CNC - Earnings call transcript Q3 2018

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Operator

Good morning, ladies and gentlemen, and welcome to the Centene Corporation Third Quarter 2018 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]. is event this note being recorded. Please time, over to this I would conference the turn to Mr. like At Ed Kroll, Senior Vice President of Finance and Investor Relations. sir. ahead, go Please

Ed Kroll

Thank may Jeff estimates third the a Any and Provision A of by of XXXXXXXX. today, under this change. accessed Form that those Centene.com countries through and prospects remarks be of results filings. XXXX. indicated our XX, morning, XX-Q (XXX) Litigation most Form which us good replay recently can and various to playback and dated as may that subsequent other anticipates differ in Financial Centene.com. Chief call's Centene at will will including XX, forward-looking these call. you, Actual is important the its statements constitute in plans, by Officer materially shortly at also filed you of XXX-XXXX discussed also dial-ins about purposes from developments Private The Chairman result Vice XXX-XXXX. Act Denise, joining or Reform for Centene statements those our code the XXXX, after February future cause of Centene; XX-K other Centene's SEC forward-looking dated morning's expectations, be President (XXX) Harbor XXXX, Securities Officer Safe and Canada, October factors, public and or events for Chief and U.S. Michael everyone. Neidorff, available for website host on number Executive dialing earnings call, dialing Centene, quarter in Thank completion the XXXX will Executive by both results Schwaneke, conference our and and make

to point A which in press third of reconciliation measures elect certain quarter can so. forward-looking the found GAAP release, to measures. most do non-GAAP under is to disclaim on the the in at The our measures comparable obligation any update some these While website also section. future, be our will centene.com with these call refer we company available also specifically the XXXX at statements directly Investors may

reminder I'd over Finally, be XX, that, Michael turn will our held the like With in next on our December to York Neidorff. New Day Chairman and City. call a Friday, to Michael? CEO, that Investor

Michael Neidorff

Thank you, Centene's for and earnings quarter morning Good Ed. everyone thank joining you call. third XXXX

call, of financial the During we Centene's results discuss on this update quarter course and third will markets and provide products.

you of bring We also up the will on Fidelis. date integration to

begin with Let Fidelis. me

our our The The quarter Fidelis integration Healthcare. third was New well as progressing as first is quarter full going York State very operating with expected.

We will management as tools. clinical add quality the enhance case Fidelis, current and of and of our incorporate data we and further programs analytics care capabilities

on basis, add expect including net track $XX.X and in to to On $XXX revenue over increasing are billion achieve Fidelis synergy synergies. We we a run-rate and in the targets. million approximately adjusted EBITDA

the to on third quarter Now financial results.

relate program IHSS Two to the to million expiration charge reconciliation related contract. and that have $XXX were of related to million our adjustments benefit These been the obscured bottom-line in to are offsetting pleased this solid were may operating the by quarter adjusted another booked clarify three to quarter strong We have the that by of quarter. in expired. the California Affairs top It Veterans growth. the a $XXX and contracts is significant metrics the marked important as adjustments report

Fidelis the of which X. third July This our million foundation. XX.X charitable quarter third effective was at acquisition related beneficiaries increase is of in over X.X closed of a quarter-end represents recipients. This to contribution part The XXXX. approximately million to Membership adjustment the growth $XX a million an result of

in costs VA earnings membership contract. operates of quarter of period XX% the business. adjusted in in The We year-over-year primarily developed adjusted $X.XX with our for the we to XXXX. regarding growth reconciliation our expense into higher pattern expense compared result our to diluted points expectations, billion a business XXX comments year-over-year XX%. XX.X%. of total which with XX%. of reiterate reported year. associated third was This points have the of Consistent paid in to a similar the The exploration represents decreased exchange year-over-year the quarterly increased This benefit Please and This $XX net and earnings $X.XX the in note, growth one-time $XX.X ratio exchange at share HBR SG&A attributable increased to a adjusted same Third was plus year. SG&A visibility ratio IHSS last basis billion. quarter revenues to last XXX program to the per revenue growth

we practice, update Investor full of As at XXth, our XXXX an and guidance provide will our is Day. detail December

further in We guidance consensus finalizing share Jeff per XXXX remarks. based A our cost process. But are the planning current for quick Medical the views financial be updated including still provide his details to-date comment annual adjusted earnings XXXX on within our range. on guidance prepared will trends. would

MCO if and cost We paid media like charging consistent Buckeye stable is regarding have anticipate would the this as trends. rate not model. PBM topic been penny Ohio make any more a a Community number cost to continue comment and Health articles even more, medical Health flat see with low-single-digits. as our also some strip. is To member cannot more to I expectation the the There This a has and other overall of charge on the Health. than Plan per state plans well evolution clarify, recent per pharmaceutical that our in Buckeye prescriptions. the state Medicaid were

comment CBS original duplex no there by rescinded and to CBS you involved. this are a services know, on matter As has and

higher consumers. month, with quality of sustainable member $XX.XX transparent plan a Buckeye's that more per We pharmacy services fact, for In costs lower XXXX. Ohio all the NAIC and support spend for shift to of towards model $XX.XX per on average according in the is filings PBM a is below

our Our approach. recent evidence investment the latest in RxAdvance of is

our me. to and forward and rollout before RxAdvance year-end working stage -- the As others for with RxAdvance to with the fact, have look a first of and of enhance national We Ohio State a we model. XXXX evolve PBM roll-out throughout XXXX matter excuse

to updates. Moving product market and on

program Arizona First, of successful discuss Mississippi. and South an in recipients October the over activity, health Central will more integrated process. agreement part reprocurement regions. entered behavioral that representing integrates to and added State's Medicaid now lives have services We new contract a support the Medicaid than as this XXX,XXX Net program to in XXXX, the time a the state Carolina in early to increase Note RFP Health October August of of for RFP a of began State's in first part as subsidiary of into XXX,XXX. Mississippi XXXX, new we service Arizona, services North Medicaid to the we that North XXXX In the third members care. of Medicaid the Medicaid of transition continue an program. provide a our managed to reprocurement Carolina, in Access vendor in released

health a Health to The been provide of RFP our we Medicaid of to joint State to private. on focused in joint for of with Carolina services venture have for our Complete collaborate was in be well-positioned established Carolina approach. Medicaid with are XXXX. tax February We to due Society January venture winners in In RFP a several this XXXX scores, announce years. Medical feel early physician-led the to Managed plan is We member we Managed to state planning venture Care. as state. the Furthermore, approach Carolina the the a statewide with Care recognized marketplace established Carolina joint RFP its consistent our Complete which will in North response local Health submitted expects participation North Medicaid

announced award healthcare a expected X of Centurion services the Florida. County contract X,XXX to an provide of counties Daytona, comprehensive facilities Volusia will Next, Council located Centurion, in voted of August XXXX. to The January commence Centurion to is attendees the contract. that near potential Centurion Florida average

recent Centurion contract for line. The Metropolitan average contract offer Albuquerque, in population gained these awarded correctional expected growing to Additionally, provide Center evidence of area in new we is to that commence New Detention healthcare detainee contract service to XXXX. February this comprehensive Mexico. services traction of the This was detainees X,XXX. wins relatively further two is product a this Note in have

