CorVel Corp (CRVL) 2026 Q2 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. CorVel wishes to caution you that these statements are only predictions and that actual events or results may differ materially.

感謝您的耐心等待。歡迎收看CorVel公司季度收益發佈網路直播。在本次網路直播過程中，CorVel 公司可能會對未來事件或公司未來的財務表現做出預測或其他前瞻性聲明。CorVel 特此提醒您，這些聲明僅為預測，實際事件或結果可能與預測有重大差異。

CorVel refers you to the documents that the company files from time to time with the Securities and Exchange Commission, specifically the company's last Form 10-K and 10-Q filed for the most recent fiscal year and quarter.

CorVel 建議您查閱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提交的 10-K 表格和 10-Q 表格。

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.

這些文件包含並指明了可能導致實際結果與我們的預測或前瞻性聲明中包含的結果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.

現在我將把發言權交給總裁兼執行長邁克爾·庫姆斯。

Good morning. Thank you for joining us to review CorVel's September quarter results. I'm very pleased to welcome Brian Nichols, CorVel's Chief Financial Officer, to the call today.

早安.感謝您與我們一起回顧CorVel九月份的季度業績。我非常高興地歡迎 CorVel 的財務長 Brian Nichols 今天參加電話會議。

Thank you, Michael, and good morning, everyone. It's a pleasure to join the call this morning.

謝謝你，邁克爾，大家早安。很高興今天早上能參加這次電話會議。

Today, we're going to review our operational performance, key growth drivers and the market trends that are shaping our business. I'll also discuss how we're positioning the company to capture emerging opportunities and manage associated risks. Finally, I'll provide a closer look at our AI initiatives, highlighting the tangible benefits we're already seeing as well as the road map ahead.

今天，我們將回顧我們的營運表現、關鍵成長驅動因素以及影響我們業務的市場趨勢。我也會探討我們如何定位公司以抓住新興機會並管理相關風險。最後，我將更詳細地介紹我們的人工智慧計劃，重點介紹我們已經看到的實際好處以及未來的發展路線圖。

Brian, let's start with an overview of the quarter's financial results. After that, would you please share a bit about your journey at CorVel and your perspective on the opportunities you see in your new role to further strengthen the organization.

布萊恩，我們先來概覽一下本季的財務表現。之後，能否請您分享一下您在 CorVel 的發展歷程，以及您對新職位上如何進一步加強公司發展的機會的看法？

Certainly. The September quarter revenues were $240 million, 7% above the $224 million in the September 2024 quarter. The earnings per share for the quarter ending September 30, 2025 were $0.54, an increase of 20% over the same quarter of the prior year's EPS of $0.45.

當然。9 月季度營收為 2.4 億美元，比 2024 年 9 月季度的 2.24 億美元成長了 7%。截至 2025 年 9 月 30 日的季度，每股收益為 0.54 美元，比上年同期每股收益 0.45 美元增長了 20%。

As a reminder to our listeners, the earnings per share results from the quarter and annual comparisons have been adjusted to account for the 3-for-1 stock split reported in the December 2024. It's not unusual to have onetime events. Sometimes they work in our favor. Other times, like the September quarter results, they do not. The combined effect of onetime events in the September quarter softened the increase in EPS by approximately 9 percentage points.

提醒各位聽眾，本季和年度比較的每股盈餘結果已根據 2024 年 12 月公佈的 1 比 3 股票分割進行了調整。發生一次性事件並不罕見。有時候它們反而對我們有利。其他時候，例如九月的季度業績，則不會。9 月季度的一次性事件綜合影響使每股收益增幅減少了約 9 個百分點。

Overall, the organization's fundamentals are strong. Regarding my journey at CorVel, I've been with the company for 15 years, much of that time spent with our ancillary care program. I started as a patient care coordinator providing administrative support for physical therapy cases. Towards the end of my first year, I was promoted to Manager and then the Director over ancillary care operations a few years later. In 2016, I accepted the Vice President Network Solutions role, which included all product and operational management of our ancillary care services.

總體而言，該組織的基本面很強勁。關於我在 CorVel 的工作經歷，我已經在該公司工作了 15 年，其中大部分時間都參與了我們的輔助護理計畫。我最初擔任病人照護協調員，為物理治療病例提供行政支援。在我入職第一年快結束的時候，我被提拔為經理，幾年後又被提拔為輔助護理營運總監。2016 年，我接受了網路解決方案副總裁的職位，負責我們輔助護理服務的所有產品和營運管理。

Subsequently, pharmacy, IME and PPO programs were added to my span of management, giving me an opportunity to oversee a large portion of our network solutions and patient management services. One of my goals now as CFO is to leverage my past CorVel product and operations experience in building resources and tools that will empower our business managers for maximizing growth opportunities.

