country, pandemic Thank you, our This to profound members employees. have The morning. a good an had impact COVID-XX is on state and Julie, our our partners, will time. and has continue our unprecedented and
will ensure COVID-XX challenging to in of of two U.S. tirelessly and the the all addressed worked plays the causing on Our healthcare economy healthcare highlight also role team overall that crisis. important this over our government-sponsored environment. but of the constituencies some system the type serving impact past and months to no changing has the quickly in year, to rapidly are needs develop short-term doubt continue challenges, this during
would for environment macroeconomic future. and the you With today to impact number time is Clearly, pure-play significantly critical partners. state said, when We to high-quality well a our at managed results our reliable the remained as that healthcare like and with more our care provide members business, of year access this will ever government updates we fronts. a than to a on positioned foreseeable
for financial First, results first quarter. we will the cover the
the pandemic. Second, created we temporary new operating environment but will by hopefully COVID-XX the discuss
results in guidance we our quarter lastly, that first convey some will growth to context initiatives. we this Third, of provide exciting will pivot other updates our new and of evening Care our the Magellan and operating acquisition environment; and Complete to last announced we about our and fourth detail
with was We over of X.X%, of for the X.X% highlights. growth. $X.X share quarter. per an revenue XX.X%. expectations The our reported is billion, first the quarter earnings to consistent our for Premium start me medical pivot exceeded slightly Let year, was increase with quarter prior the of which net and ratio which with million first $X.XX, margin after-tax specific diluted an $XXX income care
costs produced higher-than-normal quarter, with as by late early, lower began deferred. to at a reserve offsetting cost services be of the ratio combined postponed experienced factors, costs medical pressure the very all in from combined development, time, care of in squarely early the These met but and our and expectations. with offset These prior healthcare business elective quarter slightly flu, lines line in seasonal discretionary that increased period unidentified COVID-XX resulting in business We medical medical Medicaid costs. the were negligible
associated to workforce after work other of mobilization The managed expenses even a of the We operational protocols expectations, and in in company G&A ratio related after-tax product and X.X% our to with to X%, margins, our at in with margin home, Marketplace. line our COVID-XX. new X.X% comprising incremental total in reflecting Medicaid, in with line X.X%, was line of X.X% Medicare expectations,
in noteworthy the produced, which earnings in of $X.XX which a environment it exceeded us its our achievement share brings to per result expectations, While the second modestly topic. is was context our
the these which measures. environment changes of currently we we and recap in dramatically a some made to The have in response, operate different of few
shelter infrastructure. place all associates substantially have geographic XX,XXX the disruption Substantially, with our We company's work in all-out remained our and to moved footprint, service, we all accomplished quickly of shutdowns and of of management, swiftly as home. is directives utilization light this in no excellent. care workforce, This metrics for home. As working are from remarkable potential spread network associates to at access a service accomplishment our disruption technology management, information currently throughout to
cash seen to than have a utilization ever evolving suddenly are protocols and payment with associated have flows patient disruption more management, providers rapidly their integrity routines in struggling Many Providers declined. revenue which environment, and flows. their
and extending strong March challenging by XXXX. September utilization $XXX also payments in we we of on non-COVID-XX-related adaptability in while in maintained prior early To time, network the through this and our control. term claim accelerated assist X, all April, providers requires this authorizations management million While performance end, late
increased to creates employees, our COVID-XX have to Telehealth reimbursement that capacity. of provider person also visit at implemented time, than understand We variety at expedited a challenges credentialing stipends members and family our programs we may for a parity be have home each require We of including total help during broad-based or with who $X,XXX, special of children need more support, care. ample quickly of in who two this We employees. visits ensure of $XXX X,XXX to them and including
an lead policy. employees pay implemented required We enhancements to workplace for and COVID-XX the also pay essential additional come to
are not if to of by agencies. and our hundreds, state dozens, CMS special requests customers, We other governmental responding
treatments. and substantial relaxed all protocols expanded costs and related For specific supply eliminated to equipment. COVID-XX protection members we personal to for management contributions We made We example, the we access Telemedicine instances. all utilization testing of member in
