Premium and service revenues (in billions). 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 Securities and Exchange Commission (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. Membership includes Aged, Blind, and Disabled (ABD), Intellectual and Developmental Disabilities (IDD), Long-Term Services and Supports (LTSS), and Medicare-Medicaid Plans (MMP) Duals. The changes in medical claims liability are summarized as follows (in millions): Centene's claims reserving process utilizes a consistent actuarial methodology to estimate Centene's ultimate liability. GAAP diluted earnings per share attributable to Centene. Web$1,202 Market Value ($M) $36,880 Employees 74,300 Figures are for fiscal year ended Dec. 31, 2022. The second largest ticketing platform of Thailand, Ticketmelon, will be expanding its services in Southeast Asia and in the Philippines. 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 accurately predict and effectively manage health benefits and other operating expenses and reserves, including fluctuations in medical utilization rates due to the ongoing impact of COVID-19; 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; the risk that the election of new directors, changes in senior management, and any inability to retain key personnel may create uncertainty or negatively impact our ability to execute quickly and effectively; uncertainty as to the expected financial performance of the combined company following the recent completion of the acquisition of Magellan Health, Inc. (the Magellan Acquisition); the possibility that the expected synergies and value creation from the Magellan Acquisition or the acquisition of WellCare Health Plans, Inc. (the WellCare Acquisition) (or other acquired businesses) will not be realized, or will not be realized within the respective expected time periods; disruption from the integration of the Magellan Acquisition or from the integration of the WellCare Acquisition; unexpected costs, or similar risks, from other acquisitions or dispositions we may announce or complete from time to time, including potential adverse reactions or changes to business relationships with customers, employees, suppliers or regulators, making it more difficult to maintain business and operational relationships; the risk that the closing conditions, including applicable regulatory approvals, for the pending disposition of Magellan Specialty Health may be delayed or not obtained; impairments to real estate, investments, goodwill and intangible assets; a downgrade of the credit rating of our indebtedness; competition; membership and revenue declines or unexpected trends; changes in healthcare practices, new technologies, and advances in medicine; increased healthcare costs; changes in economic, political or 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 that may result from changing political conditions, the current administration or judicial actions; rate cuts or other payment reductions or delays by governmental payors and other risks and uncertainties affecting our government businesses; our ability to adequately price products; tax matters; disasters or major epidemics; changes in expected contract start dates; provider, state, federal, foreign and other contract changes and timing of regulatory approval of contracts; the expiration, suspension, or termination of our contracts with federal or state governments (including, but not limited to, Medicaid, Medicare, TRICARE or other customers); the difficulty of predicting the timing or outcome of legal or regulatory proceedings or matters, including, but not limited to, our ability to resolve claims and/or allegations made by states with regard to past practices, including at Envolve Pharmacy Solutions, Inc. (Envolve), as our pharmacy benefits manager (PBM) subsidiary, within the reserve estimate we previously recorded and on other acceptable terms, or at all, or whether additional claims, reviews or investigations relating to our PBM business will be brought by states, the federal government or shareholder litigants, or government investigations; the timing and extent of benefits from our value creation strategy, including the possibility that the benefits received may be lower than expected, may not occur, or will not be realized within the expected time periods; challenges to our contract awards; cyber-attacks or other privacy or data security incidents; the exertion of management's time and our resources, and other expenses incurred and business changes required in connection with complying with 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 and accretion for acquisitions or dispositions; restrictions and limitations in connection with our indebtedness; the availability of debt and equity financing on terms that are favorable to us; inflation; foreign currency fluctuations; and risks and uncertainties discussed in the reports that Centene has filed with the Securities and Exchange Commission. Additionally, approximately $198 million was recorded as a reduction to premium revenues resulting from development within "Incurred related to: Prior period" due to minimum HBR and other return of premium programs. CENTENE Except as may be otherwise required by law, we undertake no obligation to update or revise the forward-looking statements included in this press release, whether as a result of new information, future events or otherwise, after the date hereof. The adjusted SG&A expense ratio was 8.5% for the first quarter of 2023, compared to 7.7% in the first quarter of 2022. Medicaid and Medicare membership includes 1,323,000 and 1,231,500 Dual Eligible Special Needs Plans (D-SNP)beneficiaries for the periods ending March31, 2023, and March31, 2022, respectively. Increases were also driven by costs associated with Medicare marketing, including annual enrollment, value creation investment spending, and variable compensation. The Company takes a local approach with local brands and local teams to provide fully integrated, high-quality, and cost-effective services to government-sponsored and commercial healthcare programs, focusing on under-insured and uninsured individuals. In addition, the, Preferred stock, $0.001 par value; authorized 10,000 shares; no shares issued or, Common stock, $0.001 par value; authorized 800,000 shares; 614,355 issued and, Net increase (decrease) in cash, cash equivalents, and restricted cash and cash, The following table provides a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents reported within the Consolidated, Purchase Order Fellow managed care insurer Molina Healthcare Inc. also reported its 2022 fourth-quarter earnings this week, notching $8.22 billion in revenue, up from $7.41 billion in the fourth quarter of 2021. In February 2022, Centene announced its subsidiary, Louisiana Healthcare Connections, was selected by Centene WebCentene has new PPO D-SNP product expansion in CT, IN, KS, KY, MS, OH, OK, PA, SC, and a new HMO D-SNP in LA. The second largest ticketing platform of Thailand, Ticketmelon, will be expanding its services in Southeast Asia and in the Philippines. (1) A full reconciliation of the adjusted diluted earnings per share (EPS) and adjusted selling, general and administrative (SG&A) expenses is shown in the Non-GAAP Financial Presentation section of this release. The effective tax rate was 18.8% for the first quarter of 2023, compared to 25.8% in the first quarter of 2022. ET In addition, the three and twelve months ended December 31, 2022 include tax expense of $3 million and a tax benefit of $15 million, respectively, related to the previously reported impairment of our equity method investment in RxAdvance. Medical claims liabilities totaled $16.7 billion. GAAP diluted earnings (loss) per share attributable to Centene. (In millions, except shares in thousands and per share data in dollars), LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY, Preferred stock, $0.001 par value; authorized 10,000 shares; no shares issued or outstanding at December 31, 2022 and December 31, 2021, Common stock, $0.001 par value; authorized 800,000 shares; 607,847 issued and 550,754 outstanding at December 31, 2022, and 602,704 issued and 582,479 outstanding at December 31, 2021, Accumulated other comprehensive earnings (loss), Treasury stock, at cost (57,093 and 20,225 shares, respectively), Total liabilities, redeemable noncontrolling interests and stockholders' equity, Selling, general and administrative expenses, Loss attributable to noncontrolling interests, Net earnings (loss) attributable to Centene Corporation. "This positive momentum positions us well for 2023 and beyond as we maximize the opportunities ahead forour core business.". Statement of Operations: Three Months Ended December 31, 2022, Statement of Operations:Year Ended December 31, 2022. First quarter The SG&A expense ratio was 8.6% for the full year 2022, compared to 8.1% for the full year 2021. The three and twelve months ended December 31, 2022 include tax expense of $107 million related to the Magellan Specialty Health divestiture. The Company uses the presented non-GAAP financial measures internally in evaluating the Company's performance and for planning purposes, by allowing management to focus on period-to-period changes in the Company's core business operations, and in determining employee incentive compensation.
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