CorVel Corp (CRVL) 2026 Q1 法說會逐字稿

Thank you for standing by. Welcome to the Corville Corporation Quarterly earnings release webcast. (Operator Instruction). I would now like to turn it over to Michael Combs, President and Chief Executive Officer.

感謝您的支持。歡迎收聽 Corville Corporation 季度收益發佈網路廣播。（操作員指令）。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 June quarter results. Brandon O'Brien, CorVel's Chief Financial Officer, is on the call with me today. I will begin with a review of our operational performance, the macro and competitive landscape, and the momentum we are seeing across new products and services. Brennan will then walk through the June quarter financial results.

早安.感謝您與我們一起回顧 CorVel 六月季度的業績。CorVel 財務長 Brandon O'Brien 今天與我進行了通話。我將首先回顧我們的營運績效、宏觀和競爭格局以及我們在新產品和服務中看到的發展勢頭。布倫南隨後將介紹六月季度的財務表現。

The June quarter revenues were $235 million. That is 11% over the $212 million in revenue for the June 2024 quarter. The earnings per share for the quarter ended June 31, 2025, were $0.52. That's an increase of 24% over the same quarter of the prior year's EPS of $0.42.

六月當季收入為 2.35 億美元。這比 2024 年 6 月季度的 2.12 億美元營收成長了 11%。截至2025年6月31日的季度，每股收益為0.52美元。較去年同期的每股收益0.42美元成長24%。

As a reminder to our listeners, the earnings per share figures for the quarter and annual comparisons have been adjusted to account for the 3 for 1 stock split which was reported in December of 2024. The results achieved in the quarter were driven by disciplined execution and a clear focus on our long-term strategy.

提醒我們的聽眾，本季和年度每股盈餘數據已進行調整，以反映 2024 年 12 月報告的 3 比 1 股票分割。本季所取得的業績得益於嚴格的執行和對長期策略的明確關注。

Our teams continue to advance innovation initiatives, including targeted R&D and agentic AI to strengthen operational capabilities, enhance customer outcomes, and deliver sustainable value to our shareholders.

我們的團隊持續推動創新舉措，包括有針對性的研發和代理人工智慧，以加強營運能力、提高客戶成果並為股東提供永續價值。

These efforts reflect our commitment to building a more efficient and resilient organization while continuing to drive meaningful growth. Concerted efforts in serious work in progress Whip Financials have resulted in a meaningful reduction over the past year, reaching its lowest level since 2023.

這些努力體現了我們致力於建立一個更有效率、更有彈性的組織，同時繼續推動有意義的成長。透過齊心協力、認真開展工作，Whip Financials 在過去一年中取得了顯著的減少，達到了 2023 年以來的最低水準。

This trend reflects an improvement in operational discipline and billing efficiency. The reduction in whip reflects invoicing outpacing revenue recognition, a positive indicator of discipline, billing, and efficient cash conversion. This contributed meaningfully to stronger cash flow and overall financial performance for the quarter.

這一趨勢反映了營運紀律和計費效率的提高。鞭子費用的減少反映了發票開立速度超過了收入確認速度，這是紀律、計費和高效現金轉換的積極指標。這對本季更強勁的現金流和整體財務表現做出了重大貢獻。

Consistent with our commitment to innovation and long-term growth, CorVel has completed the acquisition of assets and key talent from a privately held technology firm. The acquired assets include proprietary tools and intellectual property that are expected to enhance the capabilities of our Ceres Group Health division.

為了履行我們對創新和長期成長的承諾，CorVel 已完成對私人科技公司的資產和關鍵人才的收購。收購的資產包括專有工具和智慧財產權，預計將增強我們 Ceres Group Health 部門的能力。

This acquisition strengthens the technological foundation and aligns with our strategic vision of delivering advanced scalable solutions to our partners. The integration of these assets will enhance the ability to innovate, reduce time to market, and increase the value we provide in many areas across the portfolio. The transaction is expected to be accreted to growth over the medium term.

此次收購加強了技術基礎，符合我們向合作夥伴提供先進可擴展解決方案的策略願景。這些資產的整合將增強創新能力，縮短產品上市時間，並提高我們在整個投資組合的許多領域所提供的價值。預計該交易將在中期內帶來成長。

We continually monitor broader healthcare industry dynamics that may influence the cost and quality of care within our programs. In this quarter, policy-driven reductions in Medicaid funding have introduced several considerations that have the potential to impact the claims handling environment in both workers' compensation and commercial health markets.

