ALPHAFORGE RESEARCH · COMPANY FILE · FINANCIALS & FINTECH

$OSCR

Oscar Health, Inc. · NYSE · SIC 6324 · CIK 1568651 · revision 4 as of 2026-09-19

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Business

Oscar sells individual health plans and related technology services. Direct premiums are reduced by risk-adjustment transfers and applicable reinsurance; medical costs and administration determine underwriting earnings. CMS settlements, unpaid claims and statutory capital make consolidated cash different from cash accessible to the parent.

Three drivers

Average membership, premium pricing and risk-adjustment transfers
Medical cost per member and seasonal utilization
CMS settlement timing, claims float and insurance capital

Thesis

Our view

The September outlook supports a profitable full year, but H1 earnings cannot be annualized and rising consolidated cash is substantially liability-backed. The model separately tests medical costs, risk-transfer revenue and settlement timing.

What changes it

Track membership and risk-adjusted premiums alongside incurred medical costs; compare parent cash and statutory capital with consolidated cash-flow headlines.

Scenario ranges

Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.

Model · 8 fiscal quarters (last eight)

Fiscal quarter	2024Q3 2024-09-30	2024Q4 2024-12-31	2025Q1 2025-03-31	2025Q2 2025-06-30	2025Q3 2025-09-30	2025Q4 2025-12-31	2026Q1 2026-03-31	2026Q2 2026-06-30
Revenue ($M)	2,423.5¹	2,392.4†²	3,046.3³	2,863.9⁴	2,986.0¹	2,805.2†²	4,647.2³	4,880.2⁴
Gross profit ($M)	—	—	—	—	—	—	—	—
Operating income ($M)	-48.4⁵	-147.7†⁶	297.1⁷	-230.5⁸	-129.2⁵	-333.7†⁶	704.1⁷	388.6⁸
Net income ($M)	-54.6⁹	-153.5†¹⁰	275.3¹¹	-228.4¹²	-137.4⁹	-352.6†¹⁰	679.0¹¹	361.8¹²
EPS, diluted ($)	-0.22¹³	—	0.92¹⁴	-0.89¹⁵	-0.53¹³	—	2.07¹⁴	1.10¹⁵
Diluted shares (M)	243.1¹⁶	—	305.9¹⁷	255.5¹⁸	259.3¹⁶	—	329.8¹⁷	333.4¹⁸
Cash ($M)	1,206.1¹⁹	1,527.2²⁰	2,236.6²¹	2,598.9²²	2,148.9¹⁹	2,774.2²²	4,805.1²¹	4,075.6²²
Long-term debt ($M)	299.4²³	299.6²⁴	299.7²⁵	299.9²⁶	686.3²⁷	430.1²⁸	430.9²⁹	431.6²⁸
Cash from operations ($M)	-500.1†³⁰	346.8†³¹	878.5³²	509.1†³³	-964.7†³⁰	671.9†³¹	2,619.0³²	2,092.3†³³
Capex ($M)	—	—	—	—	—	—	—	—
Free cash flow ($M)	—	—	—	—	—	—	—	—

† derived (Q4 = fiscal year minus the first three quarters; year-to-date cash flows differenced; FCF = CFO − capex). Superscripts are the provenance notes below.

Estimates · base scenario

Period	Revenue ($M)	EPS ($)	As of	Basis
2026Q3	4,800.0	—	2026-09-19	Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2026Q4	4,522.6	—	2026-09-19	Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q1	5,526.0	—	2026-09-19	Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q2	5,390.5	—	2026-09-19	Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.

Member premiums, medical cost and CMS settlement cash

Operating scenarios · reviewed 2026-09-19 · USD millions unless labeled otherwise · our assumptions, not consensus

Drive direct premiums and medical claims independently from normalized member activity, premium realization and medical cost per member. Deduct risk-adjustment transfers and ceded non-quota premiums to obtain recognized premium revenue; a risk-adjustment revision does not reduce incurred claims. Base FY2026 revenue and operating income match September 16 outlook midpoints and SG&A matches its ratio midpoint; implied MLR remains within the updated range. CFO separately shows net CMS receivable/payable timing and benefits-payable changes. Removing those two float movements gives an analytical timing comparison, not parent distributable cash.

Reported anchors and guidance

Measure	Period	Value	Basis
September FY2026 revenue midpoint	FY2026	18,850.00	derived. Calculated midpoint of the company range; not an additional company forecast.
September FY2026 operating earnings midpoint	FY2026	700.00	derived. Calculated midpoint of the company range; not an additional company forecast.
September MLR range low	FY2026	81.0%	management guidance. Updated September 16 annual MLR outlook. Source · 2026-09-16
September MLR range high	FY2026	82.0%	management guidance. Updated September 16 annual MLR outlook. Source · 2026-09-16
H1 operating income	H1 2026	1,092.72	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-07
H1 cfo	H1 2026	4,711.32	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-07
H1 net CMS cash-timing inflow	H1 2026	3,320.47	derived. Net of CMS receivable growth; not solely current-period risk-transfer expense.
H1 claims float	H1 2026	443.05	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-07
H1 float-adjusted cash after capex	H1 2026	927.25	derived. Analytical two-line timing adjustment only.
cms payables	June 2026	6,095.29	reported. USD millions; parent/insurance capital amounts are rounded company disclosures and not assumed distributable. Source · 2026-08-07
benefits payable	June 2026	1,898.43	reported. USD millions; parent/insurance capital amounts are rounded company disclosures and not assumed distributable. Source · 2026-08-07
parent cash investments	June 2026	462.30	reported. USD millions; parent/insurance capital amounts are rounded company disclosures and not assumed distributable. Source · 2026-08-07
parent restricted	June 2026	9.60	reported. USD millions; parent/insurance capital amounts are rounded company disclosures and not assumed distributable. Source · 2026-08-07
statutory capital	June 2026	1,900.00	reported. USD millions; parent/insurance capital amounts are rounded company disclosures and not assumed distributable. Source · 2026-08-07
excess statutory	June 2026	994.00	reported. USD millions; parent/insurance capital amounts are rounded company disclosures and not assumed distributable. Source · 2026-08-07
note 2031	June 2026	35.00	reported. USD millions; parent/insurance capital amounts are rounded company disclosures and not assumed distributable. Source · 2026-08-07
FY2026 medical loss ratio	FY2026	81.9%	derived. Annual medical expense divided by annual net premiums, never a sum of quarterly ratios.
H2 operating earnings requirement	H2 2026	-392.72	derived. Remaining-year seasonal earnings requirement.

Downside scenario

Period	Consolidated operating cash flow ($M)	Selling general and administrative expense ($M)	Cash PP&E and software ($M)	Medical expense ($M)	Net premium revenue ($M)	Total revenue ($M)	Net CMS cash-timing inflow ($M)	Benefits-payable cash-timing inflow ($M)	CFO less cash capex ($M)	Earnings from operations ($M)	CFO excluding CMS and claims float changes ($M)	Cash excluding specified float changes and capex ($M)
2026Q3	-3,116.70	795.00	12.00	4,200.00	4,465.00	4,565.00	-2,900.00	250.00	-3,128.70	-437.00	-466.70	-478.70
2026Q4	-128.70	825.00	13.00	4,370.00	4,165.00	4,271.00	700.00	135.00	-141.70	-931.00	-963.70	-976.70
2027Q1	893.30	830.00	14.00	4,260.00	4,665.00	4,776.00	1,100.00	150.00	879.30	-321.50	-356.70	-370.70
2027Q2	114.80	815.00	15.00	4,500.00	4,395.00	4,510.50	800.00	165.00	99.80	-812.50	-850.20	-865.20
FY2026	1,465.93	3,017.31	45.56	15,594.30	18,000.19	18,363.41	1,120.47	828.05	1,420.37	-275.28	-482.60	-528.15
FY2027	-4,007.80	3,260.00	62.00	18,110.00	17,190.00	17,661.00	-800.00	690.00	-4,069.80	-3,742.00	-3,897.80	-3,959.80

Base scenario

Period	Consolidated operating cash flow ($M)	Selling general and administrative expense ($M)	Cash PP&E and software ($M)	Medical expense ($M)	Net premium revenue ($M)	Total revenue ($M)	Net CMS cash-timing inflow ($M)	Benefits-payable cash-timing inflow ($M)	CFO less cash capex ($M)	Earnings from operations ($M)	CFO excluding CMS and claims float changes ($M)	Cash excluding specified float changes and capex ($M)
2026Q3	-2,376.70	790.00	12.00	4,000.00	4,700.00	4,800.00	-2,600.00	250.00	-2,388.70	3.00	-26.70	-38.70
2026Q4	606.58	800.41	13.00	4,110.90	4,416.59	4,522.59	900.00	135.00	593.58	-395.72	-428.42	-441.42
2027Q1	1,933.30	900.00	14.00	4,100.00	5,415.00	5,526.00	1,300.00	150.00	1,919.30	518.50	483.30	469.30
2027Q2	1,554.80	895.00	15.00	4,160.00	5,275.00	5,390.50	1,100.00	165.00	1,539.80	327.50	289.80	274.80
FY2026	2,941.20	2,987.73	45.56	15,135.20	18,486.78	18,850.00	1,620.47	828.05	2,895.65	700.00	492.68	447.13
FY2027	1,322.20	3,590.00	62.00	16,890.00	20,730.00	21,201.00	100.00	690.00	1,260.20	688.00	532.20	470.20

Upside scenario

Period	Consolidated operating cash flow ($M)	Selling general and administrative expense ($M)	Cash PP&E and software ($M)	Medical expense ($M)	Net premium revenue ($M)	Total revenue ($M)	Net CMS cash-timing inflow ($M)	Benefits-payable cash-timing inflow ($M)	CFO less cash capex ($M)	Earnings from operations ($M)	CFO excluding CMS and claims float changes ($M)	Cash excluding specified float changes and capex ($M)
2026Q3	-2,071.70	790.00	12.00	4,000.00	4,905.00	5,005.00	-2,500.00	250.00	-2,083.70	208.00	178.30	166.30
2026Q4	931.30	805.00	13.00	4,170.00	4,705.00	4,811.00	1,000.00	135.00	918.30	-171.00	-203.70	-216.70
2027Q1	2,458.30	925.00	14.00	4,410.00	5,975.00	6,086.00	1,600.00	150.00	2,444.30	743.50	708.30	694.30
2027Q2	1,919.80	930.00	15.00	4,570.00	5,885.00	6,000.50	1,300.00	165.00	1,904.80	492.50	454.80	439.80
FY2026	3,570.93	2,992.31	45.56	15,194.30	18,980.19	19,343.41	1,820.47	828.05	3,525.37	1,129.72	922.40	876.85
FY2027	2,662.20	3,750.00	62.00	18,640.00	23,380.00	23,851.00	700.00	690.00	2,600.20	1,428.00	1,272.20	1,210.20

