CorVel Corp (CRVL) 2025 Q3 法說會逐字稿

Thank you for standing by. Welcome to the Corvel Corporation quarterly earnings release webcast. During the course of this webcast, CorVel Corporation may make projections or other forward-looking statements regarding future events or the future financial performances of the company.

感謝您的支持。歡迎收聽 Corvel Corporation 季度收益發佈網路廣播。在本次網路廣播過程中，CorVel Corporation 可能會對未來事件或公司未來財務表現做出預測或其他前瞻性陳述。

CorVel wishes to caution you that these statements are only predictions and that actual events or results may differ materially.

CorVel 希望提醒您，這些聲明僅是預測，實際事件或結果可能存在重大差異。

CorVel refers you to the documents the company files from time to time with the Securities and Exchange Commission, specifically the company's last Form 10-K and 10-Q files for the most recent fiscal year and quarter. These documents contain and identify important factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements.

CorVel 向您推薦公司不時向美國證券交易委員會提交的文件，特別是公司最近一個財政年度和季度的 10-K 表和 10-Q 表文件。這些文件包含並確定了可能導致實際結果與我們的預測或前瞻性陳述有重大差異的重要因素。

I would now like to turn it over to Michael Combs, President and Chief Executive Officer.

現在我想把發言權交給總裁兼執行長 Michael Combs。

Good morning. Thank you for joining us to review CorVel's December quarter. On the call with me today is Brandon O’Brien, CorVel's Chief Financial Officer. Today, I will discuss business performance, the current environment, market trends and the progress we've achieved with our systems development. Brandon will then provide additional details on the financial results for the December quarter.

早安.感謝您與我們一起回顧 CorVel 的 12 月季度。今天與我一起通話的是 CorVel 的財務長 Brandon O'Brien。今天，我將討論業務績效、當前環境、市場趨勢以及我們在系統開發方面的進展。隨後，布蘭登將提供有關 12 月季度財務業績的更多詳細資訊。

The December quarter revenues were $179 million, 9% over the $165 million of revenue for the December 2021 quarter. Earnings per share for the quarter were $0.96, increasing 25% from $0.76 per share in the same quarter of the prior year.

12 月季度的營收為 1.79 億美元，比 2021 年 12 月季度的 1.65 億美元營收成長 9%。本季每股收益為 0.96 美元，較去年同期的每股 0.76 美元增長 25%。

The results for the December quarter reflect the progress made addressing the staffing imbalances, which I reviewed in the prior release. The improvements have been achieved while prioritizing the quality and consistency of the work we perform for our partners. CorVel's development road map includes increased automation and augmentation, which will further optimize bottom line results and improve the outcomes we deliver.

12 月季度的業績反映了解決人員配置不平衡問題所取得的進展，我已在先前的發布中對此進行了回顧。我們在優先考慮為合作夥伴所做工作的品質和一致性的同時，也取得了這些進步。 CorVel 的發展路線圖包括提高自動化和增強功能，這將進一步優化底線結果並改善我們交付的成果。

CERiS, which serves the commercial health market contributed strong results for the quarter. The results were achieved despite temporarily reduced transaction volume from key partners early in the quarter due to adjustments to the client's internal workflow processes.

服務於商業健康市場的 CERiS 為本季貢獻了強勁的業績。儘管由於客戶內部工作流程的調整，本季初主要合作夥伴的交易量暫時減少，但仍取得了業績。

The reduction in volume experienced is appropriately categorized as deferred work, which we expect to process in the coming quarters. The workers' compensation markets for managed care and claims management remain active. Our Enterprise Comp claims management solution benefited from increasing market recognition of the results being achieved for our partners.

所經歷的工作量減少被適當地歸類為延期工作，我們預計將在接下來的幾個季度內處理這些工作。管理式醫療和索賠管理的工人賠償市場仍然活躍。我們的企業補償索賠管理解決方案受益於市場對我們為合作夥伴所取得的成果的日益認可。

Calendar year 2022 was significant as we reached record new sales as well as record revenues for the EC business. We were also recognized by Business Insurance for the Innovation Award of the Year as well as TPA Team of the Year.

