MGLN - Earnings call transcript Q2 2019

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Operator

Welcome and thank you for standing by for the Second Quarter 2019 Earnings Call. At this time, all participants are in a listen-only mode. [Operator Instructions] Today’s conference is being recorded. And if you have any objections, you may disconnect at this time. And now, I will turn the meeting over to Joe Bogdan. sir. you, Thank

begin. You may

Joe Bogdan

Rubin. and quarter thank Magellan’s Magellan morning CFO, for and you earnings call. second Jon our XXXX and are Barry Health’s With CEO, Good Smith joining me Chairman today

this release. The press release conclusion available replay the our numbers second of be are the this will the after August replay morning. XX. to was call The quarter of shortly A earnings announcing distributed earnings the call in through access

of rebroadcast of this we those XX, who earnings the For made updated as to that call. you are XXXX been remarks initial today, presentation, the to not listen remind July the subsequent and herein have Tuesday,

outlook. and our subject documents discussed which are statements, SEC. to and press uncertainties statements make with risk beyond results factors During our this can in actual and of our will to control. to furnished uncertainties, or call, that to many filed predict the to related including listeners and morning expectations These advise our we these release current statements are certain risks Listeners cautioned review our risks are cause from we our growth materially generally and forward-looking XXXX difficult the differ we to prospects and

In describing non-GAAP certain our note addition, when please that financial financial measures Magellan uses results.

are Specifically, we release. refer in our defined and which filings to net SEC in EPS, adjusted segment press profit, adjusted and today’s income

excludes other adjustments recorded changes acquisition restricted the expenses well value stock segment stock contingent but net net exclude less as of sold, the acquisition charges in care, to changes intangibles by purchases contingent completed the and from impairment sum equal acquisitions. from measures included reflect service well other for expense held measures. available of intangibles. is revenues parties, interests X, by to income non-controlling relation tables of from the fair special certain the compensation XXXX EPS unconsolidated and expense, identified adjusted in in of income direct Adjusted operating cost GAAP financial profit on corresponding fair compensation this or acquisitions and as benefits of as of goods press Segment profit resulting January to cost includes after which identified GAAP cost stock of subsidiaries, of to value morning’s Please is our these sellers, website as to for non-cash a made amortization release refer reconciliation consideration consideration, with

the over our turn now Barry will call to Smith. I and Chairman CEO,

Barry Smith

and results today. morning will for pharmacy track the on This quarter, improvement that discuss environment expectations us business. quarter from improvement healthcare the regulatory which are strong pharmacy I relating to for initiatives Good you businesses, margin Joe. thank which joining progress and on sequential our you, and our first multiyear anticipated, morning, the our Thank with for we the showed our

provide I results regarding outlook. succession thoughts on quarter details to Finally, John over provide this second and the additional some morning plan before will it announced financial year turning full to the leadership

of $X.X revenue net per million EPS $X.XX quarter For and billion, of net the of XXXX, of second income reported we $XX.X share.

income million. Our $XX.X share of net segment achieved adjusted profit $XX.X $X.XX and million or we was per

outlined this company, plan a focused multiyear we improvement our remain As margin December. on initially past

During and healthcare in the businesses. both progress pharmacy quarter, we our made in initiatives our good

net income margin Our long-term over goal is to to increase X%. our adjusted

plans. quarter with our key update an within me Across second portfolio of healthcare managed developments Medicaid on let provide segment. health complete you care Now, Magellan our

industry care care in medical invest claims to margins. competitive managed plans management, and resources recovery to and medical identify analytics, action operational continue achieve execute our We against and Medicaid

provided healthcare care improving outcomes the the on quality and medical necessary In and services to costs, from has associated our focused reducing team our addition been members. to

on period examples which of development. favorable some loss prior provide Virginia, both the some low ratio includes the fronts. me XXs, of year-to-date you In reserve ran impact these with medical in our Let

year continue has York, work in are all place of We fully care rates good we our of in year. to monitoring levels team quality made training put have activities also have comparison our XXXX. the capitation towards yet to the management with It staff across noting New in the started York we levels. In have this with seeing progress in improvement achieving that not profitability quality and is The results. received reported beginning Virginia our contract and April more measures materialize XXXX New we worth competitive

prior continue to quarter, second upon rates. For record based capitation revenue we year’s the