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
H1 revenue h1_revenue	H1 2026 / shared	9,527.41 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-07
H1 premium h1_premium	H1 2026 / shared	9,370.19 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-07
H1 medical h1_medical	H1 2026 / shared	7,024.30 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-07
H1 sga h1_sga	H1 2026 / shared	1,397.31 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-07
H1 operating income h1_operating_income	H1 2026 / shared	1,092.72 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-07
H1 cfo h1_cfo	H1 2026 / shared	4,711.32 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-07
H1 claims float h1_claims_float	H1 2026 / shared	443.05 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-07
H1 capex h1_capex	H1 2026 / shared	20.56 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-07
H1 cms payable inflow h1_cms_payable_inflow	H1 2026 / shared	3,365.19 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-07
H1 cms receivable use h1_cms_receivable_use	H1 2026 / shared	44.72 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-07
H1 sbc h1_sbc	H1 2026 / shared	36.62 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-07
H1 da cashflow h1_da_cashflow	H1 2026 / shared	13.05 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-07
H1 da operating h1_da_operating	H1 2026 / shared	13.08 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-07
H1 net income h1_net_income	H1 2026 / shared	1,040.85 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-07
H1 award withholding h1_award_withholding	H1 2026 / shared	11.92 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-07
H1 subsidiary distributions h1_subsidiary_distributions	H1 2026 / shared	300.00 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-07
H1 subsidiary contributions h1_subsidiary_contributions	H1 2026 / shared	425.50 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-07
H1 net CMS cash-timing inflow h1_cms_flow	H1 2026 / shared	3,320.47 USD_millions	derived: Net of CMS receivable growth; not solely current-period risk-transfer expense. Formula: subtract(h1_cms_payable_inflow, h1_cms_receivable_use).
H1 net CMS and benefits-payable cash inflow h1_float	H1 2026 / shared	3,763.52 USD_millions	derived: Changes in liabilities/receivables, not extra revenue. Formula: sum(h1_cms_flow, h1_claims_float).
H1 CFO excluding specified float movements h1_timing_neutral_cfo	H1 2026 / shared	947.80 USD_millions	derived: Retains all other working-capital and cash movements; not normalized earnings. Formula: subtract(h1_cfo, h1_float).
H1 CFO less capex h1_cash_after_capex	H1 2026 / shared	4,690.77 USD_millions	derived: Insurance cash-flow metric, not distributable corporate FCF. Formula: subtract(h1_cfo, h1_capex).
H1 float-adjusted cash after capex h1_timing_neutral_cash	H1 2026 / shared	927.25 USD_millions	derived: Analytical two-line timing adjustment only. Formula: subtract(h1_timing_neutral_cfo, h1_capex).
q2 direct premiums q2_direct_premiums	June 2026 / shared	5,666.47 USD_millions	reported: USD millions; parent/insurance capital amounts are rounded company disclosures and not assumed distributable. Primary source · 2026-08-07
q2 medical q2_medical	June 2026 / shared	3,794.45 USD_millions	reported: USD millions; parent/insurance capital amounts are rounded company disclosures and not assumed distributable. Primary source · 2026-08-07
cash cash	June 2026 / shared	4,075.61 USD_millions	reported: USD millions; parent/insurance capital amounts are rounded company disclosures and not assumed distributable. Primary source · 2026-08-07
short investments short_investments	June 2026 / shared	4,479.91 USD_millions	reported: USD millions; parent/insurance capital amounts are rounded company disclosures and not assumed distributable. Primary source · 2026-08-07
long investments long_investments	June 2026 / shared	1,600.77 USD_millions	reported: USD millions; parent/insurance capital amounts are rounded company disclosures and not assumed distributable. Primary source · 2026-08-07
cms payables cms_payables	June 2026 / shared	6,095.29 USD_millions	reported: USD millions; parent/insurance capital amounts are rounded company disclosures and not assumed distributable. Primary source · 2026-08-07
cms receivables cms_receivables	June 2026 / shared	180.75 USD_millions	reported: USD millions; parent/insurance capital amounts are rounded company disclosures and not assumed distributable. Primary source · 2026-08-07
benefits payable benefits_payable	June 2026 / shared	1,898.43 USD_millions	reported: USD millions; parent/insurance capital amounts are rounded company disclosures and not assumed distributable. Primary source · 2026-08-07
parent cash investments parent_cash_investments	June 2026 / shared	462.30 USD_millions	reported: USD millions; parent/insurance capital amounts are rounded company disclosures and not assumed distributable. Primary source · 2026-08-07
parent restricted parent_restricted	June 2026 / shared	9.60 USD_millions	reported: USD millions; parent/insurance capital amounts are rounded company disclosures and not assumed distributable. Primary source · 2026-08-07
statutory capital statutory_capital	June 2026 / shared	1,900.00 USD_millions	reported: USD millions; parent/insurance capital amounts are rounded company disclosures and not assumed distributable. Primary source · 2026-08-07
excess statutory excess_statutory	June 2026 / shared	994.00 USD_millions	reported: USD millions; parent/insurance capital amounts are rounded company disclosures and not assumed distributable. Primary source · 2026-08-07
note 2030 note_2030	June 2026 / shared	410.00 USD_millions	reported: USD millions; parent/insurance capital amounts are rounded company disclosures and not assumed distributable. Primary source · 2026-08-07
note 2031 note_2031	June 2026 / shared	35.00 USD_millions	reported: USD millions; parent/insurance capital amounts are rounded company disclosures and not assumed distributable. Primary source · 2026-08-07
June effectuated members q2_members	June 2026 / shared	296,300,200.0% ratio	reported: End-period members; normalized only as a reference for desk average activity. Primary source · 2026-08-06
September FY2026 revenue low fy26_revenue_low	FY2026 / shared	18,700.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-16
September FY2026 revenue high fy26_revenue_high	FY2026 / shared	19,000.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-16
Midpoint divisor two	Model / shared	200.0% ratio	assumption: Arithmetic constant.
September FY2026 revenue endpoint sum fy26_revenue_sum	FY2026 / shared	37,700.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(fy26_revenue_low, fy26_revenue_high).
September FY2026 revenue midpoint fy26_revenue	FY2026 / shared	18,850.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy26_revenue_sum, two).
September FY2026 operating earnings low fy26_operating_low	FY2026 / shared	600.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-16
September FY2026 operating earnings high fy26_operating_high	FY2026 / shared	800.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-16
September FY2026 operating earnings endpoint sum fy26_operating_sum	FY2026 / shared	1,400.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(fy26_operating_low, fy26_operating_high).
September FY2026 operating earnings midpoint fy26_operating	FY2026 / shared	700.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy26_operating_sum, two).
September MLR range low fy26_mlr_low	FY2026 / shared	81.0% ratio	management guidance: Updated September 16 annual MLR outlook. Primary source · 2026-09-16
September MLR range high fy26_mlr_high	FY2026 / shared	82.0% ratio	management guidance: Updated September 16 annual MLR outlook. Primary source · 2026-09-16
Average member activity downside_2026q3_average_members	2026Q3 / downside	280,000,000.0% ratio	assumption: Desk assumption; not company guidance.
Average member activity / June reference downside_2026q3_member_index	2026Q3 / downside	94.5% ratio	derived: Desk member-month proxy normalized to reported end-period membership. Formula: divide(downside_2026q3_average_members, q2_members).
Premium realization versus reference downside_2026q3_premium_realization	2026Q3 / downside	103.1% ratio	assumption: Desk assumption; not company guidance.
Direct policy premiums downside_2026q3_direct_premiums	2026Q3 / downside	5,520.00 USD_millions	derived: Revenue changes with member activity and price/mix independently. Formula: multiply(q2_direct_premiums, downside_2026q3_member_index, downside_2026q3_premium_realization).
Accrued risk-adjustment transfers downside_2026q3_risk_transfer	2026Q3 / downside	1,050.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-quota ceded premium and runoff allowance downside_2026q3_ceded_other	2026Q3 / downside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Risk adjustment and non-quota reinsurance downside_2026q3_premium_deductions	2026Q3 / downside	1,055.00 USD_millions	derived: Risk adjustment reduces premium revenue, not incurred medical claims. Formula: sum(downside_2026q3_risk_transfer, downside_2026q3_ceded_other).
Net recognized premiums downside_2026q3_premium	2026Q3 / downside	4,465.00 USD_millions	derived: No duplicate quota-share deduction under deposit accounting. Formula: subtract(downside_2026q3_direct_premiums, downside_2026q3_premium_deductions).
Investment income downside_2026q3_investment_income	2026Q3 / downside	94.00 USD_millions	assumption: Desk assumption; not company guidance.
Other revenue downside_2026q3_other_revenue	2026Q3 / downside	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue downside_2026q3_revenue	2026Q3 / downside	4,565.00 USD_millions	derived: Interest on insurance assets remains revenue but does not establish free parent cash. Formula: sum(downside_2026q3_premium, downside_2026q3_investment_income, downside_2026q3_other_revenue).
Medical cost per member versus reference downside_2026q3_medical_realization	2026Q3 / downside	117.1% ratio	assumption: Desk assumption; not company guidance.
Medical costs downside_2026q3_medical	2026Q3 / downside	4,200.00 USD_millions	derived: Claims independent of risk-transfer accounting and premium price realization. Formula: multiply(q2_medical, downside_2026q3_member_index, downside_2026q3_medical_realization).
Implied medical loss ratio downside_2026q3_mlr	2026Q3 / downside	94.1% ratio	derived: Net-premium denominator includes risk adjustment; not total revenue. Formula: divide(downside_2026q3_medical, downside_2026q3_premium).
SG&A expense downside_2026q3_sga	2026Q3 / downside	795.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating depreciation and amortization downside_2026q3_da	2026Q3 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Medical SG&A and D&A downside_2026q3_operating_cost	2026Q3 / downside	5,002.00 USD_millions	derived: SBC sits within SG&A; no second deduction. Formula: sum(downside_2026q3_medical, downside_2026q3_sga, downside_2026q3_da).
Earnings from operations downside_2026q3_operating_income	2026Q3 / downside	-437.00 USD_millions	derived: Base annual $700M requires H2 losses, not twice H1 earnings. Formula: subtract(downside_2026q3_revenue, downside_2026q3_operating_cost).
SBC cash-flow addback downside_2026q3_sbc	2026Q3 / downside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash premium credit-loss provision downside_2026q3_premium_credit_loss	2026Q3 / downside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus noncash costs downside_2026q3_operating_cash_bridge	2026Q3 / downside	-390.00 USD_millions	derived: No separate reserve-income addback. Formula: sum(downside_2026q3_operating_income, downside_2026q3_sbc, downside_2026q3_da, downside_2026q3_premium_credit_loss).
Corporate cash interest downside_2026q3_cash_interest	2026Q3 / downside	3.70 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes downside_2026q3_cash_tax	2026Q3 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable/reinsurance cash use downside_2026q3_other_working_capital	2026Q3 / downside	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and other working capital uses downside_2026q3_other_operating_cash	2026Q3 / downside	76.70 USD_millions	derived: Cash-tax installments may persist through seasonal losses; no immediate tax benefit assumed. Formula: sum(downside_2026q3_cash_interest, downside_2026q3_cash_tax, downside_2026q3_other_working_capital).
CFO before specified float movements downside_2026q3_timing_neutral_cfo	2026Q3 / downside	-466.70 USD_millions	derived: Analytical CFO component before CMS and claims settlement timing. Formula: subtract(downside_2026q3_operating_cash_bridge, downside_2026q3_other_operating_cash).
Net CMS cash-timing change downside_2026q3_cms_flow	2026Q3 / downside	-2,900.00 USD_millions	assumption: Desk net receivable/payable settlement pattern; negative means cash paid. Not a new risk-transfer expense or a forecast of each CMS program.
Benefits-payable cash-timing change downside_2026q3_claims_float	2026Q3 / downside	250.00 USD_millions	assumption: Positive cash from unpaid claims still backs future claim payments.
Consolidated operating cash flow downside_2026q3_cfo	2026Q3 / downside	-3,116.70 USD_millions	derived: Claims and CMS changes affect cash timing, not additional earnings. Formula: sum(downside_2026q3_timing_neutral_cfo, downside_2026q3_cms_flow, downside_2026q3_claims_float).
Cash PP&E and software downside_2026q3_capex	2026Q3 / downside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capex downside_2026q3_cash_after_capex	2026Q3 / downside	-3,128.70 USD_millions	derived: Before capital allocation; insurance float is not owner cash. Formula: subtract(downside_2026q3_cfo, downside_2026q3_capex).
Cash excluding specified float and capex downside_2026q3_timing_neutral_cash	2026Q3 / downside	-478.70 USD_millions	derived: Not a statutory surplus or dividend-capacity estimate. Formula: subtract(downside_2026q3_timing_neutral_cfo, downside_2026q3_capex).
Average member activity downside_2026q4_average_members	2026Q4 / downside	258,000,000.0% ratio	assumption: Desk assumption; not company guidance.
Average member activity / June reference downside_2026q4_member_index	2026Q4 / downside	87.1% ratio	derived: Desk member-month proxy normalized to reported end-period membership. Formula: divide(downside_2026q4_average_members, q2_members).
Premium realization versus reference downside_2026q4_premium_realization	2026Q4 / downside	107.4% ratio	assumption: Desk assumption; not company guidance.
Direct policy premiums downside_2026q4_direct_premiums	2026Q4 / downside	5,300.00 USD_millions	derived: Revenue changes with member activity and price/mix independently. Formula: multiply(q2_direct_premiums, downside_2026q4_member_index, downside_2026q4_premium_realization).
Accrued risk-adjustment transfers downside_2026q4_risk_transfer	2026Q4 / downside	1,130.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-quota ceded premium and runoff allowance downside_2026q4_ceded_other	2026Q4 / downside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Risk adjustment and non-quota reinsurance downside_2026q4_premium_deductions	2026Q4 / downside	1,135.00 USD_millions	derived: Risk adjustment reduces premium revenue, not incurred medical claims. Formula: sum(downside_2026q4_risk_transfer, downside_2026q4_ceded_other).
Net recognized premiums downside_2026q4_premium	2026Q4 / downside	4,165.00 USD_millions	derived: No duplicate quota-share deduction under deposit accounting. Formula: subtract(downside_2026q4_direct_premiums, downside_2026q4_premium_deductions).
Investment income downside_2026q4_investment_income	2026Q4 / downside	100.00 USD_millions	assumption: Desk assumption; not company guidance.
Other revenue downside_2026q4_other_revenue	2026Q4 / downside	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue downside_2026q4_revenue	2026Q4 / downside	4,271.00 USD_millions	derived: Interest on insurance assets remains revenue but does not establish free parent cash. Formula: sum(downside_2026q4_premium, downside_2026q4_investment_income, downside_2026q4_other_revenue).
Medical cost per member versus reference downside_2026q4_medical_realization	2026Q4 / downside	132.3% ratio	assumption: Desk assumption; not company guidance.
Medical costs downside_2026q4_medical	2026Q4 / downside	4,370.00 USD_millions	derived: Claims independent of risk-transfer accounting and premium price realization. Formula: multiply(q2_medical, downside_2026q4_member_index, downside_2026q4_medical_realization).
Implied medical loss ratio downside_2026q4_mlr	2026Q4 / downside	104.9% ratio	derived: Net-premium denominator includes risk adjustment; not total revenue. Formula: divide(downside_2026q4_medical, downside_2026q4_premium).
SG&A expense downside_2026q4_sga	2026Q4 / downside	825.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating depreciation and amortization downside_2026q4_da	2026Q4 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Medical SG&A and D&A downside_2026q4_operating_cost	2026Q4 / downside	5,202.00 USD_millions	derived: SBC sits within SG&A; no second deduction. Formula: sum(downside_2026q4_medical, downside_2026q4_sga, downside_2026q4_da).
Earnings from operations downside_2026q4_operating_income	2026Q4 / downside	-931.00 USD_millions	derived: Base annual $700M requires H2 losses, not twice H1 earnings. Formula: subtract(downside_2026q4_revenue, downside_2026q4_operating_cost).
SBC cash-flow addback downside_2026q4_sbc	2026Q4 / downside	22.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash premium credit-loss provision downside_2026q4_premium_credit_loss	2026Q4 / downside	22.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus noncash costs downside_2026q4_operating_cash_bridge	2026Q4 / downside	-880.00 USD_millions	derived: No separate reserve-income addback. Formula: sum(downside_2026q4_operating_income, downside_2026q4_sbc, downside_2026q4_da, downside_2026q4_premium_credit_loss).
Corporate cash interest downside_2026q4_cash_interest	2026Q4 / downside	3.70 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes downside_2026q4_cash_tax	2026Q4 / downside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable/reinsurance cash use downside_2026q4_other_working_capital	2026Q4 / downside	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and other working capital uses downside_2026q4_other_operating_cash	2026Q4 / downside	83.70 USD_millions	derived: Cash-tax installments may persist through seasonal losses; no immediate tax benefit assumed. Formula: sum(downside_2026q4_cash_interest, downside_2026q4_cash_tax, downside_2026q4_other_working_capital).
CFO before specified float movements downside_2026q4_timing_neutral_cfo	2026Q4 / downside	-963.70 USD_millions	derived: Analytical CFO component before CMS and claims settlement timing. Formula: subtract(downside_2026q4_operating_cash_bridge, downside_2026q4_other_operating_cash).
Net CMS cash-timing change downside_2026q4_cms_flow	2026Q4 / downside	700.00 USD_millions	assumption: Desk net receivable/payable settlement pattern; negative means cash paid. Not a new risk-transfer expense or a forecast of each CMS program.
Benefits-payable cash-timing change downside_2026q4_claims_float	2026Q4 / downside	135.00 USD_millions	assumption: Positive cash from unpaid claims still backs future claim payments.
Consolidated operating cash flow downside_2026q4_cfo	2026Q4 / downside	-128.70 USD_millions	derived: Claims and CMS changes affect cash timing, not additional earnings. Formula: sum(downside_2026q4_timing_neutral_cfo, downside_2026q4_cms_flow, downside_2026q4_claims_float).
Cash PP&E and software downside_2026q4_capex	2026Q4 / downside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capex downside_2026q4_cash_after_capex	2026Q4 / downside	-141.70 USD_millions	derived: Before capital allocation; insurance float is not owner cash. Formula: subtract(downside_2026q4_cfo, downside_2026q4_capex).
Cash excluding specified float and capex downside_2026q4_timing_neutral_cash	2026Q4 / downside	-976.70 USD_millions	derived: Not a statutory surplus or dividend-capacity estimate. Formula: subtract(downside_2026q4_timing_neutral_cfo, downside_2026q4_capex).
Average member activity downside_2027q1_average_members	2027Q1 / downside	275,000,000.0% ratio	assumption: Desk assumption; not company guidance.
Average member activity / June reference downside_2027q1_member_index	2027Q1 / downside	92.8% ratio	derived: Desk member-month proxy normalized to reported end-period membership. Formula: divide(downside_2027q1_average_members, q2_members).
Premium realization versus reference downside_2027q1_premium_realization	2027Q1 / downside	111.2% ratio	assumption: Desk assumption; not company guidance.
Direct policy premiums downside_2027q1_direct_premiums	2027Q1 / downside	5,850.00 USD_millions	derived: Revenue changes with member activity and price/mix independently. Formula: multiply(q2_direct_premiums, downside_2027q1_member_index, downside_2027q1_premium_realization).
Accrued risk-adjustment transfers downside_2027q1_risk_transfer	2027Q1 / downside	1,180.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-quota ceded premium and runoff allowance downside_2027q1_ceded_other	2027Q1 / downside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Risk adjustment and non-quota reinsurance downside_2027q1_premium_deductions	2027Q1 / downside	1,185.00 USD_millions	derived: Risk adjustment reduces premium revenue, not incurred medical claims. Formula: sum(downside_2027q1_risk_transfer, downside_2027q1_ceded_other).
Net recognized premiums downside_2027q1_premium	2027Q1 / downside	4,665.00 USD_millions	derived: No duplicate quota-share deduction under deposit accounting. Formula: subtract(downside_2027q1_direct_premiums, downside_2027q1_premium_deductions).
Investment income downside_2027q1_investment_income	2027Q1 / downside	104.00 USD_millions	assumption: Desk assumption; not company guidance.
