results reported per and to This revenue increase earnings of adjusted Michael. of you, $XX second billion compared quarter XXXX second morning, quarter in share XXXX an diluted the of of $X.XX. XX% Thank we
the revenue XXXX Medicaid second Before to I drivers QX into revenue. let’s to and from compared the membership by up X% growth million, membership resulting late in our growth acquisition and of Medicare to strong billion year the start Total grew to with get quarter re-determinations, increased of due XXXX earnings ongoing business, a insights, XX.X the membership compared ago. eligibility of suspension $X.X PANTHER. Total
cover will negative of gave and touch I for the lines, primary major for all Marketplace drivers at is year the of Day line Recall, of May we regarding April to the a topic and outlook Investor this quarter June few our an full business While update business. business. the the in our on
driven expectation our than higher was which XX.X%, the was HBR consolidated business. QX Our Marketplace by
Investor or $X.XX the Day. risk million provide we compared me Marketplace a pressure related on second $XXX XXXX adjustment to points at Number Let as one, we quarter reminder, three expectations an year. update prior the incurred covered our in a the to headwind
XXXX. our continue and pent-up and and May. while in Number position we received COVID they position but falling expectation, being course three, to upon risk QX, COVID in we consistent with in from a will costs COVID COVID two, watching in an We was were trends provided COVID trends, Michael data June from with For April of from still basis on based the as for costs. it higher the XXXX external what absolute closely increase payable had reverse expectations year, receivable consistent adjustment shifting Number that could large largely forecasted costs costs we saw to our slight Wakely for demand. insight previously as a macro decline indicated. were XXXX be June, We
of the subside June March we doctor’s the results to members this the We trended cohort medical continued broad As had as SCP activity impacted though new and pent-up expect in in SCP of at a as a to after which expanded higher April remainder the our rules. compared slight services back in with Instead, in And of of represent The saw expected inpatient XX% per who by for we access due costs claim the now in utilization utilization a Marketplace due May. to the are to higher a were slower mix member in downdraft related previously downtick cohorts membership, June return our well XXXX, disclosed, for healthcare. and also office services half the only demand now May. area us to are these as higher rate outpatient setting, has We year. continuing seeing to XXXX. access members healthcare a non-COVID Marketplace of members who to is outpatient cost
We expect services. utilization after initially return to of these recently levels expected to added SCP accessing members
a including Our of real-time data curb slate possible, cohorts quality our is team has improve through designed action, isolated the taking and heavier trend. utilizing clinical initiatives and where to
normalized $XXX However, and of business with minute, to consistent actions QX. in grow rate whole we performance In million. march year, of deferred Medicaid, strong as towards we in its expect we in we toward through will a the as during have disclosed Medicare increased XXXX since HBR, state In way we largely The to a our our this XXXX. performed continue utilization. work a just utilization, HBR during view This see similar consolidated Advantage, QX the normal and are benefit we demand the actions annual million some trend to to will for do expectations and higher QX, Marketplace drive risk of a steady XXXX. with such corridors. system In a remainder the in seeing $XXX offset by cover
have December XX% membership XXXX. since XX, We organically grown
due expenses and revenues marketing sales of the as partially growth variable recent in to balance adjusted the items, The P&L Moving benefited our membership and and and increased Medicare. lower Marketplace was Medicaid of offset to XXXX. expense and costs ratio This year leveraging SG&A second the by a SCP the from compared in X.X% increased costs X.X% acquisitions. sheet compensation short-term X.X% and expense in was over of SG&A quarter higher quarter to other adjusted last ratio result first
Let since and HBR caused the it’s offsetting Think toggles. you drivers. deeper our the first item of to understand into important me go our Marketplace short-term for by as compensation variable pressure business somewhat
plan in end would we for our the land this full guidance the range, be If deferred toward guidance high to demand range our reduction HBR in of the elements. in Marketplace see this XX of basis us our SG&A because also You’ll year in a those point causes of incentive Think of swing toward metrics. our consolidated a potential end short-term bubble low XXXX. as
member and incentives, new corresponding utilization demand of On a in if toward those quickly other and our bookend settles HBR short-term the we range, and putting SG&A could bottom incur us in outcome effect scenarios. range, typical the which would pent-up come of the would hand, toward top between have high we our be the of
goals. recognize paid by While operations we quarter, and clinical have a in performance flow second operational, cash provided look long-term is current as including the our actions. was the challenges primarily settlement earnings we Marketplace, before Continuing our billion on highlights expected Current driven the initiatives, margin by implemented the of reserve, in net does not slate change in to periods. future available mitigating of to perspective be out pricing $X.X quarter, legal which we
of we is remaining surgery Recall, very in deployed quarter a was end. remainder liquidity and on the subsequently position XXXX X, $X.X well-positioned management the $XXX acquire billion maintain acquisition cash and and ambulatory as of XX% our of Circle of Circle completed leading in team. portion. at intention we balance July million strong on comes unregulated of continue with that sheet the XXXX Approximately Circle the of We acquired with to strong center to a UK Health. a the business
expect XXXX. to adjusted above company-targeted our net by margin be $XX.X at was Circle end quarter We income billion. Debt
excluding was debt-to-cap XX.X%, ratio our debt. non-recourse Our
based at a what XXXX liability was the timing We quarter Our items XX claims $XX.X totaled we’ve the impacted we elements upon the quarter for guidance through billion state-directed days mechanically by seen in QX. and represents the claims of XX of payable discussed. medical just to second updated compared payments. few and end in DCP
higher the state addition, a the on be are in revenue Day, lower reduction out. same base. product. discussed, Marketplace a wide are Medicare in to maintaining higher some delayed potential of Circle short-term around revenue Marketplace; of HBR with changes guidance demand We we billion also higher to this months the how incentive we The EPS demand SG&A play unknowns pharmacy we you the to state still Magellan. pent-up plays our of to to on with out, we a as the metrics, including But to While range at wide Magellan pent-up relatively suspension the our have Investor due X It continued continued given range, approximately $X especially and exclude due of range redeterminations; Health. some getting the $X.XX, of solely Overall, just Marketplace business; range growth a continues leverage choppiness COVID. scenarios our adjusted higher year carve-outs; depending will referenced in $X.XX and underlying as varying recent subsidence of and from plan, excludes notice pass-throughs the in and continues financing the Marketplace
to We X.X%. achieve laid Day the determined multiyear least margin our target plan and are of execute Investor recent value-creation our on adjusted out income net long-term at at
the encompassing levers program value-creation the formal a toward unison internally, necessary launched to organization all plan. in achieve have We pulling marching the aspects of
some our as of Forward for skills and the acquisitions. these couple of the and discrete office from quality large for program Centene such HBR We the past muscles initiatives clinical developed cost past have initiatives, integration over years,
and XX and XXXX. deliver XX bear we fruit to months I to XXXX most What in fruits this, next But the Day, show the XXXX up our pulling in straight XXXX actions a in do XXXX. and As the we are taking the than won’t is are of labor matters this more know Investor so said levers to line, to journey be expected in creation how shareholders. value on to at committed and to
expect improve open as and it we you interest. we strong, line remains you margins further flow. generate sheet even now and strengthen to cash for balance for the your Thank Our Operator, may questions.
