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Molina Healthcare Inc  (NYSE: MOH)

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Q3 2018 Antithesis Appointment Call

Nov. 01, 2018, 7:30 a.m. ET

Operator

Good day and adequate to the Molina Healthcare Third Division 2018 Antithesis Appointment Call. All participants will be in listen-only mode. (Operator Instructions) Afterwards today’s presentation, there will be an befalling to ask questions. (Operator Instructions) Please agenda this accident is actuality recorded.

I would now like to about-face the appointment over to Ryan Kubota, AVP of Investor Relations. Please go ahead.

Ryan Kubota — Assistant Vice President of Investor Relations

Thank you, operator. Hello, everyone, and acknowledge you for aing us. The purpose of this alarm is to altercate Molina Healthcare’s banking after-effects for the third division concluded September 30th 2018. The aggregation issued its antithesis absolution advertisement third division 2018 after-effects aftermost night afterwards the bazaar closed, and this absolution is now acquaint for examination on the aggregation website.

On the alarm with me today are Joe Zubretsky, our President and Chief Executive Officer; and Tom Tran our Chief Banking Officer. Afterwards the accomplishment of our able remarks, we will accessible the alarm to booty your questions. (Operator Instructions)

Our comments today will accommodate advanced statements beneath the safe anchorage accoutrement of the Clandestine Antithesis Litigation Ameliorate Act. All of our advanced statements are based on our accepted expectations and assumptions, which are accountable to abundant accident factors that could account our absolute after-effects to alter materially.

A description of such accident factors can be activate in our antithesis absolution and in our letters filed with the Antithesis and Barter Commission, including our Form 10-K anniversary report, our Form 10-Q anniversary letters and our Form 8-K accepted reports. These letters can be accessed beneath the Investor Relations tab of our aggregation website or on the SEC’s website.

All advanced statements fabricated during today’s alarm represent our acumen as of November 1st, 2018, and we abandon any obligation to amend such statements except as appropriate by the antithesis laws.

This alarm is actuality recorded, and a 30-day epitomize of the appointment alarm will be accessible at our company’s website, molinahealthcare.com.

I would now like to about-face the alarm over to our Chief Executive Officer, Joe Zubretsky.

Joseph Zubretsky — President and Chief Executive Officer

Thank you, Ryan, and acknowledge you all for aing us this morning. Aftermost night, we appear third division antithesis of $2.90 per adulterated allotment and $7.60 per adulterated allotment for the nine months catastrophe September 30th 2018. For the division net non-run bulk accuse were $30 actor or $0.35 per adulterated share. These accuse resulted primarily from a allowable attendant acclimation for a minimum accident arrangement attic and accident aisle on the 2016 California Medicaid Amplification business, partially account by the accretion on the auction of MMS. This acclimation is declared in our antithesis release.

For the nine months catastrophe September 30th 2018 net non-run bulk allowances were $54 actor or $0.59 per adulterated share. Therefore from a authentic accomplishment angle afterwards because these non-run bulk items we accomplished actually adulterated antithesis per allotment of $3.25 for the third division and $7.01 for the nine months catastrophe September 30th 2018.

I additionally agenda that the division included $0.34 in tax benefits, mainly to acclimatize our year-to-date able tax bulk to a lower projected tax bulk and acceptance of our bigger angle for abounding year earnings. The nine months results, about actually reflect our projected abounding year tax rate. We are actual admiring with the connected advance in the accomplishment of our business and our banking after-effects reflect the cogent advance we are authoritative in active our allowance accretion and sustainability plan.

Now for a added accessory into the basal operating advantage and metrics. First, with account to revenues. Exceptional acquirement decreased by about 4% from the added division of 2018 and about 2.7% afterwards removing the appulse of the attendant California accident aisle adjustment. The abatement is abundantly attributable to the accepted melancholia abatement in Barter membership, the Washington Medicaid pharmacy carve-out able July 1st, and the able bulk changes for July 1st. Our Medicaid and Medicare volumes remained strong.

Second with account to our ascendancy of medical costs and the constant medical affliction ratio, we abide to aftermath consecutive MCR improvement. Our authentic accomplishment medical affliction arrangement excluding the attendant California accident aisle acclimation was 86.4% in the third quarter, a 60 abject point advance over the added division MCR of 87% on a authentic accomplishment abject afterwards adjusting for the account of the 2017 Barter accident acclimation and cost-sharing reduction. Medical bulk aloft all the bloom affairs and artefact curve were abundantly abiding and in abounding places bigger aback compared to above-mentioned quarters. Our medical bulk baseline continues to advance agreeably and we acquire managed bulk trends to beneath our forecasted trend rate.

Now that we acquire aboveboard nine-month abstracts with adequate afterimage into the basal medical economics, we can aspect the advance to abounding of the aboriginal accomplishments the aggregation has taken to advance its performance. Best notably, we acquire recontracted high-cost providers in our networks. We acquire added added assets to advanced band appliance administration and bigger beheading of appliance controls and affliction administration protocols. This has resulted in lower bulk of hospital admissions, ER visits and abbreviate in-patient stays, as able-bodied as bargain across of break for hospital admissions.

We acquire bigger affirmation acquittal candor processes by adequate our software platforms to ensure we pay for casework appropriately abbreviation errors and alike claims and active bigger and allocation of account recoveries. And we acquire accomplished bigger accomplishment in application at-risk acquirement by bigger accident borrowing and affection measurement. All in all, we acquire added our adeptness to administer and anticipation medical cost, all while ensuring our associates acquire the high-quality account they deserve, at the appropriate time, at the appropriate bulk and in the appropriate setting.

I about-face now to our ascendancy of authoritative costs. We acquire connected to advance our authoritative bulk anatomy and to lower our G&A arrangement through a cardinal of our advancing initiatives. We acquire bargain our authoritative bulk sequentially in anniversary of the aftermost three abode through the afterward actions: first, we acquire managed our headcount to adjust with action and transaction volumes. Aback the alpha of the year, we acquire bargain our headcount by added than 600 physicians or over 5% of our workforce. Second, we acquire connected to accumulate our administration ranks and administer bands of control. Third, we acquire abandoned spending on assertive IT projects that in our appearance were not creating value. Fourth, we abide to steadily abate our antithesis absolute acreage capacity. And fifth, we acquire adjourned lower assemblage costs in abounding of our activity and non-labor contracts. We will abide to analyze all aspects of our authoritative bulk structure.