隨後，我的管理範圍擴大到藥房、IME 和 PPO 項目，使我有機會監督我們網路解決方案和病患管理服務的大部分內容。身為財務長，我的目標之一是利用我過去在 CorVel 產品和營運方面的經驗，建立資源和工具，從而賦能我們的業務經理，最大限度地把握成長機會。

Thank you, Brian. I want to dive into some market trends. There are three key trends that I'll discuss this morning: the first, our challenges in the workers' compensation labor market; the second, in the Commercial Health segment, our CERiS division is operating in an environment of elevated pricing pressure, driving an increased focus on delivering savings and operational efficiencies; and the third market trend, the most significant of the three I will review is the emergence of Agentic AI and its implications for our business. Specifically, how we're leveraging this technology to implement enhancements to our systems more quickly, how we're leveraging it to generate optimized results for our partners and also to ameliorate the impact of the first two trends, the workers' compensation labor market and the commercial health pricing pressure.

謝謝你，布萊恩。我想深入研究一些市場趨勢。今天早上我將討論三個關鍵趨勢：第一，我們在工傷賠償勞動力市場面臨的挑戰；第二，在商業健康領域，我們的 CERiS 部門正面臨著日益嚴峻的價格壓力，這促使我們更加註重節約成本和提高運營效率；第三，也是我將要探討的三個趨勢中最重要的一點，是智能人工智能的出現及其對我們業務的影響。具體來說，我們將如何利用這項技術更快地改進我們的系統，如何利用它為我們的合作夥伴創造最佳結果，以及如何減輕前兩個趨勢（即工傷賠償勞動力市場和商業健康定價壓力）的影響。

But let's start with the labor market. The workers' compensation field is experiencing what I define as a demographic shift. The industry is losing experienced professionals faster than it's attracting the replacements. Many entered the field in the '80s and '90s, that's in 1980s and '90s, when workers' compensation legislation was evolving rapidly, and they're now approaching retirement age. Meanwhile, workers' compensation has not, let's say, traditionally been due to the destination industry for new graduates. It receives little exposure in business, insurance or health care educational programs.

但我們先從勞動市場說起。工傷賠償領域正在經歷我所定義的「人口結構變化」。該行業流失經驗豐富的專業人才的速度超過了吸引新人才的速度。許多人是在上世紀八、九十年代進入這個領域的，也就是上世紀八九十年代，當時工傷賠償立法正在迅速發展，而他們現在都快到退休年齡了。同時，工傷賠償金歷來都不是應得的，而是應得的，尤其是應得的，是應得的，畢業生的就業目的地行業。它在商業、保險或醫療保健教育計畫中很少被提及。

As a result, it has become increasingly challenging to recruit and retain experienced claims management, underwriting professionals. So what's CorVel's response? Well, we're investing in people, while this is an industry-wide challenge, we see the opportunity in it through CorVel University. Now in its fourth class, we are bringing new professionals into both the industry and into CorVel itself. The program has delivered exceptional retention rates and continues to build the next generation of experts who serve our partners.

因此，招募和留住經驗豐富的理賠管理和核保專業人員變得越來越困難。那麼CorVel對此有何回應呢？我們正在投資人才，雖然這是整個產業面臨的挑戰，但我們透過 CorVel 大學看到了其中的機會。現在已經是第四期了，我們正在為行業和 CorVel 公司本身輸送新的專業人才。該計劃取得了卓越的人才保留率，並持續培養服務於我們合作夥伴的下一代專家。

Although, we'll acknowledge, we can't single handily solve the workforce challenges across the entire industry, CorVel U is making a measurable difference for our company and for our clients. At the same time, we're experiencing these labor challenges. Technological innovation is arriving and what I would say is just the right moment to augment and accelerate workforce development.

雖然我們承認，我們無法單憑一己之力解決整個行業的勞動力挑戰，但 CorVel U 正在為我們公司和我們的客戶帶來可衡量的改變。同時，我們也面臨勞動力方面的挑戰。技術創新正在到來，我認為現在正是加強和加速勞動力發展的最佳時機。

Generative AI and now Agentic AI are maturing rapidly, enabling us to rethink how work gets done across our business. Agentic AI represents the next evolution in artificial intelligence. Systems did not only analyze data, but also take actions to complete tasks and deliver outcomes. By automating multistep processes, Agentic AI can enhance productivity, reduce costs and accelerate decision-making across the enterprise.

