in of billion growth has third expected. to from $XXX excluding Maximus excluding expense fiscal million per of which the morning expense. of Operating segment. decreased the XXXX amortization of quarter acquired COVID income compared is offset for year U.S. the decrease the diluted and short-term largely $X.XX, decline reported margin X.X% Thanks, prior combination acquisitions $X.XX services amortization, was to by concluded approximately net or a year or for work, the This earnings quarter period. $XXX Jessica. response growth $X.XX, intangibles for a which organic revenue The federal the million X.X% as were share This was as
response Third further of U.S. declines this a Absent the quarter short-term $XX.X profitable impacted which results were reflected by share. in of redeterminations our COVID also paused. contract programs, facing per quarter detail lower in outside as negatively volumes $X.XX the diluted in earnings expectation or segments’ work, remained write write in Medicaid a will the caused discussion. earnings provide down million down while I core by the required for lower segment, our
growth as work, organic This COVID quarter adjust declined, would for the compared if while response prior you the period. be year normalized approximately to XX% revenue organic
As usual, showing today's presentation a appendix reconciliation we figures. have included a normalized of table in of the
XX.X% previously The went in into well to which short-term the reductions third work revenue live longer with prior you of segment work. for due the combination gained new ramping XX% response revenue new from delayed period compared take delivered this, COVID $XXX The segment quarter. for core pandemic. to the nearly services work, response a a million U.S. of me Let growth decline that period. assessments work operating as by driven year margin for in quarter, as the was customers prior segments. through work that was X.X% during clinical core the evolved to year segment COVID is the new of The term Normalizing as the expected the income work includes
redeterminations negative remain response offset work period to On segment, in strong which those program. profitable COVID results reduces while these response year on which this work short-term down margin step helped paused, reflect, Medicaid volumes COVID impacts the prior I call, core last In our has noted core a the declined program.
For the segment. federal U.S. services
Third expected to from work, by acquisition. response million the COVID to quarter VES and reductions XXXX decreased partially offset revenue due short-term to fiscal $XXX Aidvantage contributions year
While revenue quarter, approximately year the the volumes XX.X% this organic period, period. particularly for The worth federal compared response segment the response noting the prior XX.X% margin an as prior that in decreased income operating high year on the work. for of services segment benefited basis, was revenue COVID U.S. grew normalizing in work. to in from X%. It's for third COVID
the revenue is X.X% was net growth work approximately ramping about of $X.X primarily growth compared about period. million recorded outside $XX.X driven response year organic for normalizing million The the third and restart currency was of as by XX% the prior U.S. and the to segment, U.K. continued year increased the in as an of segment loss impacts prior operating to operating of X%, organic to XX% $XXX an to COVID which revenue profit quarter This Turning million program. compared period. reduced
for driven forecast. to provision we on a I the tied write earlier, provision revenue even we loss on remaining life. above and quarter. and outside third we a rebid, the the restart loss the forecast Australia, update the of contract. completion a the expectation percentage severance expected ahead of market program. Due included following the basis, somewhat where recognize also a that forecasted had cost, to job break forward quick project customer continues than quarter, took this to loss the quarter's The would to perform higher volumes successor down active we loss on mean book contract in realized this contracts implementation over with quarter, the U.S. on the of a latest It U.K. holds, slightly the a contract. A As reduction share Results unique higher we by mentioned the this making was if this phase, where in forward mechanics
flow Let balance me turn and sheet cash to items.
puts unrestricted $X.XX business the and calculated had equivalents we $XX our had As large net The million first cash from of of to of to $XX pro credit two is trailing increase XX flow quarter. borrowing, collection, ended debt agreement ratio of months were of forma flows certain combination us a the three X.Xx, for our totaled cash part to by of and which coming Cash end of our days flow with free timing range was July. of cash this upper in of the a XX. billion to XXXX, three to ratio accordance driven in with allowed increase million. as and EBITDA, on times. a lower of debt The $XX of due June cash June XX, modest and target the to two results we due than was Cash expected EBITDA $XX lighter for lower million in operations million, months toward
result, but in XX totaling totaling purchased June XXX,XXX and range XX, at to the third to since We still XX purchased of a DSO increased quarter our $XX approximately days within As shares, $XX million. XXX,XXX are end, target have million quarter shares our XX days. we
for for excludes to intangibles amortization and $X.XX our year billion of full and billion, diluted share on remainder $X.XX $X.XX and expense. expectation an earnings is $X.XX between year fiscal the the range to between per to revenue basis, or for which $X.XX XXXX, range for $X.XX As adjusted
prior the billion narrowing $X.X We which guidance. midpoint, unchanged guidance revenue is around the are from
could prior our which not for bottom-line, in was takedown. the third quarter the On the particular, reason accommodate write and guidance results primary down the
of the would As end expire that end assumed fiscal of year the PHP a reminder, prior not low prior to already XXXX. guidance
So that further of impact not aspect forecast year. the does this
PACT earnings on year for services this to the is in Another business the the to pressure U.S. factor federal VES final expanded expected volumes anticipated put quarter and related Act.