我們持續監測可能影響我們計劃內的護理成本和品質的更廣泛的醫療保健行業動態。本季度，政策驅動的醫療補助資金削減引發了多項考慮，這些考慮可能會影響工人賠償和商業健康市場的索賠處理環境。

The tightening of Medicaid reimbursement may compound the health care shortage and intensify the strain on provider networks, particularly among primary care, behavioural health, and post-acute care specialists. While workers' compensation maintains distinct fee schedules and reimbursements, we may see reduced access to care in several markets as facilities prioritize higher margin patient segments.

醫療補助報銷的收緊可能會加劇醫療保健短缺，並加大醫療服務提供者網絡的壓力，特別是初級保健、行為健康和急性後護理專家的壓力。雖然工傷賠償維持著不同的收費標準和報銷方式，但由於醫療機構優先考慮利潤率較高的患者群體，我們可能會看到多個市場獲得醫療服務的機會減少。

This may extend treatment timelines, delay diagnostic testing and rehabilitation. And has the potential to increase the overall complexity of claims in regions where Medicaid services are shrinking, we may also see an increase in first report of injury submissions, which would be an indication of costs shifting into the workers' compensation system, particularly for borderline or multicausal injuries.

這可能會延長治療時間，延遲診斷測試和復健。並且有可能增加醫療補助服務正在萎縮的地區索賠的整體複雜性，我們還可能看到首次傷害報告的增加，這表明成本轉移到工人賠償系統中，特別是對於邊緣或多因傷害。

The shortage of physicians and nurses may impact workers' compensation benefits with longer claimed durations and adjusted return to work expectations. To mitigate these risks, we have cross-functional experts addressing the issues from multiple angles, each bringing specialized expertise to ensure comprehensive coverage.

醫生和護士的短缺可能會影響工人的賠償福利，延長索賠期限並調整重返工作崗位的預期。為了降低這些風險，我們聘請了跨職能專家從多個角度解決問題，每位專家都提供專業知識以確保全面覆蓋。

An example of this expertise and action includes the network developers who monitor local impact and work closely with our network of providers to ensure access to care while adhering to evidence-based guidelines for care and for return to work. Our utilization review teams are proactively reviewing prescribed care to ensure it is medically necessary and appropriate.

這種專業知識和行動的一個例子包括網路開發人員，他們監控當地影響並與我們的提供者網路密切合作，以確保獲得護理，同時遵守基於證據的護理和重返工作崗位的指導方針。我們的利用率審查團隊正在積極審查規定的護理，以確保其在醫學上是必要且適當的。

Clay's professionals thoroughly analyse reported injuries to confirm their cause was work related and have access to additional investigation resources throughout the life of the claim if questions of causation arise. Additionally, CorVel clinicians play a crucial role in advocating for injured workers, ensuring they receive timely care and education on preventative health measures to facilitate recovery and return to work.

Clay 的專業人員會徹底分析所報告的傷害，以確認其原因是否與工作有關，並且如果出現因果關係問題，他們可以在索賠的整個過程中使用額外的調查資源。此外，CorVel 臨床醫生在維護受傷工人權益方面發揮著至關重要的作用，確保他們及時得到護理和預防性健康措施的教育，以促進康復和重返工作崗位。

On the commercial health side, the expanding conversation regarding Medicare, Medicaid, and health spending causes new and renewed interest in payment integrity programs. It is fuelling growth opportunities in terms of additional services, new potential partners, and expansion of existing programs, including threshold changes to become more aggressive in current audits. To make these programs as easy and effective as possible, we are increasing investment to optimize the interfaces and systems that facilitate information sharing among healthcare participants.

在商業健康方面，有關醫療保險、醫療補助和醫療支出的討論日益增多，引起了人們對支付誠信計劃的新的興趣。它正在推動附加服務、新潛在合作夥伴和現有計劃擴展方面的成長機會，包括門檻變化以在當前審計中變得更加積極。為了使這些項目盡可能簡單有效，我們正在增加投資以優化促進醫療保健參與者之間資訊共享的介面和系統。

Across all markets, CorVel's teams of professionals collaborate closely with each other and are partners to develop, implement, and refine programs that promote optimal outcomes, enhance savings, and mitigate risk. During the past year there were multiple decisions across the country dealing with exceptions to the doctrine of exclusive remedy relative to workers' compensation.

