ~($0.18) ~$⸺ Income tax effects of adjustments2 ($0.70) ($0.57) ~($0.41) ~($0.34) Adjusted diluted EPS $5.78 $6.68 > $6.80 > $7.25 1 Other adjustments include the following pre-tax items: 2022 Real estate impairments of $2.82 ($2.08 after-tax), gain on the sale of PANTHERx Rare of $0.84 ($0.65 after-tax), impairments of assets associated with the divestitures of our Spanish and Central European, Centurion and HealthSmart businesses of $0.78 ($0.60 after-tax), Magellan Rx divestiture gain of $0.46 ($0.17 after-tax), Health Net Federal Services asset impairment of $0.40 ($0.39 after-tax), gain on debt extinguishment of $0.04 ($0.03 after-tax), increase to the previously reported gain on the divestiture of USMM due to the finalization of working capital adjustments of $0.02 ($0.02 after-tax) and costs related to the PBM legal settlement of $0.01 ($0.00 after-tax). 2023 Circle Health impairment of $0.53 ($0.47 after-tax), Operose Health impairment of $0.26 ($0.24 after-tax), real estate impairments of $0.19 ($0.16 after-tax), gain on the sale of Apixio of $0.17 ($0.12 after-tax), severance costs due to a restructuring of $0.15 ($0.11 after-tax), gain on the sale of Magellan Specialty Health of $0.14 ($0.11 after-tax), a reduction to the previously reported gain on the sale of Magellan Rx of $0.04 ($0.02 after- tax), gain on the previously reported divestiture of Centurion of $0.03 ($0.02 after-tax) and an additional loss on the divestiture of our Spanish and Central European businesses of $0.02 ($0.01 after-tax). 2024 An estimated: $0.15 ($0.11 after-tax) net gain on the previously reported divestiture of Magellan Specialty Health due to the achievement of contingent consideration and finalization of working capital adjustments, $0.04 ($0.03 after-tax) net gain on the sale of property, $0.04 ($0.12 after-tax) gain on the previously reported divestiture of Circle Health, $0.03 ($0.02 after-tax) Health Net Federal Services asset impairment due to the 2024 final ruling on the TRICARE Managed Care Support Contract, $0.02 ($0.01 after-tax) severance costs due to a restructuring, $0.01 ($0.01 after-tax) additional loss on the previously reported divestiture of our Spanish and Central European businesses and $0.01 ($0.01 after-tax) gain on the previously reported divestiture of HealthSmart due to the finalization of working capital adjustments. 2025 None. 2 The income tax effects of adjustments are based on the effective income tax rates applicable to each adjustment. RECONCILIATION OF GAAP DILUTED EPS TO ADJUSTED DILUTED EPS Reconciliation of Non-GAAP Financial Measures Included in this presentation are certain non-GAAP financial measures. Management believes that non-GAAP financial measures provide information that is useful to investors in understanding period-over-period operating results and enhance the ability of investors to analyze Centene’s business trends and performance. The non-GAAP financial measures should not be considered in isolation, or as a substitute for the most directly comparable GAAP financial measure and may not be comparable to similar measures used by other companies. The Company strongly encourages investors to review its consolidated financial statements and publicly filed reports in their entirety. Non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. The Company references Adjusted SG&A Expense Ratio guidance, which excludes acquisition and divestiture related expenses and other items. The 2025 Adjusted SG&A expense ratio excludes estimated acquisition and divestiture related costs of approximately $400 thousand. The Company also references Adjusted Effective Tax Rate guidance, which excludes amortization of acquired intangible assets. The Company references Long-Term Adjusted Earnings Drivers, Adjusted Earnings CAGR and Adjusted Earnings Growth. These items cannot be reconciled to the most directly comparable GAAP financial measure without unreasonable effort. As such, these have been excluded from the reconciliation. A reconciliation of Adjusted Diluted EPS to the most directly comparable GAAP financial measure is included for reference.