earnings XXXX second you and call. for joining Ed. quarter you, thank Good morning, everyone, Thank Centene’s
and During the results will products. provide discuss course morning’s Centene’s update second call, we our of this quarter markets and on
commentary well as an healthcare also and will acquisition the regulatory provide legislative We around update the WellCare. of on environment as
begin me with quarter financials. Let second XXXX
to We and another with was quarter operating increase This beneficiaries marked Membership of represents and second line flows. cash XX top by bottom of quarter-end growth X.X robust at million pleased the are quarter XX% report recipients. solid XXXX. an over million
increased Marketplace to XX.X%. Second year-over-year to attributable to HBR billion. XXX primarily This quarter XX% $XX.X business. The the increased basis points was revenues year-over-year
The was As the normalized increase expected, margins have favorable to as acquisition the also HIF moratorium attributable from as in XXXX. well Fidelis. performance the of
adjusted second reported same growth. quarter compares of We representing the period share per year, in to XX% This increase last diluted $X.XX reported year-over-year $X.XX. earnings
cash This led of the These reflect solid flows previously diversification X.X ongoing range came end of has times to to of times us our or billion operating stated in high $XX $XXX results Lastly, the is strategy, net earnings. million become times at X.X which X enterprise. our net earnings. benefit
company. Medicaid We’re no longer a healthcare simply
allows diversity provide totality in can portfolio has guidance of enterprise, markets and our in cycles, including as part the his downs One organization. no jeopardize This of that performance. Jeff total rate at financial XXXX the prepared and subsidiary scale to us look this the ensures to absorb updated details will one the ups and further remarks.
our medical digits. on single the line in with in remain comment costs. expectations A stable low quick and They
discuss onto updates; Moving we’ll markets first product activity. and Medicaid
we At book June in the business million XX second year-over-your continues X.X of perform or quarter. Our Medicaid to XX%. growth recipients, X.X had represent well million of
of our industry-leading and new win RFP to win XX%. continue existing We in upholding rate Medicaid RFPs states,
this new Oregon. Medicaid care our additional counties. managed Oregon Centene contract. presence its adding onto We In expanded July Now re-procured under updates, three state successfully contract
including counties counties six in in beneficiaries Oregon. operating provides be maturely membership additional in will The Centene Metro three our to now currently the increase Portland. will XX,XXX state. care We
to through continue state December new approximately beneficiaries. maintaining in we’ll new commence value determinants The to the January, for and now healthcare XX, contract Iowa, cost July is commenced forward run Operations began XXXX control. Centene. sustainable XXXX. care managed we look we social expected program, work are health demonstrating care, with X We providing of Medicaid the and XXX,XXX focusing of Iowa’s on expected a to operating integrated and state to as
to by recent Medicaid sustainable managed operating which as anticipate. program rate a the care Iowa committed evidenced is did increase we
up for normal within Iowa typical contract. margin marks Medicaid new state We a Centene’s XXnd operation. period a expect any to ramp achieve of
has appeal it acquisition The be over performance. remained we We more year Centene for the not and pleased and been we closed noted, of York, has integration since is smoothly the previously balance Fidelis synergy Medicaid the could appeal. accretion the in one Carolina, targets. of Carolina state. we North two regarding cautiously our company are running we just won with RFP and have our as New and large active North realizing an optimistic the regions
of decided expect hear delay late August. reprocurement. in confident July Louisiana confident We also We the the of the remained to and recently to its start to of there. in Texas prospects has the value we state. remained end Texas, until now procurement the our delayed bring announcement announcement
beneficiaries we year-over-year sequential X,XXX a XX over and Medicare XX membership basis, June approximately across recipients. served represents of just increase at MMP On recipients. under increased This XXX,XXX states. XX,XXX Medicare, a Next
reestablish by we which rating, XXXX. actions revenue to expect Fidelis As of XX we be membership to commented, previously flat and exiting counties This star in XXXX. includes XXXX compared poor to the have net their MA taken is
and year, state, and to Nevada. existing more states one we new expand add XXX plan Next into counties
four We will begin MA and Centene the will platform. MA portfolio of MA bolster with our in parent joint will WellCare’s geographies Ascension in star poor addition Further, a venture return to our XXXX. rating, high-performing
beyond. the and Going long-term XXXX forward, growth profitable accelerate this should in
historic served exchange members This than continues Marketplace which well states. attrition expectations. June XX business the our Marketplace, approximately Insurance XX our million to rate. with represents of a consistent Health recipients, XX,XXX X.X perform is across sequential decline Now we lower At
member retention We than we continue see noted. to prior years, previously which in higher
the remarks demographics key on previous in line remain this subject. membership our with of Importantly, our
previous the to with margins Consistent comments, in XX% our our X% range. be to Marketplace continue
to XXXX. anticipate year another as leader We of to operations and continue strong products this continue the in national to expect business exchange of grow
XX%. Salud Banco and leading strong our Next in international, additional edge in skills believe stake business has from IT knowledge enhanced an already Spain. in along We ownership with late June further expanding systems XX% we purchased an Sabadell, to our Ribera our
our our ability note, not growth will We distract, international the growing continue Please U.S. to our international look impede for opportunities business pursue expand the to business. in to opportunities
an will provide I now environment. regulatory the legislative healthcare update on
[indiscernible] its eliminate comprehensive healthcare administration exploring safe protection rebate to and ways be to there Although administration’s continue harbor appears decision reform, improve proposal Medicare, healthcare to to the the support revisit Congress the We withdraw delivery to within systems. existing Medicaid.