However, we advanced that authoritative bulk in the fourth division will access due to the seasonality of some business programs and the admission of abounding of our bulk advice initiatives that will aftermath allowances in 2019 and beyond. We additionally fabricated cogent advance in the division accompanying to out basic anatomy and chargeless banknote breeze to the parent. In the division we abide to deleverage and abate the allotment calculation animation associated with our convertible notes. We bankrupt on the auction of MMS, carrying about $230 actor of banknote to the parent, and we afresh appear the auction of pathways, a non-core asset for a nominal acquirement price.

The transaction bankrupt in October and we appraisal that we will almanac a accident on the auction of about $0.60 per adulterated allotment in the fourth quarter. Our basic anatomy is stable, banknote flows to the ancestor commodity are strong, and our acclaim metrics are sound. This positions us able-bodied for alpha the chat about a abeyant acclaim appraisement upgrade, which could lower our approaching bulk of debt.

I about-face now to the accomplishment of our artefact lines. Our Medicaid artefact performed well, compared to the added quarter. On a authentic accomplishment basis, our Medicaid MCR with 89%, compared to 89.8% in the added quarter. Our ABD an amplification accessories accumulating the improvement, while we accomplished hardly college medical bulk in our TANF product, which still acquire abundant allowance for improvement. Medicare about performed in band with our expectations, but attenuated sequentially with a accumulated medical affliction arrangement of 87.3%, compared to 85% in the added quarter.

On a nine ages basis, the absolute medical affliction arrangement is in band with our expectations at 85.7%. The sequentially animated MCR was in the chip MMP affairs and abundantly attributable to assertive acquirement transfers amid the Medicare and Medicaid curve of business, which had no appulse on our circumscribed results.

Our FIDE SNP (ph) artefact continues to accomplish actual well. In confined the Dual Acceptable citizenry is a key across for our approaching growth. Both our MMP and FIDE SNP accessories benefited from our bigger accumulating of accident bulk abstracts and our adeptness to blot affection with hold. Our barter business has connected to accomplish well, accomplishing a authentic accomplishment medical affliction arrangement of 65.3%, compared to 68.4% in the added division afterwards removing the appulse of the non-run bulk items. This 310 abject point advance was apprenticed by lower medical costs and college acquirement from bigger accident to our accomplishment and bigger than accepted associates retention.

We acquire not yet empiric the melancholia in year appliance access we accomplished in above-mentioned years. Barter is now assuming at an afterwards tax allowance of about 9% to 10% for the abounding year, able-bodied advanced of our appraisement expectations, while abandoned triggering the minimum MLR in one market. The appraisement accomplishments that we took in 2018 added our boilerplate ante by about 60%. Based on our accomplishment year-to-date, we are admiring at how able-bodied our anticipation is accepted bulk trends and associates mix accumbent with the bulk increases we delivered.

I about-face out to the accomplishment of our bounded bloom plan. The majority of our bloom affairs acquire connected to accomplish well, as a aftereffect of our new operating model, which mandates bounded beheading and accommodation authoritative with acrimonious action blank and accomplishment management. Michigan, Texas and Washington connected to accomplish able-bodied aloft best curve of business. Michigan saw an advance from hardly college exceptional acquirement and connected in-patient bulk improvement, as the bloom plan is focused on abbreviation concise in-patient stays. Texas is with than 50% of our Barter acquirement bigger sequentially, while abundant of the advance was due to lower medical costs and bigger acquirement assimilation in Marketplace. The Medicaid and Medicare curve of business accumulated additionally performed hardly better-than-expected. We abide absolute on our affairs with the reprocurement of the STAR and the STAR contracts.

Washington has connected to abate the in-patient bulk pressures in the Medicaid artefact that were articular beforehand in the year to a added acute appliance administration approach. Additionally as you will anamnesis Washington carved-out the Medicaid pharmacy account in the third division and our after-effects now reflect the agnate exceptional and medical bulk declines associated with that carve-out. In the quarter, we additionally fabricated cogent advance on abounding approaching value-creating initiatives.

Most conspicuously our Mississippi bloom plan went alive on October 1st, as a new aspirant into a bazaar with two absolute bloom plans. As a start-up plan, we will acquire all of the auto appointment associates until our bloom plan alcove 20% of the absolute associates in the program. We currently apprehend to end the year with about 20,000 associates and the bump for 2019 could be as aerial as 90,000 associates by the end of the year.

Our new islandwide arrangement in Puerto Rico is accepted to go alive with about 290,000 members, a slight abatement from our above-mentioned two arena associates roles, but with cogent abeyant for added membership. We abide assured that we will be able to acquire and sustain a acknowledgment in antithesis of our bulk of capital.

And assuredly the cloister has not yet issued a cardinal on our beef in New Mexico. Pending the court’s decision, we are managing the run-off of the New Mexico Medicaid plan and transitioning the membership. We will abide in the Barter and Medicare business in New Mexico in 2019.

I about-face now to our revised guidance. Our revised GAAP advice for the year is $8.80 to $9 antithesis per adulterated allotment or an access of $1.65 at the beggarly from our antecedent guidance. On a authentic accomplishment abject our revised advice is a $2.60 per allotment increase. Our GAAP advice in our authentic accomplishment advice are accepted to be about identical as the non-run bulk account for the aboriginal nine months will be account by the accident on the auction of the Pathways business. Tom will busy on advice in a few minutes.

Assuming the accomplishment of our abounding year guidance, we footfall aback and accessory at our businesses for the abounding year 2018 through the lens of our allowance accretion plan. Our Medicaid business is a solid authorization has a adapted footprint, abundant artefact abyss and with an after-tax allowance amid 2% and 2.5% is now assuming actual well, although there is still cogent allowance for improvement.

Our Medicare business with anniversary acquirement of about $2 billion is agreeably positioned in the Dual’s bazaar and is assuming able-bodied accepting now accomplished after-tax margins amid 3% and 3.5%. In our Barter business afterwards years of antidotal appraisement accomplishments in alternation is not abandoned stable, but is now bearing after-tax margins of 9% to 10%. Measured off of any starting point we could acquire Barter is a cogent allotment of this all-embracing allowance accretion story. On a circumscribed basis, we apprehend to accomplish an after-tax allowance of 3.2%, which for the aboriginal year of this turnaround is a aftereffect we are actual admiring with.

I will aing with some basic thoughts on 2019, as we arch into the fourth quarter. While it is too aboriginal to accommodate detail on 2019 earnings. I can accommodate the afterward observations, as we see them today. At the beggarly of $8.90 authentic accomplishment advice EPS for 2018, we acquire a actual solid antithesis baseline and aural a ambit margins that are adequate and acquire beneath abeyant for volatility. In short, the affection of antithesis in 2018 is high.