for of populations. organizations We and resources in serving been also various need that those made country. organizations monetary support have nonprofit and variety donations committed across serve supplies directly to the a Support, vulnerable trusted
matters. than we of would few a respectable, span traditional over results first occurred as unprecedented In strong of that the done position develop the words liquidity it operations had is capital entire should care work already summary, our and just to financial in the positions. as noted spectrum our we In the this that more difficult disruption about of operating environment, hard context to few characterize quarter solid weeks. managed be A these very
total shares Our prices. purchased at in approximately for the X.X share repurchase attractive million as program quarter $XXX is a of we now completed million
million now our industry. starting of draw, program with and description in loan drew and of the facility quarter. of to We remaining I'll a instrument, completion We facility bolster of discussion outlook, inexpensive which term topic, to liquidity. we third the ourselves turn our And parent $XXX down the holding repurchase this in would million of debt excess cash. our $XXX after have near-term our capacity availed approximately the coming are current company of a the term share expired loan our otherwise dynamics
The model, years. Medicaid, stress with environments soundness in side economies extreme financial pandemic strong are business be the including as The now effects both to relatively state model through actuarial worst subsequent tested care, unemployment, in funded. economic world's managed Marketplace government are and the and XXX over rates and proven strong work particularly the robust subsidized budgets been the in the recessions. crisis, scenarios, well economic Medicaid boom has of capitation low tend to deep fewer members, of there In on has
with budgets environments Marketplace there and state's on high as tighter. unemployment, tend become the of capitation During side Medicaid members, challenging actuarial subsidized are soundness be more relatively to rates lighter economic
care, and while circumstances. model like extreme sometimes is particularly accommodate we managed Medicaid, an system extreme the to financial In by environment, the these certainly So today, in impacted flexes unusual business and are government one rescue House this environment, current stepped as the number The White required have of often government healthcare population. disadvantaged intervention The the to measures. is and a Congress with exception, is provide forward no and crisis packages, backstop
additional enacted, have forms, the will Secretary businesses, emergency also system declared a package state programs including The this for a the Services. an Families in Medicaid match. includes Phase been indirectly Act FMAP aid help $XXX the $X providers, and billion assistance other Human of the additional should number to X.X. These available public referred the of packages of X.X% supplemental healthcare been programs. ease trillion state the have form increase, spending of individuals COVID-XX which stimulus of Response increase legislative has as constituents funds on pressure received the should crisis, various Each and viability Coronavirus package COVID-XX health extend throughout by First There which Medicaid made in and number to the during to small Health a which the
the be which for support remainder short, discussion quarter-to-quarter economic to even trajectory This remains of a the to In positive the accelerate outlook a But difficult for these factors designed guidance to factors, in recovery. we guidance have must the a significant of near-term presence Two longer-term and stress-tested model environment. this in government business considered providing in of the the intervention predict. outlook very overarching XXXX. us business, favorable brings our of
range could cost we a months. wide First, the over remarkably that scenarios of nine next medical face possible emerge
for all modeled produces each dramatically balance results. plausible, the which scenarios many have which year, of but of are We different utilization the of
and of Medicaid of enrollment. yet suspension rising a to These we experience much? With are in widespread many Medicaid and a on effects membership We must the consider eligibility now do have a how of significant redetermination the direct result positive on combined Second, increase to know. cost But likely in membership widely near-term not increase in significant and as net earnings. unemployment. a COVID-XX states, medical unemployment levels expected we likelihood by effect are Marketplace
pandemic. However, prepared conclusion remain this not yet uncertainties of that and care the the draw managed many as based on through we to full are moves course the variables
full we are earnings guidance We diluted prepared in are, confidence. our previously year range $XX.XX. that plan per our original share view state announced to we of reaffirming with Accordingly, guidance enhanced to our however, $XX.XX XXXX
guidance. walk process me that the Let briefly supports thought through our