Other revenue downside_2027q1_other_revenue	2027Q1 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue downside_2027q1_revenue	2027Q1 / downside	4,776.00 USD_millions	derived: Interest on insurance assets remains revenue but does not establish free parent cash. Formula: sum(downside_2027q1_premium, downside_2027q1_investment_income, downside_2027q1_other_revenue).
Medical cost per member versus reference downside_2027q1_medical_realization	2027Q1 / downside	121.0% ratio	assumption: Desk assumption; not company guidance.
Medical costs downside_2027q1_medical	2027Q1 / downside	4,260.00 USD_millions	derived: Claims independent of risk-transfer accounting and premium price realization. Formula: multiply(q2_medical, downside_2027q1_member_index, downside_2027q1_medical_realization).
Implied medical loss ratio downside_2027q1_mlr	2027Q1 / downside	91.3% ratio	derived: Net-premium denominator includes risk adjustment; not total revenue. Formula: divide(downside_2027q1_medical, downside_2027q1_premium).
SG&A expense downside_2027q1_sga	2027Q1 / downside	830.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating depreciation and amortization downside_2027q1_da	2027Q1 / downside	7.50 USD_millions	assumption: Desk assumption; not company guidance.
Medical SG&A and D&A downside_2027q1_operating_cost	2027Q1 / downside	5,097.50 USD_millions	derived: SBC sits within SG&A; no second deduction. Formula: sum(downside_2027q1_medical, downside_2027q1_sga, downside_2027q1_da).
Earnings from operations downside_2027q1_operating_income	2027Q1 / downside	-321.50 USD_millions	derived: Base annual $700M requires H2 losses, not twice H1 earnings. Formula: subtract(downside_2027q1_revenue, downside_2027q1_operating_cost).
SBC cash-flow addback downside_2027q1_sbc	2027Q1 / downside	24.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash premium credit-loss provision downside_2027q1_premium_credit_loss	2027Q1 / downside	24.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus noncash costs downside_2027q1_operating_cash_bridge	2027Q1 / downside	-266.00 USD_millions	derived: No separate reserve-income addback. Formula: sum(downside_2027q1_operating_income, downside_2027q1_sbc, downside_2027q1_da, downside_2027q1_premium_credit_loss).
Corporate cash interest downside_2027q1_cash_interest	2027Q1 / downside	3.70 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes downside_2027q1_cash_tax	2027Q1 / downside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable/reinsurance cash use downside_2027q1_other_working_capital	2027Q1 / downside	75.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and other working capital uses downside_2027q1_other_operating_cash	2027Q1 / downside	90.70 USD_millions	derived: Cash-tax installments may persist through seasonal losses; no immediate tax benefit assumed. Formula: sum(downside_2027q1_cash_interest, downside_2027q1_cash_tax, downside_2027q1_other_working_capital).
CFO before specified float movements downside_2027q1_timing_neutral_cfo	2027Q1 / downside	-356.70 USD_millions	derived: Analytical CFO component before CMS and claims settlement timing. Formula: subtract(downside_2027q1_operating_cash_bridge, downside_2027q1_other_operating_cash).
Net CMS cash-timing change downside_2027q1_cms_flow	2027Q1 / downside	1,100.00 USD_millions	assumption: Desk net receivable/payable settlement pattern; negative means cash paid. Not a new risk-transfer expense or a forecast of each CMS program.
Benefits-payable cash-timing change downside_2027q1_claims_float	2027Q1 / downside	150.00 USD_millions	assumption: Positive cash from unpaid claims still backs future claim payments.
Consolidated operating cash flow downside_2027q1_cfo	2027Q1 / downside	893.30 USD_millions	derived: Claims and CMS changes affect cash timing, not additional earnings. Formula: sum(downside_2027q1_timing_neutral_cfo, downside_2027q1_cms_flow, downside_2027q1_claims_float).
Cash PP&E and software downside_2027q1_capex	2027Q1 / downside	14.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capex downside_2027q1_cash_after_capex	2027Q1 / downside	879.30 USD_millions	derived: Before capital allocation; insurance float is not owner cash. Formula: subtract(downside_2027q1_cfo, downside_2027q1_capex).
Cash excluding specified float and capex downside_2027q1_timing_neutral_cash	2027Q1 / downside	-370.70 USD_millions	derived: Not a statutory surplus or dividend-capacity estimate. Formula: subtract(downside_2027q1_timing_neutral_cfo, downside_2027q1_capex).
Average member activity downside_2027q2_average_members	2027Q2 / downside	262,000,000.0% ratio	assumption: Desk assumption; not company guidance.
Average member activity / June reference downside_2027q2_member_index	2027Q2 / downside	88.4% ratio	derived: Desk member-month proxy normalized to reported end-period membership. Formula: divide(downside_2027q2_average_members, q2_members).
Premium realization versus reference downside_2027q2_premium_realization	2027Q2 / downside	111.8% ratio	assumption: Desk assumption; not company guidance.
Direct policy premiums downside_2027q2_direct_premiums	2027Q2 / downside	5,600.00 USD_millions	derived: Revenue changes with member activity and price/mix independently. Formula: multiply(q2_direct_premiums, downside_2027q2_member_index, downside_2027q2_premium_realization).
Accrued risk-adjustment transfers downside_2027q2_risk_transfer	2027Q2 / downside	1,200.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-quota ceded premium and runoff allowance downside_2027q2_ceded_other	2027Q2 / downside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Risk adjustment and non-quota reinsurance downside_2027q2_premium_deductions	2027Q2 / downside	1,205.00 USD_millions	derived: Risk adjustment reduces premium revenue, not incurred medical claims. Formula: sum(downside_2027q2_risk_transfer, downside_2027q2_ceded_other).
Net recognized premiums downside_2027q2_premium	2027Q2 / downside	4,395.00 USD_millions	derived: No duplicate quota-share deduction under deposit accounting. Formula: subtract(downside_2027q2_direct_premiums, downside_2027q2_premium_deductions).
Investment income downside_2027q2_investment_income	2027Q2 / downside	108.00 USD_millions	assumption: Desk assumption; not company guidance.
Other revenue downside_2027q2_other_revenue	2027Q2 / downside	7.50 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue downside_2027q2_revenue	2027Q2 / downside	4,510.50 USD_millions	derived: Interest on insurance assets remains revenue but does not establish free parent cash. Formula: sum(downside_2027q2_premium, downside_2027q2_investment_income, downside_2027q2_other_revenue).
Medical cost per member versus reference downside_2027q2_medical_realization	2027Q2 / downside	134.1% ratio	assumption: Desk assumption; not company guidance.
Medical costs downside_2027q2_medical	2027Q2 / downside	4,500.00 USD_millions	derived: Claims independent of risk-transfer accounting and premium price realization. Formula: multiply(q2_medical, downside_2027q2_member_index, downside_2027q2_medical_realization).
Implied medical loss ratio downside_2027q2_mlr	2027Q2 / downside	102.4% ratio	derived: Net-premium denominator includes risk adjustment; not total revenue. Formula: divide(downside_2027q2_medical, downside_2027q2_premium).
SG&A expense downside_2027q2_sga	2027Q2 / downside	815.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating depreciation and amortization downside_2027q2_da	2027Q2 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Medical SG&A and D&A downside_2027q2_operating_cost	2027Q2 / downside	5,323.00 USD_millions	derived: SBC sits within SG&A; no second deduction. Formula: sum(downside_2027q2_medical, downside_2027q2_sga, downside_2027q2_da).
Earnings from operations downside_2027q2_operating_income	2027Q2 / downside	-812.50 USD_millions	derived: Base annual $700M requires H2 losses, not twice H1 earnings. Formula: subtract(downside_2027q2_revenue, downside_2027q2_operating_cost).
SBC cash-flow addback downside_2027q2_sbc	2027Q2 / downside	26.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash premium credit-loss provision downside_2027q2_premium_credit_loss	2027Q2 / downside	26.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus noncash costs downside_2027q2_operating_cash_bridge	2027Q2 / downside	-752.50 USD_millions	derived: No separate reserve-income addback. Formula: sum(downside_2027q2_operating_income, downside_2027q2_sbc, downside_2027q2_da, downside_2027q2_premium_credit_loss).
Corporate cash interest downside_2027q2_cash_interest	2027Q2 / downside	3.70 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes downside_2027q2_cash_tax	2027Q2 / downside	14.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable/reinsurance cash use downside_2027q2_other_working_capital	2027Q2 / downside	80.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and other working capital uses downside_2027q2_other_operating_cash	2027Q2 / downside	97.70 USD_millions	derived: Cash-tax installments may persist through seasonal losses; no immediate tax benefit assumed. Formula: sum(downside_2027q2_cash_interest, downside_2027q2_cash_tax, downside_2027q2_other_working_capital).
CFO before specified float movements downside_2027q2_timing_neutral_cfo	2027Q2 / downside	-850.20 USD_millions	derived: Analytical CFO component before CMS and claims settlement timing. Formula: subtract(downside_2027q2_operating_cash_bridge, downside_2027q2_other_operating_cash).
Net CMS cash-timing change downside_2027q2_cms_flow	2027Q2 / downside	800.00 USD_millions	assumption: Desk net receivable/payable settlement pattern; negative means cash paid. Not a new risk-transfer expense or a forecast of each CMS program.
Benefits-payable cash-timing change downside_2027q2_claims_float	2027Q2 / downside	165.00 USD_millions	assumption: Positive cash from unpaid claims still backs future claim payments.
Consolidated operating cash flow downside_2027q2_cfo	2027Q2 / downside	114.80 USD_millions	derived: Claims and CMS changes affect cash timing, not additional earnings. Formula: sum(downside_2027q2_timing_neutral_cfo, downside_2027q2_cms_flow, downside_2027q2_claims_float).
Cash PP&E and software downside_2027q2_capex	2027Q2 / downside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capex downside_2027q2_cash_after_capex	2027Q2 / downside	99.80 USD_millions	derived: Before capital allocation; insurance float is not owner cash. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex).
Cash excluding specified float and capex downside_2027q2_timing_neutral_cash	2027Q2 / downside	-865.20 USD_millions	derived: Not a statutory surplus or dividend-capacity estimate. Formula: subtract(downside_2027q2_timing_neutral_cfo, downside_2027q2_capex).
Average member activity downside_2027q3_average_members	2027Q3 / downside	250,000,000.0% ratio	assumption: Desk assumption; not company guidance.
Average member activity / June reference downside_2027q3_member_index	2027Q3 / downside	84.4% ratio	derived: Desk member-month proxy normalized to reported end-period membership. Formula: divide(downside_2027q3_average_members, q2_members).
Premium realization versus reference downside_2027q3_premium_realization	2027Q3 / downside	110.9% ratio	assumption: Desk assumption; not company guidance.
Direct policy premiums downside_2027q3_direct_premiums	2027Q3 / downside	5,300.00 USD_millions	derived: Revenue changes with member activity and price/mix independently. Formula: multiply(q2_direct_premiums, downside_2027q3_member_index, downside_2027q3_premium_realization).
Accrued risk-adjustment transfers downside_2027q3_risk_transfer	2027Q3 / downside	1,170.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-quota ceded premium and runoff allowance downside_2027q3_ceded_other	2027Q3 / downside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Risk adjustment and non-quota reinsurance downside_2027q3_premium_deductions	2027Q3 / downside	1,175.00 USD_millions	derived: Risk adjustment reduces premium revenue, not incurred medical claims. Formula: sum(downside_2027q3_risk_transfer, downside_2027q3_ceded_other).
Net recognized premiums downside_2027q3_premium	2027Q3 / downside	4,125.00 USD_millions	derived: No duplicate quota-share deduction under deposit accounting. Formula: subtract(downside_2027q3_direct_premiums, downside_2027q3_premium_deductions).
Investment income downside_2027q3_investment_income	2027Q3 / downside	112.00 USD_millions	assumption: Desk assumption; not company guidance.
Other revenue downside_2027q3_other_revenue	2027Q3 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue downside_2027q3_revenue	2027Q3 / downside	4,245.00 USD_millions	derived: Interest on insurance assets remains revenue but does not establish free parent cash. Formula: sum(downside_2027q3_premium, downside_2027q3_investment_income, downside_2027q3_other_revenue).
Medical cost per member versus reference downside_2027q3_medical_realization	2027Q3 / downside	143.1% ratio	assumption: Desk assumption; not company guidance.
Medical costs downside_2027q3_medical	2027Q3 / downside	4,580.00 USD_millions	derived: Claims independent of risk-transfer accounting and premium price realization. Formula: multiply(q2_medical, downside_2027q3_member_index, downside_2027q3_medical_realization).
Implied medical loss ratio downside_2027q3_mlr	2027Q3 / downside	111.0% ratio	derived: Net-premium denominator includes risk adjustment; not total revenue. Formula: divide(downside_2027q3_medical, downside_2027q3_premium).
SG&A expense downside_2027q3_sga	2027Q3 / downside	810.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating depreciation and amortization downside_2027q3_da	2027Q3 / downside	8.50 USD_millions	assumption: Desk assumption; not company guidance.
Medical SG&A and D&A downside_2027q3_operating_cost	2027Q3 / downside	5,398.50 USD_millions	derived: SBC sits within SG&A; no second deduction. Formula: sum(downside_2027q3_medical, downside_2027q3_sga, downside_2027q3_da).
Earnings from operations downside_2027q3_operating_income	2027Q3 / downside	-1,153.50 USD_millions	derived: Base annual $700M requires H2 losses, not twice H1 earnings. Formula: subtract(downside_2027q3_revenue, downside_2027q3_operating_cost).
SBC cash-flow addback downside_2027q3_sbc	2027Q3 / downside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash premium credit-loss provision downside_2027q3_premium_credit_loss	2027Q3 / downside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus noncash costs downside_2027q3_operating_cash_bridge	2027Q3 / downside	-1,089.00 USD_millions	derived: No separate reserve-income addback. Formula: sum(downside_2027q3_operating_income, downside_2027q3_sbc, downside_2027q3_da, downside_2027q3_premium_credit_loss).
Corporate cash interest downside_2027q3_cash_interest	2027Q3 / downside	3.70 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes downside_2027q3_cash_tax	2027Q3 / downside	16.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable/reinsurance cash use downside_2027q3_other_working_capital	2027Q3 / downside	85.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and other working capital uses downside_2027q3_other_operating_cash	2027Q3 / downside	104.70 USD_millions	derived: Cash-tax installments may persist through seasonal losses; no immediate tax benefit assumed. Formula: sum(downside_2027q3_cash_interest, downside_2027q3_cash_tax, downside_2027q3_other_working_capital).
CFO before specified float movements downside_2027q3_timing_neutral_cfo	2027Q3 / downside	-1,193.70 USD_millions	derived: Analytical CFO component before CMS and claims settlement timing. Formula: subtract(downside_2027q3_operating_cash_bridge, downside_2027q3_other_operating_cash).
Net CMS cash-timing change downside_2027q3_cms_flow	2027Q3 / downside	-3,300.00 USD_millions	assumption: Desk net receivable/payable settlement pattern; negative means cash paid. Not a new risk-transfer expense or a forecast of each CMS program.
Benefits-payable cash-timing change downside_2027q3_claims_float	2027Q3 / downside	180.00 USD_millions	assumption: Positive cash from unpaid claims still backs future claim payments.
Consolidated operating cash flow downside_2027q3_cfo	2027Q3 / downside	-4,313.70 USD_millions	derived: Claims and CMS changes affect cash timing, not additional earnings. Formula: sum(downside_2027q3_timing_neutral_cfo, downside_2027q3_cms_flow, downside_2027q3_claims_float).
Cash PP&E and software downside_2027q3_capex	2027Q3 / downside	16.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capex downside_2027q3_cash_after_capex	2027Q3 / downside	-4,329.70 USD_millions	derived: Before capital allocation; insurance float is not owner cash. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex).
Cash excluding specified float and capex downside_2027q3_timing_neutral_cash	2027Q3 / downside	-1,209.70 USD_millions	derived: Not a statutory surplus or dividend-capacity estimate. Formula: subtract(downside_2027q3_timing_neutral_cfo, downside_2027q3_capex).
Average member activity downside_2027q4_average_members	2027Q4 / downside	240,000,000.0% ratio	assumption: Desk assumption; not company guidance.
Average member activity / June reference downside_2027q4_member_index	2027Q4 / downside	81.0% ratio	derived: Desk member-month proxy normalized to reported end-period membership. Formula: divide(downside_2027q4_average_members, q2_members).
Premium realization versus reference downside_2027q4_premium_realization	2027Q4 / downside	113.3% ratio	assumption: Desk assumption; not company guidance.
Direct policy premiums downside_2027q4_direct_premiums	2027Q4 / downside	5,200.00 USD_millions	derived: Revenue changes with member activity and price/mix independently. Formula: multiply(q2_direct_premiums, downside_2027q4_member_index, downside_2027q4_premium_realization).
Accrued risk-adjustment transfers downside_2027q4_risk_transfer	2027Q4 / downside	1,190.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-quota ceded premium and runoff allowance downside_2027q4_ceded_other	2027Q4 / downside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Risk adjustment and non-quota reinsurance downside_2027q4_premium_deductions	2027Q4 / downside	1,195.00 USD_millions	derived: Risk adjustment reduces premium revenue, not incurred medical claims. Formula: sum(downside_2027q4_risk_transfer, downside_2027q4_ceded_other).
Net recognized premiums downside_2027q4_premium	2027Q4 / downside	4,005.00 USD_millions	derived: No duplicate quota-share deduction under deposit accounting. Formula: subtract(downside_2027q4_direct_premiums, downside_2027q4_premium_deductions).
Investment income downside_2027q4_investment_income	2027Q4 / downside	116.00 USD_millions	assumption: Desk assumption; not company guidance.
Other revenue downside_2027q4_other_revenue	2027Q4 / downside	8.50 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue downside_2027q4_revenue	2027Q4 / downside	4,129.50 USD_millions	derived: Interest on insurance assets remains revenue but does not establish free parent cash. Formula: sum(downside_2027q4_premium, downside_2027q4_investment_income, downside_2027q4_other_revenue).
Medical cost per member versus reference downside_2027q4_medical_realization	2027Q4 / downside	155.2% ratio	assumption: Desk assumption; not company guidance.
Medical costs downside_2027q4_medical	2027Q4 / downside	4,770.00 USD_millions	derived: Claims independent of risk-transfer accounting and premium price realization. Formula: multiply(q2_medical, downside_2027q4_member_index, downside_2027q4_medical_realization).
Implied medical loss ratio downside_2027q4_mlr	2027Q4 / downside	119.1% ratio	derived: Net-premium denominator includes risk adjustment; not total revenue. Formula: divide(downside_2027q4_medical, downside_2027q4_premium).
SG&A expense downside_2027q4_sga	2027Q4 / downside	805.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating depreciation and amortization downside_2027q4_da	2027Q4 / downside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Medical SG&A and D&A downside_2027q4_operating_cost	2027Q4 / downside	5,584.00 USD_millions	derived: SBC sits within SG&A; no second deduction. Formula: sum(downside_2027q4_medical, downside_2027q4_sga, downside_2027q4_da).
Earnings from operations downside_2027q4_operating_income	2027Q4 / downside	-1,454.50 USD_millions	derived: Base annual $700M requires H2 losses, not twice H1 earnings. Formula: subtract(downside_2027q4_revenue, downside_2027q4_operating_cost).
SBC cash-flow addback downside_2027q4_sbc	2027Q4 / downside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash premium credit-loss provision downside_2027q4_premium_credit_loss	2027Q4 / downside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus noncash costs downside_2027q4_operating_cash_bridge	2027Q4 / downside	-1,385.50 USD_millions	derived: No separate reserve-income addback. Formula: sum(downside_2027q4_operating_income, downside_2027q4_sbc, downside_2027q4_da, downside_2027q4_premium_credit_loss).
Corporate cash interest downside_2027q4_cash_interest	2027Q4 / downside	3.70 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes downside_2027q4_cash_tax	2027Q4 / downside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable/reinsurance cash use downside_2027q4_other_working_capital	2027Q4 / downside	90.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and other working capital uses downside_2027q4_other_operating_cash	2027Q4 / downside	111.70 USD_millions	derived: Cash-tax installments may persist through seasonal losses; no immediate tax benefit assumed. Formula: sum(downside_2027q4_cash_interest, downside_2027q4_cash_tax, downside_2027q4_other_working_capital).
CFO before specified float movements downside_2027q4_timing_neutral_cfo	2027Q4 / downside	-1,497.20 USD_millions	derived: Analytical CFO component before CMS and claims settlement timing. Formula: subtract(downside_2027q4_operating_cash_bridge, downside_2027q4_other_operating_cash).