growth X is communicated practices. be growth September in despite This Florida. of Our I Medicaid growth net Arizona, historical receive few be through the In retrospectively next MCC and has will our been expectation consistent that to We April addition XXXX. to applied with assignments our that existing auto to year-over-year department’s experienced and Virginia in-plan report in am other footprint our revenue markets Magellan the the continue within of population of had expansion the pleased new the in preferred weeks fueled MCC reduction will markets. by will the rates

targeted We continue see and for within opportunities geographic both current expansion. our MCC growth portfolio to future through plans

expectation normal we new result cost over of the lower as our pharmacy in Now, pharmacy the discussed and would sold quarter, business. throughout to of margin grow business a that to seasonality earnings initiatives turning our XXXX XXXX balance pharmacy, goods of last steadily our adding

manufacturers pharmacies major of ahead quarter distribution progress in results and terms retail our We business. areas. that in drug second these anticipated are in PBM we and or target our The on improvement our reflect pleased network are the of wholesaler

year. committed implemented with the quarter our solid business is the and the retention quarter PBM for expectations meeting consistent to is third in in New or second forecast our employer and

new pharmacy In plan health we with a specialty implemented X on for management pharmacy medical members program X. our million business, July over our regional

programs. innovative medical offers Magellan and and the on both prescription Rx clinical and managing benefit, forward-thinking experts As and management specialty span formulary

savings, introducing designed health our alternatives pharmacy on for medical Magellan planned focused biosimilar therapy customers new program example, realized the clinical for their collaboration help and Rx management of a based to cost program helpline upon cost network and to high For opinion while is program efficacy advisory autoimmune safety expert ensuring customers with clinical The leaders. oncology. Magellan’s our board key members. oncologists, network oncology is is the and The

quality Together, management protocols, care. spend utilization while materials we enhancing pharmaceutical developed and to educational of programs curb the

high With and a the House market the driven surprise tools the payers prices publicly of recommended access the most including comprehensive cost can and Congress sharing level the used have as of But to-date House higher, D of informed only taxpayers. they decisions. as proprietary make activity proposals Presidential healthcare. reduced the are drug Medicare limiting address that bills so the and Both remains White Part for of competitively should to Americans health rates advancing well cost insurance not as affordable attention costs pricing. and and and to the campaign, start the real negotiated competition push medical the some about there legislative issues with Senate significant accurate lower lower information building, on these have legislation cost for of the by all and and share We issues, objective to common XXXX disclosing consumers, time

address not future. issue we a proposals over they over these high that this do We it drug fundamental number reduce continue struggle months to remained with do believe drug not impact point our them and concerned At of would unfruitful is however, as cause of some Congress contradictions the prices. of the these the legislation various disruption likely pieces foreseeable and coming on of operations material to expect the prices. with grapples to for how any of

overall to and them of with on improving As PBMs the to care essential payers and the access administration managing to with process we continue educate cost the market. healthcare moves forward, and will quality in work Congress the role

Chairman of to is over to I Before This I would this deal decision leading I years. to honored my and XX and I known thought, join and X years and leadership’s these time inside easily immediately is informed orderly of CEO board as a former board and assist careful CEO board complexities or as Chairman Magellan. business. CEO our After community his a happy privilege me Board Magellan’s talk our from family, have a Steve my search of retiring a Magellan consideration, healthcare well Magellan the morning. he the this philanthropic current is in to about has I CEO and months and are like our came colleague. as expertise Steve a a launch role the been succession am succession Chairman plan. actually of to my not will to of past turn our we me to of had It of is I to as the more several a announcing someone important appointed board have simply friend as that the ago. note John, Steve without particularly it’s organization that for Shulman, of for be than transition. how and remain my dedicate work. I as call many time am years will that and tremendous great I more will the in member understands well-known the community for respected the who smooth He ensure recruited a part Board. and search member Magellan have as CEO

we to I we successor the of cannot professionals transform we team lead am of Magellan. have many in members have services And done with work I past relevance pleasure that customers, lives I to find members. looking the over this the had have am possibly discussed and our calls. the in years talented together team about forward to impact the and this of healthcare support great enough I and together provide I of Magellan to and right markets do proud work company. we continuing the which The these products is work help say important in working healthcare dedicated the at of until

what our working on forward I to the excited and leadership remain to clients succession about our As healthcare continue the grow. board members need and and continues evolve, to system Steve look for our plan. provide to will future we with

the I with second pleased in business results our segments. of across closing, the all am In quarter

improvement value margin the our execution in over leadership multiyear our plan sustainable long-term. growth the our our and Our of remains focused mission, confident remain deliver ability I to team team creation and on and

