Health Net 2014 Annual Report Download - page 73
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71
RESULTS OF OPERATIONS
Consolidated Results
The table below and the discussion that follows summarize our results of operations for the years ended
December 31, 2014, 2013 and 2012.
Year Ended December 31,
2014 2013 2012
(Dollars in thousands, except per share
data)
Revenues
Health plan services premiums ............................................... $13,361,170 $10,377,073 $10,459,098
Government contracts ............................................................. 603,975 572,266 689,121
Net investment income............................................................ 45,166 69,613 82,434
Administrative services fees and other income....................... (1,725) 34,791 17,968
Divested operations and services revenue............................... — — 40,471
Total revenues.................................................................. 14,008,586 11,053,743 11,289,092
Expenses
Health plan services (excluding depreciation and
amortization) ...................................................................... 11,307,751 8,886,547 9,316,313
Government contracts ............................................................. 536,643 502,918 605,074
General and administrative ..................................................... 1,552,364 1,083,694 939,940
Selling ..................................................................................... 262,338 239,428 245,925
Depreciation and amortization................................................ 29,786 38,589 31,146
Interest..................................................................................... 31,376 32,614 33,220
Divested operations and services expenses............................. — — 85,824
Asset impairment .................................................................... 88,536 — —
Total expenses.................................................................. 13,808,794 10,783,790 11,257,442
Income from continuing operations before income taxes................. 199,792 269,953 31,650
Income tax provision ........................................................................ 54,163 99,827 5,969
Income from continuing operations.................................................. 145,629 170,126 25,681
Discontinued operations:
(Loss) income from discontinued operation, net of tax.................... — — (18,452)
Gain on sale of discontinued operation, net of tax ........................... — — 114,834
Income on discontinued operation, net of tax................................... — — 96,382
Net income........................................................................................ $ 145,629 $ 170,126 $ 122,063
Net income per share—basic:
Income from continuing operations........................................ $ 1.83 $ 2.14 $ 0.31
Income on discontinued operation, net of tax......................... $ — $ — $ 1.18
Net income per share—basic................................................... $ 1.83 $ 2.14 $ 1.49
Net income per share—diluted:
Income from continuing operations........................................ $ 1.80 $ 2.12 $ 0.31
Income on discontinued operation, net of tax......................... $ — $ — $ 1.16
Net income per share—diluted................................................ $ 1.80 $ 2.12 $ 1.47