the While the Centene voted insurance bipartisan needs very the to House a matter, up health eliminate basis the still fee. take to on recently
them on volatility. example administration’s Importantly, entire headline there costs together demonstrating are facts across work the only focus rebate is focus does another opportunities on costs, as system. in tool today. delivery not We with which we the the pharmaceutical to short-term Centene how deal not approach The down we to healthcare know can but bring
surprise towards commend ending same to for pricing net We advocate includes of take which healthcare for we costs of billings. to rate, In on effort reduce their their transparency, pocket price continue by moving Americans pay pharmacy. steps the and the out Congress to amount greater bipartisan money their
We continue to see State efforts Washington that both the stabilize further in marketplace.
those provide to HRAs Utah an XXX% an the with and offer to The marketplace to employers for option opportunity affordable have Georgia, as to a impact XXX% coverage administration’s premiums. coverage final in Federal waivers for affordability between on allowing has pending marketplace poverty and to Also, and stabilize a without pay to rule subsidies. positive to improve potential level. comprehensive aim the This those for provides
improve enhance They Georgia, lower quality on healthcare. how meaningful taking healthcare by expand of lead and on private focusing with sector cost government discussions exemplified As taking are and to solutions states to the are programs.
We are of be these supportive well efforts. positioned to
encouraged solutions are parties to both system. to nation’s with delivery healthcare We back anything policy. Centene by bipartisan the politics us moves strengthens from working that that on committed is
were on Regulatory recognize been June acquisition I would update the of We appreciate on WellCare. the both acquisition constructive. well very We an the of shareholders transaction. Centene have approve underway mandate to pleased provide as now XX. of of like they this are and discussions to overwhelmingly investors the WellCare and our value
filed of currently are required requirement the for have companies the Form Es and completion the in transaction. approval process, working XX states. Both insurance As state The been through
of ahead in states, approvals Additional is been obtained eight have schedule. which
a seeing is We’re and applicable, divestiture interest great of potential process pleased be acquirers. in underway, are deal we to the
information a the this the of and and request and materials size documented given continue each DOJ. have expected WellCare additional companies the Centene This cooperatively transaction. received from expeditiously to Both work Department with was for of Justice.
well is planning underway. Integration
forma the of Our remind and are fully in $X revenues ensure will that pro well. billion. teams of Both billion XXXX progressing extensive you of is excess are companies. planning doing company to and combination the EBITDA a seamless companies estimated work engaged smooth have integration and $XXX combined We
communicated We are accretion synergy previously comfortable our and targets. with
first will close to approvals all the continue in we that XXXX. be necessary to receive deal We comfortable the of half
in earlier date, to there the XXXX. may be Given an activities to close progress opportunity of
to RADAR growth. our gear Shifting
expect continues of both be X.X% a In approximately rate company to M&A. to increase a Centene We X% to XXXX. composite and Medicaid growth summary, for organically
remains Our robust. pipeline targeted
realizing We and continue transformation to expansion already margin project. from Centene on focus our benefits board
our providing industry-leading in company WellCare We to state recipients lower government-sponsored quality healthcare look vision to costs highly leveraging XXXX terms market. solidifies brings acquisition pending strength in our each of our and competitive of at the healthcare customers. the The forward of firmly high maintaining position
turn thank We Centene. Jeff. to your it in for interest now over I’ll you And continued