生成式人工智慧和現在的智慧體人工智慧正在迅速成熟，使我們能夠重新思考整個業務中的工作方式。智能體人工智慧代表了人工智慧的下一個發展階段。系統不僅分析數據，還會採取行動完成任務並交付成果。透過自動化多步驟流程，智慧體人工智慧可以提高生產力、降低成本並加快整個企業的決策速度。

And I would say, parenthetically, that Agentic AI is going to have a greater impact than we've seen in the last couple of years with Generative AI, unless I'm entirely accurate. The brain underlying Agentic AI is, in fact, Generative AI.

順便提一句，除非我的判斷完全正確，否則智能體人工智慧的影響將會比過去幾年我們看到的生成式人工智慧更大。實際上，智能體人工智慧背後的核心是生成式人工智慧。

At a very high level, we are leveraging Agentic AI to simplify the work of our claims professionals as one example, allowing them to focus on high-value judgment and care coordination rather than the administrative tasks. Agentic AI is also transforming the development of software itself rather than coding every line manually, developers can now orchestrate and audit intelligent, task-specific AI agents that execute components of a software build, what once took weeks can now in many cases, be completed in days.

從宏觀層面來看，我們正在利用智慧人工智慧來簡化理賠專業人員的工作，例如，讓他們能夠專注於高價值的判斷和護理協調，而不是行政任務。智慧人工智慧也在改變軟體開發本身，開發者不再需要手動編寫每一行程式碼，而是可以協調和審核智慧的、特定任務的人工智慧代理來執行軟體建置的各個元件，以前需要幾週時間才能完成的工作，現在很多情況下幾天就能完成。

For CorVel, this shift means faster feature delivery within our business systems, greater agility in applying system enhancements that improve outcomes for our partners, improved system interoperability across the care continuum.

對於 CorVel 而言，這種轉變意味著業務系統內功能交付速度更快，應用系統增強功能以改善合作夥伴的成果的靈活性更高，以及整個護理連續體中系統互通性的提高。

And overall, we'll see increased operating leverage. And I want to point out that while the pace of AI innovation is accelerating, it is essential to note that our commitment to responsible AI principles remains unchanged, including continuous evaluation for bias, ensuring model accuracy and promoting transparency and how AI supports our processes or approach centers on human expertise directing AI, not the other way around, we use Agentic AI to enhance creativity, decision-making and efficiency, always with people at the core.

整體而言，我們將看到經營槓桿作用增強。我想指出，雖然人工智慧創新的步伐正在加快，但必須指出的是，我們對負責任的人工智慧原則的承諾仍然不變，包括持續評估是否存在偏見、確保模型準確性、提高透明度以及人工智慧如何支持我們的流程或方法以人類專業知識指導人工智慧為中心，而不是相反，我們使用智能體人工智慧來增強創造力、決策能力和效率，始終以人為本。

The expertise of our teams is foundational to our success and the investments in training, development and tools amplify the capabilities and the quality of service we deliver. Now transitioning to the different segments within the organization, the CERiS continues to innovate under increasing pricing pressure from its payer partners as well as the expectation to deliver incremental additional savings each and every year.

我們團隊的專業技能是我們成功的基礎，而對培訓、發展和工具的投入則增強了我們的能力和提供的服務品質。現在，CERiS 正在向組織內的不同部門過渡，在支付方合作夥伴不斷增加定價壓力以及每年都要實現額外節省的期望下，CERiS 將繼續創新。

Recent AI-driven enhancements have improved both capacity and precision in identifying medical bills and claims with potential savings. By automating and augmenting review selection, we can now review more claims and identify savings more effectively.

近期人工智慧驅動的技術進步提高了識別醫療帳單和索賠的能力和精確度，從而有可能節省費用。透過自動化和增強審核篩選，我們現在可以審查更多索賠，並更有效地發現節省成本的機會。

Our adoption of advanced automation, analytics and one-touch processing enables us to conduct a greater number of reviews per claim, thereby increasing both partner savings and CorVel's revenue opportunities. We've also prioritized transparency and explainability in our results, and this is incredibly important in the industry. This supports our strong acceptance rate amongst payers and medical partners.