Net CMS cash-timing change downside_2027q4_cms_flow	2027Q4 / downside	600.00 USD_millions	assumption: Desk net receivable/payable settlement pattern; negative means cash paid. Not a new risk-transfer expense or a forecast of each CMS program.
Benefits-payable cash-timing change downside_2027q4_claims_float	2027Q4 / downside	195.00 USD_millions	assumption: Positive cash from unpaid claims still backs future claim payments.
Consolidated operating cash flow downside_2027q4_cfo	2027Q4 / downside	-702.20 USD_millions	derived: Claims and CMS changes affect cash timing, not additional earnings. Formula: sum(downside_2027q4_timing_neutral_cfo, downside_2027q4_cms_flow, downside_2027q4_claims_float).
Cash PP&E and software downside_2027q4_capex	2027Q4 / downside	17.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capex downside_2027q4_cash_after_capex	2027Q4 / downside	-719.20 USD_millions	derived: Before capital allocation; insurance float is not owner cash. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex).
Cash excluding specified float and capex downside_2027q4_timing_neutral_cash	2027Q4 / downside	-1,514.20 USD_millions	derived: Not a statutory surplus or dividend-capacity estimate. Formula: subtract(downside_2027q4_timing_neutral_cfo, downside_2027q4_capex).
Total revenue ($M) downside_fy2026_revenue	FY2026 / downside	18,363.41 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2026q3_revenue, downside_2026q4_revenue).
Net premium revenue ($M) downside_fy2026_premium	FY2026 / downside	18,000.19 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_premium, downside_2026q3_premium, downside_2026q4_premium).
Medical expense ($M) downside_fy2026_medical	FY2026 / downside	15,594.30 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_medical, downside_2026q3_medical, downside_2026q4_medical).
Selling general and administrative expense ($M) downside_fy2026_sga	FY2026 / downside	3,017.31 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_sga, downside_2026q3_sga, downside_2026q4_sga).
Earnings from operations ($M) downside_fy2026_operating_income	FY2026 / downside	-275.28 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2026q3_operating_income, downside_2026q4_operating_income).
Consolidated operating cash flow ($M) downside_fy2026_cfo	FY2026 / downside	1,465.93 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2026q3_cfo, downside_2026q4_cfo).
Net CMS cash-timing inflow ($M) downside_fy2026_cms_flow	FY2026 / downside	1,120.47 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cms_flow, downside_2026q3_cms_flow, downside_2026q4_cms_flow).
Benefits-payable cash-timing inflow ($M) downside_fy2026_claims_float	FY2026 / downside	828.05 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_claims_float, downside_2026q3_claims_float, downside_2026q4_claims_float).
CFO excluding CMS and claims float changes ($M) downside_fy2026_timing_neutral_cfo	FY2026 / downside	-482.60 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_timing_neutral_cfo, downside_2026q3_timing_neutral_cfo, downside_2026q4_timing_neutral_cfo).
Cash PP&E and software ($M) downside_fy2026_capex	FY2026 / downside	45.56 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2026q3_capex, downside_2026q4_capex).
CFO less cash capex ($M) downside_fy2026_cash_after_capex	FY2026 / downside	1,420.37 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_capex, downside_2026q3_cash_after_capex, downside_2026q4_cash_after_capex).
Cash excluding specified float changes and capex ($M) downside_fy2026_timing_neutral_cash	FY2026 / downside	-528.15 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_timing_neutral_cash, downside_2026q3_timing_neutral_cash, downside_2026q4_timing_neutral_cash).
Total revenue ($M) downside_fy2027_revenue	FY2027 / downside	17,661.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue).
Net premium revenue ($M) downside_fy2027_premium	FY2027 / downside	17,190.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_premium, downside_2027q2_premium, downside_2027q3_premium, downside_2027q4_premium).
Medical expense ($M) downside_fy2027_medical	FY2027 / downside	18,110.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_medical, downside_2027q2_medical, downside_2027q3_medical, downside_2027q4_medical).
Selling general and administrative expense ($M) downside_fy2027_sga	FY2027 / downside	3,260.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_sga, downside_2027q2_sga, downside_2027q3_sga, downside_2027q4_sga).
Earnings from operations ($M) downside_fy2027_operating_income	FY2027 / downside	-3,742.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income).
Consolidated operating cash flow ($M) downside_fy2027_cfo	FY2027 / downside	-4,007.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo).
Net CMS cash-timing inflow ($M) downside_fy2027_cms_flow	FY2027 / downside	-800.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cms_flow, downside_2027q2_cms_flow, downside_2027q3_cms_flow, downside_2027q4_cms_flow).
Benefits-payable cash-timing inflow ($M) downside_fy2027_claims_float	FY2027 / downside	690.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_claims_float, downside_2027q2_claims_float, downside_2027q3_claims_float, downside_2027q4_claims_float).
CFO excluding CMS and claims float changes ($M) downside_fy2027_timing_neutral_cfo	FY2027 / downside	-3,897.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_timing_neutral_cfo, downside_2027q2_timing_neutral_cfo, downside_2027q3_timing_neutral_cfo, downside_2027q4_timing_neutral_cfo).
Cash PP&E and software ($M) downside_fy2027_capex	FY2027 / downside	62.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex).
CFO less cash capex ($M) downside_fy2027_cash_after_capex	FY2027 / downside	-4,069.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_capex, downside_2027q2_cash_after_capex, downside_2027q3_cash_after_capex, downside_2027q4_cash_after_capex).
Cash excluding specified float changes and capex ($M) downside_fy2027_timing_neutral_cash	FY2027 / downside	-3,959.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_timing_neutral_cash, downside_2027q2_timing_neutral_cash, downside_2027q3_timing_neutral_cash, downside_2027q4_timing_neutral_cash).
FY2026 medical loss ratio downside_fy2026_mlr	FY2026 / downside	86.6% ratio	derived: Annual medical expense divided by annual net premiums, never a sum of quarterly ratios. Formula: divide(downside_fy2026_medical, downside_fy2026_premium).
H2 operating earnings requirement downside_h2_operating	H2 2026 / downside	-1,368.00 USD_millions	derived: Remaining-year seasonal earnings requirement. Formula: sum(downside_2026q3_operating_income, downside_2026q4_operating_income).
Average member activity base_2026q3_average_members	2026Q3 / base	290,000,000.0% ratio	assumption: Desk assumption; not company guidance.
Average member activity / June reference base_2026q3_member_index	2026Q3 / base	97.9% ratio	derived: Desk member-month proxy normalized to reported end-period membership. Formula: divide(base_2026q3_average_members, q2_members).
Premium realization versus reference base_2026q3_premium_realization	2026Q3 / base	102.8% ratio	assumption: Desk assumption; not company guidance.
Direct policy premiums base_2026q3_direct_premiums	2026Q3 / base	5,700.00 USD_millions	derived: Revenue changes with member activity and price/mix independently. Formula: multiply(q2_direct_premiums, base_2026q3_member_index, base_2026q3_premium_realization).
Accrued risk-adjustment transfers base_2026q3_risk_transfer	2026Q3 / base	995.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-quota ceded premium and runoff allowance base_2026q3_ceded_other	2026Q3 / base	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Risk adjustment and non-quota reinsurance base_2026q3_premium_deductions	2026Q3 / base	1,000.00 USD_millions	derived: Risk adjustment reduces premium revenue, not incurred medical claims. Formula: sum(base_2026q3_risk_transfer, base_2026q3_ceded_other).
Net recognized premiums base_2026q3_premium	2026Q3 / base	4,700.00 USD_millions	derived: No duplicate quota-share deduction under deposit accounting. Formula: subtract(base_2026q3_direct_premiums, base_2026q3_premium_deductions).
Investment income base_2026q3_investment_income	2026Q3 / base	94.00 USD_millions	assumption: Desk assumption; not company guidance.
Other revenue base_2026q3_other_revenue	2026Q3 / base	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue base_2026q3_revenue	2026Q3 / base	4,800.00 USD_millions	derived: Interest on insurance assets remains revenue but does not establish free parent cash. Formula: sum(base_2026q3_premium, base_2026q3_investment_income, base_2026q3_other_revenue).
Medical cost per member versus reference base_2026q3_medical_realization	2026Q3 / base	107.7% ratio	assumption: Desk assumption; not company guidance.
Medical costs base_2026q3_medical	2026Q3 / base	4,000.00 USD_millions	derived: Claims independent of risk-transfer accounting and premium price realization. Formula: multiply(q2_medical, base_2026q3_member_index, base_2026q3_medical_realization).
Implied medical loss ratio base_2026q3_mlr	2026Q3 / base	85.1% ratio	derived: Net-premium denominator includes risk adjustment; not total revenue. Formula: divide(base_2026q3_medical, base_2026q3_premium).
SG&A expense base_2026q3_sga	2026Q3 / base	790.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating depreciation and amortization base_2026q3_da	2026Q3 / base	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Medical SG&A and D&A base_2026q3_operating_cost	2026Q3 / base	4,797.00 USD_millions	derived: SBC sits within SG&A; no second deduction. Formula: sum(base_2026q3_medical, base_2026q3_sga, base_2026q3_da).
Earnings from operations base_2026q3_operating_income	2026Q3 / base	3.00 USD_millions	derived: Base annual $700M requires H2 losses, not twice H1 earnings. Formula: subtract(base_2026q3_revenue, base_2026q3_operating_cost).
SBC cash-flow addback base_2026q3_sbc	2026Q3 / base	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash premium credit-loss provision base_2026q3_premium_credit_loss	2026Q3 / base	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus noncash costs base_2026q3_operating_cash_bridge	2026Q3 / base	50.00 USD_millions	derived: No separate reserve-income addback. Formula: sum(base_2026q3_operating_income, base_2026q3_sbc, base_2026q3_da, base_2026q3_premium_credit_loss).
Corporate cash interest base_2026q3_cash_interest	2026Q3 / base	3.70 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes base_2026q3_cash_tax	2026Q3 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable/reinsurance cash use base_2026q3_other_working_capital	2026Q3 / base	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and other working capital uses base_2026q3_other_operating_cash	2026Q3 / base	76.70 USD_millions	derived: Cash-tax installments may persist through seasonal losses; no immediate tax benefit assumed. Formula: sum(base_2026q3_cash_interest, base_2026q3_cash_tax, base_2026q3_other_working_capital).
CFO before specified float movements base_2026q3_timing_neutral_cfo	2026Q3 / base	-26.70 USD_millions	derived: Analytical CFO component before CMS and claims settlement timing. Formula: subtract(base_2026q3_operating_cash_bridge, base_2026q3_other_operating_cash).
Net CMS cash-timing change base_2026q3_cms_flow	2026Q3 / base	-2,600.00 USD_millions	assumption: Desk net receivable/payable settlement pattern; negative means cash paid. Not a new risk-transfer expense or a forecast of each CMS program.
Benefits-payable cash-timing change base_2026q3_claims_float	2026Q3 / base	250.00 USD_millions	assumption: Positive cash from unpaid claims still backs future claim payments.
Consolidated operating cash flow base_2026q3_cfo	2026Q3 / base	-2,376.70 USD_millions	derived: Claims and CMS changes affect cash timing, not additional earnings. Formula: sum(base_2026q3_timing_neutral_cfo, base_2026q3_cms_flow, base_2026q3_claims_float).
Cash PP&E and software base_2026q3_capex	2026Q3 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capex base_2026q3_cash_after_capex	2026Q3 / base	-2,388.70 USD_millions	derived: Before capital allocation; insurance float is not owner cash. Formula: subtract(base_2026q3_cfo, base_2026q3_capex).
Cash excluding specified float and capex base_2026q3_timing_neutral_cash	2026Q3 / base	-38.70 USD_millions	derived: Not a statutory surplus or dividend-capacity estimate. Formula: subtract(base_2026q3_timing_neutral_cfo, base_2026q3_capex).
Average member activity base_2026q4_average_members	2026Q4 / base	275,000,000.0% ratio	assumption: Desk assumption; not company guidance.
Average member activity / June reference base_2026q4_member_index	2026Q4 / base	92.8% ratio	derived: Desk member-month proxy normalized to reported end-period membership. Formula: divide(base_2026q4_average_members, q2_members).
Premium realization versus reference base_2026q4_premium_realization	2026Q4 / base	103.6% ratio	assumption: Desk assumption; not company guidance.
Direct policy premiums base_2026q4_direct_premiums	2026Q4 / base	5,450.00 USD_millions	derived: Revenue changes with member activity and price/mix independently. Formula: multiply(q2_direct_premiums, base_2026q4_member_index, base_2026q4_premium_realization).
Accrued risk-adjustment transfers base_2026q4_risk_transfer	2026Q4 / base	1,028.41 USD_millions	assumption: Desk assumption; not company guidance.
Non-quota ceded premium and runoff allowance base_2026q4_ceded_other	2026Q4 / base	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Risk adjustment and non-quota reinsurance base_2026q4_premium_deductions	2026Q4 / base	1,033.41 USD_millions	derived: Risk adjustment reduces premium revenue, not incurred medical claims. Formula: sum(base_2026q4_risk_transfer, base_2026q4_ceded_other).
Net recognized premiums base_2026q4_premium	2026Q4 / base	4,416.59 USD_millions	derived: No duplicate quota-share deduction under deposit accounting. Formula: subtract(base_2026q4_direct_premiums, base_2026q4_premium_deductions).
Investment income base_2026q4_investment_income	2026Q4 / base	100.00 USD_millions	assumption: Desk assumption; not company guidance.
Other revenue base_2026q4_other_revenue	2026Q4 / base	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue base_2026q4_revenue	2026Q4 / base	4,522.59 USD_millions	derived: Interest on insurance assets remains revenue but does not establish free parent cash. Formula: sum(base_2026q4_premium, base_2026q4_investment_income, base_2026q4_other_revenue).
Medical cost per member versus reference base_2026q4_medical_realization	2026Q4 / base	116.7% ratio	assumption: Desk assumption; not company guidance.
Medical costs base_2026q4_medical	2026Q4 / base	4,110.90 USD_millions	derived: Claims independent of risk-transfer accounting and premium price realization. Formula: multiply(q2_medical, base_2026q4_member_index, base_2026q4_medical_realization).
Implied medical loss ratio base_2026q4_mlr	2026Q4 / base	93.1% ratio	derived: Net-premium denominator includes risk adjustment; not total revenue. Formula: divide(base_2026q4_medical, base_2026q4_premium).
SG&A expense base_2026q4_sga	2026Q4 / base	800.41 USD_millions	assumption: Desk assumption; not company guidance.
Operating depreciation and amortization base_2026q4_da	2026Q4 / base	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Medical SG&A and D&A base_2026q4_operating_cost	2026Q4 / base	4,918.31 USD_millions	derived: SBC sits within SG&A; no second deduction. Formula: sum(base_2026q4_medical, base_2026q4_sga, base_2026q4_da).
Earnings from operations base_2026q4_operating_income	2026Q4 / base	-395.72 USD_millions	derived: Base annual $700M requires H2 losses, not twice H1 earnings. Formula: subtract(base_2026q4_revenue, base_2026q4_operating_cost).
SBC cash-flow addback base_2026q4_sbc	2026Q4 / base	22.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash premium credit-loss provision base_2026q4_premium_credit_loss	2026Q4 / base	22.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus noncash costs base_2026q4_operating_cash_bridge	2026Q4 / base	-344.72 USD_millions	derived: No separate reserve-income addback. Formula: sum(base_2026q4_operating_income, base_2026q4_sbc, base_2026q4_da, base_2026q4_premium_credit_loss).
Corporate cash interest base_2026q4_cash_interest	2026Q4 / base	3.70 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes base_2026q4_cash_tax	2026Q4 / base	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable/reinsurance cash use base_2026q4_other_working_capital	2026Q4 / base	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and other working capital uses base_2026q4_other_operating_cash	2026Q4 / base	83.70 USD_millions	derived: Cash-tax installments may persist through seasonal losses; no immediate tax benefit assumed. Formula: sum(base_2026q4_cash_interest, base_2026q4_cash_tax, base_2026q4_other_working_capital).
CFO before specified float movements base_2026q4_timing_neutral_cfo	2026Q4 / base	-428.42 USD_millions	derived: Analytical CFO component before CMS and claims settlement timing. Formula: subtract(base_2026q4_operating_cash_bridge, base_2026q4_other_operating_cash).
Net CMS cash-timing change base_2026q4_cms_flow	2026Q4 / base	900.00 USD_millions	assumption: Desk net receivable/payable settlement pattern; negative means cash paid. Not a new risk-transfer expense or a forecast of each CMS program.
Benefits-payable cash-timing change base_2026q4_claims_float	2026Q4 / base	135.00 USD_millions	assumption: Positive cash from unpaid claims still backs future claim payments.
Consolidated operating cash flow base_2026q4_cfo	2026Q4 / base	606.58 USD_millions	derived: Claims and CMS changes affect cash timing, not additional earnings. Formula: sum(base_2026q4_timing_neutral_cfo, base_2026q4_cms_flow, base_2026q4_claims_float).
Cash PP&E and software base_2026q4_capex	2026Q4 / base	13.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capex base_2026q4_cash_after_capex	2026Q4 / base	593.58 USD_millions	derived: Before capital allocation; insurance float is not owner cash. Formula: subtract(base_2026q4_cfo, base_2026q4_capex).
Cash excluding specified float and capex base_2026q4_timing_neutral_cash	2026Q4 / base	-441.42 USD_millions	derived: Not a statutory surplus or dividend-capacity estimate. Formula: subtract(base_2026q4_timing_neutral_cfo, base_2026q4_capex).
Average member activity base_2027q1_average_members	2027Q1 / base	330,000,000.0% ratio	assumption: Desk assumption; not company guidance.
Average member activity / June reference base_2027q1_member_index	2027Q1 / base	111.4% ratio	derived: Desk member-month proxy normalized to reported end-period membership. Formula: divide(base_2027q1_average_members, q2_members).
Premium realization versus reference base_2027q1_premium_realization	2027Q1 / base	104.9% ratio	assumption: Desk assumption; not company guidance.
Direct policy premiums base_2027q1_direct_premiums	2027Q1 / base	6,620.00 USD_millions	derived: Revenue changes with member activity and price/mix independently. Formula: multiply(q2_direct_premiums, base_2027q1_member_index, base_2027q1_premium_realization).
Accrued risk-adjustment transfers base_2027q1_risk_transfer	2027Q1 / base	1,200.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-quota ceded premium and runoff allowance base_2027q1_ceded_other	2027Q1 / base	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Risk adjustment and non-quota reinsurance base_2027q1_premium_deductions	2027Q1 / base	1,205.00 USD_millions	derived: Risk adjustment reduces premium revenue, not incurred medical claims. Formula: sum(base_2027q1_risk_transfer, base_2027q1_ceded_other).
Net recognized premiums base_2027q1_premium	2027Q1 / base	5,415.00 USD_millions	derived: No duplicate quota-share deduction under deposit accounting. Formula: subtract(base_2027q1_direct_premiums, base_2027q1_premium_deductions).
Investment income base_2027q1_investment_income	2027Q1 / base	104.00 USD_millions	assumption: Desk assumption; not company guidance.
Other revenue base_2027q1_other_revenue	2027Q1 / base	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue base_2027q1_revenue	2027Q1 / base	5,526.00 USD_millions	derived: Interest on insurance assets remains revenue but does not establish free parent cash. Formula: sum(base_2027q1_premium, base_2027q1_investment_income, base_2027q1_other_revenue).
Medical cost per member versus reference base_2027q1_medical_realization	2027Q1 / base	97.0% ratio	assumption: Desk assumption; not company guidance.
Medical costs base_2027q1_medical	2027Q1 / base	4,100.00 USD_millions	derived: Claims independent of risk-transfer accounting and premium price realization. Formula: multiply(q2_medical, base_2027q1_member_index, base_2027q1_medical_realization).
Implied medical loss ratio base_2027q1_mlr	2027Q1 / base	75.7% ratio	derived: Net-premium denominator includes risk adjustment; not total revenue. Formula: divide(base_2027q1_medical, base_2027q1_premium).
SG&A expense base_2027q1_sga	2027Q1 / base	900.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating depreciation and amortization base_2027q1_da	2027Q1 / base	7.50 USD_millions	assumption: Desk assumption; not company guidance.
Medical SG&A and D&A base_2027q1_operating_cost	2027Q1 / base	5,007.50 USD_millions	derived: SBC sits within SG&A; no second deduction. Formula: sum(base_2027q1_medical, base_2027q1_sga, base_2027q1_da).
Earnings from operations base_2027q1_operating_income	2027Q1 / base	518.50 USD_millions	derived: Base annual $700M requires H2 losses, not twice H1 earnings. Formula: subtract(base_2027q1_revenue, base_2027q1_operating_cost).
SBC cash-flow addback base_2027q1_sbc	2027Q1 / base	24.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash premium credit-loss provision base_2027q1_premium_credit_loss	2027Q1 / base	24.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus noncash costs base_2027q1_operating_cash_bridge	2027Q1 / base	574.00 USD_millions	derived: No separate reserve-income addback. Formula: sum(base_2027q1_operating_income, base_2027q1_sbc, base_2027q1_da, base_2027q1_premium_credit_loss).