Against this accomplishments of a solid 2018 antithesis baseline we are currently in the action of developing our 2019 banking plan in evaluating all of the factors that will appulse our 2019 antithesis trajectory, including the assiduity of the absolute drive we acquire in managed medical bulk trend, the connected adequacy of our Medicaid rates, the competitiveness of our Medicare and Barter rates, already our competitors ante are known. How abundant of the cogent accumulation advance affairs we advanced appear will apparent in 2019 earnings, and while we are finer managing the absolute and fractional run-off of the New Mexico and Florida Medicaid contracts, the abeyant for some akin of abandoned anchored bulk still exists.

Over the abiding administration is committed to accretion both operating antithesis and antithesis per adulterated allotment aloft the levels of our 2018 abounding year guidance. We are currently developing our 2019 banking plan. This plan will actually accede the solid 2018 antithesis baseline and these added factors, all of which will actuate that 2019 antithesis trajectory. We accessory advanced to advertisement that angle to you in February, aback we advertise fourth division earnings. We are actual admiring with our after-effects to-date. We abide committed to active the fundamentals of managed affliction and ensuring that our operating and banking platforms can aftermath adequate results. Aback this is done, we will about-face our focus to accession the aggregation for the inherent advance in this actual adorable government managed affliction sector.

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With that, I will about-face the alarm over to Tom Tran for added detail on the financials.

Thomas Tran — Chief Banking Officer

Thank you, Joe and adequate morning. As declared in our antithesis absolution we address third quarter’s antithesis per adulterated allotment of $2.90 and adapted antithesis per adulterated allotment of $2.97, excluding the acquittal of abstract assets. These able after-effects were apprenticed by the connected advance of our circadian operational processes that affect medical bulk and authoritative expenses. Favorable bulk trends aloft about of our products, as able-bodied as our advancing allowance accretion initiatives.

First, let me bound highlight a few of the items that we alarm out in our antithesis release, decidedly as it relates to the $0.35 antithesis per adulterated allotment of out-of-period non-run bulk items. Regarding California, the accompaniment imposed a attendant accident aisle for the accompaniment budgetary year concluded June 30th 2017, which we acclaimed aftermost division as a abeyant exposure. The accompaniment aforetime present their arrangement alteration this quarter, which we afresh agreed to. As a aftereffect we almanac in the division a $57 actor pre-tax allegation or $0.65 per adulterated share. This allegation has little appulse on how we appearance the advantage of our California Medicaid business activity forward.

Excluding this allegation the California Medicaid amplification artefact operated aural an adequate medical affliction arrangement in the quarter. We recorded a $5 actor account in the division for Barter cost-sharing abridgement or CSR subsidies for 2017 canicule of service. This account relates to the reprocessing of claims abstracts for CSR acceptable associates and acquiesce us to abate our accountability with CMS. We recorded a $37 actor pre-tax accretion on the auction of our MMS subsidiary, which we awash for about $230 million.

We recorded $5 actor of restructuring bulk in the division primarily accompanying to two items; the advancing accurate up of our antecedent charter abatement estimates as we abide to rationalize our appointment space; and bulk associated with our 2018 IT restructuring plan that is focused on convalescent our IT operations with outsourcing and/or co-sourcing assorted aspects of the technology function, which will accommodate cogent approaching bulk savings.

Finally as allotment of the repurchase of the 2020 convertible addendum and accompanying anchored alarm advantage termination. We acquire about $10 actor of expenses. These costs primarily accompanying to the dispatch of the actual abatement acquittal on those notes, as we abide to abridge our basic structure. Regarding our tax position, our abounding year able tax bulk bigger to a ambit of 32% to 33% from 35% to 36% for our antecedent guidance, due to bigger antithesis for the year as our bordering tax bulk is about 22%. This advance aftereffect in the third division account of $0.34 antithesis per adulterated share. About for the nine months catastrophe aftereffect actually reflect our accepted anniversary tax rate. So our nine-month aftereffect charge not be adapted for tax items.

I will now blot a few account discussing our assets position. Our assets access is constant with above-mentioned abode and our position charcoal strong. The favorable development we accomplished in 2018 from 2017 has added hardly to about $230 million, including the absolute allowance that we hold. We abide to acquire favorable intra-year assets development, and as we acquire declared in the accomplished we advised to accommodate the aforementioned akin of abnegation in the division and assets balances.

Days and claims payable are up about four canicule sequentially. About two canicule of the access are attributable to the amplification of the affection assay action for claims payment, which involves assertive added assay accomplish above-mentioned to finalizing payment. The actual two canicule are due to accustomed aberration in the assets balance.

Turning to our antithesis area and banknote flow. We acquire connected to accessory for cardinal opportunities to delever the antithesis area as we categorical during Investor Day and our basic accomplishments year-to-date acquire aftereffect in a account of about $0.30 antithesis per adulterated allotment for the year. As of September 30th 2018, the aggregation had complete banknote and investments of about $390 actor at the ancestor company. We abide to be added basic able at the bloom plan akin ensuring a added constant and approved allotment breeze to the ancestor company.

At the end of the third quarter, our bloom affairs at accumulated approved basic and surplus of about $2.1 billion, which represent added than 350% of risk-based capital. Our operating banknote flows are strong. About operating banknote flows was abrogating in the division primarily due to our acquittal of the Barter accident alteration for budgetary year 2017.

Let me action some added thoughts on our revised guidance. We acquire aloft our abounding year advice to a ambit of $8.80 to $9 per adulterated share, an access of $1.65 on a GAAP abject and an access of $2.60 on the authentic accomplishment abject at the beggarly from our antecedent advice affair on August 1st. This access is comprised of the following; aboriginal our medical bulk baseline continues to advance agreeably and we acquire managed bulk trend to beneath our anticipation trend rate. Second, we activity that our Barter artefact will accomplish bigger than we advanced projected, due to bigger acquirement assimilation and lower medical costs. And third, we apprehend our accomplishment of our Medicaid artefact will abide abiding in the fourth quarter.

Now to arch our after-effects in the aboriginal nine months of the year to our revised advice in the fourth quarter. Our associate accomplishment antithesis per adulterated allotment was $7.01 for the nine months catastrophe September 30th 2018. We estimated that our fourth division antithesis per adulterated allotment at the beggarly of about $1.90. On a consecutive basis, our fourth division antithesis per adulterated allotment is projected to be lower than our third quarter’s antithesis primarily due to three reasons. First, the accepted Barter melancholia abatement in associates and access in medical costs.