Medicare, began Consistent we than annual XX,XXX more our the At on MMP growth quarter-end with focused have served a be and building and XXXX. increase XXth. the Medicare in XX%. plan XXX,XXX year-over-year October remain business. over in to expect on successful XXXX strategy, Medicare on expanded states geographic of Medicare a recipients in year enrolment we we for beneficiaries. Now footprint This our The XX represents

products. our data are Four We XXXX we take all will are business Advantage we growing the focused return recently competitive of of position released to to Parent a Medicare for CMS targeted in encouraged year. we are that markets a we plan rate approach our to with pleased on; continue by MA suggesting Star the Further

this impact with XXXX expect our be of plans a the members will note Fidelis recently new with Healthcare. We plans Fidelis it in four have established including have Ascension XX% multiple venture expect on star we MA joint to XX%. positive Please will excluding in

a served sequential On we year-over-year sequential This individuals. membership loss offsets beneficiaries. XX%. Next attrition. over Fidelis The September represents addition members of At a insurance marketplace. increase exchange from X,XXX,XXX of basis normal health grew XX, a XX,XXX

continued third to businesses Our exchange the perform in well quarter.

be to XXXX for Ambetter. another year expect We strong

existing in six next year, exchange and will Texas, products In Georgia, Carolina, four addition Pennsylvania, we Carolina, footprint be South expanding In in Kansas, North Florida, and markets aiming Missouri, states, new XXXX, to we our states. Indiana, offering XX are Tennessee.

in performance We X. and elimination significant Hopefully the appropriate. meaningful in like low have would enrollment of income strategy appears dynamics on starts our I XXXX. the to the be impact subsidized the mandate competitive do of remains not population. market November do to a to on the of focusing a overall speak this We Our not specific to marketplace see pricing change individual expect product.

radar. to incremental efforts. the our guidance efforts offset Shifting includes reduced Our and Government's gears to outreach Federal marketing continued

composite an third Medicaid of strength and growth We Centene's me. capabilities. robust. approximately adjustment pipeline opportunities evidence for increase quarter financial offer XXXX results of Centene's of remains of X% continue operating to further expect further excuse In conclusion, the

continue margins. Centene industry. our future We growth and about evolving the on We're our healthcare to in while play in leading diversification optimistic explore the to focus maintaining prospects will continue the new role

on details interest Jeff We We XXth Centene. City. third is with quarter there. Day further Jeff? for will your Investor forward December next our in thank reminder, results. you now look you you our York provide New to on a seeing in As continued financial

Jeff Schwaneke

driven we Thank share year. by $X.XX of the good strong an XXXX you, quarter were $XX.X morning. with acquisition continued total and and last over marketplace XX% strong This the billion earnings of of of revenues of increase performance an third Michael, per business. the for of Fidelis completion over reported increase morning diluted and results the adjusted Earnings quarter XX% the

on aggregate quarter the include items effect share. which the Additionally third had in diluted per earnings results following no

quarter we the First, pretax estimate to during The of received and cost benefit the information the IHSS during million last a of reconciliation from reconciliation with us third the ended program we which effect $XXX associated the quarter. recorded the information allowed year. California of State

the Second, with of charge $XXX connection in the severance for negotiated Affairs Veteran a of pretax recorded contract, contract million expired costs. the we quarter. settlement In this conclusion

serve. offset Lastly, pretax support associated continue company's the the million we a commitment the $XX we communities that the as with items, to recorded of contribution to two to foundation an charitable to first charge

the result Total CMG, provide expansion, Care, many was in revenues year-over-year in acquisition to including health took some and many a me care economy grew health due redeterminations unemployment. of billion of the growth in program, more LTSS partially insurance new removal Foundation Fidelis membership January IHSS the XXXX. our lower result California as with which by states in other programs the and business the in the program return of quarter. fee in Illinois marketplace of in and our associated lower the the growth expansion XXXX managed Medicaid Let and revenue of effect for of business, as This for Care, a of the strengthening by approximately details primarily insurer including MHM, contract eligibility revenues the Pennsylvania lower the offset states and $X.X acquisitions and

over the this Additionally, million. adjustment little revenues lowered IHSS a by premium quarter $XXX

by quarter health benefits to XX.X% to this and the year's The last HBR, points. decrease quarter basis quarter driven the in the recognition of year compared reduced primarily is on was XX.X% in HBR our XXX by third second XX% the XXXX. ratio the IHSS Moving benefit approximately the program of which third reconciliation in of year-over-year

business These marketplace in higher by insurance in which operates were health XXXX partially seasonality the in the Fidelis XX mentioned. XXXX HBR. is by of the the the HBR. increase acquisition health at insurer and the the growth and decreases membership point in Fidelis reinstatement program offset attributable year-over-year of acquisition from the Additionally, of IHSS offset previously increases commercial basis These decreased the the second fee Care. also primarily quarter HBR of Sequentially, business were the a to normal reconciliation I partially

to SG&A. on Now

The the associated SG&A general conclusion contribution impacted administrative commitment Fidelis adjusted by and the The ratio third is the XX% Veterans year our sequential foundation. expense to to a Care. growth our second of costs by the at in insurance partially ratio. with The was related the X.X% SG&A with at Fidelis XX and increases expense marketplace points due mentioned. operates VA costs Care contract the expense Department contract U.S. charitable Our was due were offset was ratio. increase were the higher the the a of by charitable last approximately acquisition expense Affairs acquisition basis business contribution in year-over-year health which negatively and increase also to operates primarily quarter These with in lower These SG&A previously ratio the of expiration year of to to this increases X.X% selling, compared offset of partially XXXX. and of which primarily associated quarter the