Corporate cash interest base_2027q1_cash_interest	2027Q1 / base	3.70 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes base_2027q1_cash_tax	2027Q1 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable/reinsurance cash use base_2027q1_other_working_capital	2027Q1 / base	75.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and other working capital uses base_2027q1_other_operating_cash	2027Q1 / base	90.70 USD_millions	derived: Cash-tax installments may persist through seasonal losses; no immediate tax benefit assumed. Formula: sum(base_2027q1_cash_interest, base_2027q1_cash_tax, base_2027q1_other_working_capital).
CFO before specified float movements base_2027q1_timing_neutral_cfo	2027Q1 / base	483.30 USD_millions	derived: Analytical CFO component before CMS and claims settlement timing. Formula: subtract(base_2027q1_operating_cash_bridge, base_2027q1_other_operating_cash).
Net CMS cash-timing change base_2027q1_cms_flow	2027Q1 / base	1,300.00 USD_millions	assumption: Desk net receivable/payable settlement pattern; negative means cash paid. Not a new risk-transfer expense or a forecast of each CMS program.
Benefits-payable cash-timing change base_2027q1_claims_float	2027Q1 / base	150.00 USD_millions	assumption: Positive cash from unpaid claims still backs future claim payments.
Consolidated operating cash flow base_2027q1_cfo	2027Q1 / base	1,933.30 USD_millions	derived: Claims and CMS changes affect cash timing, not additional earnings. Formula: sum(base_2027q1_timing_neutral_cfo, base_2027q1_cms_flow, base_2027q1_claims_float).
Cash PP&E and software base_2027q1_capex	2027Q1 / base	14.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capex base_2027q1_cash_after_capex	2027Q1 / base	1,919.30 USD_millions	derived: Before capital allocation; insurance float is not owner cash. Formula: subtract(base_2027q1_cfo, base_2027q1_capex).
Cash excluding specified float and capex base_2027q1_timing_neutral_cash	2027Q1 / base	469.30 USD_millions	derived: Not a statutory surplus or dividend-capacity estimate. Formula: subtract(base_2027q1_timing_neutral_cfo, base_2027q1_capex).
Average member activity base_2027q2_average_members	2027Q2 / base	315,000,000.0% ratio	assumption: Desk assumption; not company guidance.
Average member activity / June reference base_2027q2_member_index	2027Q2 / base	106.3% ratio	derived: Desk member-month proxy normalized to reported end-period membership. Formula: divide(base_2027q2_average_members, q2_members).
Premium realization versus reference base_2027q2_premium_realization	2027Q2 / base	107.9% ratio	assumption: Desk assumption; not company guidance.
Direct policy premiums base_2027q2_direct_premiums	2027Q2 / base	6,500.00 USD_millions	derived: Revenue changes with member activity and price/mix independently. Formula: multiply(q2_direct_premiums, base_2027q2_member_index, base_2027q2_premium_realization).
Accrued risk-adjustment transfers base_2027q2_risk_transfer	2027Q2 / base	1,220.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-quota ceded premium and runoff allowance base_2027q2_ceded_other	2027Q2 / base	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Risk adjustment and non-quota reinsurance base_2027q2_premium_deductions	2027Q2 / base	1,225.00 USD_millions	derived: Risk adjustment reduces premium revenue, not incurred medical claims. Formula: sum(base_2027q2_risk_transfer, base_2027q2_ceded_other).
Net recognized premiums base_2027q2_premium	2027Q2 / base	5,275.00 USD_millions	derived: No duplicate quota-share deduction under deposit accounting. Formula: subtract(base_2027q2_direct_premiums, base_2027q2_premium_deductions).
Investment income base_2027q2_investment_income	2027Q2 / base	108.00 USD_millions	assumption: Desk assumption; not company guidance.
Other revenue base_2027q2_other_revenue	2027Q2 / base	7.50 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue base_2027q2_revenue	2027Q2 / base	5,390.50 USD_millions	derived: Interest on insurance assets remains revenue but does not establish free parent cash. Formula: sum(base_2027q2_premium, base_2027q2_investment_income, base_2027q2_other_revenue).
Medical cost per member versus reference base_2027q2_medical_realization	2027Q2 / base	103.1% ratio	assumption: Desk assumption; not company guidance.
Medical costs base_2027q2_medical	2027Q2 / base	4,160.00 USD_millions	derived: Claims independent of risk-transfer accounting and premium price realization. Formula: multiply(q2_medical, base_2027q2_member_index, base_2027q2_medical_realization).
Implied medical loss ratio base_2027q2_mlr	2027Q2 / base	78.9% ratio	derived: Net-premium denominator includes risk adjustment; not total revenue. Formula: divide(base_2027q2_medical, base_2027q2_premium).
SG&A expense base_2027q2_sga	2027Q2 / base	895.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating depreciation and amortization base_2027q2_da	2027Q2 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Medical SG&A and D&A base_2027q2_operating_cost	2027Q2 / base	5,063.00 USD_millions	derived: SBC sits within SG&A; no second deduction. Formula: sum(base_2027q2_medical, base_2027q2_sga, base_2027q2_da).
Earnings from operations base_2027q2_operating_income	2027Q2 / base	327.50 USD_millions	derived: Base annual $700M requires H2 losses, not twice H1 earnings. Formula: subtract(base_2027q2_revenue, base_2027q2_operating_cost).
SBC cash-flow addback base_2027q2_sbc	2027Q2 / base	26.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash premium credit-loss provision base_2027q2_premium_credit_loss	2027Q2 / base	26.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus noncash costs base_2027q2_operating_cash_bridge	2027Q2 / base	387.50 USD_millions	derived: No separate reserve-income addback. Formula: sum(base_2027q2_operating_income, base_2027q2_sbc, base_2027q2_da, base_2027q2_premium_credit_loss).
Corporate cash interest base_2027q2_cash_interest	2027Q2 / base	3.70 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes base_2027q2_cash_tax	2027Q2 / base	14.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable/reinsurance cash use base_2027q2_other_working_capital	2027Q2 / base	80.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and other working capital uses base_2027q2_other_operating_cash	2027Q2 / base	97.70 USD_millions	derived: Cash-tax installments may persist through seasonal losses; no immediate tax benefit assumed. Formula: sum(base_2027q2_cash_interest, base_2027q2_cash_tax, base_2027q2_other_working_capital).
CFO before specified float movements base_2027q2_timing_neutral_cfo	2027Q2 / base	289.80 USD_millions	derived: Analytical CFO component before CMS and claims settlement timing. Formula: subtract(base_2027q2_operating_cash_bridge, base_2027q2_other_operating_cash).
Net CMS cash-timing change base_2027q2_cms_flow	2027Q2 / base	1,100.00 USD_millions	assumption: Desk net receivable/payable settlement pattern; negative means cash paid. Not a new risk-transfer expense or a forecast of each CMS program.
Benefits-payable cash-timing change base_2027q2_claims_float	2027Q2 / base	165.00 USD_millions	assumption: Positive cash from unpaid claims still backs future claim payments.
Consolidated operating cash flow base_2027q2_cfo	2027Q2 / base	1,554.80 USD_millions	derived: Claims and CMS changes affect cash timing, not additional earnings. Formula: sum(base_2027q2_timing_neutral_cfo, base_2027q2_cms_flow, base_2027q2_claims_float).
Cash PP&E and software base_2027q2_capex	2027Q2 / base	15.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capex base_2027q2_cash_after_capex	2027Q2 / base	1,539.80 USD_millions	derived: Before capital allocation; insurance float is not owner cash. Formula: subtract(base_2027q2_cfo, base_2027q2_capex).
Cash excluding specified float and capex base_2027q2_timing_neutral_cash	2027Q2 / base	274.80 USD_millions	derived: Not a statutory surplus or dividend-capacity estimate. Formula: subtract(base_2027q2_timing_neutral_cfo, base_2027q2_capex).
Average member activity base_2027q3_average_members	2027Q3 / base	302,000,000.0% ratio	assumption: Desk assumption; not company guidance.
Average member activity / June reference base_2027q3_member_index	2027Q3 / base	101.9% ratio	derived: Desk member-month proxy normalized to reported end-period membership. Formula: divide(base_2027q3_average_members, q2_members).
Premium realization versus reference base_2027q3_premium_realization	2027Q3 / base	108.2% ratio	assumption: Desk assumption; not company guidance.
Direct policy premiums base_2027q3_direct_premiums	2027Q3 / base	6,250.00 USD_millions	derived: Revenue changes with member activity and price/mix independently. Formula: multiply(q2_direct_premiums, base_2027q3_member_index, base_2027q3_premium_realization).
Accrued risk-adjustment transfers base_2027q3_risk_transfer	2027Q3 / base	1,170.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-quota ceded premium and runoff allowance base_2027q3_ceded_other	2027Q3 / base	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Risk adjustment and non-quota reinsurance base_2027q3_premium_deductions	2027Q3 / base	1,175.00 USD_millions	derived: Risk adjustment reduces premium revenue, not incurred medical claims. Formula: sum(base_2027q3_risk_transfer, base_2027q3_ceded_other).
Net recognized premiums base_2027q3_premium	2027Q3 / base	5,075.00 USD_millions	derived: No duplicate quota-share deduction under deposit accounting. Formula: subtract(base_2027q3_direct_premiums, base_2027q3_premium_deductions).
Investment income base_2027q3_investment_income	2027Q3 / base	112.00 USD_millions	assumption: Desk assumption; not company guidance.
Other revenue base_2027q3_other_revenue	2027Q3 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue base_2027q3_revenue	2027Q3 / base	5,195.00 USD_millions	derived: Interest on insurance assets remains revenue but does not establish free parent cash. Formula: sum(base_2027q3_premium, base_2027q3_investment_income, base_2027q3_other_revenue).
Medical cost per member versus reference base_2027q3_medical_realization	2027Q3 / base	110.9% ratio	assumption: Desk assumption; not company guidance.
Medical costs base_2027q3_medical	2027Q3 / base	4,290.00 USD_millions	derived: Claims independent of risk-transfer accounting and premium price realization. Formula: multiply(q2_medical, base_2027q3_member_index, base_2027q3_medical_realization).
Implied medical loss ratio base_2027q3_mlr	2027Q3 / base	84.5% ratio	derived: Net-premium denominator includes risk adjustment; not total revenue. Formula: divide(base_2027q3_medical, base_2027q3_premium).
SG&A expense base_2027q3_sga	2027Q3 / base	895.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating depreciation and amortization base_2027q3_da	2027Q3 / base	8.50 USD_millions	assumption: Desk assumption; not company guidance.
Medical SG&A and D&A base_2027q3_operating_cost	2027Q3 / base	5,193.50 USD_millions	derived: SBC sits within SG&A; no second deduction. Formula: sum(base_2027q3_medical, base_2027q3_sga, base_2027q3_da).
Earnings from operations base_2027q3_operating_income	2027Q3 / base	1.50 USD_millions	derived: Base annual $700M requires H2 losses, not twice H1 earnings. Formula: subtract(base_2027q3_revenue, base_2027q3_operating_cost).
SBC cash-flow addback base_2027q3_sbc	2027Q3 / base	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash premium credit-loss provision base_2027q3_premium_credit_loss	2027Q3 / base	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus noncash costs base_2027q3_operating_cash_bridge	2027Q3 / base	66.00 USD_millions	derived: No separate reserve-income addback. Formula: sum(base_2027q3_operating_income, base_2027q3_sbc, base_2027q3_da, base_2027q3_premium_credit_loss).
Corporate cash interest base_2027q3_cash_interest	2027Q3 / base	3.70 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes base_2027q3_cash_tax	2027Q3 / base	16.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable/reinsurance cash use base_2027q3_other_working_capital	2027Q3 / base	85.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and other working capital uses base_2027q3_other_operating_cash	2027Q3 / base	104.70 USD_millions	derived: Cash-tax installments may persist through seasonal losses; no immediate tax benefit assumed. Formula: sum(base_2027q3_cash_interest, base_2027q3_cash_tax, base_2027q3_other_working_capital).
CFO before specified float movements base_2027q3_timing_neutral_cfo	2027Q3 / base	-38.70 USD_millions	derived: Analytical CFO component before CMS and claims settlement timing. Formula: subtract(base_2027q3_operating_cash_bridge, base_2027q3_other_operating_cash).
Net CMS cash-timing change base_2027q3_cms_flow	2027Q3 / base	-3,300.00 USD_millions	assumption: Desk net receivable/payable settlement pattern; negative means cash paid. Not a new risk-transfer expense or a forecast of each CMS program.
Benefits-payable cash-timing change base_2027q3_claims_float	2027Q3 / base	180.00 USD_millions	assumption: Positive cash from unpaid claims still backs future claim payments.
Consolidated operating cash flow base_2027q3_cfo	2027Q3 / base	-3,158.70 USD_millions	derived: Claims and CMS changes affect cash timing, not additional earnings. Formula: sum(base_2027q3_timing_neutral_cfo, base_2027q3_cms_flow, base_2027q3_claims_float).
Cash PP&E and software base_2027q3_capex	2027Q3 / base	16.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capex base_2027q3_cash_after_capex	2027Q3 / base	-3,174.70 USD_millions	derived: Before capital allocation; insurance float is not owner cash. Formula: subtract(base_2027q3_cfo, base_2027q3_capex).
Cash excluding specified float and capex base_2027q3_timing_neutral_cash	2027Q3 / base	-54.70 USD_millions	derived: Not a statutory surplus or dividend-capacity estimate. Formula: subtract(base_2027q3_timing_neutral_cfo, base_2027q3_capex).
Average member activity base_2027q4_average_members	2027Q4 / base	287,000,000.0% ratio	assumption: Desk assumption; not company guidance.
Average member activity / June reference base_2027q4_member_index	2027Q4 / base	96.9% ratio	derived: Desk member-month proxy normalized to reported end-period membership. Formula: divide(base_2027q4_average_members, q2_members).
Premium realization versus reference base_2027q4_premium_realization	2027Q4 / base	112.1% ratio	assumption: Desk assumption; not company guidance.
Direct policy premiums base_2027q4_direct_premiums	2027Q4 / base	6,150.00 USD_millions	derived: Revenue changes with member activity and price/mix independently. Formula: multiply(q2_direct_premiums, base_2027q4_member_index, base_2027q4_premium_realization).
Accrued risk-adjustment transfers base_2027q4_risk_transfer	2027Q4 / base	1,180.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-quota ceded premium and runoff allowance base_2027q4_ceded_other	2027Q4 / base	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Risk adjustment and non-quota reinsurance base_2027q4_premium_deductions	2027Q4 / base	1,185.00 USD_millions	derived: Risk adjustment reduces premium revenue, not incurred medical claims. Formula: sum(base_2027q4_risk_transfer, base_2027q4_ceded_other).
Net recognized premiums base_2027q4_premium	2027Q4 / base	4,965.00 USD_millions	derived: No duplicate quota-share deduction under deposit accounting. Formula: subtract(base_2027q4_direct_premiums, base_2027q4_premium_deductions).
Investment income base_2027q4_investment_income	2027Q4 / base	116.00 USD_millions	assumption: Desk assumption; not company guidance.
Other revenue base_2027q4_other_revenue	2027Q4 / base	8.50 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue base_2027q4_revenue	2027Q4 / base	5,089.50 USD_millions	derived: Interest on insurance assets remains revenue but does not establish free parent cash. Formula: sum(base_2027q4_premium, base_2027q4_investment_income, base_2027q4_other_revenue).
Medical cost per member versus reference base_2027q4_medical_realization	2027Q4 / base	118.1% ratio	assumption: Desk assumption; not company guidance.
Medical costs base_2027q4_medical	2027Q4 / base	4,340.00 USD_millions	derived: Claims independent of risk-transfer accounting and premium price realization. Formula: multiply(q2_medical, base_2027q4_member_index, base_2027q4_medical_realization).
Implied medical loss ratio base_2027q4_mlr	2027Q4 / base	87.4% ratio	derived: Net-premium denominator includes risk adjustment; not total revenue. Formula: divide(base_2027q4_medical, base_2027q4_premium).
SG&A expense base_2027q4_sga	2027Q4 / base	900.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating depreciation and amortization base_2027q4_da	2027Q4 / base	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Medical SG&A and D&A base_2027q4_operating_cost	2027Q4 / base	5,249.00 USD_millions	derived: SBC sits within SG&A; no second deduction. Formula: sum(base_2027q4_medical, base_2027q4_sga, base_2027q4_da).
Earnings from operations base_2027q4_operating_income	2027Q4 / base	-159.50 USD_millions	derived: Base annual $700M requires H2 losses, not twice H1 earnings. Formula: subtract(base_2027q4_revenue, base_2027q4_operating_cost).
SBC cash-flow addback base_2027q4_sbc	2027Q4 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash premium credit-loss provision base_2027q4_premium_credit_loss	2027Q4 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus noncash costs base_2027q4_operating_cash_bridge	2027Q4 / base	-90.50 USD_millions	derived: No separate reserve-income addback. Formula: sum(base_2027q4_operating_income, base_2027q4_sbc, base_2027q4_da, base_2027q4_premium_credit_loss).
Corporate cash interest base_2027q4_cash_interest	2027Q4 / base	3.70 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes base_2027q4_cash_tax	2027Q4 / base	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable/reinsurance cash use base_2027q4_other_working_capital	2027Q4 / base	90.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and other working capital uses base_2027q4_other_operating_cash	2027Q4 / base	111.70 USD_millions	derived: Cash-tax installments may persist through seasonal losses; no immediate tax benefit assumed. Formula: sum(base_2027q4_cash_interest, base_2027q4_cash_tax, base_2027q4_other_working_capital).
CFO before specified float movements base_2027q4_timing_neutral_cfo	2027Q4 / base	-202.20 USD_millions	derived: Analytical CFO component before CMS and claims settlement timing. Formula: subtract(base_2027q4_operating_cash_bridge, base_2027q4_other_operating_cash).
Net CMS cash-timing change base_2027q4_cms_flow	2027Q4 / base	1,000.00 USD_millions	assumption: Desk net receivable/payable settlement pattern; negative means cash paid. Not a new risk-transfer expense or a forecast of each CMS program.
Benefits-payable cash-timing change base_2027q4_claims_float	2027Q4 / base	195.00 USD_millions	assumption: Positive cash from unpaid claims still backs future claim payments.
Consolidated operating cash flow base_2027q4_cfo	2027Q4 / base	992.80 USD_millions	derived: Claims and CMS changes affect cash timing, not additional earnings. Formula: sum(base_2027q4_timing_neutral_cfo, base_2027q4_cms_flow, base_2027q4_claims_float).
Cash PP&E and software base_2027q4_capex	2027Q4 / base	17.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capex base_2027q4_cash_after_capex	2027Q4 / base	975.80 USD_millions	derived: Before capital allocation; insurance float is not owner cash. Formula: subtract(base_2027q4_cfo, base_2027q4_capex).
Cash excluding specified float and capex base_2027q4_timing_neutral_cash	2027Q4 / base	-219.20 USD_millions	derived: Not a statutory surplus or dividend-capacity estimate. Formula: subtract(base_2027q4_timing_neutral_cfo, base_2027q4_capex).
Total revenue ($M) base_fy2026_revenue	FY2026 / base	18,850.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2026q3_revenue, base_2026q4_revenue).
Net premium revenue ($M) base_fy2026_premium	FY2026 / base	18,486.78 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_premium, base_2026q3_premium, base_2026q4_premium).
Medical expense ($M) base_fy2026_medical	FY2026 / base	15,135.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_medical, base_2026q3_medical, base_2026q4_medical).
Selling general and administrative expense ($M) base_fy2026_sga	FY2026 / base	2,987.73 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_sga, base_2026q3_sga, base_2026q4_sga).
Earnings from operations ($M) base_fy2026_operating_income	FY2026 / base	700.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2026q3_operating_income, base_2026q4_operating_income).
Consolidated operating cash flow ($M) base_fy2026_cfo	FY2026 / base	2,941.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2026q3_cfo, base_2026q4_cfo).
Net CMS cash-timing inflow ($M) base_fy2026_cms_flow	FY2026 / base	1,620.47 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cms_flow, base_2026q3_cms_flow, base_2026q4_cms_flow).
Benefits-payable cash-timing inflow ($M) base_fy2026_claims_float	FY2026 / base	828.05 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_claims_float, base_2026q3_claims_float, base_2026q4_claims_float).
CFO excluding CMS and claims float changes ($M) base_fy2026_timing_neutral_cfo	FY2026 / base	492.68 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_timing_neutral_cfo, base_2026q3_timing_neutral_cfo, base_2026q4_timing_neutral_cfo).
Cash PP&E and software ($M) base_fy2026_capex	FY2026 / base	45.56 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2026q3_capex, base_2026q4_capex).
CFO less cash capex ($M) base_fy2026_cash_after_capex	FY2026 / base	2,895.65 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_capex, base_2026q3_cash_after_capex, base_2026q4_cash_after_capex).
Cash excluding specified float changes and capex ($M) base_fy2026_timing_neutral_cash	FY2026 / base	447.13 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_timing_neutral_cash, base_2026q3_timing_neutral_cash, base_2026q4_timing_neutral_cash).
Total revenue ($M) base_fy2027_revenue	FY2027 / base	21,201.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue).
