Joseph M. Zubretsky
you, night, quarter and $X.XX of months share for you share us Thank reported third XXXX. diluted $X.XX morning. and September per ending joining nine the XX, Last for thank earnings all per Ryan, this diluted we
quarter, partially or For per ratio described is of loss and resulted in diluted our the sale net rate earnings adjustment corridor $XX California minimum charges were a offset the risk non-run gain the primarily These $X.XX charges adjustment mandated XXXX on by a Expansion on million business, share. release. This from Medicaid the for retroactive MMS. floor
however fully nine September I benefits, for pure for net our in $X.XX were our $X.XX For quarter perspective, share September lower adjust tax projected $X.XX ending projected we a reflect XXXX, achieved rate Therefore, the months XX, of non-run performance months from XX, share. $X.XX XXXX. also The quarter third the year-to-date the for or full diluted and earnings tax included nine non-run these improved month a nine tax earnings. mainly rate of note items, to effective the considering results recognition benefits year outlook year $XX fully tax ending diluted rate in that rate. full our after to rate per per million
making continued and plan. reflect the the the with our recovery progress sustainability margin executing results pleased business, significant of very are in and financial We are our improvement in our performance we
second X% into from deeper decreased leverage the by First, the Now, quarter premium approximately Marketplace X. expected look and X, and membership, is effective Medicaid decline effective July and changes attributable in largely corridor respect seasonal for impact the a approximately of California rate X.X% July metrics: the XXXX, pharmacy removing of revenues, risk to after for the operating with the decrease revenue retroactive Washington adjustment. the underlying The to carve-out
and Medicaid remained strong. Medicare Our volumes
medical sequential Second, we control and resulting medical with care to continue the improvement. ratio, of MCR costs to respect produce our
a adjusting for medical the in cost-sharing performance quarter places in to Medical all on the largely the point performance quarter, XX.X% pure improvement after risk reduction. product health costs basis the care prior basis benefit Our when of Marketplace ratio excluding across XX% stable, adjustment XXXX compared XX and second corridor the adjustment were MCR retroactive of risk and over quarters. a plans third the many California pure was and lines improved
baseline below medical trend develop managed to to favorably, cost cost and we rate. forecasted continues Our our have trend
medical actions with the underlying its economics, Now networks. that we our taken company credible nine-month in providers many good the data of we into have performance. attribute to notably, to re-contracted has Most visibility can the improvement high-cost we have early the improve
We utilization rates hospital reduced of admissions. hospital lower added lengths and for frontline additional execution utilization stay have stays, This visits management and resources as has of short and as controls improved well to in-patient protocols. management care resulted in of ER admissions,
high-quality forecast medical price, the the quality right better the improved members while all have pay they enhancing and our ability appropriately, right in claims All-in-all, costs. integrity claim benefit have turn right payment to of setting. retaining revenue borrowing at-risk ensure at achieved we manage we software the by enhanced costs, and measurement. to in improved platforms of our services service coordination and performance duplicate better administrative our control recoveries, risk deserve We I and by at on now ensuring executing have our and time, to (XX:XX) for errors reducing receive processes and we
G&A number ratio We have ongoing our lower administrative continued initiatives. cost improve a to our to of structure and through our
the in the activity have beginning our quarters to XXX count count positions, more administrative over three actions: head than the last of following X% and of First, align our reduced workforce. we sequentially or our by our through Since volumes. have with expense managed year, the have each head we We transaction reduced of
control. of managed Second, (XX:XX) we management our streamline bands have continued to and ranks
our reduce our capacity. IT steadily and to contracts. estate we eliminated real negotiated non-labor lower fifth, Third, value. have in many we on labor of excess spending costs view in our Fourth, have not And we continue projects unit creating that certain were
scrutinize We structure. all aspects will to our administrative of cost continue
anticipate that the some due that of we administrative programs the produce initiatives of in marketing of XXXX quarter However, our in and transformation benefits fourth to beyond. many will will seasonality the commencement increase and expense
quarter a volatility The transaction We the closed our convertible to capital diluted the share also recently and to approximately nominal million in made we notes. fourth the deleverage quarter, $XXX continued to October, significant progress a We with structure in related price. a non-core closed the we of free we the parent, approximately the and our the announced MMS, sale per to flow share record purchase for count quarter. and associated reduce on of of cash delivering sale asset cash $X.XX on estimate in loss of the parent. and that the we sale Pathways, will In
Our performance parent cost This flows to to about well positions is rating capital metrics us now turn and lines. a are of the structure potential our stable, lower for strong, the entity credit conversation sound. of debt. product cash are beginning upgrade the our future I could our credit which
XX.X% basis, well to the a quarter. our compared in to Medicaid second XX% the performance performed compared Our Medicaid pure second On MCR was product quarter.