2022 年是重要的一年，因為我們實現了創紀錄的新銷售額以及創紀錄的 EC 業務收入。我們也獲得了商業保險年度創新獎以及年度 TPA 團隊獎。

Investments in system enhancements for the managed care carrier business have been incremental and consistent over the last several years and are now beginning to yield returns with multiple new carriers being onboarded this year. CorVel Systems, tenured operations team and quality of engagement combined to provide results that are unique in the industry. Building on the current momentum will continue to be a focus this year.

過去幾年來，對管理式醫療保健運營商業務的系統增強的投資一直是持續不斷的，隨著今年多家新運營商的加入，投資開始產生回報。 CorVel Systems、長期營運團隊和高品質的參與相結合，提供了業界獨一無二的成果。保持當前勢頭仍將是今年的重點。

During the last several years, there has been an unprecedented amount of M&A consolidation in the payment integrity market, resulting in limited options from which the market can choose. The strong financial foundation of CorVel provides shelter from the consequences of M&A activity, many vendors in the industry are facing in the current economy and the level of stability that is uncommon in the industry.

過去幾年，支付誠信市場出現了前所未有的併購整合，導致市場可供選擇的範圍有限。 CorVel 強大的財務基礎使其免受併購活動的後果，業內許多供應商在當前經濟狀況下都面臨著這種後果，而其穩定程度在業界並不常見。

CERiS is proud to provide quality service, increased savings, consistency and improved results to our partners, while reducing friction with the provider community. We are continuing to broaden our portfolio of AI-powered services, most recently in specialty care reviews, and we'll be rolling out additional offerings in the coming quarters. M&A throughout all industry supply chains exacerbate the complexities of managing order fulfillment and cash flow.

CERiS 很自豪能夠為我們的合作夥伴提供優質的服務、更高的節省、一致性和更佳的結果，同時減少與供應商社群的摩擦。我們正在繼續擴大我們的人工智慧服務組合，最近是在專科護理評審領域，並且我們將在未來幾季推出更多產品。所有產業供應鏈中的併購加劇了管理訂單履行和現金流的複雜性。

Our revenue cycle management arm, Symbeo, uses AI-driven business rules and accounts payable automation solutions, which we have offered for more than 20 years. We help customers accelerate change management with faster invoice cycle times, consolidate financial reporting, hierarchical workflow approvals, a demonstrated ROI and an enhanced overall experience.

我們的收入週期管理部門 Symbeo 使用人工智慧驅動的業務規則和應付帳款自動化解決方案，我們已經提供這些解決方案 20 多年了。我們幫助客戶透過更快的發票週期時間、合併財務報告、分層工作流程審批、證明投資報酬率和增強的整體體驗來加速變更管理。

It is well understood that comorbidities have a significant impact on recovery and return to work for employees with workers' compensation injuries. However, one that has most recently been in the spotlight is mental health.

眾所周知，合併症對於工傷賠償員工的康復和重返工作崗位有重大影響。然而，最近最受關注的問題之一是心理健康。

While studies have found that most injured workers do not have previously diagnosed psychiatric disorders, there are multiple psychosocial barriers that can increase the total cost of a claim as well as the length of time away from work, including perceived injustice, fear and pain.

雖然研究發現大多數受傷工人之前並沒有被診斷出患有精神疾病，但存在多種社會心理障礙，包括感知到的不公正、恐懼和痛苦，可能會增加索賠的總成本以及離開工作崗位的時間。

During 2022, four states enacted legislation for coverage of mental health injuries in workers' compensation, and there are over a dozen additional states considering legislation and over 50 bills currently in progress. We expect to hear much more about this topic in the coming months and quarters.

2022 年，四個州頒布了工傷賠償涵蓋精神健康傷害的立法，還有十多個州正在考慮立法，目前有 50 多項法案正在審議中。我們期望在未來幾個月和幾個季度聽到更多關於這個主題的消息。

Although specific mental health problems may not be directly related to a work injury, employers are increasingly realizing the benefits of promoting positive mental health in the workplace.

儘管特定的心理健康問題可能與工傷沒有直接關係，但雇主越來越意識到在工作場所促進正向心理健康的好處。

At CorVel, care advocates work to identify evolving mental health issues related to work injuries within the first 30 days of the injury and beyond. Our team works with employers to offer education and to develop holistic treatment plans that promote mental well-being during recovery.