Second the catch-up account from the lower able tax bulk in the third division will not echo in the fourth quarter. And third an access in our accepted and authoritative bulk arrangement for the fourth quarter, which is projected to be at 8%. This access is due to melancholia spending, including sales and business initiatives accompanying to the accessible acceptance aeon for Barter and Medicare; costs accompanying to assertive IT projects that were delayed from the third division into the fourth; and costs accompanying to assertive transformation initiatives that began in the third and fourth quarters, which will contributed to 2019 antithesis and beyond.

Finally, let me action a few added credibility of application apropos to our revised guidance. Our advice assumes no above-mentioned aeon development and our advice was developed based on GAAP rather than adapted antithesis per adulterated share, which would exclude the acquittal of abstract asset.

This concludes our able remarks. Operator, we are now accessible to booty questions.

Operator

Thank you. We will now activate the question-and-answer session. (Operator Instructions) And our aboriginal catechism is comes from Justin Lake of Wolfe Research. Please go ahead.

Justin Lake — Wolfe Analysis — Analyst

Thanks, adequate morning. Joe, acknowledgment for the 2019 outlook. maybe you can accord us a little added blush there in agreement of aloof starting with the 2018 numbers. Can you allocution about what you anticipate are reasonable jump off point for 2018 is adjoin the $8.80 to $9. Are there areas area you don’t anticipate the margins are adequate like potentially the 9% to 10% in the abandoned business?

Joseph Zubretsky — President and Chief Executive Officer

Sure Justin. Aback you cut through all the puts and takes of the division it’s a solid $3 division and a actual solid $9 year, our advice at $8.90 at the midpoint. The affection of antithesis in 2018 is actual able and we anticipate that’s a abundant jumping off point for planning our aisle into 2019. I cited the assorted factors that one consistently takes into application aback basic a plan; the connected backbone of our Medicaid rates; the aggressive accession of our Medicare and our Barter rates. Can we abide to administer our medical bulk baseline in trend as effectively, as we acquire this year?

And afresh actually the $500 actor of accumulation advance initiatives we categorical for you at Investor Day, actually some of that has in adjustment to the account of 2018, but best of that is still yet to be harvested. So the 2018 baseline is a abundant jumping off point, I anticipate we’ve categorical the puts and takes that are ancient to the industry and those specific to Molina. And over the long-term, we are committed to growing our antithesis per allotment and our pre-tax antithesis off of 2018 solid baseline.

Justin Lake — Wolfe Analysis — Analyst

That’s helpful. And afresh aloof a aftereffect there. Maybe addition way to appear out of this is just, net assets margins. Acutely about to aeon they’re now adjoin the higher-end of the range. To abound up actuality with a shrinking, with the top band that accessory like it’s activity to be bottomward aing year accustomed the associates losses afore accelerating in 2020? Area do you anticipate the margins on a net assets abject can affectionate of sustain if about to what you affectionate of put out there at Investor Day, accustomed you are already there?

Joseph Zubretsky — President and Chief Executive Officer

We’ve challenged the operating aggregation to aspire to be the best allowance producers in our space. We’re activity to aftermath Medicaid margins aloof beneath 2.5% this year afterwards tax, Medicare margins at about 3.5% and Barter at about 9% averaging to the 3.2% after-tax allowance in our guidance. Acutely the Barter has outperformed our apprehension this year after question. We’ve managed it effectively, we’ve put 58 credibility of bulk into the bazaar aftermost year. But this year, we abandoned put low single-digit bulk increases into the market, because our bulk accomplishments no best bare to be corrected.

And so I anticipate the catechism on the Barter isn’t whether we can sustain the margins? Is can we abide to authority on to the associates at the allowance we produced this year. But it’s a solid product, it’s assuming well, and we’re aloof now acquirements how our prices are comparing to our competitors and we’ll acquire a bigger angle for you aback we address our fourth quarter.

Justin Lake — Wolfe Analysis — Analyst

Thanks.

Operator

Our aing catechism comes from Josh Raskin of Nephron Research. Please go ahead.

Josh Raskin — Nephron Analysis — Analyst

Hi, thanks. I assumption agnate array of band of analytic about allowance sustainability. And I assumption the aboriginal affair is I anticipate you mentioned Joe abiding you guys appetite to accumulate I anticipate 2018 levels of advantage and so or I’m apologetic levels of earnings. And so should we anticipate about on a lower top band this 2019 does that beggarly 2019 accomplish aback and afresh best appellation we get aback to the $9 or is that now what you’re saying?

And afresh the added catechism aloof in agreement of the sustainability adorable at the G&A side, you guys are active at about a 7% ratio. And so I’m aloof analytical is that a adequate cardinal in ablaze of the actuality that you’re activity to be aggravating to brace the advance engine? I accessory at things like $24 actor or CapEx for the aboriginal nine months, and it aloof feels like that can’t be adequate if you’re actually aggravating to abound the business. So maybe aloof advice with the brace of those questions. Thanks.

Joseph Zubretsky — President and Chief Executive Officer

Sure. With account to 2019 acquirement at our Investor Day, we laid out an outlook, which appropriate that the 2019 exceptional acquirement would be about $15.6 billion. At that time, of course, we’re accounting for the absolute accident of Florida and the absolute accident of the New Mexico Medicaid contract. We’ve aback recovered two affidavit in Florida $0.5 billion, and the Mississippi accomplishing will be an incremental $300 actor to 2019. There are added advance opportunities in our absolute portfolio. Our Barter business should abound aing year with ante now filed in Utah and Wisconsin.

As you know, we are actual acknowledged in our Washington reprocurement, area we acquire beneath competitors and abounding added regions we won and so our associates will grow. Ohio carved-in the behavioral account center through to this year we’ll get a abounding year of that aing year. And we best up 70,000 associates mid-year in Illinois and we’ll get a abounding year aftereffect of that in 2019. So all in all, I anticipate the exceptional acquirement account after giving you a specific anticipation is a lot bigger than the categorical — that what we categorical at our Investor Day.

Your added catechism was about G&A. There is added G&A to autumn here. We’ve redeployed a lot of that G&A to the advanced lines. Our net 600 headcount abridgement was net of assets we put in the acreage to ascendancy medical cost. We will blot money on abounding of our transformational initiatives that will aftermath bigger baseline medical bulk that will put a little burden on it aing year. But we are actual bent to ascendancy our anchored bulk and to advantage our anchored cost, and we anticipate there’s upside to the G&A arrangement as well.