$XX balances as million income business to diluted to on due last per last compared third acquisition quarter. Fidelis. higher year million acquisition to mainly during the and year. compared expansion due well during the income diluted we share higher the quarter interest The increase investments. year-over-year Fidelis Investment is per Sequentially Additionally spent $XX $X.XX investment rates $XX on to of with quarter associated third as was increased short-term the investment million $X.XX share last costs

balances payments fourth mentioned The We the for the the expect compared due fee, quarter year to over and million was investable third health and associated quarter. last lower $XX California payment interest driven interest income $XX is $XX of full debt increase to issued increase Interest million the driven the to quarter be in the insurer lower for second XXXX. the adjustment, the million swaps. fund higher to the Fidelis the The risk rate fund in acquisition. expense on our XXXX with acquisition associated of quarter year-over-year the Fidelis notes with rates was to debt of and quarter second our rate additional a by sequentially senior interest by

the effective tax Our was tax effective quarter tax third XXXX, fee. partially of by by to third was return the quarter for in XX.X% the in The rate rate offset XXXX. the income the insurer driven reform lower of health compared XX.X%

million on billion Now the by to approximately $XX.X including investments held cash end, balance subsidiaries. restricted $XXX deposits sheet, and unregulated totaled quarter at

the million at facility. quarter-end authorized a on $X.X of includes which be of $XXX XXX% billion Our of filers to level. credit revolving excess borrowings control was risk-based continues capital for NAIC percentage in Debt

Our debt quarter was our at XX.X% compared excluding debt-to-capital at of non-recourse quarter the ratio XX.X% to last third year the XXXX. XX.X% second and

continue a We upper the in range. to ratio mid XX% debt-to-capital target to

Several and for this for the items influencing are payments are is days, timing business reconciliation four to the the Our the expected reverse. claims of liability the $X one timing for result increase IHSS which DCP payable impact totaled the end the claims for increase at compared business and XX days days, quarter medical related which in XXXX. addition XX represents expansions claims of of to The of quarter billion DCP in second and the accounts days of day. and program of Fidelis two quarter accounts

$XXX and health mentioned related DCP be the Care Fidelis the performance of rebate timing insurance operations flow and million the to in with in expect to claims the increases by quarter. million in program primarily third by to Fidelis. inclusion previously on $XXX positively range $XXX payables We of run reconciliation. impacted Cash business of Cash due marketplace due the to mid-XX IHSS payments a the rate was experience the million was approximately provided basis flow the

the a incurred we discuss and changes XXXX, you of we fees, of we or diluted we on cost of to with billion share expect process synergy all million the The update July working transaction net connection $X.XX guidance, to $XXX acquisition, quarter, acquired $X.X is targets. capital regulatory present consideration including and Fidelis New substantially our minutes costs, XXXX communicated spend on to third XXXX the in assets achieve In value quarter of X, of with for of banking the of undertakings effect Care as completion annual few approximately previously the to the the and approximately during legal the acquisition the in the associated the representing Before let per results. $XXX the part contribution Fidelis approval. State investment the me third million cash preliminary adjustment. York integration On the

annual to on Now guidance. our

ratio XXX.X $X.XX; and effective to XX.X% earnings of per million XX% share ratio of tax XX.X%; HBR to shares. of diluted and rate X.X% our increased of XX.X% $X.XX of SG&A the outstanding to several of of guidance of share $XX.X per $X.XX $XX.X In have reflect performance the our diluted full-year narrowed as is third adjusted updated We billion; to revenues at guidance total metrics. XX.X%; share earnings SG&A and XX%; billion XXXX XXXX ranges XXX.X to earnings by follows: quarter diluted other shares adjusted to of $X.XX in guidance XX.X%; GAAP to and per midpoint to the diluted $X.XX; summary, the adjusted annual to

diluted with share. third and the were that $X.XX may summary, $X.XX $X.XX open our we expansion completion we pleased business full-year the quarter acquisition per strong and performance the we now the to costs growth In are continue share expect remarks to to my operator; and increasing per drive margin long-term in questions. from expansion. the XXXX $X.XX Fidelis you to of Additionally for concludes That to line diluted

Operator

will go the Lynch. Thank you, question-and-answer of begin America now will Instructions]. your sir. we from Bank And Fischbeck be Ladies gentlemen, Please and question Merrill of Kevin [Operator first ahead. session.

Kevin Fischbeck

in does there's about and I option have that that one had one and there's that I you option, seem often initially last the you going guys there at and risk Thanks. be potentially ask other counties potential concerned to there hasn't competitor think mentioned to wondering now only market thought that like I really landscape but that this the wanted really only the thing, you a guess to that whether year was how I the for changed exchanges about on be of wanted Great. a and it you the you bad XXXX, year the competitive side if a comes that new outperformed two have one market? risk stepped guys in number much pool change being was that least

Michael Neidorff

as two, no, no, far risk see I years three a pool our of membership. we don't last change the have the had as, No, in enrolment Kevin, XX% of

within continue, So satisfaction higher others of of and a the deal great we any and levels so material to that, it on in we the subsidized see coming really the that and than continue don't are changes marketplace. focus market I expect to it's with some

Kevin Fischbeck

but forward, ratings about that view we the question some you Star on ratings the you back did you XXXX about of the Stars you show for out in kind some looks it now see better kind grow to picking for a XXXX and XXXX, issue did but to did you have you the price new to or expected think guess it like Star that then on contracts, fell parent you pricing I And expect side, the getting where of how and you in actual going impact then back? have margin had think to take XXXX, improvement this in it's the off of rating XXXX a for the business MA Okay. may don't longer-term

Michael Neidorff

committed Kevin may in, to that I'd to I the up. said last join Kevin year let but we're growing so business, ask I split

Kevin Counihan

all view, win I that. said, alliance, focused had when Hi, on, the take Michael Kevin. you I just the at states longer-term expansion look would been I state reflects think to potential position both we Ascension to what our strategies, think the our has it

Operator

Nephron will The of Josh next Please ahead. question go from Raskin be Research.