我們採用先進的自動化、分析和一鍵式處理技術，可以對每項索賠進行更多的審核，從而增加合作夥伴的節省和 CorVel 的收入機會。我們還優先考慮結果的透明度和可解釋性，這在業界非常重要。這印證了我們在支付方和醫療夥伴中較高的認可度。

Finally, AI integration has strengthened our agility in adapting to regulatory and coding rule changes, keeping CERiS at the forefront of the industry and compliance innovation -- industry compliance and innovation.

最後，人工智慧的整合增強了我們適應監管和編碼規則變化的敏捷性，使 CERiS 始終處於行業和合規創新的前沿——行業合規和創新。

Now moving to the Property and Casualty space. We've implemented supervisory quality and compliance agents that enhance claims accuracy and ensure the timely completion of tasks. Additionally, we've added an enhanced claims workflow that minimizes context switching, thereby improving efficiency and throughput across teams. We are also building a new digital communication platform for injured workers, integrated into our proprietary claims CareMC platform.

現在轉向財產和意外保險領域。我們已設立監管品質和合規專員，以提高理賠準確性並確保任務及時完成。此外，我們還增加了一個增強的理賠工作流程，最大限度地減少了上下文切換，從而提高了各個團隊的效率和吞吐量。我們也正在為受傷工人建立一個新的數位通訊平台，並將其整合到我們專有的理賠平台 CareMC 中。

The portal supports AI-powered summarization of communications, data extraction from transcripts and the creation of intelligent alerts, all designed to augment the work of claims professional, supervisors and managers.

該入口網站支援人工智慧驅動的通訊摘要、從轉錄文字中提取資料以及創建智慧警報，所有這些都是為了增強理賠專業人員、主管和經理的工作。

In summary, CorVel is addressing industry challenges and leveraging emerging technology to its vantage. Through CorVel University, we're developing new talent, through Agentic AI we're empowering that talent with more intelligent systems, faster processes, optimize results and deeper insights. Together, these initiatives are positioning CorVel to continue delivering superior outcomes for our partners and the patients we serve.

總而言之，CorVel 正在應對產業挑戰，並利用新興技術發揮自身優勢。透過 CorVel 大學，我們正在培養新人才；透過 Agentic AI，我們正在利用更智慧的系統、更快的流程、最佳化的結果和更深入的洞察力來賦能這些人才。這些措施將共同協助 CorVel 持續為我們的合作夥伴和我們服務的患者帶來卓越的成果。

And regarding our product development organization, effectively leveraging technology is perhaps now more critical than at any point in CorVel's history. We're intensely focused on building our competency with AI, particularly now Agentic AI and expanding our capacity to enhance our systems and deliver optimized results to our partners.

至於我們的產品開發部門，有效利用科技或許比 CorVel 歷史上的任何時期都更重要。我們正全力以赴提升我們在人工智慧方面的能力，特別是智慧體人工智慧，並擴大我們的能力，以增強我們的系統並為我們的合作夥伴提供優化的結果。

Now moving to sales management. Expansion of business with existing partners has been a key driver of growth this year. We are proud of the consistently high-quality results our operation team delivers. Organic growth with our existing partners by the addition of new services and offerings only occurs when we're delivering quality results for the services we already offer. Momentum in CorVel's Payment Integrity Health Solution has also continued during the September quarter.

現在轉職到銷售管理職。今年，與現有合作夥伴拓展業務是推動成長的關鍵因素。我們為營運團隊始終如一地交付高品質成果而感到自豪。只有當我們能夠為現有服務提供高品質的成果時，才能透過增加新的服務和產品，與現有合作夥伴實現有機成長。CorVel 的支付誠信醫療解決方案在 9 月的季度中也保持了成長勢頭。

Our growing customer base, strategic positioning within each partnership and enhanced capabilities and cost containment services powered by AI, distinguish CERiS in the market and provide a strong foundation to build upon.

我們不斷成長的客戶群、在每個合作夥伴關係中的策略定位以及由人工智慧驅動的增強能力和成本控制服務，使 CERiS 在市場上脫穎而出，並為未來的發展奠定了堅實的基礎。

Brian, would you please provide an update on the acquisition completed in June, the additional focus on mergers and acquisitions as well as further details on the quarter's results.

Brian，請您介紹一下6月份完成的收購的最新進展、對併購的額外關注以及本季業績的更多細節。

As reviewed in the August earnings release, CorVel completed the acquisition of assets and key talent from a privately held technology firm at the end of the June quarter. The assets acquired and the talent now engaged with CorVel's existing AI team, are driving the progress outlined on today's call.