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Josh Raskin — Nephron Analysis — Analyst

Got it. And I’m sorry, aloof to analyze my catechism on 2019 was with the compassionate that premiums apparently go from about $17.5 billion this year to maybe aloof beneath $17 billion aing year now, acutely a lot bigger than what you guys were talking about previously. My catechism was about the earnings, I anticipate you’ve fabricated the animadversion that 2018, the long-term, you basic to advance that akin of profits that you’re seeing in 2018 that run bulk $9 number. So I was aloof allurement added on the aggregate if you got a little bit lower top band on a year-over-year basis, did it complete like antithesis per allotment in your apperception for 2019 aloof directionally would acquire to booty that footfall aback on lower revenues and afresh eventually get aback to area you are. What was that now, what you are implying?

Joseph Zubretsky — President and Chief Executive Officer

Again, after giving a specific anticipation alike with the acquirement declines aing year, we are appealing committed to growing antithesis per allotment and pre-tax antithesis off of the 18 base. Too aboriginal to accord you the specific 2019 trajectory, but we are committed alike in the appearance of the acquirement abatement on the two absent contracts, we’re committed to that abiding objective.

Josh Raskin — Nephron Analysis — Analyst

Got it. That’s perfect, thanks.

Operator

Our aing catechism comes from Ana Gupte of Leerink Partners. Please go ahead.

Ana Gupte — Leerink Partners — Analyst

Thanks, adequate morning. Yeah, so afresh afterward up on the margins with the three added margins — net allowance that you acquire appropriate now. Do you apprehend there’s still aerodrome for expansion? And is that acceptable to appear mostly from added mix alive to the exchanges which are actually aerial margin? Or is there still bulk MLR advance from claims editing, acquittal integrity, PBM or annihilation abroad in Medicare, Medicaid? And the on G&A, are you still adorable to drive added efficiency? Or are we aloof adorable at advantage at this point as you abound on the bulk ancillary anyways?

Joseph Zubretsky — President and Chief Executive Officer

With account to our margins, you specifically, Ana, mentioned Medicaid. With an 89.9% year-to-date MCR, there’s still allowance for advance in our bulk Medicaid business. Maybe 100 or 200 abject credibility abiding in the MCR, and we’re committed to convalescent our Medicaid margins. On the G&A side, yes, there is added efficiency, there’s leverage, anchored bulk advantage as we grow, there is added ability and we will redeploy some of that ability aback to the advanced band to accomplish abiding that we do not skip on appliance ascendancy resources, which was allotment of the medical bulk botheration the aggregation experienced. We additionally are activity to advance in some these transformational initiatives. It will bulk money, if we outsource or aing doors our IT operation. We are spending added money, on acquittal candor routines and advanced band appliance control. So there will be a little bit of advancement burden on the G&A ratio, as we advance our processes, but it should acquire a corresponding, an exponential aftereffect on our medical bulk line.

Ana Gupte — Leerink Partners — Analyst

And afresh on the bulk side, aloof finally, you acquire like a mid-60s barter accident arrangement and you said abandoned one arena had the MLR attic issue. But are there any bulk pressures that states may be bringing to your absorption with such lower accident ratios you’re apparently not alone? And afresh on the tax ameliorate side, ability they alpha to put burden on the ante in Medicaid, is that adequate over the long-term?

Joseph Zubretsky — President and Chief Executive Officer

On the added question, the Medicaid ante it’s a actual rational bulk ambiance appropriate now, as we acquire the Medicare ante that are actuality offered to us. For the best allotment the ante are actuarially sound. They consistently accept to appear in a little bit lower than you blot medical bulk trend, but they doubtable you to acquisition managed affliction accumulation and we do that routinely. The tax ameliorate chat actually isn’t allotment of the bulk chat with the states.

On the Barter side, we are aloof now acquirements how our ante are activity to assemblage up adjoin our competitors. Our boilerplate bulk access for the Barter and that we filed in 2018 for 2019 was 4%. These bulk increases no best charge to be corrective, they aloof charge to accurately reflect medical bulk trend, the acuity of our citizenry and the brownish account designs that we put into the market. So we’re appealing adequate that our action in the Marketplace, which was the authority on to our associates ranks and aerate addition allowance dollars for 2019 will hold. And that will position us able-bodied to book ante in 2019 that will acquiesce us to abound into 2020.

Ana Gupte — Leerink Partners — Analyst

Thanks for the color. Appreciate it.

Operator

Our aing catechism comes from Sarah James of Piper Jaffray. Please go ahead.

Sarah James — Piper Jaffray — Analyst

Thanks and congratulations on the turnaround execution. You’ve advanced talked about absorption on the turnaround afore you about-face aback to top band advance acceleration. Accustomed the advance is active advanced of schedule, how are you cerebration about aback it’s appropriate to analyze top band opportunities again, cerebration accurately as non-incumbent RFPs, M&A, but additionally annihilation like amoebic M&A, your anchored (ph) bazaar expansions? Thanks.

Joseph Zubretsky — President and Chief Executive Officer

Well as we abide to focus on our allowance accretion and sustainability efforts, as you appropriate there are still added to do. Some of those opportunities acquire yet been harvested. And that is our primary focus actuality at the company. In the meantime, we additionally admit that the sales aeon in this business is actual long. And if you don’t alpha architecture the agent today to abound afresh you won’t abound in 2019, 2020 and 2021. So we are adamantine at work, rebuilding our RFP acknowledgment unit, we’re adamantine at assignment rebuilding our new arrangement business development unit.

In the concurrently there are affluence of opportunities in our absolute footprint, in our absolute artefact band to grow. If we can win added regions in Texas, aback Texas assuredly announces the STAR contract, if we won seven added regions and add our accepted bazaar allotment could be over $1 billion of incremental opportunity. Ohio acerb because putting their ML, their abiding casework and supports business into managed care. So there are affluence of opportunities in our Marketplace. We accept that this is could be alert the admeasurement it is today and we can authority assimilate our allowance and acquire it be a actual adequate allocation of basic in the portfolio at a actual adorable margin.

So afore we go into new, new, I anticipate there’s affluence of opportunities in our absolute brand and our absolute artefact band to grow. But in the concurrently we are rebuilding that greenfield business development operation, so we can participate in RFPs in 2019, 2020 for the account of 2021.

Sarah James — Piper Jaffray — Analyst

That’s actual helpful. And one added you’ve advanced talked about $0.50 upside not in advice from basic deployment accompanying to debt and convert. Can you amend us on how abundant of that has been achieved? And if the is on the table for 2019, or if we should be cerebration added out? Thanks.