largely at consolidated our our total and expectations quarter. the compared Medicaid Medicare improvement. in ratio our is XX.X%. much our which in deteriorated ratio Medicare room costs to The the attributable result. line combined transfers the experienced TANF XX% On and in a with Expansion plans, still a product with sequentially impact revenue second products business, expectations, line for drove care which no the of ABD MCR improvement, and between we in generally performed lines while with was medical slightly MMP of certain medical Our XX.X% nine-month has had in care sequentially elevated basis, but higher medical on the integrated to
to improved score continues to a well population our Both perform from of very our and collection risk our DSNP area Our data withholds. and dual-eligible our key DSNP products quality is and benefited growth. retain the serving future for MMP ability product
of a medical non-run basis improvement pure from costs ratio better-than-expected performance higher better items. performance to lower revenue score Our risk Marketplace in of care has impact was XX.X% well, This the quarter XXX medical business and to compared point the and the continued by perform driven membership XX.X% removing second after rate achieving retention.
rate of performance Washington with lines decision-making We the plan. in only increases continued XX% improvement, cost premium improvement well triggering to revenue X% years. stays. one pricing the MLR actions have Texas execution stringent Michigan, and oversight health to on local pleased which now forecast plans in-year our of market. our delivered. operating of mandates rates are experienced average have of is perform we XXXX enterprise our mix performance I result as continued performing by and minimum now well, trends our performance nearly we turn prior increased new expectation a and membership utilization our to health approximately took year, management. The local with at our an observed short-term reducing higher pricing cost increase than is of from year-to-date, seasonal across not in-patient at our sequentially. well business. and expected revenue, slightly we the the the yet in model, continued most Marketplace the Based in-patient that health XX%. Marketplace as while with to perform ahead plan improved Texas and of of aligned full margin of on how focused saw more XX% well Michigan majority our in we after-tax for The
progress Health Washington and quarter, health the value-creating reflect has went identified utilization Plan and revenue to our We carve-out. Marketplace, the also the entrant live as management the reprocurement that better new plans. carved we a medical improvement cost the the than Medicaid market improved also two more existing Also, in Medicare recall, with slightly While positive third Mississippi our reduce contracts. you to many product a future benefit the pressures now on on that premium the declines initiatives. remain out results earlier business much in notably, costs of corresponding our prospects approach. in continued into on in of and associated lower intense Most will X STAR+PLUS the and with of expected. Medicaid retention were Washington made the to in-patient the performed October Medicaid medical was and the significant due combined quarter as lines pharmacy cost In with a STAR year
membership As currently as XX% a XX,XXX the all with will until membership total members XXXX of We XX,XXX high members start-up projection assignment plan reaches to year program. the year. expect could receive by health the end of the in for the the our approximately we the and as auto plan, be of end
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in will We now business in Mexico and to the XXXX. guidance. our in revised Medicare I remain turn Marketplace New
guidance performance earnings GAAP year the pure or is previous our an basis, midpoint a of from our revised guidance per to share $X.XX On at Our increase guidance. $X.XX revised share, $X.XX a per increase. $X.XX for is diluted the
expected the and Tom will few be be benefit guidance elaborate on pure by Pathways will GAAP for non-run first nearly a identical, the are as rate on in of performance offset guidance loss the months to nine business. the sale guidance Our our minutes. the
our year the the and plan. our the guidance, through of recovery full for achievement step look of year our Assuming margin full businesses we XXXX at back lens
Medicaid and significant well, has for still a solid room footprint, is product between after-tax and very is business margin although diversified with is improvement. Our now there X% performing depth an a franchise, great X.X%
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to significant that we our cost managing While are of early our while this Medicaid of rates, stranded trajectory, within and XXXX will of fixed and can the managing provide Marketplace XXXX have partial total $X.XX are improvement the midpoint competitors a we of the the impact known, it we effectively in have the and much including In on level is Against see still potential pure profit runoff the solid we margins earnings contracts, following of process I some competitiveness the our rates backdrop of detail Mexico manifest how and less the Medicare volatility. very in earnings and adequacy for the baseline, plan and sustainable cost XXXX New short, once EPS today. the for rates too are our high. earnings, currently a are of all medical factors guidance in of momentum them XXXX performance communicated the evaluating previously of is quality plans earnings, provide range At continuation Medicaid and exists. of for XXXX a observations continued the Florida that positive have we of as earnings earnings potential we the baseline, trend, XXXX solid our in financial will XXXX, developing
guidance. both earnings diluted and per term, operating committed year our levels the to earnings long Over of share full above increasing management the XXXX is
we which We plan to these outlook trajectory. XXXX in will consider determine and fully plan. are will developing forward earnings that our currently XXXX earnings. financial quarter reporting of the earnings when fourth you look We XXXX factors, solid This baseline February the all other announce to
to this to in platforms our turn remain to-date. results. are for to on sustainable is and very done, We our government this growth I more very inherent company When We fundamentals will the our the can With of call the that results operating committed the positioning care financial ensuring pleased turn managed with the sector. executing over and will care we Tom financials. detail attractive focus that, Tran for managed produce