在 CorVel，護理倡導者致力於在受傷後的前 30 天內及以後識別與工作傷害相關的不斷發展的心理健康問題。我們的團隊與雇主合作，提供教育並制定整體治療計劃，以促進康復期間的心理健康。

Online resources and digital therapy can bridge the access gap for employees and bring care into their living rooms and workplaces. Case managers and treating physicians are able to provide patient education tools on topics, such as managing anxiety, preventing social isolation and effective coping mechanisms to provide more rapid recovery and return to work.

線上資源和數位療法可以彌補員工的獲取差距，並將關懷帶入他們的客廳和工作場所。個案管理師和治療醫生能夠為患者提供關於諸如控制焦慮、防止社會孤立和有效的應對機制等主題的教育工具，以便更快地康復和重返工作崗位。

During the quarter, CorVel has continued our efforts in digital transformation, most recently in the area of document management. Documents are pervasive in much of CorVel's business, a meaningful amount of time is spent by adjusters, professional review nurses, case managers and bill review team members reviewing documentation to identify key information.

本季度，CorVel 繼續致力於數位轉型，最近一次是在文件管理領域。文件在 CorVel 的大部分業務中無處不在，理賠員、專業審查護士、案件經理和帳單審查團隊成員花費大量時間審查文件以確定關鍵資訊。

The documents we receive contain a wealth of information that when intentionally reviewed plays an important role in facilitating optimal outcome for our partners and their workers with injuries.

我們收到的文件包含大量信息，如果經過有意審查，這些信息對於為我們的合作夥伴及其受傷工人爭取最佳結果將發揮重要作用。

As part of our ongoing quest to deliver these increasingly improved outcomes through the application of artificial intelligence and automation, we're introducing a new proprietary document storage and processing solution based on the latest advances in cloud-based AI technologies.

作為我們透過應用人工智慧和自動化來實現這些日益改善的成果的持續追求的一部分，我們推出了一種基於雲端人工智慧技術最新進展的全新專有文件儲存和處理解決方案。

While our philosophy is to own all core systems, we are pragmatic about leveraging compelling cloud-based services as they emerge in the technological landscape.

雖然我們的理念是擁有所有核心系統，但我們務實地利用技術領域中出現的引人注目的基於雲端的服務。

Previously, models for ML and AI had to be built in-house by our own systems architects and data scientists. But flavors of these services are becoming increasingly ubiquitous. We believe that leveraging valuable and mature cloud-based solutions will amplify the work of our team and allow progress to be made more quickly.

以前，機器學習和人工智慧模型必須由我們自己的系統架構師和資料科學家內部建構。但這些服務的風格正變得越來越普遍。我們相信，利用有價值且成熟的基於雲端的解決方案將會擴大我們團隊的工作能力並更快地取得進展。

The aforementioned new solution for document digitization in addition to reliably storing and handling documents quickly will enhance our ability to extract valuable data by providing our teams with powerful new tools that choose AI to highlight key information, direct attention to the most impactful details and make it simpler to both share information and to take decisive action.

上述新的文件數位化解決方案除了能夠可靠地存儲和快速處理文檔之外，還將為我們的團隊提供強大的新工具，增強我們提取有價值數據的能力，這些工具選擇人工智能來突出顯示關鍵信息，將注意力引向最有影響力的細節，並使共享信息和採取果斷行動變得更簡單。

Improvements like this are critical to the overall efforts to increase automation and augment the work of all of our team members. Reducing and eliminating tasks that are repetitive and menial, elevates the work of the team and provides better results to our partners.

這樣的改進對於提高自動化程度和增強所有團隊成員的工作效率的整體努力至關重要。減少和消除重複性和瑣碎性的任務，可以提升團隊的工作效率並為我們的合作夥伴提供更好的結果。

Brandon will now provide additional details on the financial results for the December quarter. Brandon?