Josh Raskin

Good morning, Michael.

sole plans. guess to and question do I reset sort your a process just just think X% there We've bid there are about the you so need been you XXXX majorization where you've there operator First expect sort of your the this exchangers and of or how there's guys just about a of on for year, is is bidding margin we think lot a about you of and about XXXX? a in a counties, you any you as guess again above sort and talked resetting margins no but think are is thinking long-term reset to sustainable my make margin how should

Michael Neidorff

said in let Jeff comment, as changing in I not and Jeff I'll alluded. answer, we see others has relative position marketplace our but is Yes, to previous but my the some

Jeff Schwaneke

certainly not yes. Yes, about too to XXXX planning reset to but that's are view. much certainly our not XXXX in we Not margin for details get

Josh Raskin

your only bidders, was from return I that no as in ability I'm Carolina? that North released or competitive and and reasonable contract, the perspective there that there's landscape bit how they eight North of it's few that just such but that risk hey couldn't the win Carolina only I this. so a plans a earn that's just don't just curious large so it to I around a know and is a contract there's on plans guess then on that, actually big think realistically is of contract a fear about the set Okay, were little on to perfect listed with surprised is

Kevin Counihan

Kevin. it’s Hi,

probably you've requirements our be know as contributing respect care requirements with and such, top provider so and excited a at think between to contributing what -- bid, network -- and We management may on is just a factor, an strong one I but would the factor. about be organizations that we was MCO it mix bid as was complicated outside MCOs. It as one one bid. a to have factor very said believe we're the is well looks that potential you a complicated is implemented again that it the

Michael Neidorff

As back I to say, come mean add the would get the just sit at out think I a you do lot and with initially people I about it, and look expectations, I I required we'll of technology the size, maybe and when expect think who do excited think have it, to scale, again to that. sit we so our to this partnership acquisition, one well through the

Josh Raskin

or clarify, to bid there of on just like to rates came the early around onerous the return, that the nothing nothing out a earn that that your in continuity reasonable it And view was or to care RFP changed or period? the ability anything Okay. in going that's make

Michael Neidorff

so. think no, I don’t I think

many particular you think plan year have at your go I you plans many a think in are you and I through have it's think how refined, have plans, But and new three, always member people always to accordingly you always four where we've how look that want to region. look quarters. said educating we first total, bifurcated I you it in they when for have

material same we has that So are planning accordingly. supplies

Operator

Valiquette question go Please next be will of from ahead. Barclays. The Steven

Steven Valiquette

to prior Analyst that? to are just at still more calculations clarity in MLR also any but finalized subject it just it your periods $XXX adjustments June, these was seems included clarify on so it those guidance this now, was material Just want they I to all quickly you depending and million for get risk IHSS mentioned back for in is meeting in are the like all guys orders California around it payment, California Thanks. minimum California think

Jeff Schwaneke

program Yes, guidance say eligibility inception things. the and in never state is cost way perform in guidance, This not here to a quarter order to back had the would I but issue are they XXXX from the the the information was it's that all so member its real couple the the is and beginning really from reconciliation. of been we first in this reconciling

so time look the had So not we data is it, first the the is not it state the MCO, has a done. obviously this at

we find year reconciled in in still year which and maybe think it early press late would XXXX come year XXXX this XXXX that or to XXXX. release through I the later then expect there's that the information potentially you'll the says get next

you get what adjusted will it disclose So I we tell if it could it that does, is and accordingly. would

Steven Valiquette

help As as how get much way there it for $XXX the of could rough the versus just it breakdown of any XXXX to breakdown be to sense that of how relates XXXX adjusted? much far is XXXX, million it us a to of magnitude

Jeff Schwaneke

in in later I think the the there were rate changes years. program

piece significant So to a that time think little I of XXXX relates in XXXX. a XXXX, periods with bit less

the as it on. the and smaller years go beginning at probably gets say starts So I larger would

Operator

from The Ralph Please be go of ahead. will question Giacobbe Citi. next

Ralph Giacobbe

figures? one-time in morning. why sort from in more Obviously lot those reason excluding MLR good Thanks, you and items parts weren’t a SG&A, of some adjusted any of the

Jeff Schwaneke

not SG&A the I I think think have general much easier to this filing, a never disclose long, it I the disclose our was so think we more in but in so such you that Well, if an an will HBR, very our makes and confusing to adjusted information. preference way an is in this and just have view was adjusted done ratio, historically a, adjustment

Michael Neidorff

just to I add want that. to

we ensure the took historically going That's a to to have really have income even adjustments where were that allowed. wanted weren't just the did we it, people and -- nature the and what change lot into versus I as ensure through that because as that a time, of taken you're we foundation business in to no remember come company of given billion lenses $XX the $XX offsets there think of what a quarter. lot important in really million we we was this put and the we a

ongoing here going so most given believe And just events adjustments is expected a way environment in of the I'm in is ongoing, treat to and pleased I'm where we business's people say with understand discount. given and obviously consistent simple, and quarter is part there's with size, to the tend and one where we time decided with to say it to keep good -- so that quarter, this be people we and Jeff our a well as to the to as used you performing any change expectations. in any bad an or have one-time the not we that adjustment but that's one-time is they be other -- when them business no

Ralph Giacobbe

fair right, just XXXX and that the out around consideration to for around even thanks. flexibility And to opposed that, maybe a follow-up, more of initial thoughts waivers XXXX, sort it's enough. implications then as like, maybe any states a All the administrations and whether yesterday Okay.

Michael Neidorff

Kevin?

Kevin Counihan

Yes, think finished states I it's to I guidance flexibility. the support reading last question. night. good we just have the for additional a Clearly, ability

think that. With plays we're of into guidance, still and strategy. respect our all I think the to well studying I it our model business the and also both some nuances

Operator

Tanal Please question from be will Steve of go ahead. Goldman Sachs. next The

Steve Tanal

be kind the that's couple just of HBR pretty I Fidelis I and question really that I understand XX.X% at access. trying I would of decent spike because thinking guess if was first out of the through Fidelis the kind look impact specifically wanted typical looking the could this to to the just impact the think follow-up typical ratios, of what mean you and on at IHSS of item, ex the the seasonality HBR

Michael Neidorff

totality, what some versus we comment always we kind it the policy, so. the go too in forward, we've We that, had look as want or because in look at at I but gets business about confused it of consolidated again directional. this quarter to next bifurcating want to

Jeff Schwaneke

think fee the by the have year whole a things. no marketplace the insurer organic this there right, and exactly those yes, business has two I the separate because year two then right because comparing predominately you the business. a One was for been are have would last last increase you're then a the the adjustment, down health growth, here higher fee Fidelis and HBR the category kind do Yes, been health of obviously in has pulls I because offset so insurer of have correct IHSS HBR, you you you and to lot growth right, if that HIF, does year marketplace year it in an was you're run put the

of as the in the company a HBR. volume that of So down business the percentage pulls increase total