在所有市場中，CorVel 的專業團隊彼此密切合作，共同開發、實施和完善促進最佳結果、提高節省和降低風險的計劃。在過去的一年裡，全國各地做出了多項有關工人賠償專屬救濟原則例外情況的判決。

While it remains largely intact in most jurisdictions, it is under increasing scrutiny, particularly through court cases and state-specific exemptions, and plaintiff attorneys continue to test the edges via exceptions. We have also seen allowance of civil litigation, especially on workplace violence claims. CorVel is closely monitoring developments as these new avenues for legal actions could increase liability for our partners.

雖然它在大多數司法管轄區基本上保持完整，但它正受到越來越嚴格的審查，特別是透過法庭案件和特定州的豁免，原告律師繼續透過例外情況來測試其優勢。我們也看到了民事訴訟的允許，特別是有關工作場所暴力索賠的訴訟。CorVel 正在密切關注事態發展，因為這些新的法律訴訟途徑可能會增加我們合作夥伴的責任。

Within our proprietary claims management system CareMC, we provide an integrated litigation risk score within each claim to proactively identify claims that may need legal consultation and support. We are investing in agentic AI to drive additional innovation and claims management with early initiatives focused on automating routine workflows, enhancing decision support for complex claims, and improving efficiency through dynamic case triage.

在我們專有的索賠管理系統 CareMC 中，我們為每個索賠提供綜合訴訟風險評分，以主動識別可能需要法律諮詢和支援的索賠。我們正在投資代理人工智慧，以推動進一步的創新和索賠管理，早期舉措側重於自動化日常工作流程、增強對複雜索賠的決策支援以及透過動態案件分類提高效率。

We expect this technology to strengthen operational performance while delivering long-term cost savings. Equally important, we are committed to responsible AI deployment. All solutions undergo rigorous testing and maintain a human in the loop for oversight with transparent, explainable outputs and robust audit trails. This disciplined approach ensures regulatory alignment, protects claim quality and patient care, and builds trust as we scale these advancements. Brandon O'Brien will now provide additional texture on the financial results for the June quarter. Brandon.

我們希望這項技術能夠增強營運績效，同時實現長期成本節約。同樣重要的是，我們致力於負責任地部署人工智慧。所有解決方案都經過嚴格的測試，並由人工進行監督，提供透明、可解釋的輸出和強大的審計追蹤。這種嚴謹的方法確保了監管的一致性，保護了索賠品質和患者護理，並在我們擴大這些進步的同時建立了信任。布蘭登·奧布萊恩 (Brandon O'Brien) 現在將提供有關六月季度財務業績的更多細節。布蘭登。

Thank you, Michael, and good day everyone. As Michael indicated at the top of the call, revenues for the June quarter were $235 million, an 11% increase over the $212 million of revenue in the June 2024 quarter. Earnings per share for the quarter were $0.52, increasing 24% from the $0.42 per share in the same quarter of the prior year.

謝謝你，邁克爾，大家好。正如麥可在電話會議開始時所指出的，6 月季度的營收為 2.35 億美元，比 2024 年 6 月季度的 2.12 億美元收入成長了 11%。本季每股收益為 0.52 美元，較去年同期的每股 0.42 美元增長 24%。

The revenue for patient management, including third party administration, CPA services, and traditional case management for the June quarter was $147 million an annual increase of 5%. Gross profit decreased by 1% from the June quarter of 2024. The growth in patient management was largely driven by successful onboarding of new clients, particularly within our TPA services. Our Enterprise Comp complains platform continues to gain traction in the marketplace.

6 月季度的病患管理收入（包括第三方管理、CPA 服務和傳統病例管理）為 1.47 億美元，較去年同期成長 5%。毛利較 2024 年 6 月季度下降了 1%。病患管理的成長很大程度上得益於新客戶的成功入職，尤其是在我們的 TPA 服務中。我們的企業投訴平台在市場上繼續受到關注。

That said, the industry experienced a temporary slowdown in RFP activity in the first half of the year, driven by decision-maker hesitancy amid US political and trade uncertainties. As conditions stabilized in the second half of the year, we're proactively building relationships to strengthen our position and capture expected growth in TPA activity.

