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WELLCARE HEALTH PLANS, INC. (WCG)
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| Income Statement |
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Annual | Quarterly | TTM |
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| In millions, except per share items | Dec-31-18 | Dec-31-17 | Dec-31-16 | Dec-31-15 | Dec-31-14 | Dec-31-13 | Dec-31-12 | Dec-31-11 |
| | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
| Revenues: |
| Premium | | | | | | 9,509.1 | 7,400.2 | 6,098.1 |
| Investment and other income | | | | | | 18.8 | 8.8 | 8.7 |
| Total revenues | 20,414.1 | 17,007.2 | 14,237.1 | 13,890.2 | 12,959.9 | 9,527.9 | 7,409.0 | 6,106.8 |
| Revenue growth | 20.0% | 19.5% | 2.5% | 7.2% | 36.0% | 28.6% | 21.3% | 12.3% |
| Loss and loss adjustment expenses | 17,128.1 | 14,744.8 | 12,089.4 | 11,978.5 | 11,455.2 | 8,258.6 | 6,303.9 | 4,948.0 |
| Other operating expenses | 2,505.7 | 1,732.3 | 1,559.1 | 1,521.4 | 1,287.5 | 979.1 | 804.6 | 733.9 |
| Equity in earnings | -5.5 | 18.7 | | | | | | |
| EBITDA | 873.4 | 614.5 | 635.8 | 408.7 | 232.3 | 325.2 | 328.0 | 434.0 |
| EBITDA margin | 4.3% | 3.6% | 4.5% | 2.9% | 1.8% | 3.4% | 4.4% | 7.1% |
| Depreciation | 179.7 | 120.4 | 87.6 | 72.6 | 59.9 | 44.1 | 31.6 | 26.4 |
| EBIT | 693.7 | 494.1 | 548.2 | 336.1 | 172.4 | 281.1 | 296.4 | 407.6 |
| EBIT margin | 3.4% | 2.9% | 3.9% | 2.4% | 1.3% | 3.0% | 4.0% | 6.7% |
| Interest expense, net [+] | -26.2 | 47.7 | 42.9 | 38.8 | -5.0 | -6.9 | -4.7 | -2.2 |
| Interest expense | 87.5 | 68.5 | 59.1 | 54.2 | 39.4 | 11.9 | 4.1 | 6.5 |
| Interest income | 113.7 | 20.8 | 16.2 | 15.4 | 44.4 | 18.8 | 8.8 | 8.7 |
| Pre-tax income | 692.8 | 461.6 | 529.5 | 336.1 | 177.8 | 278.3 | 296.4 | 418.4 |
| Income taxes | 253.0 | 87.9 | 287.4 | 217.5 | 114.1 | 103.0 | 111.7 | 154.2 |
| Tax rate | 36.5% | 19.0% | 54.3% | 64.7% | 64.2% | 37.0% | 37.7% | 36.9% |
| Net income | 439.8 | 373.7 | 242.1 | 118.6 | 63.7 | 175.3 | 184.7 | 264.2 |
| Net margin | 2.2% | 2.2% | 1.7% | 0.9% | 0.5% | 1.8% | 2.5% | 4.3% |
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| Basic EPS | $9.40 | $8.40 | $5.47 | $2.69 | $1.45 | $4.03 | $4.28 | $6.17 |
| Diluted EPS | $9.29 | $8.31 | $5.43 | $2.67 | $1.44 | $3.98 | $4.21 | $6.10 |
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| Shares outstanding (basic) | 46.8 | 44.5 | 44.2 | 44.1 | 43.9 | 43.5 | 43.1 | 42.8 |
| Shares outstanding (diluted) | 47.4 | 45.0 | 44.6 | 44.4 | 44.2 | 44.0 | 43.8 | 43.3 |
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| EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |
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