Justin Lake

I wanted to focus on Evernorth and specifically on the reported noncontrolling interest in the quarter of $226 million

it certainly seems like you don't expect the business transition associated with the FTC settlement and the legislation to be a headwind to earnings, but wanted to confirm

any color you can share with us in terms of the magnitude of that 2026 decline? Is it low single digits, mid-single digits

I wanted to ask about your views on the impact of more sophisticated hospital billing and coding to commercial trend, right? We're hearing about this all over

what you're seeing in terms of cost trend in your commercial book, but specifically in the stop-loss business relative to what you saw kind of pressure you in the fourth quarter

on the $7 billion of premium, I was hoping you can give us some split between the aggregate versus specific stop loss premiums

you talked to -- like you're talking to booking a receivable on risk adjustment, not just to the magnitude that you think it might actually come in

Curious what that trend was in 2025, and maybe can help us understand first half versus second half

I wanted to hear your view on competitive positioning for '26 versus '25

Were you able did you move your risk adjustment around much in the quarter versus year-end for 2024

looks like the PYD in the quarter was north of 400 million, up about 300 million year-over-year. Can you tell us what drove that

Wanted to ask first about the Medicare Advantage rates coming out for 2027, your thoughts on those

How should we think about the potential impact of these preliminary 2027 rates on that trajectory

I was hoping you could share some of the drivers around your confidence in that fourth quarter growth, particularly the headwind from vaccine

Wanted to get your early view on 2026 headwinds and tailwinds. Specifically, your thoughts on expectations for continued improvement in MA margins

hoping you can give us some more color there across those three segments, and also maybe give us your early impression of trend

what did the trend look like coming out of the year for 2024, and specifically what are you assuming for trend in 2025

can you give us a little more color in terms of what drove the outperformance in 2024 versus what you had previously booked

our growth sounds like it's got to be about $10 sequentially of improvement. Is that the right ballpark?

the fourth quarter volume assumption, I apologize if I missed it, but did you give a number there in terms of what you're assuming for volume?

What do you think that equates to

you said last quarter, you expected revenue per treatment ex binders at about 3% for the year. Just curious if you've got an updated assumption

there is still some kinda juice to squeeze from collections. Which I had the impression, listen to your last quarter, that you thought that was petering out of bed

you did say that margins were a little better than expected, I think, Mark, in the fourth quarter. Can you expand on the drivers of that in terms of pricing and cost as you go into 2026

Can you tell us how Medicaid MLR margin trended from Q4 last year to Q1 this year? Just slide up, down

First, hoping you can talk to your expected seasonality for 2025, including how Q1 should look versus the full year

how do you treat these patients within the exchange volume decline of 15% in the first quarter

I think you mentioned payment dispute resolution is one of the drivers of revenue growth, pricing growth in the quarter. How much of a benefit there?

you've done an incredible job over time in different operating environments and staying around a 19% to 20% margin. And is that a reasonable framework

First, can you give us the percentage of volumes and revenue in the quarter that came from the exchanges?

how investors should think about the potential that the company might get some cushion to bid above and beyond that retrend differential

How is the typical progress if we think about removing stars from the equation, what's the typical progress in margins over a three- to five-year period?

You talked about membership growth at the high end of expectations. Can you share with us what that expectation range is on new membership?

I would love to know if you could share with us here how your own performance has been in Stars

I was hoping to see if you had any update on timing. How you are expecting to handle bids if or how we should think you're going to handle bids

people are trying to look for now that you gave us 2025, trying to look through 2026 and understand the moving parts there

give us a quick rundown on -- or an update on where the exchange contribution looks like? What's the kind of run rate on the exchange volume in revenue year-to-date?

I was hoping you could give us an update in terms of I know there's a couple of states pending approval, Florida, I believe, Nevada. Maybe you can give us some color on the potential DPP there that...

how did March volume, maybe even early April volume look? And any update on the full year guidance in terms of your thoughts around behavioral volume

Any other states that you're kind of focused on in terms of where you're expecting to hear soon and any kind of updates beyond Nevada?

Anything to read into that for 2025, like, any change in your level of confidence that this that this stuff comes through at the end of the day?

the the bigger ticket items like caps are off the table on Medicaid. Sub discussion that maybe provider taxes would be a place they would pivot to

Wanted to confirm, you talked about getting your commercial margins back to the 7% to 9% target range for 2027

Wanted to focus on the run rate out of 2025 into 2026. So it looks like you're about five dollars of earnings for the second half