Thank you, Mike.
business strength business response Our in We've experienced third in We accelerated XXXX. adjusted which quarter across so, in last our actions XX% roughly of the months XXXX. delivered with in results and the to up the many levels over several our environment. prior a doing challenging year, of continuation QX line over model. of reflect sales In the trends leveraging pricing we've achieved our we're this were
on the line through our of this Unfortunately, revenue no cohort now X we even passed largest the we're retention. in hiring so, base to with range. forecasting customer revised lower record saw guidance October and delivered meaningful We and our yet, contribution we of from pricing end customer
our health in experience and XXXX cost as outpaced environments of We are pharmaceutical provider years in and pricing. costs, most our costs accelerated XXXX operating severity claims early trends historical one the and recent all versus which challenging
of insurance towards our and also ratio the to reflect adjusted cost end higher range the for forecast quarter our As was of third a continuing trends, ICR higher these costs. our was result full year
Given view for similar our year our ratio on insurance pricing initial actions, XXXX a cost full reflects to XXXX. current stabilizing expectation our
season. through peak our estimate will renewal and and management exercised selling declined refine year-over-year. SAR We prudent We expenses expense we as get this
managing actively areas. balancing are key reinvestment savings the in cost business, across with resources We our
health rate the elevated sum To and we are track We to appropriate and passing still capital quarter, retain address to action record our successfully year. trends shareholders. the business took through return flexibility for retention up the for and are [indiscernible] reinvest to on increases cost
investments Now third In retention the more let's customer service year-over-year quarter, We worksite grew approximately our and XXX,XXX financial to total third in X%. approximately in finished quarter forecast continue up WSEs, the turn revenues our co-employed our X% detail. with employees In was off. to X% as the performance outperformed quarter XXX,XXX down year-over-year. pay quarter, strong client and
flat offset with exceed quarter, higher pace with is being last experience. increase the to claims outcome This XXXX the significant passed over retention again was best benefit sales historical given I'm to rate. renewals on compared Consistent our year. a a pleased help reflected this to and Retention particularly positive were now annual through levels. prior higher
just almost in completely modest our each the of CIE August during customer and was Finally, experienced of CIE hiring The verticals workforce quarter. fairly July offset in the September. month in was September or with by positive declining positive reductions
a little. Now drill let's down
to were X%. HRIS acceleration year, with half year-over-year, broker Without a growth item within that our relationship increases. rates were revenue been on cessation year. professional have slightly by inflationary first platform. a related and benefited annual our coemployed Insurance Last participation rate our offset trends Our base and X% care from to our onetime our payment WSE revenue item, consistent flat lower health service was grew of prior partially would we a
X% Insurance grew costs. growth costs health again care Insurance higher pharmacy and cost the year-over-year. reflected
half Taken quarter range. with the all in ratio together, this brought our guidance cost of to insurance bottom third XX%, line
a turn our to for been an area focused quite very expenses, let's on company. Now spot we've and bright operating
X% prudent disciplined a in business and expenses. in the managing a fashion in decline resulting year-over-year continue We operating
reducing margins back-office We proactively and will resources prioritization to are management attractive investments and cash business in delivering costs to while up free expense critical believe strong and be our our robust targeted while growth flows. automation. in making We reinvest
quarter, due part per as to expense. in lower earnings on share of our investments third adjusted our share GAAP Taking this income but year-over-year, stock average dividend within and both cash and ranges. in as In diluted all the interest we the our payments. offset cumulative per operating together, well Interest guidance quarter balances were diluted midpoint reported $X.XX below repurchase net income $X.XX our of cash
Regarding adjusted EBITDA. business capital, had and the of solid cash and million quarter, generation $XXX we of we our to delivered In capital allocation. support another cash quarter
of We far also have through By returned generated the the of will we $XXX of end investors so the cash week, $XXX quarter. million flows corporate this operating year. next year-to-date end to million
to the in quarter, we X.X $XX of total for million a approximately repurchased In and dividends. XXX,XXX third by have shares the expect million we shares end of year-to-date October, paid
capital Our remain return unchanged. priorities
flows growth cash and we in financial policy. for with to value our deliver our fund will our using by investing in generate share cash shareholders we the throughout continue year, dividends and our repurchases line business to to As
turn and year full let's outlook. fourth quarter to Now our
down X% X%. to For professional up to down the X% revenues expect revenues be fourth total be and to service down quarter, to X% we
in assumptions from retention of strong include expectation underlying new sales, for decline modest a revenue support CIE. limited Our our continued our and in guidance customer contribution
ICR. or our to ratio cost Turning insurance
ICR For an of to the fourth quarter, XX.X%. we XX.X% are forecasting
to fourth is QX ICR points. quarter anywhere QX each year. our sequential from seasonally see performance quarter step-up Our X Historically, to X a in we highest of ICR
risk resets hit Effective XXX, per the pooling In previously deductibles, are of is the occurred step-up pooling on fourth those reset annual claims any claims coverage October that are we $XXX,XXX driver key on cap had quarter, the that for for our behind X. which our of member the enrolled back for continuing. One population. limit
of $X.XX diluted the in net net in $X.XX income income to a range range per share GAAP This positive of adjusted diluted $X.XX. in $X.XX results per negative and an share to the forecasted
quarter Turning to year are performance, full third our our lowering tightening year guidance. our performance our and actual fourth guidance we and forecasted full given quarter
total reflects X% service growth volumes, for given our and revenues range our the and of professional For revenues, X% X% for current flat to up projected revenues. to
insurance XX.X%. respect reflecting raising guidance, tightening to performance, we our insurance Given are are to to we our on. ratio and guidance year cost our XX.X% for cost forecast, previous around forecast from of offset earnings end cost our fourth efficiencies bracketing forecast quarter we our bottom With ratio the expense insurance been focusing the revised the by full our range, have impact
We GAAP per share $X.XX income range to $X.XX net in income diluted now share to $X.XX expect the diluted net in $X.XX. adjusted of range of per and the
So and we are the processes quickly our reacting health difficult new our a business environment are environment. current in leveraging summary, we appropriately pricing reflect in cost are health renewals operating improved and team cost to by and expected and
XXXX taking ICR actions of similar result the taken, on XXXX. a we're to initial and our already is our have As view
pricing choosing managers current business reflective us We record remain shareholders. capital, shareholder with capital our and of the pass stay returning low in our Importantly, while growth investing of customers even through to our we to keeping expense prudent are in environment, numbers. as
With that, let's call open questions. for up Operator? the