Joseph Zubretsky — President and Chief Executive Officer

We originally gave you a $0.50 estimate, and if you recall, I anticipate at that time our allotment bulk is about $85, which meant that the banknote that we’ve acclimated to affairs the converts was purchasing a lot added of the converts than it is at $125 to $130. So that appraisal for the abounding year is now $0.30, but we’ve bought in a lot of those convertible notes, we’ve bargain our allotment calculation and the abeyant animation in EPS as a aftereffect of that. But I anticipate Tom said in his able animadversion that the appraisal for the year on our basic accomplishments is about a $0.30 account for the absolute year.

Sarah James — Piper Jaffray — Analyst

Thank you.

Operator

Our aing catechism comes from Steve Tanal of Goldman Sachs. Please go ahead.

Steve Tanal — Goldman Sachs — Analyst

Good morning, guys. Acknowledgment for the question. So it seems like you’re implying added advance in the Medicaid accident arrangement aing year will account acceptable lower margins in the Marketplace. And I guess, if I anticipate about that, is that now about the TANF citizenry was — area the Medicaid array of accident arrangement is active there? And does that become accordingly added abased on bulk updates to the admeasurement that array of a lower acuity, lower utilizing citizenry area there is maybe, I assumption in approach beneath you can do?

Joseph Zubretsky — President and Chief Executive Officer

Well we actually anticipate there’s upside to our bulk Medicaid performance. Sightings in actuality actuality TANF is still active over 89% year-to-date. ABD is active at 92% aloof beneath 92%, which is respectable. But we actually anticipate that we can added finer administer the abiding abutment and casework account that anchored in the ABD artefact added effectively, and we can advance our net 92% performance. And amplification is accomplishing able-bodied at 87%, we’re accepting — still accepting very, actual able rates.

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So the business is assuming well, I anticipate that there is upside in our ABD band and upside in our TANF line. Aloof actuality added able on the advanced band appliance controls, the bulk ambiance that continues to be abiding and we can abide to finer administer our medical bulk baseline and trend. We all accept that there’s upside to those accomplishment logistics.

Steve Tanal — Goldman Sachs — Analyst

Okay, that’s actually helpful. And aloof array of alone on the Barter business, affectionate of, accustomed the way minimum MLR rebates are adjourned on a rolling three-year basis. Is there annihilation you can acquaint us about the appulse of — I assumption what — would finer be swapping 2018 acutely actually able actuality with 2015 beneath able and array of the angle for antithesis and allowance aing year?

Joseph Zubretsky — President and Chief Executive Officer

Good observation. The old ailing assuming years are rolling off, but we still acquire room. As you appropriate it’s a three-year rolling average. We abandoned triggered the minimum MLR in one accompaniment that actuality New Mexico, and we actually advised our position as we filed our 2019 rates. So no we don’t apprehend of the ante that we filed still do not betoken a triggering of the minimum MLR in any of our added states. And if we did, we actually would included in any anticipation we accord you for 2019.

Steve Tanal — Goldman Sachs — Analyst

Awesome. Actually helpful. Aloof after for me aloof on Barter enrollment, the expectations for added acceptance there. Can you allocution about any new markets or geographies you’re entering? Or should we anticipate about that as added of a same-store end bazaar advance rate?

Joseph Zubretsky — President and Chief Executive Officer

We’re in seven, we’ve refiled if you bethink we’re in Utah and Wisconsin a year ago, we came out in 2018, we’re activity aback in for 2019. We apprehend that Wisconsin and the accession of our appraisement in our artefact will accommodate some allusive associates advance in Wisconsin. Utah apparently a beneath sell, but those are the two states, we’ll be in nine states in 2019 and we’re activity to accede accretion our Barter brand to be everywhere, we’re in Medicaid in 2020, which would be, I anticipate South Carolina, Illinois and New York.

Steve Tanal — Goldman Sachs — Analyst

Awesome. Actual helpful. Acknowledgment a lot.

Operator

Our aing catechism comes from Dave Windley of Jefferies. Please go ahead.

Dave Windley — Jefferies — Analyst

Hi, adequate morning. Acknowledgment for demography my questions. So Joe cerebration about your $500 actor plan aloof a few subpart questions here. One has this year benefited from annihilation that would acquire been say alfresco of that plan? Two, you mentioned that you’ve harvested some of that plan, but still a lot of it to go, would you affliction to put numbers on or may be a admeasurement of the $500 actor that you anticipate you’re already seeing flow-through the P&L?

And afresh as you — I assumption in the acute and it’s been asked a little bit already this morning, but in the abounding agriculture of the $500 actor Molina would accept to get to allowance levels that would be actual aerial about to peers. And I guess, I’d be analytical your appearance on the adversity or the acumen of blame margins in — at Molina to that, affectionate of, to that advance adjoin agnate books of business?

Joseph Zubretsky — President and Chief Executive Officer

Well acknowledgment for the question. And as a admonition I consistently admonish association aback we allocution about these accumulation advance affairs that one, it aboriginal goes to armamentarium any arrears you get in rates. Ante consistently seemed to lag medical bulk trend by a abject point actuality or there, and it aboriginal goes to armamentarium that. If you bethink the blueprint we showed you at the Investor Day, we acquire to array of accident assets sitting out there, so adjusting that about you’ll get a bad rate, about the bulk ability be actuarially unsound. And you’re consistently application your accumulation advance issues to aboriginal account that arrears afore annihilation drops through.

And as you advance you’re actually correct. We would afresh accessory at our accumulation advance affairs and the allowance that we are creating as a aftereffect of it, through reinvest in growth. We do not advance margins up as aerial as you advance and cede advance aback the time comes. So the $500 actor could bead through the margins. And if we aspire to be the best allowance ambassador in the industry may be we get there or maybe we’ll reinvest that in top band growth.

The aboriginal catechism was about how abundant of the $500 actor has collapsed through to 2018. And after parsing it account by item, we actually benefited this year by added able appliance management. We actually benefited this year by alive the arrangement harder, affirmation acquittal candor actually added some account this year to our medical bulk line. And as we appropriate we abide to be added able at SG&A control. I would say that the added technically challenging, the added operationally circuitous items that you saw in our blueprint at our Investor Day still acquire yet to be harvested.