Steve Tanal

on the qualify step run that's the And third should a Okay. $X.XX to about guess guess in as up just and so, just stepped on is number just the rate kind I Fidelis far or we heard and and at in quarter fourth in quarter increased guess thinking higher bit I expansion was come in that we call that that I so business of came that back costs was number one than side, the thing that were SG&A I and this the about a $X.XX or that think point? like a

Jeff Schwaneke

to have business and related what look Medicaid so remember Some you open if the of day rate our to of for mentioned that. marketplace third be Michael at incremental in would example are as we to business. pretty lot the do I on good so costs that what period one-one quarter order have time start-up costs incremental quarter a for run depending can had in so time from lot we the of a it's for when we times it the a would lumpy a script fourth to RFPs enrollment year in example you say in expansion because is if start his prior related the is to but

that's So year, are a several I for years it's a awards of awards it in we've and could but pretty the where rate, say think change. how depending many timing last range obviously that run on been specific the in I would good

Operator

be The James go from next Please will question Sarah of Jaffray. Piper ahead.

Sarah James

Thank priorities as we that was certain makes to their could you. assets areas forward, add the I are deployment for exposure? walk hoping going us model think there about that business through sense or what us to continue expand you capital

Jeff Schwaneke

of that investment addition obviously you've a the to over growth RxAdvance adding Interpreta. you've the long lot seen some really of think I have think and I of seen related and mean this to CMG, capabilities a with of deploy, continue year time capital we I our Yes, period and is that deployed

capabilities the add to to the continued we've business as business. grow well So as

that's capital, requires the statutory deployment growth business. market every So capital marketplace new increasing that in

we ways a to looking capabilities grow are for continue add business consistent going long-term in So forward, successfully. strategy to I that will think the it's the

Sarah James

can put about couple we've higher a but were that updates outlook the XXXX And you detail, rate recently mentioned that. bit -- of you talk Okay. than that more in a little would the for reiterating had X%

that update is looking rolling XXXX kind the or XQ wondering XQ on of some are rest thinking just I’m of of for or you recent as So for to the focusing that? X% upside the year, could accurate still out provide you’re

Jeff Schwaneke

annualized they together as adjustments the of rate -- we've but giving a think Yes, the the three it idea the you those. may not adjustment and the in for -- years as to I close X% meaning so as premium netted and off just far the rate net give we're changes been those, other are last a little what the this thing of And been it's to if we've I those we’ve a excluded it's a what year, X% think fee that, net in for provides about just schedule adjustment, you effect occur, I those a because we’ve to get state annualized just bit it's effect one. the typically one is it's this is

comfortable last I still we’re X% see we've think wouldn't point years So been in and at time. X%, the the this range anything several going I different the for in forward with

Michael Neidorff

easiest that's is raised X% that think what that to to what certainly important mislead. increases comparable the Jeff a I but Sarah thing other if said, they've is fees And

of put we net in clarity think I So number. were interest the we

Operator

Capital be next Markets. Matt The will of Borsch BMO question from Please go ahead.

Matt Borsch

the I just if high that rate going quarter maintaining think you quite already just fourth if there Can in and for something this tax implying the rate about missed tax I what's the is wondering said. quarter, and I'm apologies I guidance ask pretty full-year, something rate, low you're for on you've your the looked to could talk

Jeff Schwaneke

Yes, question. no good a Matt that's

significance a I to Fidelis -- of the statutory related the really that's costs obviously the it's associated closing the what's for roughly transaction Those the is adjustments driving rate around the tax transaction. XX%. quarter the with think the are and of deductible rate tax

some So about time these for we've our guidance known and costs has always those. included

see today. get to So that guidance our to for in we've the GAAP to rate why full-year we're revision basis, ranges again that's didn't the going a between range is provided back on tax a you

Matt Borsch

Okay, got it. okay, okay,

Michael Neidorff

good said terms in a example that in Matt a you particular also of I earlier have impact. can quarter given That's any effect

Jeff Schwaneke

is to would had is back lower. to just you lower of their a Fidelis much because year, say half addition the of so Yes, little give health subject this much, I Fidelis tax insurer fee we've a Matt, more rate tax not detail, always the rate because

Matt Borsch

Right, got it.

Jeff Schwaneke

Yes, but with full-year, our range. guidance for the we're comfortable

Matt Borsch

Got sort range it. you organic can you the growth high-single-digit barn ask you the organic billion. question of side that look into above a Got for growth you're and correct for on Am at adjust $XX if Fidelis. I of if XXXX I it a just going out broad implies and

Michael Neidorff

have year. for is a something once for there again and always the we're adjust consistency; think to year when partial next we always we had I have

don’t what in we that we you reflects at consistent, in we So the that update lot will significant anyway more in But as it's and to detail and this. consistency that's detail give year-over-year look I it had of visibility see you a we December. mean June for more and you last go it, how do growth

Operator

will question Mr. of line next your Costa Fargo from Securities. be ahead. Wells Costa, Peter Please is open. The go

on muted You may side. be your

Peter Costa

sorry that. Hi, about good morning,

Michael Neidorff

Good morning.

Peter Costa

have guidance or expected you being metrics your expectations Fidelis seen and at or negative? that's either at due change changing different Why different been your did to than from the positive performance the the Fidelis what things

Michael Neidorff

been with consistent tell really one our to the think really mean I out think revenue and very we're general I they back it's with were of day run our about reflects pleased a we reaffirmation expectations on I that, ledger. innovation EBITDA well are in the it's and the able and company that.

act mean I expected. and have it's a we company they everything So is together this could

Peter Costa

away what's which the just you're follow-up, why was your going you business, seeing somehow New them mandate view view higher to what York much the and exchange And mandate they individual different York? different the initially individual in New as saw going so away, going now initially caused of Fidelis's seeing on is are from of seek in a Care rates that

Jeff Schwaneke

Okay.

it's basic so has plan, of and think York So you're right, probably that. that one two a New York Minnesota health I states of you're that is aware have different, New

going and they're So selection to management without definition and different issues States issues than just underwriting have issues risk VHP. by the

Peter Costa

to caused next in So you’re than them New much for rates higher that's seeking what increases rate seek year? York

Jeff Schwaneke

versus there a with definitely Yes, those if health you the are state different issues, like without underwriting state two, that. basic plan that has are one

Peter Costa

thank Okay, you.