point, the medical at With how variety respect to of we XXXX for medical any a reasons. degree of with impact cannot this precision COVID-XX will in situation predict costs, costs
the we quickly perhaps through second the do the begin a observed but prevailing We related but this steep COVID-XX not to estimable, normalize. frees for discretionary of is know health as will late first of diagnosis quarter phenomenon long utilization very COVID-XX-related costs future-direct month medical beyond, in admission The rate of hospital in and remain very then and cost decline expectation level and rebound in not could persist procedures be the unclear. up. incidence capacity and the episode quarter, how the second abates, First, is April, and yet system per the half as that low elective
from than income pressure, will nonstandard and income lower-yielding investments operating Investment obligated utilization be over could any maturing structure cost under leverage nonrecurring additional And the secure, There benefit MLR is are required we minimum original operating fixed limited certainly service instruments. any continue significant G&A short-term money lower is will lower to be efficiencies related our intact. and potential however, partially our operating protocols With our administrative to applicable forecast grow as to respect and much be costs, to into market pay other discipline regulations. by membership. rebates and our to
that two, portfolio so impact call is immediate. rather short our We is the dated,
to membership Before the we expected fully COVID-XX, achieve onset guidance. of our
to unemployment Medicaid But much? suspension yet eligibility guidance. do We likely we not With redetermination, and are know. the by unfolding how levels that now of exceed
of which including by We levels, microeconomic COBRA lower factors, on unemployment availability wage various coverage have produce eventual influenced several based economy, the outcome different and be developed in services particularly and uptake. widely The spousal macro models scenarios and key will factors, results.
the to The factors we $XX.X be of year greater the in of expected fully is Medicaid impact achieve likely sector. for Relatedly, our to sensitive expansion forecast billion. premium these pre-COVID, economically revenue
and Our forecast was previous generally rates membership known. achievable, were our
under growth we revenue timing additional membership on YourCare acquisition could Now I extent likely of also the will any when if upside exceed and that we again regulations. depending The be additional MLR rebates, pay our potential minimum forecast, seems of by the just be we to closed. discussed. applicable an to would earnings annual source obligated limited it note
even choose regulations, civic internal margin of reinvest such of to where quality with for our a responsibilities, compliance our we could than our our with in order unexpected in if care MCRs here own imbalances, lower members, based to and of communities benefits some our they additional addition and In that address any live. come the mindfulness in provider to targets, initiatives
environment shown consistently unpredictable, While is flow managed very free compelling characteristics with attractive business government growth near-term economic current the has care generation. cash
the business and and state conviction members, partners We right future. time serve with are support in right our confidence our at into the move the to
However, we makes and Investor our decided making Accordingly, later accurate believe we Day time. perhaps little in about and this the have our perhaps also to future sense statements that at May bold postpone longer-term year. XX
the and morning, update to doing we activities our down For I the strictly hard of now, we this commentary to need relating doing. to be on now area the many pivot-to-growth final an work turn are fourth strategy. heads
over long and COVID-XX the of single Pro the delivers occur newly of near-term sight Opportunities revenue. forma, now we from equal crisis highest add with nearly a a in effort, the signed Magellan portfolio we Magellan growth. lapsed have top surpassed COVID-XX, acquisition, not definitive our endure purchase Healthcare that on annual and to in to states Health. year-long our for acquire extraordinary related come. states of agreement a priority, the in compelling activity announced new way Complete price XX% mark predating we years is benefits caps businesses level our at will line bolt-on A three three infrequently. a and we approximately or expand billion expanded $XX substantial night, achievement Molina which This Care, just revenue. to target's to which an focus Even enhance to our transaction Last MCC, such as to and synergistic lost portfolio
fit their Let me our purchased, strategic the briefly and describe resulting with the metrics. businesses financial we portfolio
Arizona, As members project XXXX we it Massachusetts, six year Florida billion across XXX,XXX grow of Wisconsin. Virginia, states, December York, $X.X than XX, two approximately, Full and greater was XXXX, MCC and served within to New revenue $X to years. billion,