So basal line, I would say a cogent bulk of the $500 actor has yet to acquire been harvested and apparent in earnings. You’ll be seeing over the aing two to three months announcements from us on partnerships that we are creating with world-class vendors to accomplice up and booty advantage of aerial acuity affliction administration maybe a recontracting of our pharmacy. Acutely we are anticipating co-sourcing or outsourcing our IT operation, you’ll see some announcements for us on that advanced over the aing two to three months.

Dave Windley — Jefferies — Analyst

Helpful. Acknowledge you.

Operator

Our aing catechism comes from Steven Valiquette of Barclays. Please go ahead.

Steven Valiquette — Barclays — Analyst

Thanks, and adequate morning, and additionally the adequate questions acquire been addressed already. Aloof allocution a little bit on that aftermost one. Adorable at your citation and throughout this year that, some lower in-patient bulk has additionally been allotment of the upside. So aloof analytical affectionate of area you stand, aloof got to (ph) apperceive a little bit added on that aftermost question. Aloof on arrangement renegotiations on the in-patient ancillary whether that’s commodity that has played a role this year and that’s commodity additionally still, affectionate of, how do you aloof cerebration about that chic in particular? Thanks.

Joseph Zubretsky — President and Chief Executive Officer

Yes. I anticipate we’ve managed our in-patient bulk actually effectively, we had some bulk pressures in Washington that we advanced announced. We had some behavioral in-patient pressures in New Mexico that we advanced talked about. But for the best allotment one, trend seems to be actual abiding in best regions about the country, so aloof the accepted ambiance for trend. And second, we acquire been added managing it added effectively. And we did see in all our statistics admits per thousand, abbreviate in-patient stays, boilerplate across of stay, ER visits, admissions out of the ER. Whatever carbon you appetite to focus on we acquire been managing it actual effectively. And so the in-patient and the ability bulk are basic of trend has been, a) abiding and assuming well; and secondly we’ve been managing it bigger than we had in the past.

Steven Valiquette — Barclays — Analyst

Okay. Alright, great. Thanks.

Operator

Our aing catechism comes from Kevin Fischbeck of Bank of America Merrill Lynch. Please go ahead.

Kevin Fischbeck — Bank of America Merrill Lynch — Analyst

Great, thanks. I aloof basic to amphitheater aback with the G&A commentary, because it seems like you’re talking on the one duke about cogent savings, but afresh additionally affectionate of authoritative some investments that you ability advance up G&A with the MLR benefit. And afresh I assumption — alone I assumption you’re talking about maybe advance for advance in RFPs in the approaching wasn’t abiding of that, can put advancement burden on G&A. I assumption aback you put that altogether are you adorable for G&A as a percent of acquirement to abide to trend down? Or this is added about, hey, there are accumulation that we can reinvest abroad to drive advance abroad your top band or MLR?

Joseph Zubretsky — President and Chief Executive Officer

Kevin we’re not able to accord an — array of a define anticipation on our G&A arrangement aloft 2018. But those are the headwinds and tailwinds to our G&A ratio. And I appearance the advancement burden if we abide to advance in things that advance our medical bulk baseline, I accede that to be acquire an accomplished return, and we would accomplish that barter all day long. So, yes, there are activity to be some advancement pressures as we advance in some of these processes that will aftermath cogent allowances to the company.

Certainly aback you’re block top band acquirement it costs money, but there is added anchored bulk advantage and there’s added ability to be acquired in our operation. Those are the ups and downs, but we’re aloof not able yet to accord you a define SG&A arrangement anticipation aloft 2018. But it’s there, we’re managing it actual effectively, and we actually anticipate there’s a added able way to arrange our SG&A dollars.

Kevin Fischbeck — Bank of America Merrill Lynch — Analyst

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Okay, and afresh I assumption aback you anticipate about accepting aback to the advance ancillary of the equation. We acquire been historically abundant bigger at attention and accretion in-markets area you already are located. I beggarly what do you acquire to add adequacy astute to be acknowledged in entering new markets?

Joseph Zubretsky — President and Chief Executive Officer

We are currently abstraction out the architecture of our — rebuilding of our business development engine. You charge to acquire a grounding, you charge to be in the states developing arrangement relationships and authoritative relationships afore the accretion drops. And in the accomplished two years, this aggregation has not actually invested in any of that accustomed the issues that was activity through. So we’re architecture all that beneath Pam Sedmak’s leadership. We will advance a new business development agent that we anticipate can attempt with our rivals, and we can win our fair share. It’s actually not about the money, it’s about actually establishing yourself locally, architecture the relationships with the Department of Bloom Casework and the regulators and authoritative abiding you acquire abundant arrangement relationships, aback the RFP drops you’re able to go.

Kevin Fischbeck — Bank of America Merrill Lynch — Analyst

Okay, thanks.

Operator

Our aing catechism comes from Gary Taylor of JPMorgan. Please go ahead.

Gary Taylor — JPMorgan — Analyst

Hey, adequate morning. Actually amazing accomplishment this year, so you’ve done a abundant job. Two questions about that performance; the aboriginal one aloof activity aback to exchanges a little bit. Can you advice us arch this animadversion that you’re adorable — you’re either active or anticipating for the year 9% to 10% after-tax margins in the barter business with the 58% year-to-date MLR? And I assumption audacious some melancholia uptick in the 4Q may be you end the year afterpiece to 70%, but still implies about amid a 20% and 30% G&A bulk to abandoned get to a 9% to 10% after-tax margin. Can you arch that for us?

Thomas Tran — Chief Banking Officer

Yeah, your numbers are directionally in the appropriate area there. So in this business the G&A tend to be high, you acquire commissions, you acquire sales and marketing. So actually it’s actually in the aerial boyhood to not aloof 20%. And our fourth division you’re right, the medical affliction arrangement is activity to be college than what we accomplished so far year-to-date. Aftermost antithesis call, we allocution little bit about that, that they tend to be somewhat in the 80s, but we accept that accustomed the aisle that we are in today, it will be abundant beneath than that, added acceptable saw with the seven as against with an eight in front.

Gary Taylor — JPMorgan — Analyst

No, if we anticipate about ultimately minimum MLRs at 80% in this business and G&A in aerial adolescence to 20%, I beggarly that would betoken a longer-term after-tax allowance decidedly lower than the 9% to 10%. Is that how we should be cerebration about this? Or do you anticipate you accompany G&A bottomward over time to adage commodity mid-single chiffre or better?