Officer, time turn Financial Now, I Jon our over will Rubin. Jon? Chief to the

Jon Rubin

good Thanks outlook year. much, second my full for this results and and the Barry very morning, our review morning, quarter comments I will In discuss everyone. our

second loss Part million Medicare million roughly EPS billion, footprint as $XX.X quarter, the due $X.XX consistent income was compares new This an income to MCC was of of Florida was Virginia in Growth was Adjusted $X.XX. Net EPS D XXXX. PBM business previously reductions to and well contract with the in offset income as for $XX.X the $X.X For plan in discussed quarter health which acquisition. was MCC $XX.X period revenue million and and EPS and by and XXXX. essentially net adjusted is same were and $X.XX. net the

For the quarter was second $X.XX adjusted $XX.X income net million XXXX, of or per share.

was million the quarter million quarter XXXX. for to profit $XX.X of Segment the second $XX compared for

Our in footprint profit rates reduction year driven is decreases year a favorable in the largely York period period second due million strong call. we benefits. X% segment of retroactive including higher $XX.X changes. the New current and was are in larger in for year-over-year items a from quarter. what of last $XX healthcare primarily improvements the the offset period by which in improvement development the of profit rate over XXXX same discussed in business, consistent loss a higher partially fiscal by and quarter segment and of versus out reserve first our receiving last discretionary the of $X From decrease current to and decrease results quarter MLR of MLR This million Florida, with delay million, favorable in approximately Results prior These the reflect sequential Virginia quarter year. favorable membership out represents for include earnings business

from we pharmacy of quarter profit X% to year-over-year of management, turning second Now, which This quarter the an ended June increase impact result medical reported XX, XXXX. $XX.X the previously and sold and higher a goods results benefits. PBM offset improved losses pharmacy costs business by our discussed was of in partially the customer strong of of discretionary million for segment of XXXX, the was increase

significant noted, Barry progress we As first the improving reflect of goods and these discussed earnings our call. we made have results quarter sold cost in in our anticipated as

benefit $X.X of million XXXX. discretionary to largely compensation due inclusive expense excluding costs, second corporate million $X.X results, totaled increase of the versus higher eliminations quarter financial stock other Regarding expenses. with This was in

direct expenses. value excluding current of This compensation to changes XX.X% in quarter expense is the to and were contingent stock changes service compared and year’s mix the consideration quarter. and revenue prior is compensation was quarter expenses, primarily $X.X decrease in Total awards. million due benefit to discretionary from related prior Stock operating due in in This in increase increase divesting of of timing fair to expense change an business XX.X% the quarter. year’s million, equity for the $X of a current certain primarily

compensation in months of due income was health expense suspension the effective effective XX.X%. higher to June ended income The XXXX to XXXX differences tax period partially X This rate than fee for book tax rate XXXX. the stock the insurer by tax for XX, the related the in mainly offset comparable to is XX%

a XX%. of year expect tax We income effective approximately full rate

from for profit. X the segment June flow million lower compares of Our XXXX attributable the is offset the mainly payments This tax months by $XX.X lower ended was for year million. operations to flow period. increase from partially cash $XX.X This operations cash XX, prior

held XXXX is XX and undistributed million of and was investments June $XXX.X at versus unrestricted million December $XX and June company’s million As investments XX, $XXX.X earnings of the related $XXX.X million at XX, XXXX. million XX, versus entities. at and totaled XXXX, cash June cash December XXXX. capital XXXX Restricted at the cash unrestricted XX, $XXX.X investments excess Approximately, to regulated at

year for guidance our full XXXX. maintaining are We

of our primarily the mentioned the of the and margin New the estimated items: year first to throughout the segment a changes quarter business normal new in be we call, plans. be expect we year; higher second York; as of in half action profit our of ongoing in medical As in implemented the will business seasonality result impact midyear MCC following pharmacy rate

