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CENTENE CORP - 10-K - 20050224 - CASH_FLOW
CENTENE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
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Year Ended December 31,
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2004
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2003
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2002
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Cash flows from operating activities:
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Net earnings
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$
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44,312
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$
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33,270
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$
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25,621
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Adjustments to reconcile net earnings to net cash provided by operating activities—
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Depreciation and amortization
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10,014
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6,448
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2,565
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Tax benefits related to stock options
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3,316
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2,366
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442
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Stock compensation expense
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650
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188
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270
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Minority interest
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—
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(881
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)
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(116
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)
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Gain on sale of investments
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(138
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)
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(1,646
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)
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(649
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)
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Tax benefits of pre-acquisition net operating losses
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3,295
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—
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—
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Changes in assets and liabilities—
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Premium and related receivables
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(425
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)
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(2,364
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)
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(2,449
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)
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Other current assets
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(786
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)
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(3,180
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)
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(1,463
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)
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Deferred income taxes
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(1,638
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)
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772
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(574
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)
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Other assets
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(728
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)
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223
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857
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Medical claims liabilities
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34,501
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15,053
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15,386
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Unearned revenue
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283
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3,673
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(827
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)
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Accounts payable and accrued expenses
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6,483
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1,531
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1,468
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Other operating activities
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266
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546
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(872
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)
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Net cash provided by operating activities
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99,405
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55,999
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39,659
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Cash flows from investing activities:
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Purchase of property, software and equipment
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(25,009
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)
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(19,162
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)
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(3,918
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)
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Purchase of investments
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(254,358
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)
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(435,282
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)
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(192,371
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)
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Sales and maturities of investments
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243,623
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319,564
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127,706
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Acquisitions, net of cash acquired
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(86,739
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)
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(5,861
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)
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(11,096
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)
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Net cash used in investing activities
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(122,483
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)
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(140,741
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)
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(79,679
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)
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Cash flows from financing activities:
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Proceeds from issuance of common stock
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—
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81,313
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10,318
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Proceeds from exercise of stock options
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4,066
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1,145
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491
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Proceeds from borrowings
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45,860
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8,581
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—
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Reduction of long-term debt and notes payable
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(6,596
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)
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(386
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)
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—
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Other financing activities
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(493
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)
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(1,221
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)
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—
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Net cash provided by financing activities
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42,837
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89,432
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10,809
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Net increase (decrease) in cash and cash equivalents
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19,759
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4,690
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(29,211
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)
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Cash and cash equivalents,
beginning of period
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64,346
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59,656
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88,867
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Cash and cash equivalents,
end of period
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$
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84,105
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$
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64,346
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$
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59,656
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Interest paid
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$
|
494
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$
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176
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$
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28
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Income taxes paid
|
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$
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20,518
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$
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19,935
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$
|
16,433
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