Michael Neidorff

that have of course get adjustments on involved closing their discussions could not been until And after we inappropriate. in would any rate

Operator

from go question ahead. ISI. Evercore of be Newshel will next The Please Michael

Michael Newshel

starship the ago? RFP at few timing the looking and on pipeline, any the Plus Texas of a and repost weeks cancellation update is expected Really of there after RFP the Star in contracts

Michael Neidorff

best. moving the a a it's what's think it Chris I -- piece, movable

Chris Koster

looks I shot -- RFPs Michael. are will are the both give RFP start know as best Chip due be both to and mid-November, awards that come expect XXXX. for reissued you QX, been going my we the it the and XXXX of the these you like QX of dates in Right have are and of Plus right will of Star XXXX of projected Star X/X now X/X the be will now, and

Michael Newshel

go vacated another bidding on about will And course great. contract the process and Health Choices what's that? the -- whether through latest at Pennsylvania and Okay, how also the

Michael Neidorff

I've I and and the time. I’m we that's time up any during I mean on decided and -- and something long-term it's haven’t wait that's to great but focused been that heard there the silent anything. a made call it very way haven't going well job East was say try a third just deal a it's We going in to territory

so twice we what have time. We happens done well see this

Michael Newshel

And existing business the in continue meantime?

Michael Neidorff

Governor new the the potentially. actually there's be unsure the have a yes. is will in help mean you they And of up, Election coming wanted. a Well not I'm it, -- they There data place need

wait there. is I'm And so and forecasting reasons, Election the lot what there a of happens for variable. So see term let's various but not

okay, going so they had a we wait have much little want fight. a that that now we full bit on to So is if

Operator

will from question go ahead. be of Bernstein. next Sanford The Lance Wilkes Please

Lance Wilkes

and on that the related claims Just could to would that if a be on the non-Fidelis, issue or color helpful? timing payable predominantly a days just give was that question little particular you products the more more on in quick any

Jeff Schwaneke

when scheduled. days of claims a the around quarter and lot the Yes, depends I checks making of large we're payments so specific. nothing on every some on at you payable, Obviously the single month day are mean day. look actual this in when fairly we’re our which no of ends

I Fidelis. what So it just that depends the pretty I of on in a be good that, the long-term most my addition think items that's we proxy to timing mid-XXs as And for think the was of related in script clear going where to. we're are with

Lance Wilkes

is out and to convertible and replaces states to a going about or capabilities capability, this the it just it some could model existing pricing are result about you about around thinking more in you is of as of transfer on how rollout a impact that bit preferred XXXX, little more how this, you then more have talked like additional what related so both you And RxAdvance, the pricing maybe Okay. transparent separate pharmacy little that. a made rates kind frequently would investment you talk color be and to if capitation rolling to in

Michael Neidorff

able Yes, what so be leading out. I'm I'm speak him Jesse been and do is going to to to ask that going has to

Jesse Hunter

kind which were future is I where so the combination the point so technology is investing really making RxAdvance, Yes, to the there investments really Michael more transparent in today. PBM includes in think I good of they starting referenced platform think RxAdvance the in I model, here version related his important is of that think comments as questions

-- customers operating of new we're in market-by-market the market-by-market and yes occur So a will built and will delivering yes believe cost more and on over cost our around quality sharing that provide platform that do those new been to initiate the XXXX. initial time total we In all with lower comprehensive XXXX we cost of as basis will reference and out and since rolling model we end the of moving integration implementation investments on higher pharmacy in continue the through process cost medical those conjunction that more including both costs is be a different states. more of so care which for services with rollout, to focused total the transparency has efficiently of for

Michael Neidorff

Yes, changer. this going a to be game

Operator

The Please Dave next Jefferies. question go Windley will from of ahead. be

Dave Windley

taking Advantage were kind in the aspiration Centene? for discussed for to XXX of the J.V. XXXX question Medicare Medicare Hi, in interested just Advantage got I'm earlier Centene's longer-term counties that business and your my thanks look you mix for like us the for something you view in call stars in that added the Michael

Michael Neidorff

a that fast, forward. the product learning think outcomes, said to how so to that's help year capability that's it. right we into going and continue I RxAdvance very last for telling I and I part as a very the but important and see how been talk doing a growth whether Interpreta the I as using the and what improve things decade systems fundamentals it keep it's very view important of is doing be gradually fuel see that not we're next it see well you'll and important we Advantage part what I Yes, as it's little as our Medicare bit we've it process a it we're growth the And we've continue built also get about the this you expanding when year our and and

Dave Windley

that I that in be Thank quickly glade can out you at the programs then targeting the about and adding been transparent call Fidelis of And do think there synergy things fully how targets clinical things the about those of your think talked management and you are and over case time? benefits those of the as fairly exceeded top there you. captured -- happen you like and synergy things HBR those can the or target you've

Michael Neidorff

will implementing ready period we be kinds we've And think I those speak. the that we got things one so could during the about could we did. as close for it's of something extended are talk before and we Well them

we're I to over real I we're that GAAP all these can very systems our how reporting GAAP forward and deliver has So the and they our so on I consistent under do were things standpoint of know and the capabilities. and hope it the we and been are, will timing But conservative that a would keep we from promise to a standpoint benefits want they little of as always we hopeful and bit from and looking appropriate think careful with the expectations real. accounting.

to easy there. So from together and learning right we're as them, things put it's things two something so so

Operator

next from Sopcak be Zack ahead. Please of The question Morgan will Stanley. go

Zack Sopcak

for morning. up MA question. you good the for XXXX? improvement around turn wanted incremental any Thank were there Hey your the your and what involved just you to Stars about I in drove ask get first investments and from perspective to really

Michael Neidorff

as it few we've jump and been Kevin way make Well, well, priority keep I'll and ask so there take? we pushing get where satisfied to just want make on a the it are, we're to priority we you the then along the increase and better that's it, involved focusing we with we with it. are when going that's to But investments happy it and and got to it, We a the not made in. to caught we're breaks that's Kevin something

Kevin Counihan

clearly said his as is team made what think us got other well pretty that's Michael's it. We've to as a strong quality clear Stars I and expectations focused Michael activities. a a priority. It are. on RA in

about execution. it’s So

Zack Sopcak

then back you. but and year you net numbers I your just look are net charitable adjusted And if a them earnings. and Thank including XXXX adjusted from clarify you XXXX excluded on earnings contribution, in to so now

I should net in contributions to charitable your forward earnings? it just be Going adjusted consider included into

Jeff Schwaneke

Yes, think two other Michael earlier is had the goes was items. I for this back what the mentioned to really this offset

similarly see quarter. this what to would disclosed you it to I one think did So be like we that the this, extent

Operator

Justin go ahead. question Research. be next of The Lake Please will Wolfe from

Justin Lake

Thanks, morning. good

rate. back wanted the on tax to come Just

First that of were all, is in cost number? there the from one-time saying you're Fidelis deductible adjusted the

Jeff Schwaneke

which No, They would return, guess around tax XX is they tax is on rate say. your deductible and right. your on their deductible change, effectively I statutory at what I return are their are

costs form. So will I we file burden a those we take mean our we actual when that return tax are deduction that

Justin Lake

Right.