The $XX you increase provide me forecasted rate New XX half midyear profit. The the the on of related medical is each between detail of changes fairly drivers Let more with which and pharmacy these the to to segment of approximately is increase contribute new million items. second York million evenly put the of business, the in of year plans. half balance in remaining seasonality segment action profit of

be of implemented already year. balance For in new approximately have we the business, the sold second half XX% the of the to

driven the normal Part earning the the Medicare discussed benefit. seasonality pharmacy in first we As in quarter D the call, largely seasonality is by

in-patient Regarding that initiatives. of XX% from medical earnings actions of the particularly over is XX behavioral improvement June initiatives as integrity claims health, are already outpatient and live

have As cost. we improvement these in the drive we initiatives, success to scope further quality seen both in and broadening are

areas long-term As progress achieve all guidance remain to ability our a confident our I plan. of of improvement these our full and key result in margin year XXXX in

with operator And I that, the the turn Operator? will back over now call to questions. for

Operator

today question Our from you. is Styblo Instructions] from [Operator Jefferies. first Thank David

David Styblo

or the a being to update would And you? kind there sort know of I wondering I and of on of are Hi, they the you you questions along with to willing candidate, for the retirement. the replace doing and the a searches is some a you as speculative process can you has that Thanks being other options Hi, potential to for online And as involved. morning. in that, be activities process? for Magellan strategic questions. am the there. family guess Board announced about with on long where been I for Congrats priority CEO reviewing Barry. the are Good how headlines willing company take-out as comes stay always imagine us some

Barry Smith

for very of a here, very David. and questions philanthropic you for the unpack been bunch doing on have issues I one, comments lot Number family thanks personal a me. is there to right are is important, the is to important of There whole work years the

go be terms beyond I willing the In not I given timeline specific to would XXXX. that of Board have absolutely that I year any the the Board, told

So, specific board. a all have whatsoever the don’t here we have I timeline a it specific basically nor timeline that with in is discussed seriousness

feel our right great plan. that opportunity do with opportunity strongly for for shareholders, members We the a truncates employees, for I towards our about great our we serve. the and to think do. just I team succession CEO more work for the have that future. And I nothing the oriented finding for it’s want very that a clients we

is it as going there am no so. pleased long to there. I take So timeline yes, I serve And whatsoever some time do as it’s takes and think to to

again So, no there limit is whatsoever.

and and are know have simply value, Now in most least don’t make continue will would we our industry, shareholder evaluate say any have we for long-term I any we net to never rumors rumors that on more really building would that make the we relative to at won’t. sense opportunities as time-to-time are shareholder do on and X%. we I commentary what value on is you say increase the focused we focused from to that margins shareholders so. opportunity to

very are for this We great that. challenging example, progress made focused year. on and was We MCC Virginia, which past in

have great in place got there. leadership We

So the I – the am team. more we be and in personally company use

execution. just are on We focused very

segment that second strong going the are believe We but particular. also have it in was strong we first and I quarter, are our year, performance we pretty see a of going knew we have pleased to much the would stronger in year. weaker into we the know, last a to pharmacy a half

there start than I and metal, the are timelines. no contemplated CEO the a let’s say to of pedal to So, fact letting Again, will full been I so the gas other tilt we that up haven’t for really forward. go specific search

David Styblo

guys And sharp increase faster were into rebound. helpful. think I you there, PBM, segue results just I the was than expecting Okay, to that’s then the

of year is also out to and the year the that to as call pipeline? on there next nothing want PBM then growth you can there speak to for this make Just retention out period and visibility both sure

Jon Rubin

let over on Dave, will to pipeline sales Yes, then me I activity. some the in turn start comments the Barry to and give

that very non-recurring timing First if you around expectations, results of were quarter, recall our below clear first $XX included significant and the and first we million unfavorable quarter, although poor reported items. were

the alluded at run going think was run-rate that activity you something get low a had around Barry I play with respect to guided have goods of into expected of in in sold to the noted terms provided rebate and XXs. wholesaler that a drug his prepared of retail improvement, more did scope, sort lift out Also on we as the that to and we and really quarter quarterly remarks even pharmacy quarter in we all those as So from both the of first manufacturers cost rate negotiations contract lot was with that and point, run-rate. to in and

the with So and we well very we pleased again results forward. Barry go as very are positioned said as

seeing actual of we In business, the retention with board. segment, expectations. terms the In employer really played of our PBM consistent retention the across and favorably out retention actually the is strong are

year, we that As additional year really we last any efforts but haven’t at specialty on ago. we since we ago, took terminations, some to business all talked of the year stabilize on this side challenges about had point a based customer in book a spike the seen

give sales the comments turn the on pipeline it maybe to let and seeing So, to front. side. on all Barry, you on very are what some me has that we progressed well