布蘭登現在將提供有關 12 月季度財務業績的更多詳細資訊。布蘭登？

Thank you, Michael, and good morning, everyone. As Michael indicated at the top of the call, revenue for the December quarter was $179 million, up 9% from the same quarter of the prior year. Earnings per share were $0.96, a 25% increase from the $0.76 per share in the same quarter of the prior year. The revenue for patient management, including third-party administration, TPA services and traditional case management for the December quarter was $119 million, an annual increase of 10%. Gross profit increased 17% from the December quarter of 2021.

謝謝你，邁克爾，大家早安。正如邁克爾在電話會議開始時所指出的，12 月季度的收入為 1.79 億美元，比去年同期增長 9%。每股收益為 0.96 美元，較去年同期的每股 0.76 美元增長 25%。 12 月季度的患者管理收入（包括第三方管理、TPA 服務和傳統病例管理）為 1.19 億美元，較去年同期成長 10%。毛利較 2021 年 12 月季度成長 17%。

Our operations, especially those providing patient management services, have been focused on the alignment and adjustment of staffing needs as we roll out AI-assisted processes throughout the organization. Those solutions offer operational efficiencies, while prioritizing our strong quality of engagement, results and outcomes for our partners.

隨著我們在整個組織內推出人工智慧輔助流程，我們的營運（尤其是提供病患管理服務的營運）一直專注於人員配置需求的協調和調整。這些解決方案提高了營運效率，同時優先考慮我們為合作夥伴提供的高品質參與、成果和成果。

The revenue for Network Solutions sold in the wholesale market during the December quarter was $60 million, a 6% increase from the same quarter of the prior year. Gross profit in the wholesale business was up 13% from the December quarter of 2021. CERiS continues to increase the breadth of services offered to our large health care partners contributing to year-over-year December quarter revenue increases. The timing and expansion of new offerings during the quarter were beneficial in offsetting the expected short-term reduced transaction volume from key partners, which Michael had mentioned earlier.

12 月季度，Network Solutions 在批發市場銷售的營收為 6,000 萬美元，比去年同期成長 6%。批發業務的毛利較 2021 年 12 月季度增長了 13%。本季新產品的推出時機和拓展有利於抵消邁克爾先前提到的預期主要合作夥伴短期交易量的減少。

Since inception, CorVel's actions have been guided by a long-term view of success and the sustained financial health of the organization. The approach has allowed us to grow in times of economic expansions and recessions. Our balance sheet, strategic initiative road map and operational fundamentals are healthy, allowing us to not only weather but thrive in unusual economic times.

自成立以來，CorVel 的行動一直以組織的長期成功觀和持續的財務健康為指導。這種方法使我們在經濟擴張和衰退時期都能實現成長。我們的資產負債表、策略計畫路線圖和營運基本面都很健康，這使得我們不僅能夠度過不尋常的經濟時期，而且能夠蓬勃發展。

I would now like to review a few additional financial items. During the quarter, the company repurchased 152,000 shares at a total cost of $22.8 million. From inception to date, the company has repurchased 37.7 million shares at a total cost of $730 million. Through the program, the company has repurchased 69% of the total shares outstanding. The repurchasing of shares continues to be funded via the company's strong operating cash flow.

現在我想審查一些額外的財務項目。本季度，該公司回購了 152,000 股，總成本為 2,280 萬美元。自成立至今，該公司已回購了 3,770 萬股，總成本為 7.3 億美元。透過該計劃，該公司已回購了總流通股的69%。股票回購資金繼續來自公司強勁的營運現金流。

Our DSO, as in days sales outstanding, of receivables was 42 days, up 3.5% from a year ago.

我們的應收帳款 DSO（即未償銷售天數）為 42 天，比一年前增加了 3.5%。

The quarter ending cash balance was $78 million. CorVel's strong and debt-free balance sheet generates improved earnings in contrast to many others in the segment facing increased debt loads and associated interest rate cost headwinds.

本季末的現金餘額為 7,800 萬美元。與該領域許多其他面臨債務負擔增加和相關利率成本阻力的公司相比，CorVel 強勁且無債務的資產負債表產生了更好的盈利。

That concludes our remarks for today. Thank you

今天的發言到此結束。謝謝

This concludes today's webcast. You may disconnect your lines at this time.

今天的網路直播到此結束。現在您可以斷開您的線路。