I confused you correctly this the just what cost little I'm So bit are if in is not a one-time guess I'm adjusted, of the understand integration Fidelis by those right? the included right,

Jeff Schwaneke

had cost at the out adjusted applicable will those our they the tax are be that on right, exactly so right, return. federal rate tax which the earnings In at effectively we backing that's we

Justin Lake

you Did you think the the that tax ramped one-time benefit tax yield Right. also or out? or you

Jeff Schwaneke

aggregated but release, right. they at combined, look in you one line, is if press disclosed of is are actually Yes, the tax the press deductions the those tax benefit the release it's into

Justin Lake

what That's so. Right. I thought

Jeff Schwaneke

of tax was the cost, the the of yes think release, benefit transaction Yes, million I right. for both in it's the into XX aggregated amortization press I are the those one-line it $XXX the think and quarter,

Justin Lake

be and look going see the doesn't the adjusted the look it tax given rate, so and bit income pretax kind of meaningful impacted so that income Okay, a and benefit, look we fourth tax to adjusted guidance adjusted at the confused? then pretty it tax rate aftertax rate at the low, just little somewhat when is quarter implies low

Jeff Schwaneke

were GAAP to right. low but we earnings mean Yes, it’s guiding some a the so number, I are extent magnitude net to because GAAP

I GAAP look of a earnings you significance if it number at of right small because adjustment, the know is the roughly the has of XX%. of So for a that the we're amount that's because -- we actually the to which range GAAP get to going we’re change the why transaction but cost range. guiding didn't to GAAP we didn't range is quarter

you're So what GAAP for. math recalculate you looking the will financial that and on your statements give

Justin Lake

Got it.

if the maybe that's follow-up just the think we about way the about be year I adjusted tax right to thinking rate it? could for maybe should So

Jeff Schwaneke

you mean what deductible the is of the really our insurer, and a an tell by right. way at we return the statutory rate, rate tax statutory I I the those rate tax the financials non-deductibility associated on the between could on piece with of a are insurer see the which Well, health specifically that items difference fee. yes. large you don't The has give rate adjusted health it

into way is the challenging calculation the the you're to to do is playing is which math that So why trying understand it.

Justin Lake

the like good there obviously looks go services business way just it's just it; year third is All services harder last of look a margin lastly maybe quarter kind pretty anything obviously when is parts XXXX, on know this cost in it normalizing right, looks a kind I it a moving look as business I kind will more in of forward, quarter. a this this at kind to is at third of XQ of services rate low-XXs like XXXX, of back about margin the than then on And there services? think in take lot the in of I a the run quarter quarter strong we

Jeff Schwaneke

couple think of here, I'll give just you I Yes, Justin. a pieces

that that the line but would it continues VA services deals some we've the year been took of done a the that quarter. see in think because of services lower financials, the to VA, this have specifically the last I change you with bit adjustments margin we the little

it lower because has get third a last the when information and to it a was reconciliation quarter and that have U.S. amount is the favorable been that's third and the have by to exclude So if year of ratio the programs last we more us similar cost with we that's quarter. the ACO on lower favorable us you and and those, reconciliation year consistent because and services would typically

was of little at the by full ratio XX throughout So bit. wind VA and wound that cost September speed down that couple being until a VA then kind it’s we've these service of not quarter adjustments the masked things, the down also program mentioned was a work inflate the of of that

is a low So lot would I these probably change in on we of but I the have XXs to line good fluctuate that that quarter a to mix could in programs. mid reconciliations say say would depending when continues and by estimate

Operator

will Gupte question from Please go Ana Leerink next be of The ahead. Partners.

Ana Gupte

expectations rating rates, MA you weak, what be? so have a margins and for is your you going looks margin up comp as Couple forward, you normalized taking Okay, questions, your interest the mix was expand better exchanges to like of trend could would reason see investments any you first STAR XXXX one you shifting couldn't thanks about the with do in are think question. go margins,

Michael Neidorff

going I as think demonstrating Well our appropriate in margins, talk but margins in that's all we margins, are expanding have we in have the the costs over interest medical we be activities will on stated where we will to December time and more scale, improve can specific more the expand technology we call. are us the tend ability the to about give size, and XXXX clearly trying we our December we think

Ana Gupte

for thanks Thanks, great. would Okay, that, that's thought. what I have

of from existing exchanges your shifting come all growth within secular book assumptions share from your I bit and the mean making more exchanges you likely you both? for it just overall expecting of subsidized for markets types of are what on are what are business to the was XXXX, on second given of and or you a is your just or geographic thinking growth expansion The

Michael Neidorff

on XXXX. years. I that focus lot going going continues that premium well I'm established the we kind over will Well of on not to our to pattern the of into supplements that's December see ask we too standpoint in terms until supplement getting and the to portion and that stick say that from of a granular continuing be that has have us with XXXX

everything had much maintaining we with the is usual -- you’ve margin attrition that had we’re and the year business the that. see years, relative thought reenrollment one we business as very of for it's usual a from standpoint and to comfortable heard business previous I the it's says Jeff earlier I us we So this comment think

So have build to it’s and we to a and it. business it understand continue maintain systems we developed

Ana Gupte

all I they believe final One thanks. any Texas Great, update one, the -- announced on RFP? at were Okay. they

Michael Neidorff

just you to want a detail, repeat that? you Chris little think give I

Chris Koster

of RFPs X/X would RFP due will we of the November, and QX XXXX of been Michael. projected awards dates are will and our were cancelled start in date happy in QX Sure, CHIP I XXXX STAR that and for Both be have start announced, X/X believe the be will be reassured of mid be and Plus STAR XXXX.