Barry Smith

and bit the seeing a are we that and – a got strong we have just comment are pipeline another a retention we very independent. industry We the strong in are unique about that’s

sophisticated into strength are example I that account. want given we great over programs market tools. increasingly the fact clinical the script have we the program is and Products point the that there very there a by people and well the of spend the of have for done add on have the see we They we those across to by specialty. isn’t a as that kinds strong still think are of a the rest so programs just where above industry as our It great to did has evidenced devaluation and rebate out with quite what the XX% way like are contracts us where oncology That’s specialty our and rebate very unique as appropriately the contracts these quick approach very X that’s managing industry in year utilization to last clinical board just have is a John’s done. the the that. mentioned of we retention, the strength. substantial the front, out that’s and to like over product just our money in tied heads benefits is individual and gives that where clinical of lives medical the on pharmacy the We To controls million the it standalone costs, itself and

So to contract. increasing tying to I going say they we these clinical programs but is seeing are what that am not, the are and doing

So pipeline. in it of MCO that in higher but seeing onboard, the doing in side clients much on new the business coming greater also terms of of also there only not that rates terms are we on success retention. fashion. think And we employer having side, find you less is this we far think the in are We risk

of we the past competitors. again Express to combinations Cigna, meaning the see employers again, the we effectively well competition, talked see that player say answered the would that. making particularly want this quarters, that very are strong programs as and MCOs, the have And the think clinical that. We Scripts that and that’s is want I CVS, a the of think in independent do can great to compete is reality it’s Aetna will and excitement The I last this difference. about of I is last these some with few thing that all the accelerating

no down. preclude we seeing And of market does the is would what so doubt the issue us. what to on scale could competitive, it so about I that it, be is pricing ordinarily lot there are how are but competitive And be is settling not the our clinical a pricing. we side, earn able think is A in we and still a given straights

winning deals upon So are those based winning and capabilities. clinical we anticipate

So both is shape. a standpoint, think quite the standpoint from in retention we pipeline or business good

David Styblo

the have Virginia to X%. XX favorable last the you still know is just the you items, just under on ratchet and backup seems New margin on of quick I $XX there mentioned core to is some healthcare like and got take million drags for understand for results real quarter you can up million that that the were from results going more evolution me York York and the in out-of-period that’s rates? New And there, earnings else with I it $XX of Okay. weighing things if help cause like to million a which but besides understanding anything the what’s lower

Barry Smith

take Dave. that, Yes, let me

spite I So two, items to one, describing wasn’t that, correct quarter, did period you say prior were in one – have you some what would well. rather if had yes what one the we are that, the in as if is quarter is because you period did in at looking are reported to We as development quarter material. look have prior we it as quarter to we favorable

don’t think quarter, will some utilization affect large forward. going In addition a to we say I have something was but pockets in is isolated high did that second would is what us we where degree

new a are involved had year as in care risk good know it we on for Virginia did those actual so new this we for the problem the the those actually key news run the risk does we have implemented on these are although so plan our are again some actually early rate in higher saw will have have improve over with utilization since impact are as of spike balance we seasonally in we patient are the of adjustment now we sort I some in the and Massachusetts of lags should quarter as had as revenue normal are higher utilization of the a already risk we examples beginning to but focusing initiatives be secondary some mentioned the increase Virginia again a not so higher always on and type think So year yet form year up time on able our profile anticipated get is in but the utilization in second enrollment we there will ABD folks are in that confident things again examples, was well based enrollees care in York having year get the the we York been future that we utilization have a than we did note quarter just the down in will progress you have the we members catch of compensated very expecting coming that news the of near to that side seasonal seeing June and it on rates then take now, seems is some time in we for we adjustment new don’t of will couple new settled say believe emerging be that in and so so think New we be a admissions have enrollees similar next a we that so those pressure few weeks. patterns to make has over it bit know to over initiatives you is little of continue New couple

David Styblo

Alright. you. Thank

Barry Smith

bet. You

Jon Rubin

David. Thanks, Great.