Net premium revenue ($M) base_fy2027_premium	FY2027 / base	20,730.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_premium, base_2027q2_premium, base_2027q3_premium, base_2027q4_premium).
Medical expense ($M) base_fy2027_medical	FY2027 / base	16,890.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_medical, base_2027q2_medical, base_2027q3_medical, base_2027q4_medical).
Selling general and administrative expense ($M) base_fy2027_sga	FY2027 / base	3,590.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_sga, base_2027q2_sga, base_2027q3_sga, base_2027q4_sga).
Earnings from operations ($M) base_fy2027_operating_income	FY2027 / base	688.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income).
Consolidated operating cash flow ($M) base_fy2027_cfo	FY2027 / base	1,322.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo).
Net CMS cash-timing inflow ($M) base_fy2027_cms_flow	FY2027 / base	100.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cms_flow, base_2027q2_cms_flow, base_2027q3_cms_flow, base_2027q4_cms_flow).
Benefits-payable cash-timing inflow ($M) base_fy2027_claims_float	FY2027 / base	690.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_claims_float, base_2027q2_claims_float, base_2027q3_claims_float, base_2027q4_claims_float).
CFO excluding CMS and claims float changes ($M) base_fy2027_timing_neutral_cfo	FY2027 / base	532.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_timing_neutral_cfo, base_2027q2_timing_neutral_cfo, base_2027q3_timing_neutral_cfo, base_2027q4_timing_neutral_cfo).
Cash PP&E and software ($M) base_fy2027_capex	FY2027 / base	62.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex).
CFO less cash capex ($M) base_fy2027_cash_after_capex	FY2027 / base	1,260.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_capex, base_2027q2_cash_after_capex, base_2027q3_cash_after_capex, base_2027q4_cash_after_capex).
Cash excluding specified float changes and capex ($M) base_fy2027_timing_neutral_cash	FY2027 / base	470.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_timing_neutral_cash, base_2027q2_timing_neutral_cash, base_2027q3_timing_neutral_cash, base_2027q4_timing_neutral_cash).
FY2026 medical loss ratio base_fy2026_mlr	FY2026 / base	81.9% ratio	derived: Annual medical expense divided by annual net premiums, never a sum of quarterly ratios. Formula: divide(base_fy2026_medical, base_fy2026_premium).
H2 operating earnings requirement base_h2_operating	H2 2026 / base	-392.72 USD_millions	derived: Remaining-year seasonal earnings requirement. Formula: sum(base_2026q3_operating_income, base_2026q4_operating_income).
Average member activity upside_2026q3_average_members	2026Q3 / upside	298,000,000.0% ratio	assumption: Desk assumption; not company guidance.
Average member activity / June reference upside_2026q3_member_index	2026Q3 / upside	100.6% ratio	derived: Desk member-month proxy normalized to reported end-period membership. Formula: divide(upside_2026q3_average_members, q2_members).
Premium realization versus reference upside_2026q3_premium_realization	2026Q3 / upside	102.3% ratio	assumption: Desk assumption; not company guidance.
Direct policy premiums upside_2026q3_direct_premiums	2026Q3 / upside	5,830.00 USD_millions	derived: Revenue changes with member activity and price/mix independently. Formula: multiply(q2_direct_premiums, upside_2026q3_member_index, upside_2026q3_premium_realization).
Accrued risk-adjustment transfers upside_2026q3_risk_transfer	2026Q3 / upside	920.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-quota ceded premium and runoff allowance upside_2026q3_ceded_other	2026Q3 / upside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Risk adjustment and non-quota reinsurance upside_2026q3_premium_deductions	2026Q3 / upside	925.00 USD_millions	derived: Risk adjustment reduces premium revenue, not incurred medical claims. Formula: sum(upside_2026q3_risk_transfer, upside_2026q3_ceded_other).
Net recognized premiums upside_2026q3_premium	2026Q3 / upside	4,905.00 USD_millions	derived: No duplicate quota-share deduction under deposit accounting. Formula: subtract(upside_2026q3_direct_premiums, upside_2026q3_premium_deductions).
Investment income upside_2026q3_investment_income	2026Q3 / upside	94.00 USD_millions	assumption: Desk assumption; not company guidance.
Other revenue upside_2026q3_other_revenue	2026Q3 / upside	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue upside_2026q3_revenue	2026Q3 / upside	5,005.00 USD_millions	derived: Interest on insurance assets remains revenue but does not establish free parent cash. Formula: sum(upside_2026q3_premium, upside_2026q3_investment_income, upside_2026q3_other_revenue).
Medical cost per member versus reference upside_2026q3_medical_realization	2026Q3 / upside	104.8% ratio	assumption: Desk assumption; not company guidance.
Medical costs upside_2026q3_medical	2026Q3 / upside	4,000.00 USD_millions	derived: Claims independent of risk-transfer accounting and premium price realization. Formula: multiply(q2_medical, upside_2026q3_member_index, upside_2026q3_medical_realization).
Implied medical loss ratio upside_2026q3_mlr	2026Q3 / upside	81.5% ratio	derived: Net-premium denominator includes risk adjustment; not total revenue. Formula: divide(upside_2026q3_medical, upside_2026q3_premium).
SG&A expense upside_2026q3_sga	2026Q3 / upside	790.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating depreciation and amortization upside_2026q3_da	2026Q3 / upside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Medical SG&A and D&A upside_2026q3_operating_cost	2026Q3 / upside	4,797.00 USD_millions	derived: SBC sits within SG&A; no second deduction. Formula: sum(upside_2026q3_medical, upside_2026q3_sga, upside_2026q3_da).
Earnings from operations upside_2026q3_operating_income	2026Q3 / upside	208.00 USD_millions	derived: Base annual $700M requires H2 losses, not twice H1 earnings. Formula: subtract(upside_2026q3_revenue, upside_2026q3_operating_cost).
SBC cash-flow addback upside_2026q3_sbc	2026Q3 / upside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash premium credit-loss provision upside_2026q3_premium_credit_loss	2026Q3 / upside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus noncash costs upside_2026q3_operating_cash_bridge	2026Q3 / upside	255.00 USD_millions	derived: No separate reserve-income addback. Formula: sum(upside_2026q3_operating_income, upside_2026q3_sbc, upside_2026q3_da, upside_2026q3_premium_credit_loss).
Corporate cash interest upside_2026q3_cash_interest	2026Q3 / upside	3.70 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes upside_2026q3_cash_tax	2026Q3 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable/reinsurance cash use upside_2026q3_other_working_capital	2026Q3 / upside	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and other working capital uses upside_2026q3_other_operating_cash	2026Q3 / upside	76.70 USD_millions	derived: Cash-tax installments may persist through seasonal losses; no immediate tax benefit assumed. Formula: sum(upside_2026q3_cash_interest, upside_2026q3_cash_tax, upside_2026q3_other_working_capital).
CFO before specified float movements upside_2026q3_timing_neutral_cfo	2026Q3 / upside	178.30 USD_millions	derived: Analytical CFO component before CMS and claims settlement timing. Formula: subtract(upside_2026q3_operating_cash_bridge, upside_2026q3_other_operating_cash).
Net CMS cash-timing change upside_2026q3_cms_flow	2026Q3 / upside	-2,500.00 USD_millions	assumption: Desk net receivable/payable settlement pattern; negative means cash paid. Not a new risk-transfer expense or a forecast of each CMS program.
Benefits-payable cash-timing change upside_2026q3_claims_float	2026Q3 / upside	250.00 USD_millions	assumption: Positive cash from unpaid claims still backs future claim payments.
Consolidated operating cash flow upside_2026q3_cfo	2026Q3 / upside	-2,071.70 USD_millions	derived: Claims and CMS changes affect cash timing, not additional earnings. Formula: sum(upside_2026q3_timing_neutral_cfo, upside_2026q3_cms_flow, upside_2026q3_claims_float).
Cash PP&E and software upside_2026q3_capex	2026Q3 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capex upside_2026q3_cash_after_capex	2026Q3 / upside	-2,083.70 USD_millions	derived: Before capital allocation; insurance float is not owner cash. Formula: subtract(upside_2026q3_cfo, upside_2026q3_capex).
Cash excluding specified float and capex upside_2026q3_timing_neutral_cash	2026Q3 / upside	166.30 USD_millions	derived: Not a statutory surplus or dividend-capacity estimate. Formula: subtract(upside_2026q3_timing_neutral_cfo, upside_2026q3_capex).
Average member activity upside_2026q4_average_members	2026Q4 / upside	290,000,000.0% ratio	assumption: Desk assumption; not company guidance.
Average member activity / June reference upside_2026q4_member_index	2026Q4 / upside	97.9% ratio	derived: Desk member-month proxy normalized to reported end-period membership. Formula: divide(upside_2026q4_average_members, q2_members).
Premium realization versus reference upside_2026q4_premium_realization	2026Q4 / upside	103.0% ratio	assumption: Desk assumption; not company guidance.
Direct policy premiums upside_2026q4_direct_premiums	2026Q4 / upside	5,710.00 USD_millions	derived: Revenue changes with member activity and price/mix independently. Formula: multiply(q2_direct_premiums, upside_2026q4_member_index, upside_2026q4_premium_realization).
Accrued risk-adjustment transfers upside_2026q4_risk_transfer	2026Q4 / upside	1,000.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-quota ceded premium and runoff allowance upside_2026q4_ceded_other	2026Q4 / upside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Risk adjustment and non-quota reinsurance upside_2026q4_premium_deductions	2026Q4 / upside	1,005.00 USD_millions	derived: Risk adjustment reduces premium revenue, not incurred medical claims. Formula: sum(upside_2026q4_risk_transfer, upside_2026q4_ceded_other).
Net recognized premiums upside_2026q4_premium	2026Q4 / upside	4,705.00 USD_millions	derived: No duplicate quota-share deduction under deposit accounting. Formula: subtract(upside_2026q4_direct_premiums, upside_2026q4_premium_deductions).
Investment income upside_2026q4_investment_income	2026Q4 / upside	100.00 USD_millions	assumption: Desk assumption; not company guidance.
Other revenue upside_2026q4_other_revenue	2026Q4 / upside	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue upside_2026q4_revenue	2026Q4 / upside	4,811.00 USD_millions	derived: Interest on insurance assets remains revenue but does not establish free parent cash. Formula: sum(upside_2026q4_premium, upside_2026q4_investment_income, upside_2026q4_other_revenue).
Medical cost per member versus reference upside_2026q4_medical_realization	2026Q4 / upside	112.3% ratio	assumption: Desk assumption; not company guidance.
Medical costs upside_2026q4_medical	2026Q4 / upside	4,170.00 USD_millions	derived: Claims independent of risk-transfer accounting and premium price realization. Formula: multiply(q2_medical, upside_2026q4_member_index, upside_2026q4_medical_realization).
Implied medical loss ratio upside_2026q4_mlr	2026Q4 / upside	88.6% ratio	derived: Net-premium denominator includes risk adjustment; not total revenue. Formula: divide(upside_2026q4_medical, upside_2026q4_premium).
SG&A expense upside_2026q4_sga	2026Q4 / upside	805.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating depreciation and amortization upside_2026q4_da	2026Q4 / upside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Medical SG&A and D&A upside_2026q4_operating_cost	2026Q4 / upside	4,982.00 USD_millions	derived: SBC sits within SG&A; no second deduction. Formula: sum(upside_2026q4_medical, upside_2026q4_sga, upside_2026q4_da).
Earnings from operations upside_2026q4_operating_income	2026Q4 / upside	-171.00 USD_millions	derived: Base annual $700M requires H2 losses, not twice H1 earnings. Formula: subtract(upside_2026q4_revenue, upside_2026q4_operating_cost).
SBC cash-flow addback upside_2026q4_sbc	2026Q4 / upside	22.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash premium credit-loss provision upside_2026q4_premium_credit_loss	2026Q4 / upside	22.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus noncash costs upside_2026q4_operating_cash_bridge	2026Q4 / upside	-120.00 USD_millions	derived: No separate reserve-income addback. Formula: sum(upside_2026q4_operating_income, upside_2026q4_sbc, upside_2026q4_da, upside_2026q4_premium_credit_loss).
Corporate cash interest upside_2026q4_cash_interest	2026Q4 / upside	3.70 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes upside_2026q4_cash_tax	2026Q4 / upside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable/reinsurance cash use upside_2026q4_other_working_capital	2026Q4 / upside	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and other working capital uses upside_2026q4_other_operating_cash	2026Q4 / upside	83.70 USD_millions	derived: Cash-tax installments may persist through seasonal losses; no immediate tax benefit assumed. Formula: sum(upside_2026q4_cash_interest, upside_2026q4_cash_tax, upside_2026q4_other_working_capital).
CFO before specified float movements upside_2026q4_timing_neutral_cfo	2026Q4 / upside	-203.70 USD_millions	derived: Analytical CFO component before CMS and claims settlement timing. Formula: subtract(upside_2026q4_operating_cash_bridge, upside_2026q4_other_operating_cash).
Net CMS cash-timing change upside_2026q4_cms_flow	2026Q4 / upside	1,000.00 USD_millions	assumption: Desk net receivable/payable settlement pattern; negative means cash paid. Not a new risk-transfer expense or a forecast of each CMS program.
Benefits-payable cash-timing change upside_2026q4_claims_float	2026Q4 / upside	135.00 USD_millions	assumption: Positive cash from unpaid claims still backs future claim payments.
Consolidated operating cash flow upside_2026q4_cfo	2026Q4 / upside	931.30 USD_millions	derived: Claims and CMS changes affect cash timing, not additional earnings. Formula: sum(upside_2026q4_timing_neutral_cfo, upside_2026q4_cms_flow, upside_2026q4_claims_float).
Cash PP&E and software upside_2026q4_capex	2026Q4 / upside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capex upside_2026q4_cash_after_capex	2026Q4 / upside	918.30 USD_millions	derived: Before capital allocation; insurance float is not owner cash. Formula: subtract(upside_2026q4_cfo, upside_2026q4_capex).
Cash excluding specified float and capex upside_2026q4_timing_neutral_cash	2026Q4 / upside	-216.70 USD_millions	derived: Not a statutory surplus or dividend-capacity estimate. Formula: subtract(upside_2026q4_timing_neutral_cfo, upside_2026q4_capex).
Average member activity upside_2027q1_average_members	2027Q1 / upside	365,000,000.0% ratio	assumption: Desk assumption; not company guidance.
Average member activity / June reference upside_2027q1_member_index	2027Q1 / upside	123.2% ratio	derived: Desk member-month proxy normalized to reported end-period membership. Formula: divide(upside_2027q1_average_members, q2_members).
Premium realization versus reference upside_2027q1_premium_realization	2027Q1 / upside	103.0% ratio	assumption: Desk assumption; not company guidance.
Direct policy premiums upside_2027q1_direct_premiums	2027Q1 / upside	7,190.00 USD_millions	derived: Revenue changes with member activity and price/mix independently. Formula: multiply(q2_direct_premiums, upside_2027q1_member_index, upside_2027q1_premium_realization).
Accrued risk-adjustment transfers upside_2027q1_risk_transfer	2027Q1 / upside	1,210.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-quota ceded premium and runoff allowance upside_2027q1_ceded_other	2027Q1 / upside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Risk adjustment and non-quota reinsurance upside_2027q1_premium_deductions	2027Q1 / upside	1,215.00 USD_millions	derived: Risk adjustment reduces premium revenue, not incurred medical claims. Formula: sum(upside_2027q1_risk_transfer, upside_2027q1_ceded_other).
Net recognized premiums upside_2027q1_premium	2027Q1 / upside	5,975.00 USD_millions	derived: No duplicate quota-share deduction under deposit accounting. Formula: subtract(upside_2027q1_direct_premiums, upside_2027q1_premium_deductions).
Investment income upside_2027q1_investment_income	2027Q1 / upside	104.00 USD_millions	assumption: Desk assumption; not company guidance.
Other revenue upside_2027q1_other_revenue	2027Q1 / upside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue upside_2027q1_revenue	2027Q1 / upside	6,086.00 USD_millions	derived: Interest on insurance assets remains revenue but does not establish free parent cash. Formula: sum(upside_2027q1_premium, upside_2027q1_investment_income, upside_2027q1_other_revenue).
Medical cost per member versus reference upside_2027q1_medical_realization	2027Q1 / upside	94.3% ratio	assumption: Desk assumption; not company guidance.
Medical costs upside_2027q1_medical	2027Q1 / upside	4,410.00 USD_millions	derived: Claims independent of risk-transfer accounting and premium price realization. Formula: multiply(q2_medical, upside_2027q1_member_index, upside_2027q1_medical_realization).
Implied medical loss ratio upside_2027q1_mlr	2027Q1 / upside	73.8% ratio	derived: Net-premium denominator includes risk adjustment; not total revenue. Formula: divide(upside_2027q1_medical, upside_2027q1_premium).
SG&A expense upside_2027q1_sga	2027Q1 / upside	925.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating depreciation and amortization upside_2027q1_da	2027Q1 / upside	7.50 USD_millions	assumption: Desk assumption; not company guidance.
Medical SG&A and D&A upside_2027q1_operating_cost	2027Q1 / upside	5,342.50 USD_millions	derived: SBC sits within SG&A; no second deduction. Formula: sum(upside_2027q1_medical, upside_2027q1_sga, upside_2027q1_da).
Earnings from operations upside_2027q1_operating_income	2027Q1 / upside	743.50 USD_millions	derived: Base annual $700M requires H2 losses, not twice H1 earnings. Formula: subtract(upside_2027q1_revenue, upside_2027q1_operating_cost).
SBC cash-flow addback upside_2027q1_sbc	2027Q1 / upside	24.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash premium credit-loss provision upside_2027q1_premium_credit_loss	2027Q1 / upside	24.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus noncash costs upside_2027q1_operating_cash_bridge	2027Q1 / upside	799.00 USD_millions	derived: No separate reserve-income addback. Formula: sum(upside_2027q1_operating_income, upside_2027q1_sbc, upside_2027q1_da, upside_2027q1_premium_credit_loss).
Corporate cash interest upside_2027q1_cash_interest	2027Q1 / upside	3.70 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes upside_2027q1_cash_tax	2027Q1 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable/reinsurance cash use upside_2027q1_other_working_capital	2027Q1 / upside	75.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and other working capital uses upside_2027q1_other_operating_cash	2027Q1 / upside	90.70 USD_millions	derived: Cash-tax installments may persist through seasonal losses; no immediate tax benefit assumed. Formula: sum(upside_2027q1_cash_interest, upside_2027q1_cash_tax, upside_2027q1_other_working_capital).
CFO before specified float movements upside_2027q1_timing_neutral_cfo	2027Q1 / upside	708.30 USD_millions	derived: Analytical CFO component before CMS and claims settlement timing. Formula: subtract(upside_2027q1_operating_cash_bridge, upside_2027q1_other_operating_cash).
Net CMS cash-timing change upside_2027q1_cms_flow	2027Q1 / upside	1,600.00 USD_millions	assumption: Desk net receivable/payable settlement pattern; negative means cash paid. Not a new risk-transfer expense or a forecast of each CMS program.
Benefits-payable cash-timing change upside_2027q1_claims_float	2027Q1 / upside	150.00 USD_millions	assumption: Positive cash from unpaid claims still backs future claim payments.
Consolidated operating cash flow upside_2027q1_cfo	2027Q1 / upside	2,458.30 USD_millions	derived: Claims and CMS changes affect cash timing, not additional earnings. Formula: sum(upside_2027q1_timing_neutral_cfo, upside_2027q1_cms_flow, upside_2027q1_claims_float).
Cash PP&E and software upside_2027q1_capex	2027Q1 / upside	14.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capex upside_2027q1_cash_after_capex	2027Q1 / upside	2,444.30 USD_millions	derived: Before capital allocation; insurance float is not owner cash. Formula: subtract(upside_2027q1_cfo, upside_2027q1_capex).
Cash excluding specified float and capex upside_2027q1_timing_neutral_cash	2027Q1 / upside	694.30 USD_millions	derived: Not a statutory surplus or dividend-capacity estimate. Formula: subtract(upside_2027q1_timing_neutral_cfo, upside_2027q1_capex).
Average member activity upside_2027q2_average_members	2027Q2 / upside	356,000,000.0% ratio	assumption: Desk assumption; not company guidance.
Average member activity / June reference upside_2027q2_member_index	2027Q2 / upside	120.1% ratio	derived: Desk member-month proxy normalized to reported end-period membership. Formula: divide(upside_2027q2_average_members, q2_members).
Premium realization versus reference upside_2027q2_premium_realization	2027Q2 / upside	104.0% ratio	assumption: Desk assumption; not company guidance.
Direct policy premiums upside_2027q2_direct_premiums	2027Q2 / upside	7,080.00 USD_millions	derived: Revenue changes with member activity and price/mix independently. Formula: multiply(q2_direct_premiums, upside_2027q2_member_index, upside_2027q2_premium_realization).
Accrued risk-adjustment transfers upside_2027q2_risk_transfer	2027Q2 / upside	1,190.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-quota ceded premium and runoff allowance upside_2027q2_ceded_other	2027Q2 / upside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Risk adjustment and non-quota reinsurance upside_2027q2_premium_deductions	2027Q2 / upside	1,195.00 USD_millions	derived: Risk adjustment reduces premium revenue, not incurred medical claims. Formula: sum(upside_2027q2_risk_transfer, upside_2027q2_ceded_other).