Operator

will next be go Gary ahead. Please from The question Morgan. Taylor of J.P.

Gary Taylor

Hi, good morning.

is HIF that from actually effective Just increase to your and just non-deductible non-deductibility sorry serves think rate right. rate a quarter go materially the excuse perception did benefit I to the couple again, to and tax the lower rate, of followed back a discussion there me the I of but a tax -- questions the tax

XX quarter in different where I looking you like X what on non-deductibility GAAP the I'm that? where on there like number, of X XX am and is think, in it number the hundred X% you've XXX going seen wrong HIF but basis basis so over at including the so over half, tax a look follow was I from few does points benefit a first the Fidelis a So in is a which

Jeff Schwaneke

would say I guidance nothing transaction. from had where Fidelis Yes, costs guess than understand had mean we've our you're different is associated coming I we when these can I already -- can this your is what with I what from, in I understand

lower health which the items below you're Fidelis two one subject them down tax not them putting rate of then versus pulling non-deductibility insurer the pulling item insurer fee a yes, to and the rate includes at rate statutory fee. health So and/or effective annual out you're your line the

the adjusted guidance and that was the don't to quarter. core I a our the than see more tax complicated basis with number that known. certainly -- way these it's we’ve we're has full-year So undertakings any This on to we don't view associated any there seen in think for been tax benefit an since but regulatory guiding we benefit costs it were

Gary Taylor

it about in this at would quarter? from of sort of second of Fidelis would like we the have that in adjusted you that, $XXX the if but look ran make another way Does up that does Maybe over it quarter, the quarter, growth margin look up to a million pretax earnings look million million $XX earnings this rest pretax Centene's that pretax the the been were $XXX something if acknowledge? earnings low quarter, quarter, so $XXX at Sure. million X% sense? first Is

Jeff Schwaneke

back, pieces the back adding --? merger costs the you amortization just adding the the you're costs are So -- and merger which or or

Gary Taylor

adjusted looks which up $XXX like the million year. Yes, both prior $XXX the pretax was it is like million versus

I So think was it --

Jeff Schwaneke

the is the The makes Remember meaningful -- other piece yes right. the thing the year, makes piece a of business be it's and exchange it and different of enrollment lot remember profitability accelerated works, it exchange days missing business that is business. were exchange profile actually so it, you business how a is the the more may the lot and this

Gary Taylor

in and That pressure? the million income there is was the operating about the have you then major income OI behavioral, sense. been factor termination margin where as it question there might us and loss Last $XX any tell the operating but carve more $XXX specialty specialty other contracts of you still called Federal be a makes $XX of versus out some year-over-year, some said VA million is costs the you some there million on could $XXX and would color million just

Jeff Schwaneke

Yes, some within of integration moved health embedded so physical this the behavioral an to health, now related and is I behavioral the margin actually health is approach. plans revenues think because of those of some and our we integrated to

Operator

question Rice of Credit will ahead. next The Please Suisse. J. from go be A.

A. J. Rice

Hi everybody.

lot XX of ops health all a sort to of MVR when the First just in numbers MLR HICs HICs I things, year-to-year where but pressure? out is a your the and broader is, out remarks any health basis the wondered and four there's year-to-year other then your anyway and of your unusual was you think you're that and may you impact, if the insurance prepared where the improvement mean seeing there improved in points to question, core in Fidelis, said I ex place I Medicaid, wrong the I exchanges. be where one parse major say and maybe items, for question due your

Jeff Schwaneke

highlight business mean I didn't a think HBR why that we driver to highlighted is those I an the pretty I Fidelis items making at why I we think the marketplace mean look are we consistent, we the mentioned. year-over-year the besides business, obviously the that's a the we in what as be Medicaid basis, metrics, highlighted the was Yes, a way, was is that's and call -- the decrease by coming quarter. would the I so drivers the would it sure. the of just on Year-over-year HBR for kind increase I business of

A. J. Rice

better HICs last year was year? significantly HBR this than your Yes

Jeff Schwaneke

it No, in expectations. our think was with I line

the the volume, larger. its obviously lot magnitude business think lot it's of I a a --

A. J. Rice

okay. Right,

So growth ratio? just it's as to mainly opposed actual absolute the the

Jeff Schwaneke

Yes, it's the the on growth business.

A. J. Rice

years couple discussion you pretty appetite the rapid even Okay. within last that obviously other bigger deals, ones Fidelis big the And part acquisitions story are company of is would guys or a What's of sort for done to have your bigger the things? big of have selling in then question the historically couple my in done need growth open a with now look targeted picture you of do sheet with additional acquisitions. still of and been you've balance to in or you range say the Fidelis sometime I you

Michael Neidorff

that of mean is think it Fidelis an appropriate, very us where it effective got Well, the right context, opportunity place first which be prepare not reason integration, lot so have needs I it's gives lot the of balance do in we in integration came and is but and is I delayed the perhaps there have so or we’re to capability strategically. strong know along, effective to is and a to time do, financially sheet, right and position this no a to for a well and this put we closing for it it's we time a

A. J. Rice

focus that primary reasonable other there would on be a it your look to growing highlight? areas to you is that Medicare or given Would think place

Michael Neidorff

focus and I I on think, going very lot to it to look there that at opportunities and technology some effective provided stay more I technology leadership mean, technology broadly, mean lot and yesterday dividends are, a good that's demonstrated I we really you've seen us a our very significant more position tuned. there, look moving meeting a of that already we're with committee be of -- a there's so would

Operator

closing would Mr. hand gentlemen, And his ladies conference of back conclude session. remarks. for over the our question-and-answer like to will I and to that End Q&A Neidorff

Michael Neidorff

your I we're clarified that questions, to issues refer I because puts thank I right hope all of quarter what metrics believe we had of course some we and as normal and business a the for want takes in noise strong and you it the to were people a us be. outstanding heading fundamentals how the that in to company to a in looking to important quarter can is and tell and right XXXX we're you the size and strong, December will forward the forward our are it's of way looking we what's fourth strong

we and time, very for much good So your attention questions. day. a thank Have great you

Operator

may has time, sir. At and the you Ladies this for today's presentation. conference attending Thank you, concluded. you gentlemen, Thank disconnect.

Centene (CNC) 23 Oct 182018 Q3 Earnings call transcript