Health Net 2013 Annual Report Download - page 69
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67
RESULTS OF OPERATIONS
Consolidated Results
The table below and the discussion that follows summarize our results of operations for the years ended
December 31, 2013, 2012 and 2011.
Year Ended December 31,
2013 2012 2011
(Dollars in thousands, except per share
data)
Revenues
Health plan services premiums ..................................................... $ 10,377,073 $ 10,459,098 $ 9,878,687
Government contracts ................................................................... 572,266 689,121 1,416,619
Net investment income.................................................................. 69,613 82,434 74,161
Administrative services fees and other income............................. 34,791 17,968 11,523
Divested operations and services revenue..................................... — 40,471 34,446
Total revenues........................................................................ 11,053,743 11,289,092 11,415,436
Expenses
Health plan services (excluding depreciation and amortization).. 8,886,547 9,316,313 8,539,754
Government contracts ................................................................... 502,918 605,074 1,237,884
General and administrative ........................................................... 1,083,694 939,940 1,052,458
Selling ........................................................................................... 239,428 245,925 237,562
Depreciation and amortization...................................................... 38,589 31,146 31,152
Interest........................................................................................... 32,614 33,220 32,131
Divested operations and services expenses................................... — 85,824 163,546
Adjustment to loss on sale of Northeast health plan subsidiaries.— — (40,815)
Total expenses........................................................................ 10,783,790 11,257,442 11,253,672
Income from continuing operations before income taxes....................... 269,953 31,650 161,764
Income tax provision .............................................................................. 99,827 5,969 100,708
Income from continuing operations........................................................ 170,126 25,681 61,056
Discontinued operations:
(Loss) income from discontinued operation, net of tax.......................... —(18,452) 11,064
Gain on sale of discontinued operation, net of tax ................................. — 114,834 —
Income on discontinued operation, net of tax......................................... — 96,382 11,064
Net income.............................................................................................. $ 170,126 $ 122,063 $ 72,120
Net income per share—basic:
Income from continuing operations.............................................. $ 2.14 $ 0.31 $ 0.69
Income on discontinued operation, net of tax............................... $ — $ 1.18 $ 0.12
Net income per share—basic......................................................... $ 2.14 $ 1.49 $ 0.81
Net income per share—diluted:
Income from continuing operations.............................................. $ 2.12 $ 0.31 $ 0.68
Income on discontinued operation, net of tax............................... $ — $ 1.16 $ 0.12
Net income per share—diluted...................................................... $ 2.12 $ 1.47 $ 0.80