year the levels increase would existing promote costs necessary potential to incurred benefit to the expect to year, be staffing XXXX, including retention. we staff investments fiscal While volume this in increase
forecast million I XXXX year that expectations. includes is additional third and earnings forecast results The it third half is quarter cost as meaning to includes year. quarter, second incremental the the in in The step included largely expected yields of quarter to cost, the a From $XX improvement the in unchanged margin absorbing modest segment note just U.S. segment a And sees standpoint, of from deliver implies staffing to $X range the XX% quarter compared in fourth that XX% for I mentioned. and full revised prior the the should VES guidance. from million a have revised guidance fourth services we up between fiscal for
reminder, redetermination there a fiscal XXXX. assumed no in As year activities are
segment, a low XX%. XX% anticipated services expected VES the of margin as result of For at U.S. the to expected to the of range be our federal is staffing end the cost,
above just year, full a the breakeven. position fourth the quarter margin segment be the outside to Finally, in expected be loss U.S. with the will for
Our range with is between and operations million. flows and to between $XXX $XXX following cash flow $XXX cash flow cash from change guidance the million $XXX earnings narrowed million million expected and free to
expect million income purchases. expense We The further average and shares should be rate million to should tax XXXX. effective XX.X year and absent about between and interest between XX.X% in be weighted be XX.X% fiscal million $XX XX.X share
standpoint, growth profitability an we current by sharing COVID of fiscal me suggests year over a work. reduction million we $XXX could fiscal short-term sight response XXXX. more a projection. overcome in From expect Let would from revenue standpoint, a That year organic than lift year conclude nearly early the year mean XXXX. line our positive some From earnings thoughts in around
views Of tied in meaningful longer initial response factors, some rest which volumes the redeterminations business. offset the the business. margins operated year assume financial our expiration materializing including a fiscal and profile to to to these of above the VES resuming expectations decline course, of the as we PHE bottom-line These XXXX and key programs COVID short-term those help factors contribution should from delivered work, following
PHE, in it currently is it will we the believe expire unlikely mid-October. that For
know While core PHE redetermination increase and resumption program. do event exact volumes our that in of unknown. We will timing this expiring of Medicaid the resulting remains
will months order that we know as On rough magnitude impact redetermination, is earnings PHE call, our also that have We subsequent a reduction complete modeling which XX challenge earnings extension. per states saw quarter their redetermination, the how to our exactly of through that the of due our $X.XX about to last forecast will period. talked affect reflected the
it we resume. unlikely simple. We be asked $X.XX are quarters short, each is means of to an immediate that expect this of redeterminations In first after the four if for often increase
I'd taking profile the three to and So will work may that few we on thinking spend completed been Consider have you this like not unfold. here current faced through nearly I'll be minutes wide a well our never degree for as how earnings impact a highlight pause a several our restart is potential have as there variability. the been of to factors and can with earnings customers why of meaning as redetermination. years, complex,
often to are when or Similar we redetermination specific paused. typically instead, isolate the First, number for documents time as of don't have units volume took minutes on us will predict they such it It's effect to of difficult how they redetermination phone certainty paid the when total with how program tied redeterminations points, pay number to resume. processed. be to
decisions unwinding. not tiered output state conduct to ranges elect part structure, have that rates. pricing and Within uncertainty given meaning the different how yet have And contracts and a made on the ongoing in depend PHE some profitability various unit vary. the of due can volume can they impacts Second, as range, have work customers of finally, will date to some volume to a
potential discussing current with customers. and are opportunities We
The now not between resumption. reason, curve may change this to earnings For and the known. of is eventual our expectation yet shape continue the
believe does rough range. what know previous that now slightly to want we at margins of mean? quarter this upper a as be end today, possible. forecasts. accretive, caution per Based than we we that But still volume order see what lower $X.XX this in expect potentially the of now is magnitude but So on We all highly I
and stress of We test scenarios. different expectations impact continue to the refine our
for XXXX a is our year-over-year fiscal which increase factor expect Another interest result we year as earnings of to expense, rates. higher
today's November. million of next that, for in in to call on As we through our $XX rate remainder million XXXX is be $XX an to with of Bruce. and past guidance the rate. And could the fiscal practice, is we fixed in of over debt Consistent turn will rate interest our derivative, detailed $XXX range year. SEC with forecast floating filings, expense million rates, I'll provide our see the we Based for the year