Net recognized premiums upside_2027q2_premium	2027Q2 / upside	5,885.00 USD_millions	derived: No duplicate quota-share deduction under deposit accounting. Formula: subtract(upside_2027q2_direct_premiums, upside_2027q2_premium_deductions).
Investment income upside_2027q2_investment_income	2027Q2 / upside	108.00 USD_millions	assumption: Desk assumption; not company guidance.
Other revenue upside_2027q2_other_revenue	2027Q2 / upside	7.50 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue upside_2027q2_revenue	2027Q2 / upside	6,000.50 USD_millions	derived: Interest on insurance assets remains revenue but does not establish free parent cash. Formula: sum(upside_2027q2_premium, upside_2027q2_investment_income, upside_2027q2_other_revenue).
Medical cost per member versus reference upside_2027q2_medical_realization	2027Q2 / upside	100.2% ratio	assumption: Desk assumption; not company guidance.
Medical costs upside_2027q2_medical	2027Q2 / upside	4,570.00 USD_millions	derived: Claims independent of risk-transfer accounting and premium price realization. Formula: multiply(q2_medical, upside_2027q2_member_index, upside_2027q2_medical_realization).
Implied medical loss ratio upside_2027q2_mlr	2027Q2 / upside	77.7% ratio	derived: Net-premium denominator includes risk adjustment; not total revenue. Formula: divide(upside_2027q2_medical, upside_2027q2_premium).
SG&A expense upside_2027q2_sga	2027Q2 / upside	930.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating depreciation and amortization upside_2027q2_da	2027Q2 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Medical SG&A and D&A upside_2027q2_operating_cost	2027Q2 / upside	5,508.00 USD_millions	derived: SBC sits within SG&A; no second deduction. Formula: sum(upside_2027q2_medical, upside_2027q2_sga, upside_2027q2_da).
Earnings from operations upside_2027q2_operating_income	2027Q2 / upside	492.50 USD_millions	derived: Base annual $700M requires H2 losses, not twice H1 earnings. Formula: subtract(upside_2027q2_revenue, upside_2027q2_operating_cost).
SBC cash-flow addback upside_2027q2_sbc	2027Q2 / upside	26.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash premium credit-loss provision upside_2027q2_premium_credit_loss	2027Q2 / upside	26.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus noncash costs upside_2027q2_operating_cash_bridge	2027Q2 / upside	552.50 USD_millions	derived: No separate reserve-income addback. Formula: sum(upside_2027q2_operating_income, upside_2027q2_sbc, upside_2027q2_da, upside_2027q2_premium_credit_loss).
Corporate cash interest upside_2027q2_cash_interest	2027Q2 / upside	3.70 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes upside_2027q2_cash_tax	2027Q2 / upside	14.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable/reinsurance cash use upside_2027q2_other_working_capital	2027Q2 / upside	80.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and other working capital uses upside_2027q2_other_operating_cash	2027Q2 / upside	97.70 USD_millions	derived: Cash-tax installments may persist through seasonal losses; no immediate tax benefit assumed. Formula: sum(upside_2027q2_cash_interest, upside_2027q2_cash_tax, upside_2027q2_other_working_capital).
CFO before specified float movements upside_2027q2_timing_neutral_cfo	2027Q2 / upside	454.80 USD_millions	derived: Analytical CFO component before CMS and claims settlement timing. Formula: subtract(upside_2027q2_operating_cash_bridge, upside_2027q2_other_operating_cash).
Net CMS cash-timing change upside_2027q2_cms_flow	2027Q2 / upside	1,300.00 USD_millions	assumption: Desk net receivable/payable settlement pattern; negative means cash paid. Not a new risk-transfer expense or a forecast of each CMS program.
Benefits-payable cash-timing change upside_2027q2_claims_float	2027Q2 / upside	165.00 USD_millions	assumption: Positive cash from unpaid claims still backs future claim payments.
Consolidated operating cash flow upside_2027q2_cfo	2027Q2 / upside	1,919.80 USD_millions	derived: Claims and CMS changes affect cash timing, not additional earnings. Formula: sum(upside_2027q2_timing_neutral_cfo, upside_2027q2_cms_flow, upside_2027q2_claims_float).
Cash PP&E and software upside_2027q2_capex	2027Q2 / upside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capex upside_2027q2_cash_after_capex	2027Q2 / upside	1,904.80 USD_millions	derived: Before capital allocation; insurance float is not owner cash. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex).
Cash excluding specified float and capex upside_2027q2_timing_neutral_cash	2027Q2 / upside	439.80 USD_millions	derived: Not a statutory surplus or dividend-capacity estimate. Formula: subtract(upside_2027q2_timing_neutral_cfo, upside_2027q2_capex).
Average member activity upside_2027q3_average_members	2027Q3 / upside	345,000,000.0% ratio	assumption: Desk assumption; not company guidance.
Average member activity / June reference upside_2027q3_member_index	2027Q3 / upside	116.4% ratio	derived: Desk member-month proxy normalized to reported end-period membership. Formula: divide(upside_2027q3_average_members, q2_members).
Premium realization versus reference upside_2027q3_premium_realization	2027Q3 / upside	105.3% ratio	assumption: Desk assumption; not company guidance.
Direct policy premiums upside_2027q3_direct_premiums	2027Q3 / upside	6,950.00 USD_millions	derived: Revenue changes with member activity and price/mix independently. Formula: multiply(q2_direct_premiums, upside_2027q3_member_index, upside_2027q3_premium_realization).
Accrued risk-adjustment transfers upside_2027q3_risk_transfer	2027Q3 / upside	1,150.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-quota ceded premium and runoff allowance upside_2027q3_ceded_other	2027Q3 / upside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Risk adjustment and non-quota reinsurance upside_2027q3_premium_deductions	2027Q3 / upside	1,155.00 USD_millions	derived: Risk adjustment reduces premium revenue, not incurred medical claims. Formula: sum(upside_2027q3_risk_transfer, upside_2027q3_ceded_other).
Net recognized premiums upside_2027q3_premium	2027Q3 / upside	5,795.00 USD_millions	derived: No duplicate quota-share deduction under deposit accounting. Formula: subtract(upside_2027q3_direct_premiums, upside_2027q3_premium_deductions).
Investment income upside_2027q3_investment_income	2027Q3 / upside	112.00 USD_millions	assumption: Desk assumption; not company guidance.
Other revenue upside_2027q3_other_revenue	2027Q3 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue upside_2027q3_revenue	2027Q3 / upside	5,915.00 USD_millions	derived: Interest on insurance assets remains revenue but does not establish free parent cash. Formula: sum(upside_2027q3_premium, upside_2027q3_investment_income, upside_2027q3_other_revenue).
Medical cost per member versus reference upside_2027q3_medical_realization	2027Q3 / upside	107.7% ratio	assumption: Desk assumption; not company guidance.
Medical costs upside_2027q3_medical	2027Q3 / upside	4,760.00 USD_millions	derived: Claims independent of risk-transfer accounting and premium price realization. Formula: multiply(q2_medical, upside_2027q3_member_index, upside_2027q3_medical_realization).
Implied medical loss ratio upside_2027q3_mlr	2027Q3 / upside	82.1% ratio	derived: Net-premium denominator includes risk adjustment; not total revenue. Formula: divide(upside_2027q3_medical, upside_2027q3_premium).
SG&A expense upside_2027q3_sga	2027Q3 / upside	945.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating depreciation and amortization upside_2027q3_da	2027Q3 / upside	8.50 USD_millions	assumption: Desk assumption; not company guidance.
Medical SG&A and D&A upside_2027q3_operating_cost	2027Q3 / upside	5,713.50 USD_millions	derived: SBC sits within SG&A; no second deduction. Formula: sum(upside_2027q3_medical, upside_2027q3_sga, upside_2027q3_da).
Earnings from operations upside_2027q3_operating_income	2027Q3 / upside	201.50 USD_millions	derived: Base annual $700M requires H2 losses, not twice H1 earnings. Formula: subtract(upside_2027q3_revenue, upside_2027q3_operating_cost).
SBC cash-flow addback upside_2027q3_sbc	2027Q3 / upside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash premium credit-loss provision upside_2027q3_premium_credit_loss	2027Q3 / upside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus noncash costs upside_2027q3_operating_cash_bridge	2027Q3 / upside	266.00 USD_millions	derived: No separate reserve-income addback. Formula: sum(upside_2027q3_operating_income, upside_2027q3_sbc, upside_2027q3_da, upside_2027q3_premium_credit_loss).
Corporate cash interest upside_2027q3_cash_interest	2027Q3 / upside	3.70 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes upside_2027q3_cash_tax	2027Q3 / upside	16.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable/reinsurance cash use upside_2027q3_other_working_capital	2027Q3 / upside	85.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and other working capital uses upside_2027q3_other_operating_cash	2027Q3 / upside	104.70 USD_millions	derived: Cash-tax installments may persist through seasonal losses; no immediate tax benefit assumed. Formula: sum(upside_2027q3_cash_interest, upside_2027q3_cash_tax, upside_2027q3_other_working_capital).
CFO before specified float movements upside_2027q3_timing_neutral_cfo	2027Q3 / upside	161.30 USD_millions	derived: Analytical CFO component before CMS and claims settlement timing. Formula: subtract(upside_2027q3_operating_cash_bridge, upside_2027q3_other_operating_cash).
Net CMS cash-timing change upside_2027q3_cms_flow	2027Q3 / upside	-3,400.00 USD_millions	assumption: Desk net receivable/payable settlement pattern; negative means cash paid. Not a new risk-transfer expense or a forecast of each CMS program.
Benefits-payable cash-timing change upside_2027q3_claims_float	2027Q3 / upside	180.00 USD_millions	assumption: Positive cash from unpaid claims still backs future claim payments.
Consolidated operating cash flow upside_2027q3_cfo	2027Q3 / upside	-3,058.70 USD_millions	derived: Claims and CMS changes affect cash timing, not additional earnings. Formula: sum(upside_2027q3_timing_neutral_cfo, upside_2027q3_cms_flow, upside_2027q3_claims_float).
Cash PP&E and software upside_2027q3_capex	2027Q3 / upside	16.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capex upside_2027q3_cash_after_capex	2027Q3 / upside	-3,074.70 USD_millions	derived: Before capital allocation; insurance float is not owner cash. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex).
Cash excluding specified float and capex upside_2027q3_timing_neutral_cash	2027Q3 / upside	145.30 USD_millions	derived: Not a statutory surplus or dividend-capacity estimate. Formula: subtract(upside_2027q3_timing_neutral_cfo, upside_2027q3_capex).
Average member activity upside_2027q4_average_members	2027Q4 / upside	334,000,000.0% ratio	assumption: Desk assumption; not company guidance.
Average member activity / June reference upside_2027q4_member_index	2027Q4 / upside	112.7% ratio	derived: Desk member-month proxy normalized to reported end-period membership. Formula: divide(upside_2027q4_average_members, q2_members).
Premium realization versus reference upside_2027q4_premium_realization	2027Q4 / upside	107.2% ratio	assumption: Desk assumption; not company guidance.
Direct policy premiums upside_2027q4_direct_premiums	2027Q4 / upside	6,850.00 USD_millions	derived: Revenue changes with member activity and price/mix independently. Formula: multiply(q2_direct_premiums, upside_2027q4_member_index, upside_2027q4_premium_realization).
Accrued risk-adjustment transfers upside_2027q4_risk_transfer	2027Q4 / upside	1,120.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-quota ceded premium and runoff allowance upside_2027q4_ceded_other	2027Q4 / upside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Risk adjustment and non-quota reinsurance upside_2027q4_premium_deductions	2027Q4 / upside	1,125.00 USD_millions	derived: Risk adjustment reduces premium revenue, not incurred medical claims. Formula: sum(upside_2027q4_risk_transfer, upside_2027q4_ceded_other).
Net recognized premiums upside_2027q4_premium	2027Q4 / upside	5,725.00 USD_millions	derived: No duplicate quota-share deduction under deposit accounting. Formula: subtract(upside_2027q4_direct_premiums, upside_2027q4_premium_deductions).
Investment income upside_2027q4_investment_income	2027Q4 / upside	116.00 USD_millions	assumption: Desk assumption; not company guidance.
Other revenue upside_2027q4_other_revenue	2027Q4 / upside	8.50 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue upside_2027q4_revenue	2027Q4 / upside	5,849.50 USD_millions	derived: Interest on insurance assets remains revenue but does not establish free parent cash. Formula: sum(upside_2027q4_premium, upside_2027q4_investment_income, upside_2027q4_other_revenue).
Medical cost per member versus reference upside_2027q4_medical_realization	2027Q4 / upside	114.6% ratio	assumption: Desk assumption; not company guidance.
Medical costs upside_2027q4_medical	2027Q4 / upside	4,900.00 USD_millions	derived: Claims independent of risk-transfer accounting and premium price realization. Formula: multiply(q2_medical, upside_2027q4_member_index, upside_2027q4_medical_realization).
Implied medical loss ratio upside_2027q4_mlr	2027Q4 / upside	85.6% ratio	derived: Net-premium denominator includes risk adjustment; not total revenue. Formula: divide(upside_2027q4_medical, upside_2027q4_premium).
SG&A expense upside_2027q4_sga	2027Q4 / upside	950.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating depreciation and amortization upside_2027q4_da	2027Q4 / upside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Medical SG&A and D&A upside_2027q4_operating_cost	2027Q4 / upside	5,859.00 USD_millions	derived: SBC sits within SG&A; no second deduction. Formula: sum(upside_2027q4_medical, upside_2027q4_sga, upside_2027q4_da).
Earnings from operations upside_2027q4_operating_income	2027Q4 / upside	-9.50 USD_millions	derived: Base annual $700M requires H2 losses, not twice H1 earnings. Formula: subtract(upside_2027q4_revenue, upside_2027q4_operating_cost).
SBC cash-flow addback upside_2027q4_sbc	2027Q4 / upside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash premium credit-loss provision upside_2027q4_premium_credit_loss	2027Q4 / upside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus noncash costs upside_2027q4_operating_cash_bridge	2027Q4 / upside	59.50 USD_millions	derived: No separate reserve-income addback. Formula: sum(upside_2027q4_operating_income, upside_2027q4_sbc, upside_2027q4_da, upside_2027q4_premium_credit_loss).
Corporate cash interest upside_2027q4_cash_interest	2027Q4 / upside	3.70 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes upside_2027q4_cash_tax	2027Q4 / upside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable/reinsurance cash use upside_2027q4_other_working_capital	2027Q4 / upside	90.00 USD_millions	assumption: Desk assumption; not company guidance.
Interest tax and other working capital uses upside_2027q4_other_operating_cash	2027Q4 / upside	111.70 USD_millions	derived: Cash-tax installments may persist through seasonal losses; no immediate tax benefit assumed. Formula: sum(upside_2027q4_cash_interest, upside_2027q4_cash_tax, upside_2027q4_other_working_capital).
CFO before specified float movements upside_2027q4_timing_neutral_cfo	2027Q4 / upside	-52.20 USD_millions	derived: Analytical CFO component before CMS and claims settlement timing. Formula: subtract(upside_2027q4_operating_cash_bridge, upside_2027q4_other_operating_cash).
Net CMS cash-timing change upside_2027q4_cms_flow	2027Q4 / upside	1,200.00 USD_millions	assumption: Desk net receivable/payable settlement pattern; negative means cash paid. Not a new risk-transfer expense or a forecast of each CMS program.
Benefits-payable cash-timing change upside_2027q4_claims_float	2027Q4 / upside	195.00 USD_millions	assumption: Positive cash from unpaid claims still backs future claim payments.
Consolidated operating cash flow upside_2027q4_cfo	2027Q4 / upside	1,342.80 USD_millions	derived: Claims and CMS changes affect cash timing, not additional earnings. Formula: sum(upside_2027q4_timing_neutral_cfo, upside_2027q4_cms_flow, upside_2027q4_claims_float).
Cash PP&E and software upside_2027q4_capex	2027Q4 / upside	17.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less cash capex upside_2027q4_cash_after_capex	2027Q4 / upside	1,325.80 USD_millions	derived: Before capital allocation; insurance float is not owner cash. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex).
Cash excluding specified float and capex upside_2027q4_timing_neutral_cash	2027Q4 / upside	-69.20 USD_millions	derived: Not a statutory surplus or dividend-capacity estimate. Formula: subtract(upside_2027q4_timing_neutral_cfo, upside_2027q4_capex).
Total revenue ($M) upside_fy2026_revenue	FY2026 / upside	19,343.41 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2026q3_revenue, upside_2026q4_revenue).
Net premium revenue ($M) upside_fy2026_premium	FY2026 / upside	18,980.19 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_premium, upside_2026q3_premium, upside_2026q4_premium).
Medical expense ($M) upside_fy2026_medical	FY2026 / upside	15,194.30 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_medical, upside_2026q3_medical, upside_2026q4_medical).
Selling general and administrative expense ($M) upside_fy2026_sga	FY2026 / upside	2,992.31 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_sga, upside_2026q3_sga, upside_2026q4_sga).
Earnings from operations ($M) upside_fy2026_operating_income	FY2026 / upside	1,129.72 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2026q3_operating_income, upside_2026q4_operating_income).
Consolidated operating cash flow ($M) upside_fy2026_cfo	FY2026 / upside	3,570.93 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2026q3_cfo, upside_2026q4_cfo).
Net CMS cash-timing inflow ($M) upside_fy2026_cms_flow	FY2026 / upside	1,820.47 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cms_flow, upside_2026q3_cms_flow, upside_2026q4_cms_flow).
Benefits-payable cash-timing inflow ($M) upside_fy2026_claims_float	FY2026 / upside	828.05 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_claims_float, upside_2026q3_claims_float, upside_2026q4_claims_float).
CFO excluding CMS and claims float changes ($M) upside_fy2026_timing_neutral_cfo	FY2026 / upside	922.40 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_timing_neutral_cfo, upside_2026q3_timing_neutral_cfo, upside_2026q4_timing_neutral_cfo).
Cash PP&E and software ($M) upside_fy2026_capex	FY2026 / upside	45.56 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2026q3_capex, upside_2026q4_capex).
CFO less cash capex ($M) upside_fy2026_cash_after_capex	FY2026 / upside	3,525.37 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_capex, upside_2026q3_cash_after_capex, upside_2026q4_cash_after_capex).
Cash excluding specified float changes and capex ($M) upside_fy2026_timing_neutral_cash	FY2026 / upside	876.85 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_timing_neutral_cash, upside_2026q3_timing_neutral_cash, upside_2026q4_timing_neutral_cash).
Total revenue ($M) upside_fy2027_revenue	FY2027 / upside	23,851.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue).
Net premium revenue ($M) upside_fy2027_premium	FY2027 / upside	23,380.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_premium, upside_2027q2_premium, upside_2027q3_premium, upside_2027q4_premium).
Medical expense ($M) upside_fy2027_medical	FY2027 / upside	18,640.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_medical, upside_2027q2_medical, upside_2027q3_medical, upside_2027q4_medical).
Selling general and administrative expense ($M) upside_fy2027_sga	FY2027 / upside	3,750.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_sga, upside_2027q2_sga, upside_2027q3_sga, upside_2027q4_sga).
Earnings from operations ($M) upside_fy2027_operating_income	FY2027 / upside	1,428.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income).
Consolidated operating cash flow ($M) upside_fy2027_cfo	FY2027 / upside	2,662.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo).
Net CMS cash-timing inflow ($M) upside_fy2027_cms_flow	FY2027 / upside	700.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cms_flow, upside_2027q2_cms_flow, upside_2027q3_cms_flow, upside_2027q4_cms_flow).
Benefits-payable cash-timing inflow ($M) upside_fy2027_claims_float	FY2027 / upside	690.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_claims_float, upside_2027q2_claims_float, upside_2027q3_claims_float, upside_2027q4_claims_float).
CFO excluding CMS and claims float changes ($M) upside_fy2027_timing_neutral_cfo	FY2027 / upside	1,272.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_timing_neutral_cfo, upside_2027q2_timing_neutral_cfo, upside_2027q3_timing_neutral_cfo, upside_2027q4_timing_neutral_cfo).
Cash PP&E and software ($M) upside_fy2027_capex	FY2027 / upside	62.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex).
CFO less cash capex ($M) upside_fy2027_cash_after_capex	FY2027 / upside	2,600.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_capex, upside_2027q2_cash_after_capex, upside_2027q3_cash_after_capex, upside_2027q4_cash_after_capex).
Cash excluding specified float changes and capex ($M) upside_fy2027_timing_neutral_cash	FY2027 / upside	1,210.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_timing_neutral_cash, upside_2027q2_timing_neutral_cash, upside_2027q3_timing_neutral_cash, upside_2027q4_timing_neutral_cash).
FY2026 medical loss ratio upside_fy2026_mlr	FY2026 / upside	80.1% ratio	derived: Annual medical expense divided by annual net premiums, never a sum of quarterly ratios. Formula: divide(upside_fy2026_medical, upside_fy2026_premium).
H2 operating earnings requirement upside_h2_operating	H2 2026 / upside	37.00 USD_millions	derived: Remaining-year seasonal earnings requirement. Formula: sum(upside_2026q3_operating_income, upside_2026q4_operating_income).