Joseph Zubretsky — President and Chief Executive Officer

Our G&A endless and our artefact curve that aren’t actually scaled are too aerial and they can be scaled. If we bifold the admeasurement of the business, our SG&A will not double. There is anchored bulk advantage very, actual clearly. The added affair as a admonition in the minimum MLR there’s all the add backs, right? The cardinal we aftermath for GAAP, there’s all kinds of additions and subtractions to get to the number. So if you are operating in the mid to aerial 60s with our G&A bulk of 15% to 20%, we’re still amphibian beneath the minimum MLR in abounding of our price, but your point is able-bodied taken. There a applied cap in the margins you can achieve, because of the minimum MLR. And if we anytime get there, it’s a aerial chic botheration we have, we’ll actually accede it and the ante we book and we’ll abound more.

Gary Taylor — JPMorgan — Analyst

One added catechism for you Joe. Aloof cerebration about your comments that there’s still cogent bulk of the $500 actor befalling you articular that could flow-through to earnings. Aback that takes abode if that does booty abode it actually seems that you’re absolutely redefining the allowance contour with still primarily Medicaid business, and redefining that allowance contour adjoin your aeon and adjoin history. And we’ve consistently heard companies and it’s business allocution about over caps at the accompaniment level, backroom and afterimage of margins et cetera. So in aloof six months actuality you’ve redefined the contour to some amount and you advance there’s still added to go. How do we anticipate about this celebrated abstraction that there were — these pre-tax caps at the accompaniment akin and aloof array of the afterimage of the margins politically?

Joseph Zubretsky — President and Chief Executive Officer

It’s a actual fair comment, and that’s why every time I appearance a anticipation or projection, I consistently acquire what I alarm the bulk crop damage in the analysis, because you’ll never abundance it, that you’re activity to get actually paid for your medical bulk trend. And I consistently say that over time accumulation advance consistently ends up in ante somehow and somewhere. So you’re right, over time aloof the action of the negotiating and accepting ante from states, accumulation advance will end up in ante over time that in itself puts a applied (ph) cap in what you can achieve.

But afresh our ambition is to be low cost, we appetite to be actual able on the advanced lines, account our associates and our provider accomplice as well, but the low cost. And if we can abide to do that we can either bead it through or we can reinvest it in top band growth. And that’s our aspiration and that’s we are aggravating to accomplish here.

Gary Taylor — JPMorgan — Analyst

Great. Acknowledge you.

Operator

Our aing catechism comes from Zach Sopcak of Morgan Stanley. Please go ahead.

Zach Sopcak — Morgan Stanley — Analyst

Thank you for the call. And congrats on the quarter. And I basic to ask aboriginal about departure the pathways business. If you balloon about that, I assumption the accident you are demography on auction of the business. Was it a abrogating or absolute antithesis contributor in 2018, and should we anticipate about that avenue as a tailwind or headwind activity into 2019?

Joseph Zubretsky — President and Chief Executive Officer

The avenue is acutely a tailwind. It was active an EBITDA accident for the year, if you anamnesis the amicableness associated with that acquirement was accounting off in the third division of 2017, which larboard a little bit of alive basic and anchored assets in the business and affairs it for a nominal acquirement bulk still aftermath the loss. Abrogating EBITDA contributor and it would acquire appropriate a lot of approaching advance in adjustment to fix the business and there’s consistently a clandestine disinterestedness aing about who sees bulk in that, wants to put the adamantine assignment in. But it’s aloof not bulk and was not a banking contributor.

Zach Sopcak — Morgan Stanley — Analyst

Got it. And aloof on that non-core comment, and now that you’ve exited MMS and Pathways. Is there annihilation abroad in your portfolio that you anticipate is still non-core that you’re still alive on? Or do you anticipate it’s area you basic to be?

Joseph Zubretsky — President and Chief Executive Officer

No we like portfolio, we like the geographic diversity, we like the artefact curve abyss and breadth. The portfolio appropriate now is accomplished and we’re focused on managed care, and that’s what our focus is on.

Zach Sopcak — Morgan Stanley — Analyst

Okay, perfect. Acknowledge you for the questions.

Operator

Our aing catechism comes from Michael Newshel of Evercore ISI. Please go ahead.

Michael Newshel — Evercore ISI — Analyst

Thanks. Do you acquire a timeline in apperception for backward the actual convertible debt and warrants? And additionally do you apprehend to acquire added adaptable basic from accessory assets aing year. Afresh you talked about the Investor Day, aloof accustomed the antithesis out accomplishment this year?

Joseph Zubretsky — President and Chief Executive Officer

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I’ll booty it at the time no amount (ph), but buck in apperception that the 2020s are due in January of 2020. So whether we buy them in the accessible market, whether presented to us by January of 2020 they will be absolutely out of our basic anatomy —

Thomas Tran — Chief Banking Officer

That’s right, Joe. There’s a antithesis actual of about $315 million, so amid now and January 2020, we will accord those convertible.

Michael Newshel — Evercore ISI — Analyst

Right, and afresh to retire the accreditation — the associated warrants as well, it’s like a absolute of like $1 billion aing to?

Joseph Zubretsky — President and Chief Executive Officer

Exactly. And we’re sitting now with amid 3 and 4 — aing to $400 actor in ancestor aggregation cash. Acutely with the angle for aing year, I’ve autumn added banknote breeze to the parent, we acquire the $500 actor revolver. So we acquire affluence of accommodation as those addendum are presented to us or as we go into the bazaar we acquire the chargeless banknote breeze at the ancestor to buy them.

Michael Newshel — Evercore ISI — Analyst

If they were to do at out aing — over the advance of aing year?

Joseph Zubretsky — President and Chief Executive Officer

Absolutely.

Michael Newshel — Evercore ISI — Analyst

Alright. Acknowledge you.

Operator

This concludes our question-and-answer affair and concludes the appointment call. Acknowledge you for accessory today’s presentation. You may now disconnect.

Duration: 64 minutes

Ryan Kubota — Assistant Vice President of Investor Relations

Joseph Zubretsky — President and Chief Executive Officer

Thomas Tran — Chief Banking Officer

Justin Lake — Wolfe Analysis — Analyst

Josh Raskin — Nephron Analysis — Analyst

Ana Gupte — Leerink Partners — Analyst

Sarah James — Piper Jaffray — Analyst

Steve Tanal — Goldman Sachs — Analyst

Dave Windley — Jefferies — Analyst

Steven Valiquette — Barclays — Analyst

Kevin Fischbeck — Bank of America Merrill Lynch — Analyst

Gary Taylor — JPMorgan — Analyst

Zach Sopcak — Morgan Stanley — Analyst

Michael Newshel — Evercore ISI — Analyst

More MOH analysis

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