儘管如此，由於美國政治和貿易不確定性導致決策者猶豫不決，該行業上半年的 RFP 活動暫時放緩。隨著下半年情況趨於穩定，我們正在積極建立關係，以鞏固我們的地位並抓住 TPA 活動的預期成長。

We continue to invest purposefully in patient management operations with a strong focus on integrating proprietary AI technologies and automated workflow solutions while maintaining optimal team capacity and quality. In a high touch consumer centric environment like claims management, innovation requires a balance of forward progress and refinement.

我們繼續有目的地投資於患者管理運營，重點關注整合專有人工智慧技術和自動化工作流程解決方案，同時保持最佳的團隊能力和品質。在索賠管理等高度接觸的以消費者為中心的環境中，創新需要在前進和改進之間取得平衡。

We are confident these investments enhance our ability to deliver industry-leading quality and efficiency. These strategic enhancements empower our talented teams to generate distinct, measurable outcomes for our partners, further reinforcing CorVel's competitive edge and value proposition. The revenue for network solutions sold in the wholesale market for the June quarter was $88 million, up 21% from the same quarter of the prior year. Gross profit in the wholesale business was up 39% from the June quarter of 2024.

我們相信這些投資將增強我們提供行業領先品質和效率的能力。這些策略增強使我們的優秀團隊能夠為我們的合作夥伴創造獨特、可衡量的成果，進一步增強 CorVel 的競爭優勢和價值主張。6 月批發市場銷售的網路解決方案收入為 8,800 萬美元，比去年同期成長 21%。批發業務的毛利較 2024 年 6 月季度成長了 39%。

CERIS, part of network solutions, continues to be a strong growth driver, expanding both the breadth and depth of services offered to carrier and payer partners. Our commitment to collaborative innovation and operational excellence is resonating well across our client base.

CERIS 作為網路解決方案的一部分，繼續成為強勁的成長動力，擴大了為營運商和付款人合作夥伴提供的服務的廣度和深度。我們對協作創新和卓越營運的承諾在我們的客戶群中引起了強烈共鳴。

Through a combination of traditional process improvement strategies and cutting-edge AI capabilities, CERIS is refining how we deliver value. This forward-thinking approach to pricing and operational efficiency ensures we are not only addressing today's challenges but also anticipating the evolving needs of our partners.

透過結合傳統流程來改善策略和尖端人工智慧功能，CERIS 正在改進我們提供價值的方式。這種具有前瞻性的定價和營運效率方法確保我們不僅能夠應對當今的挑戰，而且還能夠預測合作夥伴不斷變化的需求。

This translates into expanded service offerings and competitive pricing that reflect the strength of growing relationships. As Michael noted earlier, these innovations aim to enhance the efficiency and accuracy of claim selection and review, resulting in faster realization of savings, improved billing efficiency, and ultimately greater value for our clients.

這意味著擴大服務範圍和競爭性定價，反映了日益增長的關係的強度。正如邁克爾之前提到的，這些創新旨在提高索賠選擇和審查的效率和準確性，從而更快地實現節約，提高計費效率，並最終為我們的客戶創造更大的價值。

I would now like to review a few additional financial items. During the quarter, the company repurchased 87,105 shares at a total cost of $9.6 million. From inception to date, the company has repurchased $114.6 million shares at a total cost of $841 million. Through this 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.

現在我想回顧一些額外的財務項目。本季度，該公司回購了 87,105 股股票，總成本為 960 萬美元。自成立至今，該公司已回購了價值 1.146 億美元的股票，總成本為 8.41 億美元。透過該計劃，該公司已回購了總流通股數的69%。股票回購的資金繼續來自公司強勁的營運現金流。

The DSO, as in day sales outstanding of receivables, was 40 days down 2 days from a year ago. The quarter Indian cash balance was $202 million. CorVel's drawn and debt-free balance sheets generates improved earnings. In contrast to many others in the segment facing increasing debt loads and associated interest rate cost headwinds. That concludes the remarks for today. Thank you for joining us. I will now return the call to our operator.

DSO（應收帳款未償付天數）為 40 天，比去年同期減少了 2 天。本季印度現金餘額為 2.02 億美元。CorVel 的資產負債表已結清且無債務，從而提高了盈利。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企業相比。今天的發言到此結束。感謝您加入我們。我現在將回電給我們的接線生。

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

今天的網路直播到此結束。現在您可以斷開線路。