正如 8 月的收益報告中所述，CorVel 在 6 月底完成了對私人科技公司的資產和關鍵人才的收購。收購的資產以及目前與 CorVel 現有 AI 團隊合作的人才，正在推動今天電話會議上概述的進展。

We're pleased with the current trajectory, the meaningful impact already realized and the pipeline of additional enhancement. To further progress our activity in the M&A space, we will add dedicated resources to focus on synergistic opportunities. The priority is to expand our suite of offerings to current partners and further enhance our existing team's technological expertise and capacity.

我們對目前的發展軌跡、已經取得的顯著成效以及後續改進計畫感到滿意。為了進一步推動我們在併購領域的活動，我們將投入專門資源，專注於綜效機會。首要任務是擴大我們為現有合作夥伴提供的服務範圍，並進一步提升我們現有團隊的技術專長和能力。

And finally, I would like to review some additional financial items. Revenue growth for the September 2025 quarter was driven by both our Patient Management and Network Solutions segment. As Michael noted earlier, organic growth and expanded activity with existing partners contribute meaningfully to performance across both areas.

最後，我想再回顧一些財務事項。2025 年 9 月季度的營收成長主要得益於我們的病患管理和網路解決方案業務部門。正如邁克爾之前指出的那樣，有機成長和與現有合作夥伴擴大合作對這兩個領域的表現都有顯著的貢獻。

Within patient management services, claims operations generated approximately $4 million in revenue growth. Network Solutions increased by $12 million, primarily reflecting higher utilization of our CERiS, Ancillary Care and Bill Review Solutions.

在病患管理服務方面，理賠業務創造了約 400 萬美元的收入成長。網路解決方案收入增加了 1,200 萬美元，主要反映了我們的 CERiS、輔助照護和帳單審核解決方案的更高利用率。

The quarter also resulted in improved gross margin and net income, reaching $28 million, up from $23 million in the previous year. Ongoing product enhancements and strong operational management have generated lower direct costs. Those efficiencies along with sustained responsible management of general and administrative expenses have placed CorVel in a position where revenue growth has outpaced expenses.

本季毛利率和淨收入也有所提高，達到 2,800 萬美元，高於上年的 2,300 萬美元。持續的產品改進和強有力的營運管理降低了直接成本。這些效率提升以及對一般及行政費用的持續負責管理，使得 CorVel 的收入成長超過了支出成長。

During the quarter, CorVel repurchased 143,774 shares at a cost of $12.8 million. From inception to date, the company has repurchased 114.7 million shares for an aggregated total of $854 million. Through this program, the company has now repurchased 69% of the total shares outstanding.

本季度，CorVel 以 1280 萬美元的價格回購了 143774 股股票。從成立至今，該公司已回購 1.147 億股股票，累計回購金額達 8.54 億美元。透過該計劃，該公司目前已回購了已發行股份總數的 69%。

The repurchasing of shares continues to be funded from the company's strong operating cash flow. CorVel's days sales outstanding was 40 days in the September quarter, an improvement of two days compared to the same period a year ago.

公司強勁的營運現金流將繼續為股票回購提供資金。CorVel 9 月季度的應收帳款週轉天數為 40 天，比去年同期減少了 2 天。

The quarter ending cash balance was $207 million, and in contrast to many other organizations in the industry who are facing increasing debt loads and associated interest costs. CorVel remains able to manage operational risk. The strong and debt-free balance sheet generates improved earnings and positions CorVel well for continued product expansion and acquisition opportunities.

本季末現金餘額為 2.07 億美元，與業內許多其他面臨債務負擔和相關利息成本不斷增加的組織形成鮮明對比。CorVel 仍然能夠管控營運風險。強勁且無債務的資產負債表帶來了更高的收益，並為CorVel的持續產品擴張和收購機會奠定了良好的基礎。

Thank you for your time this morning. I will now invite the operator to open the session for questions.

感謝您今天上午抽出時間。現在我將請操作員開啟問答環節。

(Operator Instructions) Thank you. Ladies and gentlemen, this concludes our Q&A session. And thus, concludes our call today. We thank you for your interest and participation. You may now disconnect your lines.

（操作說明）謝謝。女士們、先生們，我們的問答環節到此結束。今天的通話到此結束。感謝您的關注與參與。現在您可以斷開線路了。