Josh Raskin

Could you provide an update related to the exchange business on your risk adjustment accruals? It just looked like revenue jumped in 2Q on a PMPM basis by a decent amount

What percentage of your select segment actually takes stop-loss with the ASO versus a full-risk solution

are there any potential adjustments to the purchase price based on revenues, membership, MLR, and maybe a comment on the strong membership to start 2025

Could you just give a little more specifics on your actual segment margins that are in implied in the 2026 guidance

walk us through your capital position, sort of the amount of capital that you think you'll be adding to your subsidiaries in the second half

I didn't hear a commentary around the long-term embedded or earnings. I think you've talked about three to four dollars in the past

maybe you could speak to your expectations around total exchange market growth when all is said and done in 2025

Maybe if you could just sort of delineate how much of the 125 bps next year is trend running above reimbursement? How much of that is the adverse selection continuing

what could be done differently in the future. We've spoken about the potential for risk pool changes, both in the ACA exchanges and on the Medicaid side

how important is the lifetime value of the member and the opportunity to penetrate that member with additional, say, Carelon services

Just within the 2025 guidance, can you speak to your expectation for commercial trend and what you priced for

can you speak to your technology agenda and where you think the greatest opportunities are for HCA and specifically interested in areas where you think AI can help

We've seen the ratio of EBITDA that converts to free cash flow sort of move from the 30% range into the 40s. And I think this year, you're on track to almost 50%

Could you provide just a little bit more color on maybe surgery volumes, both on the inpatient and outpatient side?

I was looking if you could speak to your technology agenda, maybe specifically some investments that you think differentiate HCA on the clinical care side

Could you speak a little bit more to the ASC performance in the quarter? Maybe more specifics on rate versus volume underneath that 5% to 6% revenue growth

is there anything you've seen that changes your view the ultimate margin profile of this now larger book of business

is this long-term value member as the North Star a strategic shift for the organization?

I want to confirm that's incremental spend that is in addition to the couple of hundred from 1Q. And then I'm curious why not invest more

Could you provide an overview of the integration strategies you have between the insurance segment and CenterWell?

You spoke to a few hundred million of investments that are sort of offsetting the underlying earnings growth in 2025. Can you just give some details

an updated view on where you think margins can trend in the next few years, sort of think about prepandemic levels versus the progress you guys have made since the pandemic?

when you're negotiating with managed care companies, if you're seeing that revenue number, I think the core acute number of 5% that you guys are throwing out, if you're seeing numbers in that ballp...

are those internal investments? Or are you using external vendors more often now?

Are you seeing any differences in demand by acuity sort of demand for specific services

think we're at the bottom of the MA cycle now? Should we expect MA margins to improve not just what you mentioned in '26, but in 2027?

I was wondering if you could just give us a more updated view or a more specific view on the sub businesses in Optum Health

Can you help us connect the higher incidence of primary care visits and the Optum Health pressure?