area, new health, branded new and comprises in Medicaid Virginia, new also managed care Magellan Wisconsin. the in long-term senior and whole one Full-service businesses: following health, a state, in two small full-service again, York Arizona, Massachusetts new branded eligibles Care state, Medicaid geography, state, Complete a senior Florida dual whole a in a one and Metro New and businesses,
of our excellence leverage addition margins, properties and Medicaid costs launch bring additional revenue allows the to Medicare us The little Marketplace previously fixed fixed more in of apply by benefit geographies. our MCC the target demonstrated to operating these and to new adding cost full businesses with harvest
certain the The of to first XXXX. to net financial metrics. tax the Turning is of benefits, million quarter $XXX transaction, close in expected
to deliver of is these of unique businesses. on position our hand. in purchase a capabilities entirely the improve it returns puts projected cost us The funded our excess of with cash capital will demonstrated operating We as in well margins
the we by to enterprisewide to in $X.XX, by diluted per ownership in ownership. expect to second of earnings deploy have first margins our approximately in be year at leverage, per cash $X.XX share fixed diluted platforms benefit of earnings the acquisition accretive least and of the move $X.XX we year cost As share our the accreted targets, cash
pivot our to demonstrate These can how M&A growth. portfolio target new accelerate our additions carefully to
in serve With XX healthcare we the X.X in states. million will addition of government-sponsored more members MCC, than programs
depth, achieve meaningful addition portfolio diversity, enhanced line of greater will top revenue. durable We geographic of a
to assist individuals this MCC's need continuity high-quality We bringing our members the partners. the importance an considerations of capably qualitative unwavering into partners government have and state during commitment its environment in to care families for added and and maintain our and healthcare will and also demonstrate great current to be stability for time These able future. of
you with relates it provide pivot-to-growth highlights me Let to strategy. as additional some our
pursuant of to we to our the to agreement to close First, terms agreement. stated level terminated next the purchase due acquisition unwillingness health the seller's
Second, managed in legislative the development been political first passed have care Indian in connection New of with hurdles entity. all Mexico, ever and
care the been Medicaid. as poised eligible Nation. of with manager and serve Navajos the We have the Navajo for managed named to ready the XX,XXX entity exclusive We stand
new the announced, chip with Third, canceled Texas associated RFP. canceled the STAR+ previously contracts the reprocurement as STAR all awards, of
has likely of its thus, by the quarter. commented the the of And base state Fourth, the term. near Kentucky least is reprocure on to decision which we this at it that is that RFP, The the issued in not we before revenue our end to contract this await be Medicaid state XXXX. second contract expect we expect on secure through
it state other is will a the believe until to due the announce its general abated. COVID-XX, specifically procurements to only be delay Tennessee postponing states we by that also there is tendency COVID-XX has While RFP crisis to
to Puerto And we In business finally, the members the will doing efforts to optimize shape care. of not regulatory Rico to our in are work disrupted continuity to our business. community provider decided ensure have reliable Puerto our in value, and authorities and with portfolio our have closely continued sell that so, we Rico Medicaid
Now to hope to it customers some requests going concluding clear is members and to extraordinary. during time, are I all remarks. the our that do us of make this
services is philosophy trust later. we we and that provide adequately health we will provide. for questions to rewarded be first do ask the We the work and Our the
incongruent invoked. at this in friendliness Although nontraditional some all. protocols shareholder This we philosophy expect environment, to not is with be
pillar environmental, long-term governance is the a of business In fact, philosophy, and it prudent sustainability. social the epitome and of
emerge our we care. performance alike, customers company. as our this sure be civic reputation customers a and an changing this among during in stronger government-sponsored go-to our make in existing growing new resource and moral, will proving managed but to our environment, and fulfill will even enhances potential we we are We flexible only and duty, Not from patriated this will adaptable challenge,
Before entire to I call want to Tom, turn the our recognize and Molina community. team the I over management
state strong, their whatever to rapid the and inspirational. true operational the lost and the are that During quarter was truly of the this across team, counting unprecedented and be needs worked XX,XXX to highlight workforce quickly dimension healthcare sight and response our addressed of ensure continue us who entire ecosystem, time, of deliver to every They the challenge. never members of clinical all The our the effectively. tirelessly the performance has on of partners our constituencies of
financials. turn will Now on for Tom I the the over detail Tom? more call to Tran