Model boundaries

The September 16 Investor Day update supersedes August profit/MLR guidance: operating earnings $600-800M and MLR 81-82%. Revenue $18.7-19.0B and SG&A ratio 15.6-16.1% were reaffirmed.
June effectuated members are an end-period metric, not average member months. The model uses an explicitly assumed average-member activity ratio and calibrated premium/cost realization; it is not a reported actuarial enrollment forecast.
MLR divides medical costs by net premiums before quota-share cession. The forecast retains risk adjustment in that denominator and models non-quota ceded premium separately. It does not deduct deposit-accounted quota-share premiums from GAAP revenue a second time.
H1 profitability is seasonal and cannot be doubled. Midpoint annual operating profit requires a combined H2 operating loss after $1.093B H1 earnings. Forward medical costs are independently budgeted to that seasonal requirement.
CMS risk-adjustment estimates are revised as market data arrives. The model does not forecast each state risk pool, policy change, subsidy regime or settlement cohort. CMS cash-flow assumptions cover net receivables/payables, not only the income-statement risk-transfer line.
Insurance cash and investments back liabilities and statutory capital. Removing net CMS/benefits-payable changes is a timing comparison, not a statutory dividend test or available parent cash calculation.
June parent/noninsurance cash and investments were $462.3M including $9.6M restricted. H1 $300M subsidiary distributions were followed by $425.5M capital contributions, including funding a new Florida insurer. Intragroup transfers are not additional consolidated CFO.
The $35M 2031 note was holder-convertible during Q3 under the disclosed price condition; cash/equity settlement is not forecast. No maturity principal is assumed within the horizon, but optional conversion, award withholding, acquisition/earn-out cash and financing claims remain outside displayed cash measures.
No EPS, diluted valuation, full claims-reserve model or parent liquidity roll-forward. All FY2027 operating and CMS-timing assumptions are desk scenarios.

Underwriting seasonality and the cash owed to CMS

Research reviewed 2026-09-19

Can premium pricing cover medical risk while preserving capital after large settlement obligations?

H1 revenue was $9.527B and operating earnings $1.093B. September 16 guidance raised full-year operating earnings to $600-800M and lowered MLR to 81-82%, while reaffirming revenue $18.7-19.0B. The $700M base operating outcome therefore requires H2 losses of $392.7M. June CMS payables were $6.095B and benefits payable $1.898B. H1 CFO $4.711B included $3.320B net CMS inflow after receivables and $443.1M benefits-payable growth. Removing those movements and $20.6M capex leaves an analytical $927.2M, which is still not distributable parent cash. Parent/noninsurance cash and investments were $462.3M including $9.6M restricted. Insurance capital and surplus were about $1.9B, with estimated $994M above minimum requirements. H1 subsidiary distributions $300M were accompanied by $425.5M parent capital contributions.

The competing explanation

Risk-transfer estimates can reduce premium revenue without reducing the healthcare already provided. Seasonal medical costs, CMS payments and statutory capital needs can absorb much of apparent cash generation.

Risks to track

Risk-adjustment estimates can change materially with market data.
Medical utilization and cost trends may exceed pricing.
Membership retention and public-policy changes affect mix and affordability.
Large CMS and claims settlements limit interpretation of cash balances.
Subsidiary capital cannot automatically be distributed to shareholders.

Next checkpoints

Updated annual outcome · Q3 results; date unconfirmed (estimated). Test September guidance against H2 medical seasonality and revised risk adjustment.
CMS settlement · Subsequent cash-flow and balance-sheet filings (estimated). Separate accrued transfers from actual receivable/payable cash settlements.
Parent capital access · Quarterly capital disclosures (estimated). Track approved distributions, contributions and remaining note conversion rights.

Data coverage and open work

The September 16 Investor Day update supersedes August profit/MLR guidance: operating earnings $600-800M and MLR 81-82%. Revenue $18.7-19.0B and SG&A ratio 15.6-16.1% were reaffirmed.
June effectuated members are an end-period metric, not average member months. The model uses an explicitly assumed average-member activity ratio and calibrated premium/cost realization; it is not a reported actuarial enrollment forecast.
MLR divides medical costs by net premiums before quota-share cession. The forecast retains risk adjustment in that denominator and models non-quota ceded premium separately. It does not deduct deposit-accounted quota-share premiums from GAAP revenue a second time.
H1 profitability is seasonal and cannot be doubled. Midpoint annual operating profit requires a combined H2 operating loss after $1.093B H1 earnings. Forward medical costs are independently budgeted to that seasonal requirement.
CMS risk-adjustment estimates are revised as market data arrives. The model does not forecast each state risk pool, policy change, subsidy regime or settlement cohort. CMS cash-flow assumptions cover net receivables/payables, not only the income-statement risk-transfer line.
Insurance cash and investments back liabilities and statutory capital. Removing net CMS/benefits-payable changes is a timing comparison, not a statutory dividend test or available parent cash calculation.
June parent/noninsurance cash and investments were $462.3M including $9.6M restricted. H1 $300M subsidiary distributions were followed by $425.5M capital contributions, including funding a new Florida insurer. Intragroup transfers are not additional consolidated CFO.
The $35M 2031 note was holder-convertible during Q3 under the disclosed price condition; cash/equity settlement is not forecast. No maturity principal is assumed within the horizon, but optional conversion, award withholding, acquisition/earn-out cash and financing claims remain outside displayed cash measures.
No EPS, diluted valuation, full claims-reserve model or parent liquidity roll-forward. All FY2027 operating and CMS-timing assumptions are desk scenarios.

This review: Added September guidance, member/medical drivers and explicit CMS/claims-float cash comparison.

What the memory says

State as of the 2026-09-18 close: in a 120-day uptrend, above its 200-day, near the 52-week high, with overhead supply, ordinary volume, closed weak, and some peers moving

300 similar days

Vs the market, in points	Low	Middle	High	Share up
1 session	-1.9	+0.1	+2.5	52%
5 sessions	-4.7	+0.1	+5.7	52%
10 sessions	-7.6	-0.2	+7.4	48%

Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.

Notes on this name

No published notes on this name yet.

Scorecard: 0 notes scored

Next report: 2026-11-05 (source: estimated from 10-Q filed 2026-08-07 plus 90 days)

Provenance

[1] reported: Revenues, accession 0001568651-25-000037, 10-Q filed 2025-11-06; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[2] derived: Revenues, accession 0001568651-26-000011, 10-K filed 2026-02-13; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[3] reported: Revenues, accession 0001568651-26-000040, 10-Q filed 2026-05-07; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[4] reported: Revenues, accession 0001568651-26-000069, 10-Q filed 2026-08-07; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[5] reported: OperatingIncomeLoss, accession 0001568651-25-000037, 10-Q filed 2025-11-06; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[6] derived: OperatingIncomeLoss, accession 0001568651-26-000011, 10-K filed 2026-02-13; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[7] reported: OperatingIncomeLoss, accession 0001568651-26-000040, 10-Q filed 2026-05-07; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[8] reported: OperatingIncomeLoss, accession 0001568651-26-000069, 10-Q filed 2026-08-07; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[9] reported: NetIncomeLoss, accession 0001568651-25-000037, 10-Q filed 2025-11-06; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[10] derived: NetIncomeLoss, accession 0001568651-26-000011, 10-K filed 2026-02-13; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[11] reported: NetIncomeLoss, accession 0001568651-26-000040, 10-Q filed 2026-05-07; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[12] reported: NetIncomeLoss, accession 0001568651-26-000069, 10-Q filed 2026-08-07; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[13] reported: EarningsPerShareDiluted, accession 0001568651-25-000037, 10-Q filed 2025-11-06; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[14] reported: EarningsPerShareDiluted, accession 0001568651-26-000040, 10-Q filed 2026-05-07; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[15] reported: EarningsPerShareDiluted, accession 0001568651-26-000069, 10-Q filed 2026-08-07; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[16] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001568651-25-000037, 10-Q filed 2025-11-06; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[17] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001568651-26-000040, 10-Q filed 2026-05-07; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[18] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001568651-26-000069, 10-Q filed 2026-08-07; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[19] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001568651-25-000037, 10-Q filed 2025-11-06; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[20] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001568651-26-000011, 10-K filed 2026-02-13; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[21] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001568651-26-000040, 10-Q filed 2026-05-07; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[22] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001568651-26-000069, 10-Q filed 2026-08-07; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[23] reported: LongTermDebtNoncurrent, accession 0001568651-24-000032, 10-Q filed 2024-11-07; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[24] reported: LongTermDebtNoncurrent, accession 0001568651-26-000011, 10-K filed 2026-02-13; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[25] reported: LongTermDebtNoncurrent, accession 0001568651-25-000015, 10-Q filed 2025-05-08; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[26] reported: LongTermDebtNoncurrent, accession 0001568651-25-000025, 10-Q filed 2025-08-07; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[27] reported: LongTermDebtNoncurrent, accession 0001568651-25-000037, 10-Q filed 2025-11-06; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[28] reported: LongTermDebtNoncurrent, accession 0001568651-26-000069, 10-Q filed 2026-08-07; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[29] reported: LongTermDebtNoncurrent, accession 0001568651-26-000040, 10-Q filed 2026-05-07; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[30] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001568651-25-000037, 10-Q filed 2025-11-06; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[31] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001568651-26-000011, 10-K filed 2026-02-13; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[32] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001568651-26-000040, 10-Q filed 2026-05-07; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json
[33] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001568651-26-000069, 10-Q filed 2026-08-07; retrieved 2026-09-19T23:49:22+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001568651.json

What the author read

Q2 financials, CMS liabilities and statutory/parent capital · retrieved 2026-09-19
Q2 membership and operating metrics · retrieved 2026-09-19
September 16 raised operating-income and MLR outlook · retrieved 2026-09-19

Compiled 2026-09-19T23:49:22.800708+00:00 · authored 72bb752435d4 · generated 427df6dc1a90 · JSON

Daily notes · Scorecard