Operator

Lynch. of next our from Bank from Kevin And Fishback Instructions] is [Operator question America/Merrill

Adam Ron

is in Adam Ron Hi filling this for actually Kevin.

recent offsetting factors? competitive the the on are how price landscape answered additional that in a to this does questions change little larger of the Thanks. synergies undercut already had if able the at in definitely worried I bit consolidation lot You will be be you the are but behavior all any and gears I competitor leverage shifting may G&A there space business

Barry Smith

behavioral however health Thanks Adam. reality I competitors that The have well is business standalone pricing as good of that been basis. could on business economies both It’s enormously say would larger a care integrated transfer an question as a normally the successful we having be internally. brings in scale certain certainly

Anthem they Beacon acquisition a was to, a of referring Anthem by them, it you is they before. great a heck With execute. probably channel the great where being we versus terms thing respect high-quality are to is being by fact the which conflict Anthem, more Anthem’s in for ability of a have good situation Beacon of a but that’s and independents lot again have in MCO puts acquired were

having the is offsetting, those Anthem. the within a to would So while health benefit plan capable conflict Blues, of and that very is who that entities substantial also one. there which there from by the of I other are think of Blues is behavioral the There certainly plans consortium own some introduces so times channel and is if scale also actually fellow is buy a a Blues even not where operationally

we the high over them the Again, and factor So, – with buying also years. I looked In leadership, and terms their have how from last but even for the you about that great several and of we I batting a think miss average. that very have that Blues hit larger think been that’s in very market, just have rate, don’t other. themselves competing competitive a at Beacon within respect if we think each the

remain it is to unique to able us we and have think that way. integrated fundamental a meaningful so different and And the we confident. we client in nature our to nature that customize in is a We that very are product of

haave high-quality we great done respect well great Beacon, for we company respect Anthem have for historically. again, So, but

benefits I channel offset competitively. think conflict the being acquired by from will the Anthem

Adam Ron

the cited the ask through expect in high how color. on have be your margins given bidding of business, you that one we on focus grow? on is do as an would especially appetite the new on If work that book appreciate on Definitely more to Any Thanks. startup more past, you near-term, improving should about color dynamic existing you there the book costs think a just appreciated? margins RFPs, could in existing improving I

Barry Smith

costs. enormously that to was difficult and And bet. of years. the you internally have pace managed dramatically care over keep at last needed part very quick You up grown – to and several point out, We issue we we clearly Adam, capabilities also as the grow

We year substantial is we have no but way our and referred going about see a as great have in have and Virginia step long there you we there last come seen in up it, had capabilities we Virginia. it a and was some it, Virginia pretty challenging forward, doubt this in will see progress

and moment, have So we we and can make address the and profitable efficiency last in the do ready think becoming order capabilities. new are those developed for do new to haven’t on sure Virginia that so likely we we for get would both are that and until up quality quick have us in fundamental That that put have take we for that and thoughtful to that said, tools which New up York that do will markets a business, a to I mentioned the we Massachusetts standpoint those chassis pause we that way. order. standpoint we – quarter but in we and allow from we very doing likely before same I that would set that that productive very we think not quarter our ourselves would

this the will So up year to take would ready particularly by bundle overwhelms We we expect sector, it’s have about it timelines. of our new the in to to be business, end I wins try not new the said us. public I important very think

to XXXX and positioned grow we than – we ever. And that later so so growth XXXX will we into path think well continue think XXXX, about be more

the it I The thing of nature Adam, other on depends the wind. would say,

Therefore, state. So are understood across population, a the good have build area focus on spread to being plans density Those team and the a networks, for urban continuity long-term care winds to acceptable. can where The out example, or states of build geography to a state have needs the are us. the you concentrate them. in that don’t example large a benefit for margins than orientation you a that business citizens where winds concentrated there is be probe having the environments that of very of those over more health it typically for to will very are for more much some there are difficult

are aren’t but into prepare in able winds for work in and just too be But require the win those X to – you not allowing XXXX to the sector soon, that right that. XXXX implementation it’s to matters. to it’s planning our and is contracts winning some These there place we doing effectively goal relationships years and public they either XXXX. that out contracts compete of legislation in later typically cases months, so again, our but And doing in on on focused occur not winning, or X

Adam Ron

was much. Thanks Alright. That so helpful.

Barry Smith

You bet.

Operator

you. showing this further no time. at am Thank I And questions

Barry Smith

all we of joining Well, thank call Great. for you today. our

look are you forward Thank much quarter that call. third us. conference so We We for to you joined with us. on grateful joining meeting our you with

Operator

Thank This conference. today’s does conclude you.

may disconnect You this time. at

Magellan Health (MGLN) 30 Jul 192019 Q2 Earnings call transcript